The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-07-19
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likewise, OF the Bs1ings Brothers, of
London, who held the fire loan claim
He also pays his respects to Mr.. Isaac
w. Hayne. i'll some tart and spicy re-
marks, delivered in the course of his
history OF his connection ns joint soil.
citor with him of the bank and the
Batings. He does not omit to give a
shot at Mr.. G. Richardson Miles, who
made the report, on the part OF the
Tax. Payers Convention, which was
receitly published, upon the affairs of
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. 900. 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 the sake of the lower rate of inte-
rest. It was upon ample stock securi.
ties, certified to by two most respects.
BILE stock brokers. and approved OF by
every solicitor in the cause, including
Mr.. Hayne himself, az he admits 4
very large sum of the bank fund was
lying idle; the presiding Judge was
about to resign; fierce political oon.
test was beginning; on one side was
Gov. Scott, who had already made u
earnest, unsuccessful! effort to get pus.
session Of the whole fund. aud it vas
generally, though erroneously. sup
posed the appointing power 10 fill the
vacnncJ .;!l the meeting of The Leks-
lature Was with the Governor. The
opinion seemed unanimous in favor OF
some disposition OF the money rs a
mean, of safety to it. There is nothing
In this transaction reproachIul to any
one. have no self-reproach iu re-
spect of it. 1t is quite true thut the
securities on which the loan rests have
sunk in value till they are deplorAbly
Insufficient. But it does not follow
from that fact, nor from the persistent
efforts OF such persons as Mr.. Hayne
and Mr. Miles to cripple the debtors,
that there will be loss by this loan,
and, ii there is not, it will be in spite
Of their efforts.
"lt would be neither proper nor wise
for me to speak of my resonrcss, but I
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 sum quite equal to
even more than-its face. and I ace no
reason to despair Of paying this; am
undismayed before it. There is also
due by me q balance of So. 600 on
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 it is within my resources, and
l will not allow Judge Graham to
suffer censure or obioquy for any con-
hdencs placed in me; aud, second,
because the acceptance of the loan was
of itself professionn! indiscretion and
mistake, which I have always regret
ted, never defended. but have ecu.
snred with entire frankness. do not
consider myself above professional
errors or below the courage to acknow.
ledge them and censure myself as
freely as would others. have never
claimed to mitigate this error, or that
1t WAS less censurable because not q
dollar OF the money went to my own
use, but wae directly transferred to the
aid OF corporation I was profoundly
interested in sustaining. But l am
not responsible to Mr.. Miles or the
Taxpayers Convention for my profes.
sionai acts. This S3S, 600 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 $4,000.
'There is another liability OF about
S1l 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 may
be- gamer; that is to say, whatever
my liability may be worth is clear gain.
When near about year ago 1 under
stood that Mr.. Hayne had applied to
Attorney General Melton, and in.
voked the further Intervention OF the
State authorities in this matter, did
not doubt the renewed mischief to the
fond which he would bring about by
the alliance be sought, md of which
he now complains. When, soon after,