Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1850-03-09

of principal or interest since. Another bond
dated ltt March, lS43, and paid first Nav
lS49; Judgment had been obtained.
There are four other bonds, all connected
with the same debt, and net due until 1855
,I, 1ne last day OF the present Bank charter
ne ne aggregate amount due on these bonds is
about seventeen thousan dollars. The bonds
are made payable in ten equal annual insta'-
ments, and dated 22ud April 1876. These
tour bondss and other bond, making in all
atolt twenty thousand dollars, were taken nm.
der circum stauces SO unusual so favorable a,
the parties, that the Committee feel bound to
lay the transaction before the Legislature
An estate owed the Bank about twenty
thousand dollars, contracted as far back as 1870
IN Inc estate owned q piece Of property which
they wished to sell to meet this debt. but fthe
President ofthe Bank informed us) il wouid NOT
bring over fifteen thousand dollars, upon the
ordinary credits of one, two OF three wears
purchaser agreed to take the property at
twenty thousand dollars, provided the Bank
would give him credit long enough to make the
money. The Bank gave the tel, years cfed;t--
thus extending loan of fourteen years. or I'M.
wards, ten years longer. and thus enabling the
estate 10 make hye thousand dollars by the on
Grafton. Ibls was not an operation to save the
debt, Tor the estate was perfectly solvent. II
is due, however, to the Branch Bank. to STATE
that this loan was by the direction of Che parent
Bank. The Pro ident of the Branch received a
verbal order TO negotiate the loan.
his detailed statement cf the bonded debts
is given, that each member of the Legislature
may make his own inferences, and not reiy ex.
cluslvely upon the inferences of the Committee
We propose 10 pursue the same course to Some
extent, in giving instances of the debts due ON
notes, to show that, in our opinion, the amounts
loaned 10 individuals were too large and for too
long a time--that too much indulgence was ex.
tended to- particular debtors, who did not even
pay the interest, while others were sued and
the debts collected-that too many notes were
allowed to lie under protest. without being
sued on-that many debts were secured bv
only one endorser, and some of them for large
amounts--that some were required to renew
every sixty days, and some allowed twelve
mon;hs--tlat some debts of long standing war,.
pid by slbStitutigg new notes, withou, p,ymo
he old interest, and thus an old debt nut In n
new form.
The evidence is as follows: Two notes
amounting TO l3o, endorsed by an officer of
ute BANK ana Others, have been uuder protest
since September 1874, without being sued on
Another note, for 81 400, has been under nro.
test since 1915, and paid the 18th Nav. 1872
not sued on Another note, for $2iOO, under
protest since l047--ple cans ,lately put in Rant
to pay 1t. Anothe' rote, for SO $50. due for q
number ct years-,inder protest in ls4b ond
had been in that situation for some time T,La
Examining Committee, of which one Of ths
present Committee was member, then com.
plaiued OF the indulgence--yet, In January
iS4o, the note was reinseatcd; then soon pro,
tested and allowed to remain until this spring
When Juughient was confessed by the parties.
since then the Judgment has been cancelled,
ana new notes sub Stituted, without any under.
= an ttnelt e
note, for 1880. with only one ,en leyaor and
lately renewed. Ajudgment, A due June. ls4o
Tor go $50. and nothing but interest maid
Al ,ther note, due twelve months after date,
III $500. Three notes, due by an officer of
the mother Bank--Sl 500, 80, 500. and Ss ooo
aggregate $1,000; under protest Noyembcr
1913, and contracted years before: ftnr tbo,,'
sand dollars ofwhich lately rein stated Anoth.
er note, for S2,609, under protest since 12tb
reprpary, iSf5, and endorsed by an officer Of
.ne ne nanE anu oth r.. Ajudgment, against an
on,csr :" 'ne mother Bank and another indiyid-
ual for six thousand dollars. obtained in ,,lsdn
also, notes on the same individuals for 81 4 ss1
AZ, under protest at tllnt time, making together
the sumH Si9.SS9 43, and nothing paid ON h
either of principal or interest
Another note for 1910, protested Oct. la47
andnot sued on. Many Illorc instances uybt
begiyen, but theSe are deemed sufficient TN o..
taolisb the facts, that la6le amounts have b,on
loaned to individuals aud for lone ne,S ~ ns
time; and the other fsets as set f}p,b whe,bet
the Bank has acted correctly or nos the Leois.
iature with the lights before them, win he \.
competent TO judge as the Committee. but we
are constrained ~ express the opinion thatpn.
usual and unreasonable indulgence has becn
given 70 some parties thereby, preyentine tho
Bank from extending its Accommodation re tbo
community generally. For instance, 6v, iaB'
viluals have received in the aggfegate $40
GOO. Now if rhi, AMOUNT had besn ,iistr;hntol
~ SUMS Of $4,000, seventy persons would haye
oeen benefited, and IN sums of $1,000. one INN,
dred and forty persQns would hss been accom-.
tnoiated alte such Was etidsnsiv tle intentisa,
q 2 Nose that chartered the bank, FOR Ma fin,I
me chaflef pfescfibes that no loan on real
property ssall exceed $4,000, aiad we are b, I,,.
Ier That that was the largest sun, contempla-
sed to be loaned on any kind Of security, ms real
property i isgenerally con -idered tn, best seen.
MY: Aud twelve nson,hs was the longest time
he Bank was allowed TO loan even ON this So.
'urity, evidently intending that all the citizens
'f the State should have an opportunity of bos.
owing; instead Of having the public money, in
erge amounts, in the hands of few favored
Individuals fora long period of time.
LcoScLUpED NEXT WEEK.