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

House and lots in Columbia and Cam.
den--all set down in Bank Statement!
at S67,147 IS. The real estate was
the Carolina Hotel, and certain lands
bought in at sales for debts due the
Bank. These stood then Mt Ss42,525
%; some having been added since Isl
October, 1s4s. The Committee had
The Bank Houses and Hotel appraised,
as they very correctly say, "by several
Of the bes, informed and most judicious
persons in Charles,on;" and they con-
cludc: "On The whole, il appears TO
the Committee, that the value Of tho
Bank estate is, perhaps, $4,000 or $1,000
less than the amount for which il
stands" or the real estate they sny:
"And the aggregate value Of the real
estate is, at least, equal TO the amount il
represents"
Thus. instead OF a loss OF "one. half" or
S33,576 OF this item, as charged by Mr..
Memmingcr, this Committee say that "tie
value of the Bank estate, Is perhaps, $4,000
or $1,000, less than the amount for which
it stands;" and Of the rcal estate, that "it Is.
at least, equal to the amount it represents
On the above have only to remark. that
the utmostis a loss "perhaps Of $4,000 or
$1,000" While the Bank estate at both
Columbia and Camden is worth more than
it was charged at-enough to make up the
difference Of the $4,000 or S7,00tl, sup
posed above. But there is a more conclu-
sive reply. Since this report was drawn
part of the real estate q tract of land in
Farfeld) that stood charged in the state
ment, ,.and in the estimate Of the Committee
at $4,000, has been sold for Sl2,O00: ma
king up the $1,000, and showing. under
all and every fair valuation, the whole
Bank and real estate to be worth every
dollar it was charged at.
Thus goes Dir. Memmingcr's next
charge against the assets Of the Bank.
3. OF bonds and notes in suit. Loss
charged S2i4,079
4. On bonds and notes not in suit. Loss
charged 55,92l
100000
Mr.. Nicmu,inger charges: "Among the
assets of this Bank is set down S2id079
5of suspended debt nctnalls IN ati;t, hiefl
cSeased siiee the isE T,t.-
tober. 1t is most likely that, at least, this
amount OF the assets will be lost; for al
though some Of it may be good, at least an
equal amount Of tho rest will prove bad; so
that the loss OH this score may be set dowR
at 100000. How much more of the gen
eral assets must be set down as bad, il is
impossible 10 conjecture; but facts which
have transpired darkly i'll relation 10 family
loans, and Incorporated companies, make it
probable that the loss from these quarters
must be great
AL! these esSarges, even to the insinua.
tions were sifted to the bottom by tho Com.
mittee-every note, every bill, every bond
every loan was investigated and the secu-
rites weighed to dust in the balance.
Commissions were sent, witnessed exam
ined and property appraised in this and
neighboring States, and what was tho re-
suit! This; The Committee came to the
opinion that in all these vasts amounts Of
assets, about $4,000 were bad and lost;
that about $4,000 were doahtful; and all
the rest good, BY looking over page eight
OF their report you will see not only this,
but they also add that there were arrears Of
interest on good debts amounting to nearly
$4,000, which would more than restore to
the Bank all that Is lost by these bad debts,
and leave the whole OF the arrears OF inter-
est in excess.
But this is not all---if you will turn to
the annual report of the Bank made at the
last session to the Legislature, yon will see
that we took out of the profits OF the year
the sum OF $35,i ,i57 10; and at once paid of
and eXtinguished every one of the debts
which the Committee thought bad. thus re-
storing and making the capital whole he.
yond question, and having the arrears OF in
tcrest still relieved.
II thus appears that Mr.. Memmingcr's
charge that the Bank had sunk three hun
dred thousand dollars of the bonds and
notes; thirty-three thousand five hundred
and seventy eight dollars on its Bank and
Real Estate, and siXty-siN thousand five
hundred aud twenty-five dollars on it's
stocks, in all four hundred thousand dollars
of its capital, is wholly and utterly dis
proved by Committee, composed OF four
out of five members, from his own political
friends OF the Anti-bank Party! And there
leave them for the present in their hands
But must not part Will, the Committee
without bringing one more brief passage
from their report 10 your view.
They have now concluded their labors;
they have stated the results on each aud
every item Of tho Bank statement in detail
They have silenced slander, refuted malice,
coniradiCted calumny, by the plain and
simple exposition Of truth; and. in conclud-
ing their labors, they give this distinct and
uncqurvocal Judgment m men vino know
what they are saying, and who were not
over anxious to say anything to help the
Bank and the party who sustained it, and to
both OF which they stood opposed They
say:
"After an examination of the affairs of
the Bank. as thorough as circumstances
permitted, and they believe quite sufficient
to enable them to ascertain substantially
its true condition, the Committee are Of
opinion that, by a proper system of collec-
ton, steadily pursued, in few years, after
redceming all the other liabilities of the
Bank, the capital, and other funds, for which
it is accountable L ;'ie State, could be real
lied, and put H., form to be applied as the
State might think proper" page 22.)
Here, with this uneeuivocal testimony
Of such men az Mazyck, Richardson, John.
son, and Macbeth, leave the solvoncya aud
sounduess OF the Bank established ard set
tied f