The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1868-12-06
The Bank OF .he, state-A Carl.

10 IHE EUBLlC.-In6 rec0mmen-
dation Of the Governor in his late
message, that steps, be taken "to
prevent the courts and officers of the
Bank of the State from wasting and
misapplying its assets,p and the
belief expressed, that not less than
5000 in gold has been squandered
and made way with for salaries OF
officers and agents, fees OF attorneys
employed to bring the credit of the
State into disrepute. and other objects
of equally questionable propriety,
calls for some notice on the part of
the bank, and in the absence of the
President, I deem it my duty to lay
the facts before the public.
The contingent expense account of
the bank has been regularly furnished
to the Legislature since 1865, the
present session included, and con-
venient as these statements were for
reference on the records at Columbia,
it was reasonable TO suppose that the
Governor would have referred to
them for his facts and figures. These
statements show that from 1865 to
the close of the last fiscal year, 31st
October, n period covering over three
years, the total amount expended was
S34, sos, and this in currency. The
accounts itemized, and showing what
amount for salaries, what for Incl
dental expenses, &C., including the
agency ut Columbia, established un-
der the Act of 1865, charged with
the keeping and disbursement of the
public funds, at an expense properly
chargeable upon the Treasury.
To this add $2,35O, advanced for
counsel fees in the defence thrown
upon the bank by the suit of Dabney,
Morgan Il Co., (approved by the
proper officer of the Court and cx-
penses incurred in other minor cases,
full statement of which has been
furnished at an examination of the
bank by q committee of the Legisla-
ture, appointed in September, and
we have a sum total of less than
$4,000 in currency, instead of
$50, 900 in gold, as stated in the Co
vernor's message.
The suit brought by Dabncy,
Morgan Il Co., holders, made
the bank, with the Fire Loan credi-
tors, defendants, and upon reference
to the master, the bank felt author
lied with his approvaD in making
the advance for counsel fees; and the
further sum of 81, 100, (included in the
statement referred to above for ex-
peoses incurred for complainant note
holders.
It is to be observed that the bank
has in no case instituted legal pro-
ceedings, but has been drawn into
the courts by legal process upon suit
instituted by others.
So far from desiring to protract
litigation, we have on the contrary
desired on early and equitable dispo-
sition of the funds enjoined in our
hands.
Until very lately there has been no
action on the part of the Legislature
to close the operations of the bank.
Our offices were held under sanction
OF each successive Legislature, in
Guiding the present, up to the pass
age of the Act of September, 1865.
The number of officers reduced to
but two, other than the President,
and all with greatly reduced salaries,
and the expenditures otherwise have
been on the most economical basis.
This explanation is due to the Fire
Loan creditors, charged with unwar-
rantable litigation; to the court under
which we act, and to the officers of
the bank.
THOS. r. WARING, Cashier.