The Sumter banner. [volume] (Sumterville, S.C.) 1846-1855, 1850-08-21
DEFENCE
THE BANK OF TIE STATE,
S 0 u II II C. a r LIN A;
BY THE HON. F. II. ELMoRE.
DEFENCE
LETTER VIII.

LETTER VIII.
Defence Of the Bank continued. LsA!e
be preserved or destroyed? Ohjec.
.jccions Of It's enemies considered. Isl
Objection, That Directors and off 'crs
hare absorbed Sl,O9i,ll6 of It's
funds, examined and refutsd. I'd.
That "thrty Of fhcir friends hare
$4,000, more" exposed.
ssl lave now cleared the way and ex-
sflsitiSs preceding nus,berss those
circumstances which will cnablc you,
fellow citizens, TO follow me through and
understand the second branch Of my de-
fence of The Bank, OH which now eli :
ter. What is the issue before you? 1t
is: Shall the Bank be destroyed or pre-
served! This issue wns presented by
Mr.. Mcmmingcr inlS4S. II was again
gmade by Gov. Seabrook's message, and
embodied in the bill Of the Selec, Com.
mittce Of the last session by Mr.. Mem.
minger and Mr.. Mazyck. The de.
struclon oflhe Bank, The point at which
Mr.. Memminger had been driving in all
those measures Of 1898, ls4l, and 1913,
which have heretofore explained, was
there embodied and perfected. Shall
the Bank be Destroyed Mr.. Mem
minger answers-it shall But it de.
ponds not on him, but on you 10 decide
this question.
In coming TO your decision, YOU Of
course wish to understand whether the
Bank is worth preserving; whether il,
has been managed with fidelity; whe,h-
or it is sound; whether il has been use.
ful; whether it has been profitable; and
whether, preserved, it will continue TO
promote the public welfare. On all
these, and perhaps other points, objcc-
tons have been started and pressed with
extraordinary zeal by its advcrsarcs,
and hope to be able 10 embrace the
whole ofthem in this vindcalon.
AT the head Of all these points Of in :
Quiry is the one on which all others
hang; the fidelity Of its administration
IF you cannot rely on the integrity OF
your managers, the confidence ncccs.
sary 10 the useful and profitable admin
istra,ion Of the Bank cannot be given;
and, since 1916 II has been attempted TO
undermine and destroy that. or the
modes OF attaining this, that which has
been used with most industry and 10
some extent with some success, is the
charge upon the Officers and Directors
Of having absorbed, ''lor their own use, "
very large amount Of the funds of the
Bank 10 the exclusion Of the rest Of the
Safe. In nothing has cxaggeration and
mistatement been more employed, and
j, has been the more successful in OBJ
tanning credit, because it was asserted
that all tho proofs paraded, erroneous
and deceptive as they were in reality,
were dawn from the "Private Report"
ofthc Bank.
In former number ofthis exposition
No. 81 gave in part the history Of this
Private Report. stated that the ncl OF
1881 required report Of the accounts
Of the officers to be laid before the Leg.
islature each session; but in 1899 this
duty was extended by the following re-
solution: "Rcsolved That hereafter it
shall be the duty Of the President of the
Bank, to set forth in an annual Private
Report to The Senate and House Of Rep.
rescn,ativrs. the indebincss and respon-
sibliics Of the several Directors with
the suih Bank, for the past year, brough!
down to the first day Of each session OF
the Legislature"
Many Of you, TO whom ad lrcss this
defence, are unac iuanied with Banks,