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

elLement Of the special session, and consider
fng the near approach Of the regular session,
this matter was temporarily postponed.
The sacredness OF the obligation Of the State
| to pay these bonds has never been questioned
| by any person, and probably never will be.
| on the part Of the State to take possession OF
the assets Of the bank was au act of bad faith
to,oards the Fire Loan 6ondholdsrs-''an act OF
spoliatioa"-appears to your committee utter
ly unfounded, and probably would never have
been made except in the extreme political ex-
citement Of the times. or perhaps the over-pre-
fesslonal zeal of attorneys.
1.-The Governor Of the Stale, pursuant to the
act to close the operations of the bank, on the
18th day Of October, 1868, demanded the pro-
perty OF the bank Of the president and dlrec-
tors. They declined to deliver up tho same. !.
Thereup0n writ OF Hoandan,us was sued
out against them before Associate Justice Will:
lard to compel the president and directors OF
tho bank to deliver to the Governor the as,,
sets OF the bank, according to the tenor and
effect of the said act.
After full argument of the cause, the writ
was refused. A writ o. error to reverse this
decision was brought, aud is now pending in
the Supreme Court.
On the = day Of October, 1868, the Barings,
representing the FIRE Loan bondholders in
Europe, by their counsel, Messrs. [. ". Hayne
and J. B. Campbell (who are also counsel for
the president and directors Of the bank J,
brought their bill in equity in the United
States Circuit Court against the president and
directors of tho BanS of the State of South
Carolina, and Robert K. Scott, Governor of tho
State Of South Carolina. The object OF this
bill is to restrain the Governor from carrying
out the act to close the operations of the bank,
and to assert the claim Of the Fire Loan bond
holders to the assets Of the bank. The in
junction prayed for has not b,on granted by
the court, nor any further step taken, as yet,
in the cause.
In the case Of Dabney, Morgan & Co., against
the president and directors OF the Bank OF the
State OF South Carolina and others, in equity,
the following further order was granted on
motion of Messrs. Hayne and Campbell, coun-
sci for the Barings, on the 30th of November,
1868, to wit 1T is ordered and adjudged that
the defendants, Charles III. Furman and Thos.
r. Waring, be enjoined, until the further order
Of the court, from alternating, transferring, as
signing. .disposing ofor in anywise parting with
the possession OF any portion OF the assets or
property OF the corporation known as the Pres
ident and Directors Of the Bank Of tho State
OF South Carolina, unless by the special order
OF this court; provided, that u.thing herein
contained shall be construed as conflicting
with tho provisions Of the sixth clause O. the
order hereinabove referred to, Of the third OF
March last
Thus il will be seen there are three several
suits pending-one in the Court Of Equity, one
in the Supreme Court Of the State, and one in
the United States Circuit Court-the object Of
each OF which is 10 secure the assets o: the
bank.
Your committee refrain from expressing any
opinion upon the legal questions involved in
said suits, but would express the hope, now
that the stability and solvency of the State
Government are assured, the excitement of
the political campaign subsided, that the par
ties to these suits will find it to their adyan-
tage to amieably settle the same.
All OF which is respectfully submitted.
D. 7. CORBIN,
Member Of Committee on behalf Of the Senate.
REUBEN TOMLINSUN,
Member of Committee on the part OF
the House of Representatives.
Columbia, s. c.. December 1s, 1868.