The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1869-06-23
The AIeaph1s sayinKs Bani<, and iis
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The S1elsphIa snyinKs Banik, aHd i,s
NJ 6FE'Saeeicnl- vprsSilsss. u ,.s4 s
Mr.. EpIToR; This charitable inssitu-
tion as established as the instance OF q
set M benevolent adventnrers Their
1 programme having been sadroitly ar.
ranged, they applied to the Legislature
OF Tennessee for charter, which was
granted, with certain blindfold ;restric.
tiops and conditions. What bribery was
brought TO bear upon the members OF
the IggisiRture' to achieve their@object,
the lHritef ia not Informed, However,
the terms aud conditions were fully com
piled with by the applicants in form, if
not in reality. The stock WAS subscribed
and taken, and probably, for the time
being, paid in-thus securing their char
ter; whereupop. they elected their presi-
dent and 7directorsSS and published the
fact, with an array OF official nam es, from
the president down, which sn fficed to
magnetize the public pind. aThis insti-
tuition (of names, not money, charmed
throng. OF depositors, who eagerly
availed themselves of the opportunity
thus afforded aa q snfe place fer, their
money. ANSEe =
The fondest expectations, sof tie
stockholders we're soon realized. Each
day gave renewed assurances Of ,snecess
to this philanthfopie {i6sti iou. Z Their
financial sun fadiatSd tlls 1en6tast SEQ.
tion of theStete ii successfpl Aeairh Of
depositors Fhe. .peDpl6 wefa t kfe6 aud
mesmerisetI by SaSasai a caE exhft
bits of this gold a sn pBosea unaaul.
terated institpti g St SnSsEy an dpdrissy
1t is mo- howeyerS : ,sssg6id that gilt.
ters." }Inlthe fniast of7 I, life: Ne 81 ore SI iS
death, Sc. it is in the fullness of sup
posea Z worldly pfosp peritts Indiy yiduals'
as we'll rs the public are sometimes called
upon and forced to bow in obedience to
disappointed hope and misplaced conf
dences FIis Swings bank yiveted upon
the depoSitofs' minds an impression that
it was "like Caesars wife-nbove suspi-
cion"-while they feastcd upon the Gre
dnlity Of their victims. Like the cat
that plays-with a1nouse, leads it Into q
false security until the period arrives to
devour it. Not one dollar was invested
by the stockholders of this institution by
which to secure the unsuspeoting. 'depo-
sitors. This public guardian of private
funds suddenly failed. The stockhold-
ers. therefore, made mice Of the deposit
ors' funds. Among their victims num-
Der many poor widows, orphans, mecha-
MICS, and host Of others, whose little
earnings had been placed in said bank as
o protection for themselves and families
in event of o rainy day, to say nothing
of the rich. Of the latter, o citizen of
this city, distinguished for his shrewd-
ness in the affairs of business, lost by
this savings bank $4,000.
This, MIR. Editor, illustrates the posi-
tion assumed by the writer in your paper
of the 18th instant. Such has been the
practical operations and workings Of this
noble institution, designed principally for
the poor. There are, however, honora-
BILE exceptions. in every grade or class of
institutions. Tho Columbia Savings
Bank ranks among the exceptions.
Nevertheless, the writer, in reviewing
their charter, discovers no clause, which
furnishes security or imposes any special
penalty, worthy of note, in the event of
default, to make good the funds of their
depositors. The writer disclaims any
unfriendly feeling to institutions of this
character. On the contrary, he believes
it their charters were properly shaped,
with restrictions, indemnities and penal
ties, such MS would throw around the
depositors O shield OF protection for their
money, with ajudicious corps of officers,
as represent the Columbia Savings Bank,
doubtless they would prove q source of
convenience and profit to any communi-
ty in which they may be located. Insti-
tutions of this character rightfully be-
long to the people, and are, therefore,
subject to assay. # they cannot stand
the crucible of in estigation, separate
the dross, and let the alloy be made her
own. COLUMBIA. {
AN NEx-CoNFEDERATE COLONEL ACCUSED