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

character OF the persons tor whom they
are thus liable, amounting TO three hun.
dred and eighty.thrcc persons, who are
scattered over the whole Stnte.
| have already shown that Mr.. Mem.
minger has published table, made, as
he says, from this "Private' Report,
showing the total Indebtedness" Of The
Officers and Directors TO be Sl.091,l16
This sum does not correspond exactly
with the aggregate of Indebtedness and
responsibilities set forth in the report.
which, is Sl,07O,444 CT. But this is
very immntcrial error, scarcely worthy
of note, when compared with that gar-
ing and most unjust one which clnsses
liability as debt, md converts the
debts Of three hundred and cighty.lhree
other persons, amounting 10 S557.777,s
OIL into that much Of indebtedness Of
tho Directors simply becnuse they
have endorsed the paper Of these per.
sons.
i, will be remembered that this re.
port embraces the accounts Of the three
Boards, and three sets Of Officers at
Charleston, Columbia and Cnmdcn--
eighteen Officers and upwards OF thirty
Directors.
1t shows their aggregate Indebtedness 10
DE 5I2,666 66
Their aggregate responsibilities 10 be
557,775 Of
Making Indebtedness and liabilities both
amount 10 S1,O7O,444 81
II thus appears that the real indebt
edness Of the Officers and Directors, is
little under one half Of what Mr..
Mcmmingcr has set it down; and that
their liabilities rs securities and endor-
sers isl trille over one half Of lha, sum.
1t should be remarked also, even in
regard 10 this Indebtedness, that it in
cludes the whole of tho debt owed by
The Ncsbill Manufacturing Company,
as q Company, and OF several Of its in.
dividual members, as individuals, inclu-
ding thirteen persons in all, amounting
TO sI47,557 90. These debts, on
considerable part of which we were no,
liable, COL Hampton and myself fassum-
ed. for ahichthere isl property specif.
scaiiy bound, exclusive of Col. Hamp-.
toms arid my OWL sepa rate estates, val
ued by Gov. Johnson, and Otlerson at
S2l0,05S so. Besides this, have Civ
en- lien on portions OF my own property
10 the Bank, which was valued nj more
than $4,000. II is q debt ihnt has fal.
len upon us by the mistortuncs and fail
urcs Of the original pnrlies-not cent
OF the money ever went to my use or
Col. Hamplon's, but we have 10 pay it.
Mr.. Memmingcr charges in this es,i.
mate the whole Of this S147,557 OF to
me, cs an officer; we'll be it SO. IF is
TO so stated, then the "indeb,cdness Of
the eighteen officers and more than ,hr
~ Directors will stand at the sum s,n.
ted, viz: S5l2.686 &c
But if it be considered that this debt is
provided for in The securities held
for it and belongs not 10 that category,
then it should be deducted from the
above l47,557 OF
And j, would leave the Indebtedness of
the Officers and
Directors 365 ,O50 GI
And tho amount Of Sl47.557 O2 would
stand against me rs Il responsibility
rather than az debt.
Every man will decide for himself
whether or moi this deduction is reason.
able. But. whether the decision be one
way or tho olher, the difference be.
tween the Indebtedness, charged by
MIR. Memmingor
10 bo Sl,O0l.ll6 GO
And this actual indebtedness, al its
largest sum, Of 5l2,086 66
Is The wide difference Of S57s,4i0 81
The "responsibIitics" Of the Officers
aud Directors Of the three Boards I have
shown 10 be S557,77S 0l; and it now be.
comes proper that should show the mature
and character Of these liabilities whose
debts they really are, and for whom they
have been incurred. These responsible.
ties exist in the shape Of security ships on
the bonds OF other persons, secured in most
cases, by mortgages OF property, and for
larger value than the debt; OF endorsements
on notes, for which, in many instances,
there are stocks pledged or other collater-
al securitiec IN the hands Of the Officer or
Director who endorsed. The Invcstiga-
ting Committee that examined these de-
mands pronounced them all good and safe.
Mr.. Memmnger classes all these tables as
debts of the Officers and Directors. This
is not just nor correct. They, in each and
every case, are owing by the parties who
gave the bonds or notes, and whose names
are signed to them; and so far from being
confined 10. aud for the use OF, the few Off.
GERS and Directors To whom he charges
them, these $557,77S OIL of liabilities have
been got by not less than three hundred
and c;ghty-th persons, who reside all
over the State, and embrace every class Of
our citizens and every pursuit Of labor and
industry.
The private report itself from which Mr.
Memmingcr compiled his tables, states at
full length, the names of no less than one
hundred and twenty (l20O of the persons
and firms OF menin business, on whose notes
and forwhom the greater part Of this sum
had been drawn, for which the Directors
were Responsible; and that list omitted The
names OF upwards Of ninety others on small
business notes. Al Columbia, the persons
who got the $ll5,9S4 Al, charged TO reg
Donsihlites of Directors; were one hundred
4 II n y Il 4