Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1858-06-19


med. But ifyou referred to the resources
of the Bank itself, Independent of and
separate from, the State pledge or guarantee
your charge is equally unsupported and
untennble, Toillustrate: The gross assets
of the Bank now exceed seven millions Of
dollars the total liabilities to the public
for it's circulation, deposits, &C., &C., are
under S2400,000; so that the Bank holds
assets (beyond the sum required to cover
its liubilites) to more than four and half
millions of dollars. These assets are cash,
loans to the State, stocks, real estate, foreign
and domestic exchange, bonds and mortga-
gcs, balance due by banks, and the notes
of merchants, mechanics, planters, farmers,
and other citizens of South Carolina. That
an aggregate funds, amounting to $1,000,
600 held by an institution in this city, af-
70. DIS ono shadow of responsibility, is u
proposition so monstrous that We have
doubted it's uttcrancc, and we have with
held reply in the expectation of seeing some
prompt and explicit disclaimer from you.
But we go further. Your position is as
absolutely untcnable if you intended to re-
fer to the relation of the Bank to the State
as its sole proprietor. When regarded in
that point of view, the result is equally fa-
vorabe to its character and its manage
mcnt The State placed under control of
the Bank for capital, in various sums and
at different periods, funds amounting in the
aggregate to upwards of 81 300, 900. These
sums have been actually refunded entirely,
principal and interest, by the payments
which the Bank has made, of interest aud
principal of the State debts. The State
also deposited with the Bank the surplus
revenue received from the United States,
upwards of Sl,000,000 This sum has
been refunded, with interest. The State
also borrowed 81 900, 900, under the act for
rebuilding the city of Charleston, and placed
the amount under charge the Bank. Tho
interest of this debt has always been paid
by the Bank The debt is payable in four
installmcnts The first instalment is due
in London on the first of July next. The
Bank has already placed thefund in London
for the payment of the instalment. When
these funds are applied, the Bank, with tho
payments it has already made in advance,
will have reduced the debt to less than ST.
5000, and that sum will be the entire
amount for 'ich the Bank will be account
able to the State for capital and for other
funds placed under it's charge. Setting
apart a sum sufficient to cancel this debt
ofS1 200, 900, the balance of the funds
held by the Bank amounting to ncarS3 ,000,-
600, will be the profit the State has derived
from the Bank since its establishment
And we do not rely on Bank Statements
merely TO sustain our title to public conf
dcnce There have heen applied to this
institution two tests, which no other institu-
ton among us has been subjected to. Its
assets are examined by committees appoin-
ted by each Legislature, Those of no 9TH
CT Bank are examined but by it's own dircc-
tors. Ills Bank has been called upon to
refund large sums which had been deposited
withit, to use as capital temporarily. When
the capital of other Banks has been paid in,
it has remained unchanged and undmin-
ished in the hands of its managers Under
these tests, this Bank has sustained itself
promptly and satisfactorily, and the result
offers, at least, some presumptive evidence
that shadow of responsibility does at
tach to it,
There are other expressions attributed
to you in the report of the Senate debate,
which se!frespect will not permit us to re-
fer to, anu which We arc confident (whcrc
we are known) We will not be expected to
notice. You further state that, but for this
Bank, no Bank in the State would have.
suspended This, VIC suppose, is your opin-
ion; others, who had, perhaps, better op
portunity of forming correct Judgment,
think otherwise. Wear not disposed to
discuss the question. But we state that
weare satisfied with the course we pursued.
We believe that, by avoiding the sacrifice
OF assets and the pressure of debtors, VIC
benefited ourselves and the community
We further believe that our course has been
generally approved, and, under similar cir
cumstances, we should act in the samc
manner Suspension, sir, is not insolvency
That the people ofthe State and of the
neighboring States do not concur with YOU
in the estimate of the responsibility of this
Bank, Is evidenced by tho fact that our cir
culation has boon the means by which a
large portion of the crop has been brought
to market and the price Of cotton sustained.
And in the City of Charleston, where our
institution is located--where our credit
our resources andour operations are known
and -undcrstood-wc possess the entire con-
iidence of the people, and our depositors
have increased about ten per cont. since the
| date OF suspension. We have, perfaps tho
largest deposit account in tho city. As to
your individual opinions upon the subject
of the Bank and IT'D management, we feel
indifferent J but gou have given isae opin-
ionsan ofhciafobayooter, asa sss ahcre-