The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1875-07-14
Hardy Solomon's Broken Bank.
LOOKING INTO THE AFFAIRS OF THAT
ROTTEN CONCERN

LOohlNd INTO THE AFFAIRS OF THAT
ROTTEN CONCERN.
The President Of this bank was Il
power, was spoken of for Governor in.
stead Of Chamberlain, and is still set
up as dead suro thing for the aaxt
State Treasurer. He was no laggard
in the last campaign, and though the
Governor may never have touched a
bond, and indeed does not deal in mat.
ters financial, still there was the best
opportunity in tho world for those
who knew the inside of things to buy
bonds at rs, 28 and 80 oonts, and sell
in two months at 45 and 80 cents. If
the South Carolina Bauk and Trust
Company did not buy bonds in this
wise, it did not know its business,
that's all. The State cleared 30
cents Oh the dollar, and I don't sec
why other folks with money oouldn't
do likewise. Some folks did not
have any money, and :hose arc mostly
the people who have got less now.
After the campaign came the struggle
i'll the Legi ,lature, and Elliott be.
camo Speaker. Thon came tho fight
in which Curdoza was not removed
and Dunn was elected. The bill, to
make the South Curolina Bank and
Trust Company and the Central Ma.
tional Bank the public repositories
was defeated by the veto, and tho
Board under the old law appointed
five banks, two here and three in
Charleston. Besides his share or
some share of the public deposits,
most of tho county treasurers were
depositing with Hardy as we'll as
many private parties. Tue State
owed him about 10000, Of which
thore was, as far as l can ascertain,
some $4,000 on the old $l25, 900
account still due, $4,000 for peni-
tentiary, $4,000 for Frasoe's account,
$4,000 for Lunatio Asylum, and
good deal of State paper which he
had discounted and was otherwise
carrying. 1t is reasonable to sup.
pose that the fight last Winter, in
which the stability of his bank was
severely criticised, had considerably
weakened his credit in the North,
and no doubt had something to do
with this crash. Th;.ee was $685. 900
of State money on deposit when the
suspension was announced, some $l5,.
900 of county Treasurer's money and
some $25, 900 of private deposits. 1t
was rumored that tho State Treasur-
or would draw on him for $50, 900,
and that with the load of $4,000 it
wouId stagger tho bank. This caus>
ed run, and when the check for
$4,000 by the Greenville aid Co..
lumbia Railroad was dishonored, the
bank closed its doors. Judge Car
penter yesterday, on tho application
Of A Attorney General Motion, appoint.
Ell Hon. Il. @. Dunn receiver, by the
consent of 9 d. Melton, counsel for
the bank. Among the assets arc the
State securities SlsO, 200
Mortgages $4,000
Due by City Of Colurnbia 10000
Other securities, otc. 100000
Total assets. 1916, 900
This is supposed by those best in.
formed to be about the am cunt of the
assets. The Liabilities are
State deposits S9O5 900
County Trcasurors $4,000
Private deposits $4,000
Other debts. say 10000
Total liabilities, say $4,000
Rumor says that ex.Gov. Scott is
10 for some $500 bonds. Runion,
Treasurer of Groenville, for $4,000,
cash Weston, Treasurer Chester
field, for $4,000. and others whose
names will more fully appear in the
report of the receiver. In the
meanwhile, Hardy docs not seem to
be much hart individually. He still
has largo private resources, and says
he will pay every dollar he owes,
but that the State will be forced to
| shoulder this $4,000, which he
claims will Offset that much Of his
public debt.
There is good deal behind this
suspension that the public does not
suspect as yet, The grocery is still
doing an immense business, and Mr..
Donaldson says will not be affected
iu tho least by the failure. The pub
lie effect will bo to stop payment
of interest Oh the public debt, and
leave perhaps not dollar for public
officers until tho Legislature meetf
1t will, perhaps, disturb the funding
process and injure the credit of the
State. 1t will certainly place the
investigation of oil this State paper
the assets of the bank, in the hands o.
the oomptroller.general. The comp
ttoller and his lieutenant, T. p. Cav
endar, one of the Bonanza commits
| sioners, have been North for the pact
two weeks. perhaps looking up l,eyi
dence in tie Parker case, and perhaps
not. At any rate, they have just re-
turned in time for this Suspension
end to take some direct interest II
the great trial to begin on Tuesday
Governor Cham berlain is expected
here on Tuesday.-- Columbia Go,
NeVS and Courier.