The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1868-08-20
ME LEe1snArURE.

| eCoLUMBIA, August 19.-The Com
mittee. on Interpretations reported
favorably on the bill to repeal the
charter of the town of Hamburg,
and the bill was read the first time.
The Committee OF Ways and
Means reported favorabfy on bill to
authorize a State loan, and the bill
was passed.
The same committee made favor
able report on the bill to authorize n
loan to redeem the bills receivable.
The bill to prevent Determinations
between persons was read the third
time and passed.
Burrell James offered q joint reso-
luton, providing that in making ap-
pointments on the police force of in
corporated towns and cities, hereafter,
no determinations shall be made on
| account of race or color. Laid on
| the table.
The consideration of the report of
the Committee on Privileges and
Elections, on the case of the contest
ed Anderson election, was postponed
for two weeks.
The bill to establish State Edu-
cational Bureau was passed, with
| unimportant amendments.
The bill to close the operations of
the Bank of the State was passed
without debate. Its provisions are
as follows:
That the Governor of the State is
hereby authorized and required, for
and on behalf of the State, to take
possession of all the real and personal
estate, assets, chooses in action, and
books of accounts of the corporation
known as the President and Directors
of the Bank of the State of South
Carolina, and sell at public auction,
ut such times and upon such terms as
he shall deem most advantageous to
the State, all the real and personal
estate, stocks, bonds of the corpora
tion, and other assets of said corpo-
ration, and the personal bonds, notes
and bills of exchange, owned by said
corporation, and all debts and chooses
in action due the said corporation.
He shall place in the hands of the
Attorney General of the State, with
instructions to institute, in the name
of said corporation, legal proceedings
to collect the amounts SO due as
speedily as possible. And the pro-
ceeds Of said sales and of all collec,
tions, made by the Attorney General,
shall be deposited in the Treasury of
the State, subject to the order of the
Governor, who shall keep distinct
account thereof, separate and dis
tinct from the other accounts of the
State, and shall report the same to
the next succeeding session of the
Legislature. Provided, always, that
suits shall not be instituted upon
debts which, in the opinion of the
Governor and Attorney-General, are
valueless.
That all bills issued by said corpo-
ration prior to the Goth day of De-
cember, 1860, and which, when duly
filed in the Court of Equity of the
State for Charleston County, on or
before the 1st day of June, 1868, in
pursuance of the order of said court
under the date OF 1868, be funded,
and, on the surrender and delivery
of said bills to the Treasurer of the
State, bonds of the State, payable
twenty years after date, and interest
at six per cent. per annum, payable
semi-annually at the agency of the
State, in the city of New York. shall
be issued to the owner of said bills
for payment, and redemption of the
amount of said bills, and interest
thereon, from the time when such
bills were presented for payment. at
six per cent. per annum; and the
Governor of the State is hereby
authorized and required to execute
and deliver said bonds; and to the
punctual payment of the principal
and interest the credit and faith of
the State is hereby pledged.
That the bills of said corporation,
which have not been filed in the
Court of Equity, for Charleston
County, on or before the 1st of June,
1868, shall not be funded, but shall
be valid rs discount or set off in all
action and suits at law or in Equity
brought by said corporation in pay
ment of all demands due said corpo-
ration.
That the Act of the General AS
sembly of the State, ratified the 21st
December. 1865, is hereby repealed.
That the Sixteenth Section of the
Act ratified the 10Th day of Decem-
| bar 1919 aptitIa6 on Act to astoJ,