Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1866-01-13
How do National Banks Break?

who is we'll posted in financial affairs furnishes
| us with the annexed list of National Banks
which are broken: First National Bank of
New York city, National Bank Of Utica, N.
Y, National, Bank of Syracuse, N. ", Ma
tional Bank of Lowell, Mass.
GIVE are informed that large number of
the bills are in circulation. Our citizens
should be on their guard"
We find the foregoing paragraph travelling
the newspaper rounds, and recollect to have
seen several of these bills, particularly those
of the First National Bank Of New York, cir
culating in this neighborbood Itwil! be well
to refuse them if they are " broken but in
our ignorance, we fail to comprehend the
n,odus'operandi Of breaking National Bank.
These banks deposit U. S. stocks with the
Comptroller of the Treasury, and receive there
for an amount Of bills for circulation less ten
per cent. of their deposit. The deposit is
locked up by the Comptroller held invio-
liable for the security of the bill holder. A
National Bank therefore, cannot over issue,
and IT. in the course of its business, it contracts
engagements which it cannot meet and is
thus compelled to stop operations, it's circula.
tion, one would suppose, must be just as val.
liable as that Of any other National Bank,
being secured precisely in the same manner
and to the same extent. But as this new
banking system sprung up while we were alb
sent from the country, to wit: in the $50
called Confederate States" we have not yet
had time or inclination to study into it. If
somebody who comprehends it will ellghten
us, we will be Obliged. -Macon Journal.
1t may be interesting to our mercantile
friends and the public generally to know that
.Peterson's Detector, for December, gives the
above named National Banks in its list, and
refers to countcrfeits on some of them, but
says nothing about their being broke.
Augusta Constitutiona1ist.
Poverty OF STATEsMEN- Statesmen gen
orally fail to secure fortunes. They devote
themselves to pursuits which, if honestly adj
hcred to, rarely yield rich rewards.
Jefferson died comparatively poor. Indeed,
if Congress had not purchased his library and
given for it five times it's value, he would th
difficulty have keptathe wolf from his door.
Madison saved money and was comparative.
ly rich. To add to his fortune, or rather that
OF his widow, Congress purchased his manu-
script papers, and paid $50 ,000 for them.
James Monroe, the sixth President of the
United States, died in New York, poor; his
remains found resting place through the
charity of one of his friends
John Quincy Adams left some $40, 900,
the result of industry, prudence and inheri-
tphcc. He was a man Of method and econ
omy.
Martin Van Buren, died very rich. Through
out his political life he studiously looked out
for his own interest. 1t is not believed that
he ever spent much in politics. w
Daniel Webster squandered some millions
in his lifetime, the product of his professional
and political speculations. He died leaving
his property to his children and his debts to
his friends. The former sold for less than
$4,000, and the latter exceeded S25O,OOO.
Henry Clay left very handsome estate It
probably exceeded S1,00G,000. He was a
prudent manager and a scrupulously honest
man,
James x. Polk left about $3.50 900, S5O,-
600 of which he saved from his Presidency of
four years
John Tyler left $50,00O Before he reached
the Presidency he was bankrupt. In office
he husbandcd his means, and then married
rich wife.
Zachary Taylor left s15o,oo0.
FATAL OccuRRENcE.- have been in,
formed by passenger, says the Columbia
Phoenix Of the S0tk ut., who arrived in this
city yesterday, Of fatal occL rrence on the Pee
Dee River, where the Wilmington and Man
chester Railroad bridge formerly stood On