The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-01-06
fifty characterized only by epithcts which are
not usually applied to high-toned and honora-

Die men.
AS to the matter Of inquiry embraced
in the third section of the resolution
VIZ: whether the debts OF said bank,
or any pat thereof, were created to aid tho
rebellion, or exist in consequence of the re-
belion, or arc in any wav tainted with the re-
belion, 80 that the pat ment thereof bv tho
State is prohibited by tho constitutional the
committee beg leave to refer gone: ally to the
exhibits accompanying this report, showing
tho debts aud liabilities of tho bauk, and re-
mark:
1. AS to tho dcots of tho bunk created and
existing prior to the commcnc .mcnt of tho
war, or the secession OF tho state December
20. 1850, consisting mainly if not entirely, Of
bills in circulation, amounting to abont eight
hundred aud scvcntv-four thousand nine hun
drcd and nnety-two dollars, ($S7I, ,o92,) there
They could not have bccu incurred in aid OF
the rebellion.
2. Tho bank, as before continued. throurl-
out the war, a corporate b3dv. doing bnsincss
GIN Tue name aid on brhoIr ot IA Stn.c :"
(Sce charter OF 1922 II rcalv, and in fact.
had no inticpcndcnt cyistcrce iron, thc Sto.n
hut was wholly subject to ana controlled bv If
True, it had Il iCySl cu.itv for bus1no,I nm
poses, but was really nothing more nor l"ss
tnan tho State engaged in banking business.
Ihc debts, therefore. of tic bank created dur
ng, as wcll as prior to, the existence OF the
and on behalf Of the S ate. " " ~ - "
On the twentieth OF December. 1850 thc
State joined in the rebellion against the United
s., t!eEOtlnD n ,1 hc
bank included to that purpose
The bills Of the bank wore ss1ol or mt i,,
circulation, asslmilatcl in value, ana became
equivalent to, the currency OF the Contcdcracy
and shared its fortunes.
The language of the Constitution Of the Uni-
ted States is, ''neithcr the United States nor
any State shall assume or pay any debt or obi
CATION incurred in aid OF insurrecton or rcbcl-
lion against the United States; bat all such
debts, obligations and claims shall be held ie-
gal and void" (Scc section 4, article xiv.) The
language Of the Constitution Of the State is,
IN, mo debt eon'racted by this State in behalf Of
the Late rebellion, in whole or in part, shall ever
be paid" (Sce section 1G. article tx. 1t seems
clear and unqucstionable to your committee
that any dt5t incurred by the State, or Sin the
name or on pehaf OF the State" while in in
surrectlon or rebellion against the United
States, elt"cr to support or defend itself, its
o1hccrs or agents, or TO aid others engaged in
tne same lnsurrecuon or rebellion, must be
neid Illegal and vla, and ''shall never be
The issues OF bills by tho bank during the
wal were
1. Dllls "hlch hau Deen redeemed before tho
war, ana Withdraw from circulation, bat
cirnn1a.ias uncahcel'ca' were aGa,n an n, put IN IN
D;ii. ;a.,'od j.; iac1 '''''''.''@ 21ooaa ~ O ~
2 Cna 90 I;I1 49, Ao0A - z4oo too 0o 0o
- on' % = oiii' '''''''''''' 'l''oo w
Toto, 90 %. o,o no
Deduct irom Ill. on,n,,nt o,t oAe w
Oo0.,IV ni an,,,.t non, us >; 'hnount esIlmat.
ILL ou ,u " M pui ~ ana ioSC IL
olis' atio we nave, :.'...;- 3,oo3 454 W
tap nupposeo ,"a ~ oe outstanding at the close OF
Your comm;ttoo rooor3 +,,is ,oht oe !,
o5a ISd 90 tn;mt"I ;tI 5"iu ~, .'i,s ucp' VI io'
i ,-avnoont ; "I;I;4I ~ ,opoI.on ~ .I ~ . ~.
and Sotcmo1 aonpst;trt p.G;tpaoo " oo'h 'ie ota'c
mis- rnnnrt ,v'I,,I to =, t,,
ont snn,o rofroUn ~ 'iuil Mlli
thn honl o',d th az ~ i..S",Mlon M III wilcn
hnoon. q ,,,,,,it,oI t ~ No 'io"'H 'h0 ounN' A'''
ITn1o, tho ,,.o.;s;,o or ~ r., ,,
inc the CIV Of Tharesto y,' 81 ~ Tun ~, saa
bnnda warn iss,1ad h tIo ci, -, 1'io . l., 1000.
of Two miIl;n,a or o1,nr 0'I,I ~ " w ount
tha act nraat1nr ~ ~ tnn,i ~ ploNislons oi
SrCr,oN TLat otit ~ ~ i W. Us iolo"s
of South C,roi,no ho N'o, ori ~ 10 ~ 'io nh.c
onthnr;1ad anI I;rooi,i Ii'; hu 10 nereps,
tracts, to be countersgncd by the Comptrol-
lef-Gcnera! not exceeding in all the SIM
o1 Two mltllons OF dollars; ono million Of
Which shall he payable at the expiration of
twenty years, and the other million at tho OK
not exceeding SIX per cent, for the purpose Of
procuring loan on the credit Of the State, to
repn1lo l mat portion OF the City Of Charleston
~" iHlhS IN RUNS; mat the SAID bonds or con-
payable at such times and places, rs shall be
most ehectual in procuring the said loan upon
the best terms, either in Europe or America:
and that the faith and funds Of the State OF
pledged to secure the punctual payment of tie
said bonds or contracts vii h the intcrcst the.n.
on.
SEC g. That in order to effect the said loan.
the Governor is authorized and dlracted to
such agent or agents as the Presi.
dent and directors Of the Baak OF the State Of
South Carolina shall appoint. which said agent
or agents shal! be empowcrel 10 receive the
said bonds or contracts from the Governor and
Comptroller G General, and to make All such Ar
rancements as in his or their iudrm Mt NAY
be deemed expcdient for procnrinr Tia sai1
money and placing it TO tho credit Of tic Slate.
of the Bunk OF the State of South Carolina.
SEC. g. The nancy, when realized in Charles
ton. shall be deposited in the Bank Of the State
OF South Carolina and shall became n mart of
the capital thereof.
*
40
SEC. H. 1t snail be the duty or the president
ana directors OF tAc Bunk OF the State OF South
Carohna to make proper provisions for the
ponctual payment OF the interest OF such loan
as may pe enccted upon the credit OF the state,