The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-07-19
Tne Bank or tho s,.,e.

oames D. Oatnpoell, GsQ.s In q three.
column letter to the Charleston tNe,1s
ADD Courier. explains his relations to
the Bank OF the State. and as solicitor,
likewise. OF the Barings Brothers, of
Loudon, who held the fire loan claim
He also pays his respects to Mr.. Isaac
W. Hayne, in some tart and spicy re-
marks, delivered in the course of his
history Of his connection as joint soli.
ctor with him of the bank aud the
Batings. He does not omit to give a
shot at Mr. G. Richardson Miles, who
made the repurt, on the part of the
Tax. Payers Convention, which WAS
rac@' tiy pnhlishnd. upon the affairs oi
the Bank Of tho Slate. We give the
portion of this letter which CONCERNS
the writer's transactions with the bank
as borrower OF it's money:
"It is true that I did borrow from
the Bank Of the State fund. just before
Judge Carpenter resigned, the sum
OF $50, 1000. 1927. 900 of this loan, upon
only part OF the same securities, had
been in and was transferred from the
! admirably managed bank Of largest
capital in the city. The transfer was
| for tue sake of the lower rate Of inte-
rest. It was upon ample stock securi.
ties, certified to by two most respecta.
ble stock brokers, and approved of by
every solicitor in the cause, including
Mr.. Hayns himself, az he admits. A
very large sum of the bank fund was
lying idle; the presiding Judge was
about to resign; fierce political CON
test was beginning: on one side was
Gov. Scott, who bad already made an
earnest, unsuccessful effort to get pus.
session of the whole fund, aud it was
generally, though enormously. sup
posed the appointing power 10 fill the
vacancy till the meeting of The Legis-
lature Was with the Governor. The
opinion seemed unanimous in favor OF
some disposition OF the money as a
means of safety to it. There is nothing
In this transaction reproachful to any
one. I have no selt-reproach iu re-
spect of it. 1t is quite true thut the
securities on which the loan rests have
sunk III value till they are deplorably
insufficient. But it does not follow
from that fact, nor from the persistent
efforts Of such persons as MIR. Hayne
and Mr.. Miles to cripple the debtors,
that there will be loss by this loan,
and. if there is not, it will be in spite
of their efforts.
ut would be neither proper nor wise
for me- to speak of my resourcas. but
have an unbroken courage, and faith
that rests upon them. that every dollar
Of it will be paid. I have never
avoided my liabilities. whether con-
tracted for myself or for others, and
OF the latter have paid since the date
OF this loan a sum quite equal to
even more than-its face. and see no
reason to despair of paying this; am
undismayed before it, There is also
due by me balance of $500 on q
loan of S26. 600, made under Judge
Graham's administration. The secu-
rites for this were ample, but are now
also insufficient; but this balance will,
in any event, be paid. It has the
preference. for double reason: First,
because 1t is within my resources, and
will not allow Judge Graham to
suffer censure or obioquy for any con-
tidencs placed iu me; and, second,
because the acceptance of the loan was
| Of itself professional! indiscretion and
mistake, which I have always regret
ted. never defended. but have ecu
sured with entire frapkness I do not
consider myself above professional
errors or below the courage to acknow.
ledge them and censure myself as
freely as would others. I have never
claimed to mitigate this error, or that
it WAS less censnrable because not q
dollar Of the money went to my own
use, but wac directly transferred to the
aid Of corporation was profoundly
interested in sustaining. But / am
not responsible to Mr.. Miles or the
Taxpayers Convention for my profes
sional acts. This S39. GOO and what.
ever of interest is due thereon is the
entire sum due by me on my loans
from the bank. Mr.. Miles puts them
at more than SS3. 900.
"There is another liability Of about
Sll 900 which Mr.. Hayne. more truth
fol in this respect than his friend, Mr..
Miles, correctly states. and shows that
the bank cannot be loser by, but mq )
BIZ gamer; that is to say, whatever
my liability may be worth is clear gain
When near about year ago under
stood that Mr.. Hayne had applied tc
Attorney General Melton, and in
voksd the further intervention OF the
State authorities in this matter dir