Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1850-03-29

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of the bank refused tofurnish the book |
on the ground that tn, committee had
no right to seei it, and hat it would be
violation of their duty I, furnish it, and
informed us that such ms also the opin-
ion of the Directors The committee de- !
cided unanimously they had the right to
make the examination, and made formal |
demand on the Board IF Directors, then
in session, and receiveda formal refusal,
giving as a reason thai the investigation
of the deposites of private individuals was
not contemplated in the appointment of
investigating committees; that it had new
er been done heretofore, and that such
custom would drive business men and de
positors in general, and thereby material
yinjure theinstitution (,Sce exhibit O.
thus we have the branch of the bank,
the creature of a creature, denying to its
creator the right to investigate all its
affairs. If the Legislature, through its
committees, cannot examine every thing
connected with the bank, no body else
can, and the Directors are an irresponsi-
BILE body, clothed with extraordinary
power to manage the public money as
they think proper How they came to
/ the conclusion that such an examination
was not contemplated in the appoint
ment of investigating committees, when
in the act of 1924, the words, books, ac-
counts and other documents are used in
reference to the examination by the COM
mittees, we are at a loss to determine;
and SO different is the construction of the
human mind that the next reason assign
ed for not allowing the examination, viz:
that it has never been done before, is a
very strong reason with us why it should
be done now The third and last reason
is also incomprehensible to us. How it
willinjurea business man or any body
else, for it to be known that he has mon
ey, we cannot conceive. That it would
injure his credit to let it be known he
is largely indebted in bank is reasonable
enough land this information is not re-
fused us,) but if he was known to be a
depositor of one or fifty thousand dollars
it would displease him and drive him
from the bank to some other bank where
they will keep the secret for him, and
prevent the public from knowing that he
is wealthy, To say the least these de-
pojitors are ycry different from nine
tenths of the community, who try to keep
no secret of their wealth, and the only
thing that could exclude the committee
from an examination of every paper in
the hank would be q Law forbidding it, and
such a law should be Immediately repeal
ed.
Since our examination of the bank,
however, we have been informed by the
President of the Bank, in letter dated
August 18th, that the board of Directors
are now satisfied we have the legal right
to examine every thing in the bank, and
that the books and papers are at our SER
vice at any time; still adhering to the
opinion, though, that such an examina-
tion would be injurious to the bank.
To recapitulate, we think the testimo-
ny sustains us in the assertion:
That the loans have not been distribu-
ted in the different districts as directed
by the charter.
That the amounts loaned to individuals
were too large and fo. too long periods of
time. r
NH"" w many dCDtS were dlOWeu 10
remain under, protest without suit.
That in many instances but one endor-
ser was reQuiIed, contrary to the charter,
and that sometimes the endorser was an
officer of the bank, and that the Presi-
dent and Directors endorsed for each
other against which practice there is a
special resolution of the Legislature.
That one-tenth of each loan has not
been called in eachyesr -,
That Instead of disseminating the prac.
! tice Of taking new bonds, and co .lecting
the old ones, as determined by their own
resolution, which a former committee
trusted would be carried out in good faith
they have not collected the old, and have
taken new ones.
That in some instances they require a
note renewed in sixty days, and in others
they allow twelve months or more.
That they have allowed an old debt to
be paid by substituting new note, with
out even paying the interest. If, there
fore, the bank is allowed so to discrimi-
nate between individuals equally solvent,
of what avail is your charter prescribing
rules for its government, and what an i'm