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

Report of the Special Committee on TIA e
Liabilities and Assets of the Bank of
the state of -OMth Carolinu.

Liabilities and Assets OF the Bank OF
tho state of oath Earolinu.
COLUMBIA, December II, 1868. The COM
mttee appointed under tho following Joint
resolution:
JOINT RESOLUTION.
Resotred, by the Senate, the House of Repre-
sentatives concurring, That committee of
three, to consist Of two members of the House
of Representatives and one member Of the
Senate. be appointed to inquire into the assets
and liabilities Of The Bank OF the State of Sout h
Carolina, and report at the next regular ses-
sion OF the General Assembly.
SECTION g. hat sal committee be instruct
ed to inquire into and report for what debts Of
said bank the State is liable.
SECTION 3. Also, to report whether the debts
of said bank OF any part thereof we're created
TO aid tho rebellion, or exist in consequence Of
the rebellion, or are III any way tainted with
the rebellion, SO that the payment thereof by
the State Is prohibited by the constitution.
SECTION 4. That said committee have power
to examine the books and papers of said bank,
and TO summon witnesses and examine them,
under oath, relative to all matters touching
the operations and conduct of the affairs of
said bank:
Respectfully report that majority Of the
committee met at tho banking house, in the
City of Charleston, and proceeded to mako the
examination, as required by the resolution.
'exhibits,' 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 his
sworn statement, with the exception of Exh i
bit rs, which, as will be seen, is simply an
estimate prepared by him of the probable loss
Of circulation during the existence of the bank.
Your committee desire to acknowledge the
courtesy and patience Of Mr.. Waring, shown
during this tedious investigation.
Exhibit "A' is sworn statement Of The con
dition Of the bank on November 1, 1868, fur
Dishcd by tho cashier, Thomas II. Wnrng ESQ
by this statement it will be soen that the as
sets Of the bank consist OF bills and notes dis
counted, bonds and other securities, advances
to the State, real estate, &c. The promssory
notes are almost entirely from citizens OF the
State, secured by endorsement or by collateral
securities. large portion OF them were dis
counted during the war. The cashier says:
1T is impossible to arrive at correct estimate
out worse than was expected. The item
1854 81 on Exhibit "a" is tho balance of Il bond
ofG. w: Brown, borrower under tho Fire
paid. ''V ''"'''' -
Item s43,3so Y was the balance i'll the
item s1,012 124 OS is explained by the cashier
as follows s.In 1864 The Confederate Govern
ment reduced the value ofthc currency thirty
three and onc-tbird per cent, but zach State
was allowed to fund one-halt Of the currency
it held in four or six per cent. bonds of the
government; 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 the
credit Of the treasury and the public officers
on the books of the bank"
Item &631 O5S n , Stoto,n0pt ic p,,1o
up OF balances due by sundry banks in this
State. Item $13. .3O1 81 is made up of baan-
ces due by banks out OF the State. Item S.
1876 SO is the amount Of cash on hand Noycm-
Der l, 1868.
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 HSo solicitor 1elt Of the bank Isaac W. Hayno,
says: "A considerable amount Of notes dis
counted were destroyed at Columbia, as we
have reason to believe. They were in the
hands OF the solicitor OF the bank for suit,
are informed" [Inis statement shows the
list OF discounted notes at Charleston to
amount to $729,779 AZ, at Columbia Branch
s265964 81, and at Camden Branch s186 1868,
making total Of 1,178911 05. In addition
there is an amount of 1892, ,ss1 81, for notes
discounted upon pledge Of stock, making
grand total Of s1,Go3,792 40. The stock
pledged consists almost wholly of securities OF
Exhibit &c" is list OF notes, bills and bonds
IN suit held by. the bank, October 1, 1868.
The bills, notes aud bonds in suit held by tho
bank amount to $8l ,050.]
Exhibit cd" Is Il list of individual bonds The
cashier says "Some of these are secured by
mortgage, and may be paid in part, but con-
siderable amount is supposed to be inso-
vent" The personal bonds held by the bank
amount to $45, ,504 49,.
EXHIBIT ~ "t' shows the amount OF interest
paid on SIX per cent. stock for Fire Loan.
lIhis amounts to ST. 9f7 32.]
!, ExnlDlt G consists OF advances made to
the State por the new State House. AS secur-
ty for these advances, the bank holds $12l 300
or State six per cent stock, issued for the
building OF the new State House. [Thc balance
on this account is Sis, ,279 49]
Exhibit "F" contains statement of the in
tcrest paid on the Fire Loan debt in London,
reduced to currency. TAc item $40 ,203 SO on
tho Debit side of statement "a" shows what
Is due the Barinas by the bank for these ad-
vanccs, and is payable in sterling. The cashier
states that ''heretofcrc this interest was de-
Quoted from the profits at the close Of the fis-
cal year. bat the profits since the war are not
sufficient to cover it," This exhibit shows the
terest up to January l, 1868; and they hold as
security for these advances 1900, bonds
South Carolina Railroad Company, placed in
their hands in 1868 or 1864. IIhe total amount
Of this account is $685. G78 38.l
ExhlDlt ~ consists OF advances to the
state for various purposes. The advance for
subscription to the Charlotte and South Caro-
lima Railroad is secured bv 27O4 shares N thot
railroad deposited with the bank. By this ac
count it appears that the bank paid to Gov
crnor Maerath, VIII II arrested to be sent TO
Fort Pulaski, S400 in goli on account Of his
salary. Tho amount Of this account is S53.-
769 85.] '0''
Exhibit 81" shows tho amount advanced to
the State for military contingencies in 1868,
1864 and 1865. With reference to these ad.
vances the cashier says: ''Our books do not
show what these advances were for. | think
the payments wore entirely in Confederate cur
reney." Total amount $997, ,382 25 |
Exhibit ~ contains statement of bonds
and stocks OF incorporated companies and of
tho state owned by the bank. put down at their
par value. On Statement "Ab they appear at
what they cost. Part OF the bonds Of tile Will
mington and Manchester Railroad Company,
Greenvo and Columbia Railroad Company
and South Carolina Railroad Company are for
interest funded since the war. 1.-THE par value
ls $780,948 36, including 1922, 900 OF Whining
ton and Manchester Rallr0ad honda &114 0NQ az