The Sumter banner. [volume] (Sumterville, S.C.) 1846-1855, 1850-08-28

against its branches and agencies,
charges against the Stale for interest
md expenses on The Loan for rebuild.
ing the City Of Charleston, foreign and
domestic exchange, balances ngnins,
Banks, and other agents and correspon.
dents abroad, and incidental expenses"
That you may see how these various
items were scru,inizcd and sificd and
their actual value, aud the value Of the
securities for them ascertained, now
add another paragraph fcllowingin that
report, after tho one ubove--thc Conn
mittce add: "With view to the great.
er facility and despatch afforded by the
orderly arrangement of business, the
Committee before they entered upon the
investigation which they had TO make,
caused schedules 10 be prepared, ex.
hibing under one view, all the impor.
tant particulars Of each item Of The
general statement Of The credits ofth
Bank. For example, to begin with the
largest and most important item, the
bills and notes discounted. The schcd.
ule Of these contained in distinct COL
umns, The names and residences Of the
makers and endorscrs, the date, amount,
and time Of payment Of each note or
bill, with the nature Of the property Sc.
icuritics, if any. With this schedule
before them, the Committee, in the frs,
place verified, by inspection, such Of
the particulars above stated. as appeared
from the papers themselves. Having
done this. they proceeded more deliber-
ately TO consider each note or bill with
reference 10 its character and efficiency
for the money j. engaged TO pay.
Where the Committee were not them.
selves, or some Of them, acquainted
with the circumstances of the parties,
they sought and obtained information
from the best sources within their reach;
in many eases by sending for and ex-
amining persons who were believed to
possess ihe Information they required,
and in otlier cases, when they were at d
ri.te slotlss, Il
&c.
They add on page g.: "The same
course was pursued in relation to each
Of the other heads" And among these
hends SO examined and sified, arc each
and every one Of those enumerated by
Mr.. McmmingeT as those on which the
Bank had sunk 100000. | will now
take them up item by item, and state
what Mr.. Memminger says has been
sunk and lost on each, and then show
what the facts arc and what the Com
rnittce say in regard to each. In doing
this, will begin with the last item and
end with the first.
lst. OF Stocks. MFR. Memminger
says: ''Ihe statement Of the Bank
gives us the large item Of $sf31, ,653 in
vested in stocks, on most of which there
certainly mus, be loss" How much
that loss is he does not state in round
figures, but he puts down the whole loss
by the Bank at 100000; Of which,
$4,000 is on notes, bonds, &c. in suit
nnd not in suit, and S33,57s on Bank
estate; il leaves, Of course, MS the loss on
Stocks the balance, or $66,422.
Now, to this, | have two replies.
First, The last October report shows
that the amount Of stocks had been re
ducc1 from $i34, ,653, the same stated
by Mr.. Memmingcr, to 1895, 1913 50, or
to The extent Of Sis, S,S29 Al; and since
then they have been still further redu.
ced until they arc now only S2S4, ,5sl
81. This has been done by sales Of
par, and by the payment and redemp-
lion of the balance; and, so far from my
loss. the Bank has actually realized
profit on that portion exceeding $4,000.
Nov, Of the balance the Committee
Of investigation shall speak. And
Second. On the 1si jane, ls40, the
amount Of the stocks held by the Bank
was Sl7l,570 Os, and on them the
Committee remark: "Thcy stand upon
the books Of the Bank us representing
the sum Of fSi7i, $40 05, the balance Of
debts in the stock account, but they
arc actually worth more, for though
some Of them could not be sold for as
much as they represent, others would
realize considerable advance; so that
that their aggregate value exceeds that
al which they are set down in the gem
cral statement"
We have already realized $4,000 Of
profits on the sale ofu part, and on the
balance our estimate is that they are
worth, aud would now realize, M least
$1,000 over what they are charged at
in the Bank statement.
So much for tho Stocks, on which Mr..
Memminger boldly proclaimed: "There
certainly must be loss;'' and which,
instead Of causing loss Of S66,422.
have already realized prof, of $4,000,
and are good for $l5, 900 more.
.. OF Banking Houses and Real
Estate. The loss on these, Mr.. Mem.
mnger makes S33,57s. His words
are:
Then The Banking Houses are sci
down at $67,147, when they will
scarcely realize one halfof that sum;
and the Real Estate owned by the
Bank nt $3s, ,OG0."
The Bank estate consisted Of the
Banking House in Broad street, and
that occupied by the Southwestern Rail-
Road Bank, under lease, The Bank