The Sumter banner. [volume] (Sumterville, S.C.) 1846-1855, 1850-08-21

tnirty-nVe persons, making, IN all, no less
than three hundred and eighty-three (3s3)
persons, whose aggregate indebtedness is
$557,77S Oh, and for which the Officers
and Directors are responsible as securities
or endorsers, but which Mr.. Memminger
charges on them as their own debts.
The above statement certainly shows,
that instead of the Officers and Directors
having "got fortheir own use" $sl,O91, ,ll6
oftha funds of the Bank, that 1857 ,775 10
which Mr.. bfemminger includes in these
figures; were got by nearly four hundred
other people, living in every district in the
State, and embracing every variety Of busi-
ness and pursuit We have endeavored
to classify these people; and as nearly as
we can ascertain. upwards oftwo hundred
arc planters and iarrners-abput seventy
are merchants; about the same number,
seventy, are mechanics; the res. are tim
her and lumber traders, clcrgymen, law.
yers, physicians, &c.
1t thus appears that the Bank which Mr.
Memmingcr denies is the Peoples Bank,
but sneerng calls va Directors Bank"
has thus accommodated nearly four hun.
dred citizens, residing in every district and
all parts OF the State. and embracing plan
ters, farmers, mechanics, merchants, cler-
gymen, lawyers, physicians, &c. TO the
amount of S557,778 OIL out of that very
$1,091,l Jig, which he charges the Officers
and Directors with having borrowed for
their own use," and to the exclusion Of
these very persons. Could any thing be
more unfair! More unjust to the Dircc.
tors! More uncandid!
II Mr.. Memminger did not know this, he
could have known it by examining the Re-
port carefully; or at least, he could have
seen much there to contradict what he has
put forth on it, and the rest he could have
got upon inquiry. But, at any rate, lie
should not have pretended to give informa-
ton on so important and delicate point,
without first knowing that what he said was
strictly correct The Bank and its manag-
ers arc made victims to errors, which he
has spread more widely than any other
pursou, anu which his station has impaired
The highest authority fn:.
am aware that it may be attempted to
reply, that i'll many instances, these Notes
or Bonds were offered by the Directors, and
that they drew the money. This is true, il,
part, and yet, while true in letter, il docs
not vary The facts or spirit Of what set
forth ahpve, and which show that the ain.
debiednsss created by these Notes or
Bonds, Is the indebtedness OF the party
who made the Note or Bond. In many
cases, even where the money went to the
Directof's purse, it only went to replace
what he had advanced to his customer be-
fore: to the Planter TO pay for his baggng,
his bacon, his sugar, coffee and blankets
to the Merchant, the Mechanic, and profess
sonal man for supplies, sent by the Direc-
tor as his factor and agent, and man Of bu.
sncss. In short, state only well known
truth, when say that our Factor Directors
loan out 10 their customers more Of the mo-
ncy which they borrow as drawers, aud owe
as their own debts in Bank, than thcv re-
ceive Of that for which they endorse, and
which stands charged against them as IRE
sponsbilitics."
lwould here close this number, if it were
not that there is one other charge made
by Mr.. Memninger, in connection with
these accounts of the Directors, which
may be more properly disposed of here
than elsewhere.
In his last speecl, at Columbia, Dec.
lS19, speaking in favor OF reducing the
Board OF Directors in Charleston to four
members, "Mr. Memmnger excaims:
"Why twelve men had out $3.50, 600 OF the
money, and thirty of their friends had out
S7Q0,O00 morc-m all, million and hall
three hundred and fifty thousand dollars
more than the capital oi the Bank!"-Co!-
umbia Telegraph, and Carolinian.
In another paper, the expression is slight
ly varied, viz: "By the red book the hon
orabc gentleman held in his hand, (the Re.
port of the Investigating Committee in red
cover,) he perceived the Directors had bor-
rowed themselves, $l50,000, Ca misprint
for SS50OO0,) and had lent amongst thirty
OF their friends O,000-in the aggregate
million and a hall, and just S350,nO0
more than the original capital OF the Bank
itself" Sec Charleston Mercury, Dec. 10,
lSi9)
1t will be seen, that to make up this
frightful absortion of $l,550,000, that he
charges first $S50,000 on the Directors,
and then adds S7O0,000 "lent to thirty of
their friends" and that for proof Of this last,
or that "S70O,000 more was lent 10 thirty
of their friends" he refers to the Report of
the Investigating Committee. On The
fourteenth page Of that report find what
that Committee do say, and il is: "Thal
nearly $S700,O00 of the funds of the Bank I,
arc in the hands of abou, thirty individuals,
borrowed from the Bank in Charleston
aone," &c. There is not one word about
these thirty individuals being the "lriends"
OF the Board, nor does the passage warrant
the assertion that this $s70U,000 is in addi-
ton TO what the Directors owe themselves.
In fat, the whole passage and its figures
and statements IS tissue OF errors piled on
errors. for which the Investigating Com
m'ttee are in no whit responsible, Their
report gives no ground TO support these
charges. Although four OF It's five NOM
bers, when that investigation took place,
entered the Bank lis opponents, the great
majority oi them were too intelligent, 70 fall
into so palpablc an error and too honorable
to msstate these facts. They knew well
that tho Directors and Officers had not bor-
rowed any such exaggerated sum as $780,
600, as ! have already shown; and that Of
this 100000, which Mr.. Mcmminger adds
on to the Ss5n0O0 10 make his enormous
abstraction OF 81 ,550,00G of the funds Of
the Bank, S409,9lS was already included in
the Indebtedness and liabilities Of the Di.
rectors and Officers, Embraced in the
SS50,000 it is thus converted into double
charge; first, as part OF the $950,00o, and
then as part of the 100000. There can
Il