The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-01-06
Joint RESOLUTION.

and liabilities of the Bank Of the State OF Sout
Carolina and report at the next regular ses
sion of the General ssembly.
SECTION q. That SAL committee be lnstruct
ed to inquire into. and report for what deots Q
said bank the State is liable.
SECTION 8. Also, to report whether the deDt
of said bank or any part thereof were createt
to aid the rebellion, or exist in consequence o
the rebellion, or are in any way tainted VIII
the rebellion, SO that the payment Thereon o.
the State is prohibited by the constitution.
SECTION 4. That said committee have powel
to examine the books and papers OF SAID Dank
and to summon witnesses and examine tneH
nnder oath. relative to all matters touching
the operations and conduct of the affairs
said bank:
Respectfully report that majority OF tn
committee met at the banking house, in tn
City OF Charleston, and proceeded to make th'
examination, as required by the resolution
I'm an appendix to this report will be founc
"exhibiss," showing the condition of the bank
in detail These Exhibits" were prepared for
the use of the committee by Thomas r
Waring, ESQ.,, cashier, and make part Of hi
sworn statement, with the exception Of Exh l.
bit 49," which, as will be seen, is simply an
estimate prepared by him Of the probable LOST
Of circulation during the existence OF the bank
Your committee desire to acknowledge the
courtesy and patience of Mr. Warins, shown
during this tedious investigation.
Exhibit ssA" is sworn statement Of the con
dition of the bank on November l, 1868, fur
nished by the cashier, Thomas h. Warlng Esq
By this statement it will be seen that the a.
sets of the bank consist Of bills and notes dis
counted. bonds and other securities, advances
to the State, real estate, &c. The promissory
notes are almost entirely from citizens OF the
State, secured by endorsement or by collateral
securities. A large portion OF them were dis
counted during the war. The cashier says:
Ut is impossible to arrive at o correct estimate
of the value Of these notes; they are turning
1884 81 on Exhibit sA" is the balance of a bond
csGG.. ". Brown, q borrower under the Fire
Loan> This is the only bond of that class un-
paid, a.
item s49,9s0 u was the balance in the
hands OF the agent at Spartanburg at the close
of the war. 1t was Confederate currency
Item s., 1,012, ,124 0S is explained by the casnler
as follows: s.In 1864 the Confederate Govern
ment reduced the value ofthe currency thirty
three and one-third per cent, but each State
wasslIoved to fund one-half Of the currency
it held in four or six per cent. bonds OF the
goyernment; the other half for the new cur.
rency. The amount on this account shows
what was surrendered to be exchanged for
bonds. The bonds were not delivered, but we
hold the certificates. The notes surrendered
to be exchanged were the deposits to tho
credit of the treasury and the public othcers
on the books of the bank.
Item 1851, ,05S 80 OF Statement ga, !" is made
up Of balances due by sundry banks In this
State, Item SIS, sol 81 is made up Of balan-
ces due by banks out of the State. Item so,-
1856 SO is the amount Of cash on hand Novem-
ber /, 1853.
Exhibit '.B" contains list Of the discounted
notes held by the bank. The cashier stated
that these notes were placed in the hands OF
the solicitor OF the bank, Isaac W. Hayne,
Esq, last August, fer collection. He also
saws: "a considerable amount OF potes dis
counted were destroyed at Columbia, as we
have reason to believe. They were N the
hands OF the solicitor OF the bank for suit,
whose Office and papers were burned, as we
are informed" [Tnis statement shows the
list Of discounted notes at Charleston to
amount to s728,779 AZ, at Columbia Branch
,S263. 1854 SO, and at Camden Branch s186 ,166 SO,
making total Of 81, ,178, ,911 05. In addition
there is an amount OF 1892 2,SS1 81, for notes
discounted upon pledge OF stock, making .
grand total OF $1,6OS,7s 42. The stock
pledged cnrsists almost wholly OF securities OF
the Confederate States.l
Exhibit &c" is a list OF notes, bills and bonds
in suit held by the bank, October 1858.
1.-THE bills, notes and bonds in suit hold by the
bank amount to sS4, ,059.
Exhibit SD" is o list OF Individual bonds The
cashier says: ''Some Of these are secured by
mortgage and may lie paid in part, but con-
siderable amount is supposed to be insol-
vent" [rhe personal bonds held by the bank
amount to s45, ,594 49,
Exhibit ssE" shows the amount OF interest
paid on six per cent. stock for FIRE Loan.
iThis amounts to s1,947 SAL
Exhibit &c" consists Of advances made to
the State Tor the new State House. AS secur /
tyfor these advances, the bank holds Sl2l, ,30O
Of State six per cent. stock, issued for the
building Of the new State House. 1.-The balance
on this account is s119, ,278 49,
Exhibit IF" contains q statement OF the IN
terest paid on the Fire Loan debt IN London,
reduced to currency. The item s42,20S So on
the "Debit' side of statement ''A, shows what
is due the Barinss by the bank for these .ad-
vances, and is payable in sterling. The cashier
states that "heretofcre this interest was de-
Quoted from the profits at the close Of the is-
cal year, but the prodts since the war are not
sufficient to cover it." This exhibit shows the
account since 1865. The Barinss paid the in
tersst up to January 1, 1868; and they hold as
security for these advances f31 200, bonds
their hands in 1868 or 1864. tThe total amount
of this account is sss,678 3S.I
Exhibit "H" consists OF advances to the
State for various purposes. The advance tor
subscription to the Charlotte and South Caro-
lima Railroad is secured by 2704 shares in that
railroad deposited with the bank. By this ac-
count it appears that the bank paid to Gov
ernor Magrath, whon arrested to be semitic
Fort Pulaski, s400 in gold, on account OF his
salary. 1.-The amount OF this account is $751;
f Exhibit & a1n shows tho amc.nt advanced to
1854 and 1865. With reference to these ad,
vances the cashier says: "Our books do mol
show what these advances were for: 1 think
the payments were entirely in Confederate cur
rency." [Total amount s997, 1892 25
Exhibit 81" contains statement OF bonds
and stocks Of Incorporated companies and el
the State owned by the bank, put down at their
par value. On Statement ga" they appear at
what they cost. Part OF the bonds of the Will
mipgton and Manchester Railroad Company,
Greenville and Columbia Railroad Company
and South Carolina Railroad Company are for
interest funded since the war. The par value
is $3.50, ,94S Sc, including S122 600 OF Whining
ton and Manchester Railroad bonds, s114, ,0C0 OF
South Carolina Railroad bonds, S12 500 ot
State bonds. 1899 whole shares and 1893 half
shares Of the South Carolina Railroad, 6OO
shares of the Northeastern Railroad, and 35C
shares OF the Greenville and Columbia Rail-
road. In addition there is f91 200 IN South
Carolina Railroad sterling bonds held by the
Barings, and about $1,000 in coupons.j
Exhibits *, "'tL, . 'M" and ''N' show the
Confederate securities held by the bank. [Thc
amount OF Confederate four per cent. binds