The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-03-04
COLUMBIA, s. G.
Thursday Morning, March 4, 1876.


decided that the assets Of. the Bank Of
the State are to be held for the pay
ment OF the debts OF the bank, and it
has furthermore prescribed the mode
OF payment. It has directed how those
assets are to be distributed among the
respective creditors, designating the
order in which the several obligations
shall be discharged. The theory of
the receivers functions is, that he is
the officer OF the court appointed to
preserve the funds which are subject
to its order, and to be paid out by him
according to its order. What it has
been in practice is only known in part,
and that is bad enough. There have
been, we do not reoolleot how many,
Receivers appointed. and the commits
sions allowed to them and to the Clerk
OF the Court amount to S135, 100.
This process OF appointing receivers
has gone on until q large part of the
fund has thus been consumed. not to
mention the imprudent and dis
honest leans which they nave au-
thorized-losus secured by straw
collaterale. and beyond recovery.
Now, that NJ. o. O. .Pnffsr, whose
slice amounts to $40. .355. has been
transferred from the financial sphere,
'where his success, has been 80 marked
in putting money in his own pocket,
to y,dpfpmetio slation ubtoad. the
qSsaoa ap4fally tfises! whether any
attps wnlbs takenns before his depars
.pFAAiptA cioseiga LAND, to ,,ipok into
!fatdmthiftAjian !of tbe trust whieh
uAcSMdsd Sd!ahis hkhds?. knotSsr
question, equally pertinent, is, whe-
ther a new Receiver is to be appointed.
e9a.if 90 whether be is to be allowed
the same latitude aud the came hand
some perquisites2 Still another ques-
sion- may bs pYPasF Rised whether
'tsis JOKE harsupg gpne Mat e1ough-
whether the Statss, %hichN is fable to
make good the debts of the bank. will
look, on and, ,see ftae last dollar squ.n-
dered. and thini meekly represent to
+he Taxpayers that the moneys of the
bank being gone, and the creditors not
paiA it viii he gseluotaStly cqnpelled
to i&possta tx npoa them to make
good the defioiti These are grave
matters. the consideration OF which
cannot any lopgess be properly post.
poned. There are two interests to be
protected-the one the interests of the
State. already seriously, injured; The
other the Interests OF, the creditors. no
doubt badly, injured, ,alsol The duty
in the one case devolves upon the Ad-
miaistration. ID the other upon Judge
Reed. the Judge, of the circuit. and
the solicitors of these parties.
JohkS Reed has already bAen pp-
.peaIed to BY another Journal, the Ns,vs
and Courier, to act with boldness in
the case, and~:'to refuse to allow the
shruuken assets Of the bank to be fur.
ther reduced.ia amount" The sug-
gestion is made to him to order O sale
of the assets. and to distribute tt 9
proceeds. II this cannot be done, he
is asked to see to it that the new Re.
osiver to be appointed shall have "a
minimum compensation for what work
he may actually do" We ask further,
why do not lawyers, or some lawyer
representing the creditors, make q
motion before the court, asking it to
order the fund to be paid in without
farther expense and delay? Motives
fof protracting this case ought never
to have existed on one side, and should
nOssbe made to cease on the other.
The creditors should demand q settle
nasnt, and the State ought to second
anadurther that demand. Otherwise
it wall drone e.on like Jarndycc. and
Jarndycs, and the time will oome
when no man except those who
have had tue pickings, will know
what it msaus. What that prospect in,
We can all read in tho iuimitable de-.
scription OF Dickens. Innumeruble G
children have been born into the
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