The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-11-30
eondilion ofthc hanI; oM lhe I'D CAY Of ,anMAry.
ASSETS Valued hy nr. ~. II. De.

Coupon. ............. 7,22l 90
HO"iis. ....... ........ Ga ,nGS h0
;i7J, .0G 90
ENcc.s oi iiadlut- over asScs 2i33,?;I 20
Df these assc. no pant VA. paying amy iivi-
dcrd. is discount notes couil no, la cni-
icCtca hccuurc or the absolute dcGrth of mo
ncy. The bills IN circulation, which had been
reduced dniin@ tie Jlr>. few months Df thc
war To IN" small Hinr comparatively oI
$lG0,c00 hJd acrn increased by lhc cal! or the
Conicdcrat" Government 10 the large s'un oi
5000, eco.
Thcs, hiih were scattered over every p.i1
| of the country. AMI soon became The ohjcc oi
large and eager speculation They rose rapid
Il III value were brought icrwald constantly,
and daily presented for redemption, and as
! this, il the depressed condition of the bank,
| was impossible, suits were threatened. and
every means us,,l to force n settlement
| In the mraniinc the board, exercising .
| rigid economy, had reduced The expenses "!
| the bank TO The lowest possible limit. oaiy
three 0f,lccry The president. cashier and soil
| ciior-wcrc kept ON duty, and The salaries
| were largely diminished. The assets were
nurscd, every opportunity tor the purchase Of
| tic bills al the lowest rntc, waS embraced.
| and soon Il marked 'liminution in The out
/ standing circulation was effected. They COM
, inandcd high rates in the market. and their
| advance in price was much greater than shown
in the bonds and stocks which formed 30 large.
n part OF our assets.
Sensible OF this. and satisfied that ALTHOUGH,
onr stocks would ultimately bring very high
prices, yet II sale OF tlIc,n ut that time would
involve IL ruinol.s sacrifice, and possibly bring
| on the insolvency of thy bank, tEc board co.,-
| ccivCd the project oi selling The real estate
| owned by The bank. This. after great dcl;bc-
ration ami f;I!l discussion. and after many and
free conferences with The solicitor OF the bank
was effected for $1,000 cash, and tie procrtlls
| nj once invested in on' bills, ut Il large dis
count. The biil-holdcrS being still prcssin" III
their demands, ami suits having been actually
| commenced, looking to tie payment OF HE
| funds Of the bank into court, the appo;n, ,mr,i
of Il receiver and the forced sale UT !hr assets
with distribution among creditors, the hoard
Instructed the solicitor OF the bank 10 max,
application TO the Court Of Equity f0' nsi,Jc-
tons npnn ;hc many embarrassing question.
presented Tor ihcir decision, AMI for an njunc-
ton against all crcdtGys s,cn;. lhcir claims a,
law. This measure was co.nplctcly successful,
49, - " ''' ''''''''''''s'' "'S "''ai'ic:i "' "'t'
in The settlement of ciu;ia asans; The bans,
aud the more sio,y ana ,rof,.,,Ir ,;;s,o.;ti,,,
or,,s o...,,
VI ,'' "'s.'''
u wonhi prov" tedious TO 80 into ninu;c y =
| tails oi every orc;atiun.
| rhc dc,,;, nr c,r ,,,.;,,,, ~ .,.,.
| 1o,,.;,.,,, ~ N''N"A :.
u'n'iF'" "' "i ''' F"'"a"'1 hIu ana taa'Ir:Hi
| abilities. Immediately upon His death, an.i
| the election or ilr nra. n. p,,.i,,crt 49,,
c,Ions eff [ 70 r,s,. =" ~" H., .. rn,'n,, +:i."' ~
:" ''''''' M N'''H'"''''.' cft'!''.0'i
were renewed, a"d ro!ay or more ranid
liquidation of ic c!rcualicn was i..a,ig,,r.,;c
mS nS na u, mo r"'. W ",','m wl' 'rc.l;:a'
,v,s co,n .cl,,oo,, ~, ere CO. ''''
,,,.,,..,.,;,..,