Beaufort Republican. [volume] (Beaufort, S.C.) 1871-1873, 1873-07-31

through and steal"
On Jorlaa's stormy bank they'll! stand
And cast wishcul eye,
To Canaan's fair and happy land
Where their possessions lie.
Mark the fact that Sl,70l,47S Of cap
ital is here shown to have been with
drawn from the South, where it is
the one thing needful to our prosperi-
ty, to be loaned on Washington real
estate. Besides that it will be be seen
that SAG, 653 is loaned on variety of
doubtful securities, among them was
$50, 600 on the furniture Of a Washing
ton hotel, large sums were lent on bills
against the Board of Public Works OF
the district, o ring only elullled by
Bill Tweed's Tammany ring of New
York. in it's enormous swindlcs and ex
trayagant expenditures; $4,000 was
borrowed to buy thirty acres Of land
near the Howard university for real
estate speculation in which all The
"prayerful were to share the profits
Int in which the bank WAS 10 take the
risks.
While these things were going on
money had to be borrowed to pay in
terest to depositors, and the only good
securities owned by the bank, $500, 600
of government bonds, were pledged TO
another bank in order to get money TO
meet the demands Of those justly
alarmed at its condition. If The loan
has been paid and tho bonds recovered
| it has been very recently.
We do not pretend to set up the
Beaufort Branch as & model Of success
ful management, but we will wager
that its loans are better than those Of
the parent bank and that the money OF
our local depositors would be safer if it
had no connection with the so-calied
Nationaln concern at Washington.
It NAV as well be here stated that
there is no government security for
depositors 10 the bank, thai there are
no stockholdey2.Lhat il -hAa-a0t o!ie
dollar Of capital, that there isa6solute'
" no other security than The judicIous
managcment of the money Of lis Gus
toners. This is fully appreciated By
the government and The officials here
we're forbid to deposit public funds Iii IT,
The personal reference Il the Eeye'-
ead Sperrys card the Writer cannot
reply to. Gratitude so swells within
him VIXEN he thinks Of borrowing
money from a bank at rates running
from one and half to three per cent
month that words fail him to express It.
The introduction Of gratitude aud its
kindred virtues, faith, hope and char;-
ty, into the business transactions OF a
bank we believed to be peculiar to the
Dious managers Of Uoward's iustitu-
tioo. The proper place to run auch
celestial concern IS in the New Jcrusa-
lem. It is too sublimated for this
world. With its apostolic president,
its angelic cashiers, it's cherubic inspec-
tors, its dcvout depositors and its
" crnteCuln customers, a system such
rs is developed by the recent iHvcstiga-
ton would probably result favorab!y
enough to suit all concerned. Give
out The hymn, brother Spcrry--'Come
sc sinners, poor and needy" Please
sing!
We have never praised the former
officers Of the Beaufort Branch OF
found fault with the present incum-
ben.s. We believe that Mr. ScoVc!
Vas a hardworl:cd servant Of The bank,
and that his errors, ii any, we're those
OF Judgment. not intent. IN Mr.. Lock
wood We recognize IN upright, capa-
hlc and polite gentlemen. Nor have
We directly or Indirectly allGded to
the Reverend Sporry unu! now. Ills
assumption Of e.ithet5 applied 20
Howard anG his missionaries is purely
craluit0us. is Che cap seems 20 please
him, however, we arc content that be
should wear il.
The DEFICIENCY.