The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-11-30

dend. Its discount notes could not be COL
lected because of the absolute dearth OF mo-
new The bills in circulation, which had been
reduced during the first few months OF the
war to the small sum comparatively OF
500. 600. had been increased by the call of the
Confederate Govern ment to the large sum OF
| $500, eco.
These bills were scattered over every part
of the country, and soon became the object OF
large and eager speculation. They rose rapid
ly in value, were brought forward constantly,
and daily presented for redemption, and as
this, in the depressed condition of the bank,
was impossible, suits were threatened, and
every means used to force settlement.
In the meantime the board, exercising a
rigid economy, had reduced the expenses OF
the bank to the lowest possible limit. Only
three officers-the president, cashier and soil
citor-were kept on duty, and the salaries
were largely diminished. The assets were
nursed, every opportunity for the purchase OF
| the bills at the lowest rates was embraced,
and soon a marked diminution in the out
standing circulation was effected. They COM
manded high rates in the market, and their
advance in price was much greater than shown
| in the bonds and stocks which formed so large
part of our assets.
Sensible of this, and satisfied that although
our stocks would ultimately bring very high
prices, vet a sale of them at that time would
involve a ruineus sacrifice, and possibly bring
on the insolvency of the bank, the board con-
ceived the project of selling the real estate
owned by the bank. This, after great delibe-
ration and full discussion, and after many and
free conferences with the solicitor Of the bank,
was effected for $I5, 900 cash, and the proceeds
at once invested in our bills, at large dis
count. The bill-holders being still pressing in
their demands, dnd suits having been actually
commenced, looking TO the payment Of the
funds of the bank into court, the appointment
of a receiver and the forced sale of the assets,
with distribution among creditors, the board
instructed the solicitor of the bank to make
application to the Court of Equity for instruc-
tions upon the many embarrassing questions
presented for their decision, and for an injunc-
tion against all creditors sueing their claims at
law. This measure was completely successful,
and o marked advantage was obtained as well
in the settlement of claims against the bank,
and the more slow and profitable disposition
of its assets.
It would prove tedious TO 90 into minute de-
tails of every operation.
The death of our president, D. l.. Mckay,
OH financial
abilities. Immediately upon his death, and
the election of the present president, the
efforts to reduce the outstanding circulation
were renewed, and policy OF more rapid
liquidation of the circulation was inauguratcd
Any bill which could be bought was purchased,
and the circulation, which in 1865 was s5S2, 7S5,
was soon reduced to $66,9o5.
The condition OF the bank to-day is shownb
the following statement. The securities have
been valued by Messrs. Il. II. DeLcon and j.
II. Wilson:
ll02 shares South Carolina Railroad
ave Company, at $40. .............. .s44 ,oSo 90
1909 half shares South Carolina Rail-
road Company, at $l8 25. -. lS,2SI w
'''' S. s s5.....s................... .or 1900 co
siV'VSS at 60 SH per T cent. % 6,s33 90
SIG, ,oi0 bonds of Greenville and Co
lumbla Railroad, State glGrHn-
tee, at 60 per cent. ............. 9,606 w
50, 600 Spartanburg and Union Rail-
road bonds, State guarantee, at -.
48 per cent 9oo w
sle. 600 Charleston and Savannah
e Snarantee. at at So per cent. ..... $3.50 90
S23. 800 Savannah and Charleston
Railroad 7per cent. bonds, State
guarantee, at 62 per cent ..... 1876 oo
SIS, 900 Mississippi and Tennessee
at M 20 M ner cent. '..........'.e.' 2e,4Oo 90
SIC, 500 Mississippi and Tennessee
consolidated bonds, per cent,
at 20 per cent. ..........:. l6,oo0 w
ssl 200 Pensacola and Georgia Rail-
road bonds and coupons, at -
per cent t................... ZU,lW w
Total .$l74,S62 90
The Legislature, at its last session, passed
an act to enable the banks Of this State to re-
sumo business, or to place them In liquidation
By the first section Of this act it is provided
that Ell banks incorporated by this State,
which shall continue refusing TO pay its bills
after lst December, 1859, shall forfeit all cor
porate rights and privileges, and forbidden to
transact any business as banking corporations.
The second section provides that, in case OF
such refusal, the banks so refusing shall be
but In the hands Of q receiver. to be appointed
by the Judge OF the circuit in which the bank
is situated. But that If any Of them agree to
redeem their bills, they shall notify the Comp
trouer-General of their agreement 80 to do.
The fourth section provides that any Of the
banks redeemlng their bills, and are able to
redeem them. and have remaining In their
possession assets of the market value Of
5O,Oo0, may resume business as banking
corporation.
REAL ESTATE.
Calhoun street property 81, 900 90
"a, ,694 acres Florida lands 8,00O 90
CASH ASSETS.
New York exchange...... 456 90
0'''- ~ '' 5,53627
Bills receivable, protested ex-
change, and other assets valued .., m
$255, ,4ss 81
LIABILITIES.
Circulation outstanding &c, 995 90
Estimated to have been