The Sumter banner. [volume] (Sumterville, S.C.) 1846-1855, 1850-08-21


judices and TO produce impressions the
most unfuvorable against them. | will
show this now. In histspeech in De.
cembcr, ls4s, in the newspaper report,
he says: Jn addition 10 this, tho Di.
rectors have the power to divide this
money amongst themselves. and they
not only have this power, but they ex-
crcise it, And in hafnmphle, edition
of the same speech, he says, at p. l6:
"The Directors exhibHa solid mass Of
liability, amounting ito upwards Of
100000; and if to this be added the
liabilities Of the Officers oflhe Bank, i,
results tho, those conducting The anairs
Of the Bank, have taken TO- their own
use, three. iour,hs ot,he whole actual
capital Of the Bank. Itmakcs nppar.
en-. ,ha, the true name ofthe subject is
not the Peoples Bank. llis,he Direc-
tors Bank Again, a, page 10: "Set-
ting down the amour, loanedlhe Dircc.
tors and Officers OF the Bank at $780,
000.' IN his speech in Ie40, in nd.
vocaiing the reduction ofHihe Board to
four sularicd Directors, and speaking
Of the Directors accounts, he says:
"Why, twelve men had cut $a5O,OOO
Of the money, and thirty of their friends
had out $S00,000 more, q will notice
this fully presently t.in oil million
and half--three hundred and fifty
thousand dollars morethan The cnpi,ul
of.hc Bank" (Carolinian, Telegraph,
md Mercury rcpor,s.) "True our
doors nrc besicgcd now by men begging
TO be allowed 10 serve,i but their pur-
pose was the discounts. BY paving a
salary we can get men we con rely
upon"
But not only in these speeches has he
thus snecrcd and insiaualed against The
Directors, and in speaking ofihcir nc.
counts, conioundcd the two items Of
indebtedness and responsibility" and
50 used them as 10 makethe impression
that tho Directors and Officers shave
got for their own use' nil these large
sums of money; but, in his late pub
lished articles he adheres 10 the same
system. | have shown this in the.
table he made out with his second nnm.5
ber, s!atiug their "indebtedness' 10 be
3I,OeI, ,II6. In HISS .. s, ha 5aas erts.
The Directors and Officers have
among them more than Sl,00O,OO0.'
In his No. 5. iii summing up-"sccond
objections: That lils was Bank for
the accommodation Of the Planters, and
10 destroy il would be injurious 10 tie
agricultural community He an
swers: "rhiS objection was answered
by showing that the Officers and Direc-
tors Of the Bank itself had among them
Sl,09l,ll6, which left Of the actual
capital Of the Bank, only $2l.344 for
all tho rest Of the State" And in the
No. $ Of what he calls his defence, he
repeats the same in substance.
have been thus full and particular,
in bringing again 10 view aud in evil
dcncc, these repclilions of what Mr..
Mcmmingcr has said aud written, ,ha,
II may appear clearly what they nrc,
and that have not mislnlcd his posi-
tons; and that in what ] shnll now say,
i'll explanation Of this Private Report on
the Directors nccoun,s, mud in exposi.
ton of what il really does contain in re.
gard to them, and Of the evidence und
facts in it, which are so different from
The version he has given Of Them, thu,
you may all see have no alternative
left but 10 submit 10 the terrible errors
he has led YOU into, or to correct them
fully; and it happens providcnlialIy for
tie Bank, that now for the frs, time, j,
has been pu, in my power TO speak on,
on this point, by the Sennte's having
printed This very Private Report: a
copy Of it, printed in full, now lies be-
fore me, and only regret, as that nu.
gust body did order it 10 be printed, that
they had not sent copy to every cii.
zen Of the State. AS i, is, the copy
now before me is free to ,hcinspcclon
of any one who wishes to tcs, my state
mentS, and may be seen al thc3unk
Before this publication, | felt myself
ic,icrcd and restrained from making
these explanations. In my answers to
Committee of,he Legislature in 1887.
Comp. p. 800, pointed on, the false in.
fcrenccs which the mode adopted by the
Legislature would lead TO in regard TO
these accounts; and | explained also,
how the charter forbid my giving those
explanations Of these accounts, which
justice 10 the Directors called for; and,
without which, the Private Rcpor, on
their accounts was, necessarily, very
imperfect. In fact, that by stating sim
ply the amount Of Indebtedness" and
the amount Of responsibility, without,
giving, at the same time, the names Of
the persons for whom they were thus re.
sponsiblc. the amounts of deb, in each
case, with the securities they held for
them, and those afforded in The name
aud resources Of the real debtors, whose
paper they had put their names on, that
this report was calculated 10 mislead
The Legislature, and do great wrong to
the Directors.
now proceed TO take up the Private
Report, itself, and TO show from i, what
is really set forth; what is the actual
amount Of the Indebtedness Of the Off.
GERS and Directors; and what the amount
IL r A. n