The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1875-09-23
An Interesting Correspondence Be-
tween CardOZO and Dunn.
OFFICE OF STATE TREASURER,


COLUMBIA, ). c., September Is, 1875.
Hon T. c. Dunn, Rcccircr Of the South Ctro-
lima Bank and Trust Company:
SGn-Aiter careful reflection upon the con-
versations held with you on the 9th and 11tll
instants, concerning the failure of the South
Carolina bank and trust company, have
deemed it my official duty as Treasurer of
South Carolina and a creditor of the above
mentioned bank, to request you to allow me
to make an investigation into the causes Of
the failure of that bank.
/ do this for two reasons, viz: First, be-
cause you are simply the receiver Of that
bank, and, as such, you arc simply amena-
BILE to the court for the collection OF the as
sets, and the Cuty of the court at present
being the distribution Of the money realized
from these assets among the creditors
through referee; second, because / regard
the failure of that bank, at the time it failed
and for the amount Of liabilities reported
outstanding, as simply incxplicablc upon
any ordinary business theory.
You will oblige me, and, think, serve
the public interests by complying with this
request at your earliest convenience.
Very respectfully, &c,
i. L. CARDozo, Treasurer 5. g.
Hon. r. L. Curd0=o, TcG:,'rcr iS1uth Carolina:
SIR have the honor to acknowledge the
receipt of your communication of the 18th
instant, in which you say, after careful re-
Election, that you have deemed it your duty,
as Treasurer of South Carolina and a crcdi-
tor of the South Carolina bank and trust
company, to request ME to allow you to
make an investigation into the causes Of the
failure of that bank.
have the honor to reply, after careful re-
f1ection, that | do not recognize your official
duty as Treasurer Of South Carolina, or your
personal right as u creditor of the bank, to
make the investigation you propose.
If, as receiver of the bank, I am ply
amenable to the court for the collection Of
its assets, as you are pleased to declare, and
have no authority to make an investigation
into the causes Of it's failure, as you arc
pleased to intimate, I am at loss to con-
ceive how 1 can confer such all authority
upon you.
1t is proper for me to inform you, howey
er, that, under larger apprehension of my
authority than you seem to entertain, am
making such an investigation as you would
appoint yourself to make; and that as soon
as that investigation is completed propose
to report the results to the court, for its
proper action and for the information of all
concerned.
In the meantime it will be my duty and
my pleasure to afford all the information
may have at any time to any creditor of the
bank who may desire to obtain it.
AS the State of South Carolina is creditor
of the bank, it will be my duty and my
pleasure TO afford such information to any
one authorized to obtain it on her behalf.
At my own suggestion and on your motion,
the financial board, which directed q portion
of the State moneys to be deposited in the
bank, has already requested me to furnish
it with information substantially the same
as you desire to obtain and intend at the
earliest moment to furnish it with such in
formation, and with any other information
it may at any time request me to furnish it
with. AS State Treasurer, you are mem
Der Of the board, and will be possessed of all
the information that may be laid before it;
bat am not aware of your having any right,
as State Treasurer, to require any lnforma-
ton not common to the other members OF
the board, or to make any exclusive inycsti-
CATION in this particular.
Nor am I aware of your being creditor
of the bank, as you allege yourself to be.
On the contrary, the books show that you
were debtor to the bank, and in large
amount, at the time of its failure; and am
entirely uninformed of your having dis
charged your Indebtedness, or any part of it,
at any time since.
I do not agree with you in thinking that
will serve the public interests by comply
ing with your request l have the honor,
therefore, to decline to comply with it.
Very respectfully. your obcdient servant,
THos c. Dunn, Receiver.