The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-03-04
COLUM15IAs s. 9.
Thursday Morning, Aaroh 4. 1876.
oar SAradyos Aad JArndyee.'

The Supreme court has long ago
decided that the assets oi: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. Il 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 10
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 amonnt to S135, 100.
This process of appointing receivers
has gone on9untsa large part of the
fund has thus been consumed. not to
mention the ipprudent and dis
honest loans which they have an.
.thorized-losus secured by straw
-collaterals. and beyond recovery.
Now,0thas VI. o. O. .Pnffar, whose
slice amounts to s4O.355. has been
transferred from the financial sph ere,
where his success. has been so marked
in putting money in his own pocket.
taaE,dfphpmetio sSation Hbtosd. the
qa$sHoA 4A fallT fiss HhstKar any
stops 1hlbs taken: befdrse HIS depars
fEfFHHlf4[!;Ef3| {, |!;'t ,t!!| 't'!!;#4s]sItt tttR '5il
question. equally pertinent, is. whe-
ther a new Receiver is to be appointed.
e4eEifs% xntheE To- Be allowed
the same latitude aud the same hand
some perquisitesa oStill another ques-
sion may bs pYgas}y Rise9 yhesher
,tsis jokS h4Pru5pf.sRnGaG eAough-
whether the sAtss %hfChA ia'.aiable to
make good the debts of the bank. will
lpek,pA aed, ,see tae last dollar ,squ.n-
ddea. .Ahd &hini mAak1y reptesentlito
the taxpayers that the moneys of the
bank being gone. and the creditors not
psia, it vi u hsSseiuotsStly aaa.speIls
70 i&posssa M hpof Them I'd make
coed the deaoiti These are grave
matters. the consideration of which
cannot any lopgeS, be properly post
poned. There are two interests to be
protected-the one the interests of the
other the 'interssa Ofthe creditors. 6d
doubt badly. injured, aalso! The duty
in the one case devolves upon the Ad.
afdistratioH, I'd. he tsshss upoG lJadge
Reed. the Jpdge, Of the, circuit. and
the solicitors Of these parties.
JhkS FSedlkas slreaay bAen lap.
.peaIed to BY another Journal, the Nsvs
and Courier. to act with boidness in
the case, and~Hs'to refuse to allow the
shrunken assets OF the bank to be: fur
ther reduced.ia amount" The sug-
gestion is made to him to order sale
of the assets. and to distribute It. 9
proceeds. II this cannot bs done. he
is asked to see TO it that the new Re-
qsivef to be appointed shall have 'a
minimum compensation for what work
he may actuslly do" We ask further.
why do not lawyers, or some lawyer
representing the creditors, make a
motion before, the court. asking it to
qrdsr the fundto be paid in without
frfther expense and delay9 Motives
tok pFotraoting this case ought never
to Have existed on one side, and should
panlbe made to cease on the other.
The creditors should demand settle.
asas, and the State ought to second
anaaiurther that demSnd. Otherwise
it wall drone4.pn like Jarndyoe. aud
Jarndyce. and the time will ooms
when no man except those who
have had Ag piokings. will know
what it means. What that prospect H.,
We can all read in the ipimitabls de-.
scription ofN.Dicksns. Iunumerable g
children have been born into the