Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1858-06-26
The Bank of Newberry.

pTlNatc note from Nlr. DOGD, tne GreSi-
don't of this bank, complains that VIC have
done both himself and tho bank an injury by
our remarks last week. He says the difficult
ty with the SIN newspaper is of private ma
turo and has nothing to do with the bank
While this may or may not be true, VIC have
only alluded to Mr.. BOYD as President of the
bank. We do not know him in any other
character, and arc unable to say what he may
have to lose in other respects. The discus
sion that is taking place in Newbcrry, on the
management of the bank is good evidence of
his ability as an unscrupulous financior-
These banks Chartered in l8+oJ arc working
an irrcparablc injury to the farming interests
of the State, by controlling at their will the
markets and prices, and Lending their funds
at usurious rates. The following synopsis
of the discussion, prepared by the Lancaster
Ledger, states the matter correctly:
st will be remembered that some serious
charges were made b. tho Grand Jury of
Ncwberry district in their prcSentmcnts, a.
gainst the Bank of NcwbcrrY and this insti-
tuition was rcpurlud 1t ,,t;oonco. Among
other charges made, was one that the Presi-
dent of the Bank had repeatedly issued cir
culars to the cotton buyers of Newbcrry.
charging them to pay no more than certain
price for cotton, and if they exceeded this
limit the bank would not advance to them the
money to pay for it. The President i'm n
sories of articles published in thcConscrvatist,
refrtes the charges made against him and his
bank and i'll reference to the charge above,
states that "no one such circular Was ever
issued by me- After the publication of his
article containing this Hat denial, he las sta
ted in the Sun) warned the press of Ncwbcr-
ry that he would hold tho editors personally
responsible should they allow any communi.
cation to appear in their columns derogutory
to his character.
The editor of the Sun, however, having
n high regard for the liberties of the press,
and seeming in no disposition to submit to
be muzzled," has allowed to be published
i'll his columns warm reply from the fore
man OF the grand jury, wherein he produces
certificates from number of cotton buyers of
Ncwberry, from two ex-oficers of the bank of
Newherry and frnu, othor responsible SOURCES,
all tnstifvinS uncquivocobly TO the TACT that
such circulars had bocn repeatedly issued by
the President. Likewise, is published as n
specimen, ore of the identical printed blank
circulars, filled up in the Presidents own
hand.
And thus tho matter stands, a broad issue
wa ~ N''i''''"iiiS DuINlCS NnnG lnc
| final result is to be- tho sequel will perhaps
show. The idea that the banks can control
the price ofcoton has been hooted at What
they attempted to do and what they may,
with their extended liberties, do, in time of
financial PRESSURE which they alone arc the
cause of seems very apparent from these de-
velopments in Ncwbcrry"
The Conscrvatist has come to hand since
the above was written, and we find that the
editor OF that paper also very warmly and
properly rcbukes theattcmpt made "to intin,-
idatc tho editors ofthc Ncwberly press and
thereby put check upon its freedom" lie,
however, allows the President or tho Douk
(tho latter having made ample roparation in
tho way of apology for the attempt to check
discussion through the prcss) to continue his
articles in defence of the bank In this, the
third one of the series, he (thc Prcsidcnt) adj
mits that he once, in the Fall of'55 when tho
cotton buyers "erc operating without letters
ofcredit and fearing difficulty as to the accop-
tancc of some Of their drafts, sent circular
to each of them, which circular, as we'll as re-
collected, was as follows: Until further no
tlce this Bank will not take drafts on cotton
for more than $50 per balo or74 per b."
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