The Sumter banner. [volume] (Sumterville, S.C.) 1846-1855, 1850-08-28
DEFENCE
THE BANK OF THE STATE,
LETTER tx.

10 enable you TO dcide understands
ingly on The issue, "whetI,er the Bank
shall be destroyed OF preserved" one
material, the most material point Of in
quiry is: What is it's condition? Is it
sound? Is it able to poy off all its liza
blities ar d to make good to the State all
the funds she has put in it for its CAPT
tala lfthe Bank is not able to do this,
,hon i, has been losing concern and it
will not deserve the favor ofthe people.
The enemies Of the Bank were fully
sensible Of the great advantage they
would derive in their warfare against il,
from creating an impression unfnvorn-
bic 10 the soundness Of the Bank They
began early TO make insinuations
against its ability to NEE, itstiabililics,
and make good its capital; and from in
sinuu,ions they proceeded to make open
charges, in the hope, and with the de-
sign of destroying your confidence and
support OF the Institution.
These charges. while confined to nm.
onymous and irresponsible authors,
were left to themselves. Blu, when they
are taken up and adopted by one who is
u member of the Legislature and is the
organ Of its finances in the House Of
Representatives, the matter is greatly
changed and requires more attention.
In two elaborate speeches Of Mr.. Mem
mingcr, made in the House in 1919,
which he has since written out, had
printed and circulated alhover the State,
these charges are stated with great par
ticularily and detail; The assets are re.
viewed under the heads they are elias.
sed in the accounts Of the Bank, and
they are condemned to greater or less,
but 10 some loss, in each and every one,
which in the aggregate Of loss is set
down al four hundred thousand dollars;
and 10 This hea5is ,heyalmoss certain
loss: il fahel Bank.is isatSAso26sfl "a ~ s,ntil
TS58, OF al leas, ones sixth more Of what
remains of those assets, which would be,
on So, 100000 Of remaining assets, up.
wards Of 100000. This startling
summary you will find on page 81 OF
his pamphlet speeches.
Now when such statements we're
adopted by the head Of the Financial
Committee Of the House, and uttered at.
mos, officially, well Nigh, they srarlle
and alarm men. They were not only
set forth with gravity and urged with
earncstness, bu, the orator did no, dis
dain to cmbeliSh The argument with in.
situations and inucndoes, that gave to
the seriousness OF the charges The yes,
Of gossip.
If it be true that the Bank is no,
sound; that It's assets are not good; that
it is unable to meet and pay off all its
obligations, lo-wit: lis circulation or
bank bills; lis dcposls-all it owes in
every way and then to return back Ia
the State all the capital or money put in
the Bank by the State, Of course what
Mr. Memmineer and his parlisans as
serted is true, to the extent Of the defci
ency! But it, on the other hand, there
are such proofs as ought to su,isfy rea-
sonable minds that he is mistaken, his
charges fall TO the ground, and he stands
before you us n party and witness, max
ing an accusation refuted. propose,
in this number, TO state his charges, al.
ways rs nearly us can, in his words,
and then to introduce my witnesses
against them: and the witnesses ] shall
chiefly rely on are his own fricads-I
mean party iricnds--an,i. Bank men,
honorable men, who have no, INDUCED
either fancy fnvoritism or i'll. feeling in
their statements, but have embodied and
given their Judgment from actual, and
long, and most deliberate examination
mean the investigating Committee OF
the last year.
Before ! take mp these charges, and
the answers in detail, let me recall ic
your memory some historical facts in
relation 10 this Bank and these investi,
cations into its affairs. Originally
no such examinations Of the Bank were
ever had. From 1879 to 1920 no Com
mittees were appointed. In 1920 q
Committee was raised, il is believed, nj
The instance Of President Elliot. But in
1928, Mr.. Elliott, in the Annual Re
port 10 The Legislature, asked for the
appointment, cat each session, Of n Joint
Committee to inspect the books, and cx.
anime The operations Of the Bank. v
The law Of 1924 was passed in accord.
ancc for Il biennial Committee. So fal
from seeking concoalment, the Bank in
vited examination. In ,316 tho Board
recalled this fact TO the Legislature, nnc
asked for an extension Of the measure
by the appointment of an annual exam
nation. In l947 did the same thing
10 the Examining Committee. All
these facts you will find in the Ban1
Compilation, at pages 322. 40l, an,
505. This Bank and its managers, Sc
far from seeking concealment Of thei
operations, or Of the true condition 0
the Bank, have themselves originated
and urged all the Investigations tia
hnvc been made; and have urged tn,
having them more frequent and more
searching