The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1866-09-10
The Banks and Liquidation.

Banks Of this State, praying legislation and relief
from the imposition of penalties prescribed by
law. and also the Bill offered In the State Senate
on Saturday, by Ho,. HENRY BU1sT, of this city,
on the subject. Al the subject is one of great
interest, we lay it before our readers. II Mr,
Bu1sr's bill should boone law, it will operate to
relieve very large lass Of our community:
MEMORIAL OF THE iEvERAL DAfKs OF THIS sTATE,
PRAYING LEGISLATION AND RELIEF FROM THE I'M
POSITION OF PENALTIES PREsCRIBED BY Law.
To the Honorable III Senate and HoMse Of Repre-
sentatiues of the SITE of South Carolina:
irha me mortal ofthe President and Directors OF
the several Banks this state showeth
That they have, 4 common with the cOmmuni-
tv felt severely thtlosses and difficulties incident
to the war.
country. and nesly all tho changes property,
have resulted in Investments in the securities Of
the Confederate itates and OF tho several States
and institutions o that Confederacy,,
These results wre necessity Of the times For
If n different corso had been pursued, all the
sources Of suppl all the channels OF internal
trade. all the eshanges OF society, must have
stopped. o,,a, dr,;nr tho o,,ooto.
nart oY the tim, than Confederate bills, md
scnrcely any otht securities but those which have
been mentioned.
The Sontherncause in which we hoped and
trusted deponea upon the placed a. IN
large amounts lid by the Banks..,,
The Banks lid. and still hold, other socuri-
ties. hit these e ut present unavailable. They
cannot be realod but by sacrifices which it
would bo nsitlr eXpedient to make, nor just to
require. ~.
the need hg s9w pa,
OF our systouf il dustry, both III the cities and
in the counth the settlement and direction OF
labor. under nv influences, new rewards and new
arraneementetor subsistence, require for all
classes of pe,le and all departments OF ousl.
ness, pxtiencforbearance, and consideration. :.
These genal views aunil' u peou11a1 "ppiA-
In the an ters of all our joint stock Banks
there is p,sision "that in Case OF failure, each
stochholler. &c, shall be liable and held bound
for any eunnot exceeding twice the amount OF
his. her, o;heir share or suoscrlPtlon. Your
momorialist respectfully suggest that this pro-
vision was jended to guard against reckless and
OF eytrayapanacts in the course OF banking opera
tionn and afford motive for care i'll the ap-
mntmentf officers, aud OF prudence IN man
aroment. 1t not against tho disasters OF War
and the cningencies OF revolutlon.Z.
The prent condition OF things was never IN
the mindsf the men who framed the charters.
Your nnorialists respectfully suggest that
this clan; creates penalty TO the State, to be
enforeed 1 released by the State, az they shall
deem deem jusunder the circumstances of tho coun-
The II Lislature has reserved to itself entire
authorit,ver the charters Of our Bank. .saould
your Ht>rable Body see fit to exercise tins au-
thority, ur memorialists submit that true WIS,
dom is nseryative aid that preclpltancy Will
most prably be injurious to all the interests i'll
voved.
Your smorialists respectfully ask Of your Hon
orable py three things, viz:
First,he consideration and release OF the lia-
! bility oltockholders just referred to.