The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1866-12-20
ination consumed several days. and was as full and
complete as the nature Of the circumstances would

-,
complete as the nature Of the circumstances would
permit.
The Bank has, among it's assets in the shape Of
advances on State Stocks with interest thereon,
at least ,050) one million two hundred and
an Is and fifty dss d9rs ssse Th Sn
the country RECEIVERS from the disasters which
have been consequent upon the war, they will
able for the settlement Of liabilities, or furnishing
the means for the future operation Of the Bank.
There other items Of bills and notes discount
s Ellis 1a s1d notes aed sSs ssse
s12oo7s casb. sioo 900; BESIDES arrears Of inter:
gate of 81, ,4O6, ,55s-the two together constituting
The OF (s 647 ,603) three million six hundred
and forty-seven thousand six hundred and three
dollars. This s.. is exclusive of Confederate Sc
curities. Of The bills and notes discounted o por-
tion originated during the war, and Of course win
be claimed to be sealed under the ordinance Of the
Convention. OF others, considerable portion are
unquestionably good. The vicissitudes of the war
and the loss Of property, which has been the re-
doubt or uncertainty upon outstanding obligations
generally, and this doubt and uncertainty must
affect considerable portion OF the paper due the
Bank. And no certain opinion can be formed as
to the amount that may be collected. The officers
Of the Bank are confident that a large portion of
them will be available for the retiring Of the Bank
Of Bonds and Exchange.
But for the result Of the war, the means Of the
Bank would nave been ABUNDANT.
And even with what is left, and the prospect Of a
considerable deposit account, the Bank might be
continued under new &C: porate name, to wit The
Bank Of the State Of South Carolina, for the pur-
issue. For the late Tax Act Of the United States
provides as follows: @
National banking association, State Bank, or State
banking association, shall pay tax Of ten per
centum on the amount Of notes Of any State Bank
sitter tie first day Of July, eighteen hund1ed and
sixty-six.
This act is a virtual prohibition of all banks Of
ISSUE as the ta.; would more than consume all the
profits that could be made by any legitimate bank
ing. And the Legislature, at its last annual sit
ting, acted wisely in disseminating the Bank as
one of issue. Otherwise this enormous tax would
have beer incurred.
IF the General Assembly should desire to con
vert this institution into a bank Of deposit and
discount with another name, the necessary appro-
pirate legislation to accomplish that object should
be adopted at the present session. Such bank
deposits, and would do 8 business large enough,
it is supposed to meet the interest on the labili
ties Of the State this should not be done, then
the present assets will have to 60 into the Treasu-
~ as collected and ROMAN dead capital until ap-
Their collection, too, it is thought, would be
transfer them to other hands less acquainted with
the debtors, with many of whom advantageous
rites, in some Instances, obtained It is believed
also that such institution would be necessary
! fiscal agent Of the State Treasury. But these
Grafton Of the Legislature, as the Committee are
not disposed to commit themselves as to any par
ticular line Of policy in reference to the Bank and
submit the whole subject to the wisdom Of the
General Assembly: There is one other consider
stion, however, that the Committee feel it their
duty to present, and that is it is important that
proper legal measures should be taken at an early
fday to Perpetuate the testimony necessary to es-
tabish the notes, bills, and bonds due at the Cam
den branch, which have been lost or destroyed
and likewise to revive any judgments or DEGREES
in favor Of the Bank, that may have met q similar
fate. ..,- ;a;
The nrnitttte cannot, in justice to themselves
eloseth:s report without bearing testimony to the
experienced financial skill, ability, and high char
acter Of ON. .Furman, Esq, President OF The
Parent Bank, and to the ability; fidelity, and pri
yate WORTH 2f a 81 % fs several a Branches
Most respectfully submitted.
| w. T. HUTS ON
Chairman House Committee
| C. p. SULLIVAN.
| Chairman Senate Committee.
! December s, 1856. .,