The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-02-21

citors or partien in the cause entitled to
the said fund, under u hich the said fund
has been loaned out on insufficient and
unavailing securities, and loans which
we're sufficiently secured have been paid
in bills OF tho said bank at their par
value, whereby the said assets have been
wasted and the value of the said fund
very greatly diminished, general suspi-
cion und distrust have been oreated, and
the action Of the court, the receiver and
the borrowers of said fund huve been
generally aud publicly impugned; and
whereas, the Legislature has appointed
joint com mmittee to thoroughly" y"investi-
gate the condition .of tho said fund, and
report the same Mt the earliest practical
bio moment, aud said joiut committee
has already taken testimony rs to the
management and the present condition
of the said fund, but has not yet made
any report; hnt pending the said inves
tigation, ono OF the said joint committee
has been appointed receiver of the said
fund, against the protest of those rSprc
senting the creditors entitled to said
fund; aud whereas, it is the duty of this
convention to the taxpayers of the State
thoroughly, impartiaily and fearlessly
tn investigate all the proceedings had in
relation to tho said assets of the bank,
to the end that the unjnstly accused or
suspected may be vindioated, that Just
censure aud the reprobation OF the
country shall. regardless of political
opiuious, party affiliations, official posi-
tion cr social standing, fall upon nll
who have contributed to, connived al, !,
or benefited by the improper admins
tration OF said fund aud wasting of said
assets:
Resolccd, That com mittee of five lie
appointed by the President, whose duty
1t shall be to confer with tho Joint oom-
mittee appointed by the Legislature to
investigate the condition of the Bank of
the State, and obtain their report and
the testimony taken by them; to confer
with the representatives of the creditors
entitled to said assets, and to make such
other aud further Investigations as may
be necessary to discover and disclose
whatever OF corrupt PRACTICE. mecon-
duct or fraud may have been commit
ted in relation thereto, and how and by
whom committed; and to obtain and
report all such Information as vii enable
this convention and the people of the
State to know whether tho said assets
have been wasted, by what means, aud
who are responsible therefor.
Resotred, That said committee do also
obtain and. publish, with their report, II
statement of the changes of investment
Of said fund which hnVe been made, the
reason aud consideration thereof, aud
under what authority, including changes
in the securities taken as colaterals for
investments. loans or deposits, and
under what authority; tho total amount
OF cash loaned out, invested or deposit
ed, to whom loaned, how invested or
with whom deposited, when, npon
WHAT terms, how secured. and by what
authority made, and when aad how the
same, or any part thereof, has been
paid. and by what authority received;
and the present appraised vnlue Of the
said assets.
Res0lred. That the sud committee,
before publishing their report in the
official proceedings, submit the same for
the sanction Of this convention, or that
OF the Executive Committee of this
body, if the convention be not then in
| session.
In pursuance Of the foregoing resolu-
! .ions. the president appointed the fol-
lowing gentlemen as the committee:
Messrs. q. II. Miles, Armistead Burt,
John Bratton, Cadwalladsr Jones and
Johnson Hagood.
Tho convention took recess for one
hour. Upon re-assembling, the Presi-
dent read letter addressed to him by
several bond.holders. In reply to the
letter, Col. f. W. McMaster, of Rich
land. offered resolution, to the effect
that when the honest people of the
State get possession of the government,
they will do what is just. fair and equi-
table amongst the creditors OF the State.
MIR. Manning, Of Clarendon, offered
the following preamble and resolution,
which were unanimously adopted:
Whereas. this convention has, by re.
solutions this day passed, put upon re-
cord it's sense Of the loss tho ax-payers
OF the State have sustained by tho un-
timely death Of tho late w. II. McCaw;
and whereas, the welfare OF the family
of one who rendered in his life such in
estimablo services is lemn charge
upon those for whom he battled so ably
and so faithfully; be it
Resolrsd. That each delegation in this
convention be, and is hereby, oonsti-
tuted committee for the purpose of
raising fund to be presented to his
family as testimonial due to those SER
vices.