The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-07-11
j 1zgz s'socIA11oE OF, TEE. .s.,oUrHii

sitl2 me Adpt sornery Advertiser. ,:
at va ~ nave nlp nnulrpossl from puhlishr
fiups snv "a of tEairnnaofs which have come to rs
G$fsTton Soethe recent action Of tAe HE A.
:t3sas1 1S&Hs. al the E0uth until We e9gla 40 30
s mi IND ct the facta 81 -I:r5:.
!, We felt satisfied, nom what we personally
ginotpufsthe gentlemen composing the board
,Uf eSto1kh0I dels rand s. directors ithas they
T1didH ADJ gaii iaR dQing thing which honor
S6s66 em tght 70 ID under thee circumstances;
sThasS xI rot Only Yemen dt me rrss pos;
noa arlOng uss social and intellsGtaai p p4int
Of fsIewrs1d esteemed as men 2 ofthe hignestin;;
teQfiky hhEfheY embraee In their number most
Siif Wealth. Ssts. citizens, and We have
{fsrn aiWHys .heeri entirely confident that
Wiz favef disaster might otertake their ,enser'
,Giiis 10 uOllcy.h holder, .ors other person who
E fS6Osed conHd dence ia them woah oe, a.
loved "a suffer loss, even should It cost the
isanTff Se of their private fortunes, we aye
nov Efattded to be able to say tnat tne essl'
mate have ever s ,Sssr Re recept action %
ThaE have determined to wind up their afars,
mi IA it said to their honor, before dong 80
!, tTag have folly secured each one Of their g4r
dsaprs on most favorable terms In one OF
thS Nat EcofnpAIdes Id the United States, u NOT
n, t6e world. and, as we learn, at 9. heavy IN
:dfaidfsi c2st no, the directors. BY reference
t0.:a, circular Issued to their holdefe,
witch Mai have abeen permitted examine,
( sH sisFSaf owing to what some Of the stockhold-
ffstS Aoneaiyeti 10 abe aradical defect In the law
rWhfctfthe association was chartered,
thay tHouGhtit siHexpedientt to continue busi;
neSS ;iorRer. and determined upon ehecung re-
insnrsnce ( lup0us y al, outstanding ,pohc,esE
i Thichs they have done with the. Equitable
Life Assurance Society of the United Sstates
u They further say:Ls y. % ~! y, -.
isscnIn selecting tthtsf company they haal IN
viev. az paramount To- all other conside derahons,
ths eeNS offtts policy holders, as well as the
i3estrefo secnres 10 thems as fully as posaioe,
silSl1es heneita and privileges guaranteed by
.the terms'o thetpolicy m ,;the iAer ASSOCIATION
YthS South. This they feel satisfied they have
doiiS S:thfough the arrangement ensered INTO
wlyh the 'Equltaole, whose sounoness, ness ans ,,
snfeuse business, large means, and wise end
nendAnti management; Offer the highest aeVi-
.anheUfsftypArisetlan and permanent security, as
GaIiyAsGtbe sure promise eof fairi and steady
J,uiaailds nisa ' j. .oiL' 81. IL 9!'.2.i - r,
sy;BSacareful perusah of their circular, We are
entfrelggutisfed thatithe directors nave done
eyerIt6ipg In their powers or, that was neces.
saSH b, 6e5done in order To- guard ana tprotect
4efEsfhllest extent theinterests of their policy
holders. This circular, which we are sure,most
1RY to their policy holders,
,cTHcf6d dss With the following manly paragraph:
,tIn thus withdrawing ffom an enterprise
which. ne had sincerely hoped would De per-
lsnanent benefit to the South, but wh1ch CIR
cumstances have compelled US reluctantly to
abandon, we have the satisfaction OF knowing
that we, the directors, will be the only losers,
and trust You will feel thatwe .wese determin-
ed ~ any cost, tomerit to the fullest extent,
the confidence which you have reposed IN us.
.sr bbrscfating fully the patriotic and kindly
motives which induced you to come 10 the
sIinr6rt ofour company In It's infancy, we beg
~ irefhrn YOU. our grateful ,acknowl edgments
~ ina same. with assurances four. deep sense
of OBLIGATION. { ~ x VIC BALDWIN, ~.
mi '1i7 --r5.e eea-ais GEO. GOLDgHwAITE, Al
tS9Is ol...aall ioa; WtP. CHILToS,. ga i'.'l.
.xsiy: ~ -. .y;-5 -, "a p ~ {SAYRE.: = 5s'
sEeiG9 ctafs ~. Committee
Whilst ne regret, the circumstances whlch
eompeIled them to abandon an enterprise, the
-snccess OF which, we agree with them, Wonld
have, been great and lasting benefit to the
S0rth. simple Justice requires US TO say that,
whilst In withdrawing from 1t, thay have not
SnIV been; tue To their. policy lders who had
cnndded IN their honor, but they, have also
baan tr1e to themselves, in main tanning at 9
heayEspecnniary cost, the onhdenee reposec
An them by thep people Of our state, over Wnicn
they are widely known by placing their Tisks
ina company known to be one OF tne soandest
to be found In any country. -.
The, ,circnmstan which perhaps co9tllpu.e
most largely to the success OF the Life Associa-
tion Of the South, and would undoubtedly have
guaranteed It's rapid growth, but for the defect
In the charter, was the desire, on the part OF
the Southern people to keep their money al
hAy1S - :.eFle 81 = .. ."rj -, 2 Gt'tsiG, -
whilst we are prepared to endorse this SEN
timept as fully as any c2e else, we mnst do the