Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1850-02-16

lJS SSCullliSS 'lStlilSb OIll-
ers, until each complies or is discharged
Allpayments made by the company, or
with funds credited on the company's
bond, to be credited proportionally on the
individual bonds, for 30 per cent, so as
to cxtinguish them when 80 per cent of
the principal of the general bond is paid.
Each stockholdet to be allowed, at any
time, to pay oifhis 80 per cent, and have
his bond released; and in such case his
payment not to enurc to the benefit of the
others, on their 80 per cent bonds.
This offer was signed by Col. Elmorc
but there was nothing in writing to show
that he was authorized to bind the other
parties named. No written agreement
was signed by either of the parties, and
there is nothing on the minutes Of the
board, or in the possession Of the bank:
to showthat the offer was accepted, III
til the Goth Of November, 184T, when it I
appears from the minutes of the board, |
tb1Tf Itfs,w 1.as was received from Col. Ell |
s.''U q GUY IN, aftc. stating that the ~
Olo, ,nol.o,' ~ Ms, for the execution of the con
.,ns3 "" !. rad not been completed, owing 10
"; Gtumstanccs, in great measure, beyond
his control; and lattcrly, to the state of
his health, he offered to deposit with the
board, as pledges for the performance Of
his part of the contract, the following Sc
curities, viz: certificate for one hundred
2 shares in the Macon and Western Rail
road in Georgia, and certificate for $50
/ shares in the South Carolina Rail road,
] and also a mortgage of, or obligation TO
: mortgage, a plantation in Alabama, Of
b ZOO or 1900 acres. and so negroes nit,
: which offer the board resolved it was cx-
e pedicnt to accept, and at the same time
: declalng that the had not required any
l. such measure, and that the offer WAS vol
n UNFAIRLY made. The certificates of stock
d were n"affltsd n fs poS5s M!sn .l,g 81 the the
of course of their examination, the cas mt
tee Ga4a tbyjs I'd aae9tm 9tmbsl baIl ssa aaba9 fhan
Il been executed. A mortgage of d planta,
&c ton and 81 negroes, has beenilately
e executed, and is now in ion ofthc
y Cashier. From this action of the board,
d 1T is to be inferred that the offer to pur-
e chase, stated above, was accepted, but
/ the terms have never been complied with,
c AID the whole matter, thoughit stands on
q the books of the bank as a bond. is in
|. fact, an uneXecuted contract for the sale
h of the of the iron works, lands and ne
G groes for Sl4T, ,557 02, to be secured in
It the manner mentioned in the offer. Tho
S bank has not even taken deeds of convey
4 ance of the property from the Master in
h Equity, and the bonds and cash arising
: from the sale of that part of it which
Z, was bought by other parties, and to
: which the bank is entitled, still remains
a in his hands. In the meantime The sccu
e rites, which the bank holds for this debt
e ot$l47557 OF, with interest from 18th
e May, 1876, are as follows, viz.
l. The lands, iron works, and negroes.
1 These have lately been appraised by the
Hon. David Johnson, DIR. Samuel Otter
son, and DR.. William b. Mott, three of
five gentlemen of the ncighborhood, who
were requested by the committee to per-
form that service. BY their apprase-
ment which is appended hereto (sched-
ule H) the lands, Improvements, ma
chlncry, &c, arc valued at 5000 80
: Ihenegrocs, 105 in number, at $10l ,G75
and the live stock, wagons, carts, &c. at
$7,76o, making an aggregate Of $2lo,
056 so. But the Improvements, ma
chinery, &c. are estimated at $4,000,
and as their value depends almost entirely
upon the success of the enterprise, and
II of the negroes are valued at 1000
each, being mechanics and handicrafts-
men, the committee are of opinion, that
regarding the properly as security for
the payment of money, it would be
prudent to make large deduction from
the amount of the estimate, and that it
would scarcely be safe to rely upon il at
more than 100000.
Q. The bank holds further security,
I in Two judgments, against L FL Elmore,
Wade Hampton, and others, stockholders
Of the Nesbitt Manufacturing Company.
| These judgments were obtained in Janu
airy, 1S42, by the Charleston Insurance
and Trust Company on two bonds, one
for 100000 and the other for 10000 In
March, 1s45, when there wasa balance
ofa least 17,A46 due on them, they
were, by arrangement assigned to the
| ho, ~ L. IL 4 81