The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1868-08-19
South Carolina among the Bankrupts.
w. r-,,1,o ,rootnrdav of the destruction OF

We spoke yesterday Of the destruction Oh
the credit of the southern States by 'he
Radical Legislatures which Congress mas
forced, npon them. The telegraph pun
lished by us yesterday morning announce
that South Carolina was bankrupt, and that
the carpet-bag" Governor could raise no
money upon her credit for the hungry hauI
csls. And so must it be with all the states
what would become of the credit OF Eng
land or any other great countryif sALSAvE
was made sovereign of it, and Haytiens,
with a sprinkling of white scapegraces anu
co;,;Ts were to become its Legislators!
what capitalist would lend such a Govern
ment a cent How long would the king
dom go ruled have any industry and enter
prise--any prosperity
A case of some magnitude, involving the
finances of the State of South Carolina, has
lust come up for consideration in her
court, and the absurd Legislature has
stepped in, most outrageously, to interfere
with the judicial proceedings in the case.
It seems that DABNEY, MORGAN & Co., as
holders of the bills of the Bank Of the
State of South Carolina, for themselves and
others filed their bill in equity, claiming
that the assets of the bank shall be applied
first to the payment Of the notes OF the
bank held by them, and afterwards to such
purposes as the court might direct.
The Messrs. Barring, Of London, holders
of the bonds known as the fire-loan bonds
which were issued to rebuild the city OF
Charleston after the great fire of 1888, In
answer claim that the assets of the bank
are first liable for the redemption of these
bonds and the interest due upon them, as
the act under which they we're issued ex-
pressly provided that the State Bank should
"make proper provision for the punctuai
payment of the interest, and also for the
ultimate redemption of the principal" OF
said bonds. $685.. .......
The case is pending before the court, and
m existing law provides that the chancel-
lors of the court of equity shall, until lst
of January, 1869, continue to discharge
"the duties and functions of their respec-
"tive Offices for the disposition of causes
(which are now pending"
In this state of the case bill is intro
duced into the mongrel Legislature at Co
lumbia providing for the summary winding
I'D of the bank, the thrusting aside of the
contestants, and the seizure Of the funds in
controversy, to be disposed of at the discre-
ton of the Governor. As like as not this
is device to raise money to pay per diem
and executive expenses.
Thus we have South Carolina-a State
whose plighted faith has never been dis
honored-whose finances have been con-
Quoted with an order and probity that
protected her credit at all times and under
all exigencies from the remotest suspicion
or distrust-brought down to q condi-
ton of bankruptcy and utter discredit.
The crew which now directs the ship of
State is SO utterly incompetent that the
once noble vessel is entirely at the mercy
of the winds and the waves, and wreck and
ruin threaten her on every hand.
She is but sample Of the States under
Radical reconstruction. If they are not
rescued in time, the fairest part of this
Union, that from which came before the war
the chief wealth of the nation, will be so
utterly PROSTATE that it will be burthen to
the Union. Nor can the North escape the eff
fects. AS we'll expect the living body that
is chained to the dead to grow and flourish
as to believe that the political gangrene with
which Radicalism has inoculated the South
is not to be infused into the very vitals of
the North, politically and socially.