The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-07-07
COLUMBIA. sc,
Wednesday Morning, July Z, 1875.
The Suspension OF the South Carolina
Bank and Trust COMPANY.

The Suspension OF the South Carolina
Bank and Trust Company.
Governor Chamberlain vetoed the bill,
last winter, establishing the South Caro-
lima Bank and Trust Company and tho
Central National Bank, Of this city, tho
repositories of the State funds. II We
remember, the Executive objections to
the bill were the bnd policy Of such Il
measure generally nnd the insecurity of
banks in particular. Whom the vote came,
''Shall the bill pnss the objections of
the Governor to tho contrary notwith-
standing?" it was lost in the Senate, and
the matter was left to the disposition of
the old law. It fell to the Governor, the
Treasurer and the Comptroller to make
the appointment, and the South Carolina
Bank and Trust Company was appointed
among others. 1t il not an unusual
thing for public officers to deposit the
public funds in the strong box Of some
strong banking corporation, but it is
most unusual thing for the bnnk to
break with q large amount Of the peoples
money OIL hand. Does the responsibility
fall upon the bank, or upon the board
who ordered the funds placed there, or
does it fall directly upon the State Trea-
surcr, who is, under the law, RESPONSE
BILE to tho people for the safety of the
public moneys entrusted to his charge?
Many of these questions arc suggested
by the loss Of the 5000, 900 involved in
fhn 1ofo -,
in the actual sum, but in the heavy blow
given to the public credit, in the sus-
pension of the operations Of the funding
bill, which is sure to follow this disaster
Public confidence has not yet had time
to recover ITSELF md the consolidated
bonds, made iron-clad by every possible
Legislative provision, have never reached
sixty cents, nor arc they yet quoted on
the Exchange in Wall street. The State
was not yet admitted to financial status
in the markets of the country, and this
unexpected failure will check its further
hope and throw it back into dangerous
relapse. It is true, that the loss of the
money is counterbalanced by large
amount of debt due by the State to the
bank; but that debt has to be investi-
gated, and the law provides that the levy
of one year shall not be appropriated to
pay the debts of another. 1t could not
provide, however, against it being ap-
propriated in this way. because it could
not provide against this catastrophe. The
Ne,os and Courier says that there was
s43, 600 of the public money, belonging
to the Bunk of the State, on deposit with
the South Carolina Bank and Trust Com
pany. If so, then that is S43, 200 more
sunk in the wreck. Attorney General
bIelton said, yesterday, in his opening
remarks to the jury in the Parker caso,
that he expected to prove fraud upon
the State Of about $500, 600 of coupons.
Some time ago, we heard of q heavy suit
in soak against the Republican Printing
Company, and others against Mr.. Leslie,
of Land Commission fame. Putting all
these things together, it looks as if the
political and financial future of the State
was growing darker and darker, and the
light that was beginning to break was
fast disappearing. In the Parker trial,
however, we may find some evidence of
real earnestness to reform the State md
purify our public administration.
HE "GLoHIoUs FOURTH" IN AUGUSTA
GRAND MILITARY DIspIAY-THE RICH
LAND RIFLE CLUB VIcroRIoUs.-Th Rich
land Rife Club, ut the invitation of
Company 4, Oglethorpe Infantry, of
Anu,1 Sto fo mart "a will, flo,,, IN, kl,o