The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-03-22
SOUTH CAROLINA BANKING
A LEGISLATITE COMMTTTEE'S RE
PORT Nor SUPPRESSED.
A watch not Unlike the Watch that Acting
Qunrtrrmastcr-t'cncrnl InEaIIs Gaiiaut-
~ Gave to the First Indy Of the Land.

A watch not Unlike the Watch that Acting
ounrtrrmastcr-t;cncrnI Ingalls, GaIinut-
~ Gave to the First Lady of the Land.
CHARLESTON, March 1s.--The most extra
ordinary report Of any legislative body OF the
are l. before me. 1t IL STYLED the Report OF
the Special Joint Committee tof the South Caro-
hna Legisiaturc-ave from each House to Inves-
tiyatc the Failure of the South Carolina Bank
and trust Company" 1t Is signed by seven out
the ten members Of tue committee. The Senator
who did not sign Is the notorious Red. Hot
Jones. The members Of the House are james
Coserovc, ESQ, the Irish member Of Parliament
In South Carolina, and the Chairman Of the com
mittee, 8 Gary, a colored member from Ker-
shaw county.
An accident happened to the latter honorable
| which pr vented hts asseuting or dissenting.
He obtained possession OF a watch from one OF his
friends to make him mindful Of passing events.
| Like Quartermaster- General Insalls's watch.
which he gave I the first lady OF America It did
not morally keen time and ,hc honorable Chair
NAN So 1 r forgot himself az suddenly to leave
Columbia duiing the pressure OF making tho
! report and car v tie mentor with him. But ho
| was arr sted scarcely forty miles below the
| state House, and brought back to jNl. Tho
| witcn was an accident; the moving cause Of his
J flight was OF much MORE value-givcn no doubt
| to suppress the report But II did not work.
| The accid nj took preccdencc, and the report
/ was mHdc without his signature IN any shane.
! Red Hot Jones was In the same category with
Gary, or perhaps no one onerrd hun enough
| To sitn report on either side : Tor no never
| does ANYTHING without money
Tue inv, ir"ign s., .ra l to asccrt1in
| bank, anu to whom 81 Tue Legislature $1,000.
char-eI Oh the uauh bJoks AS legislative Ca
| peusea. paid"
From the testimony It appears that Hardy
! Solnmtns Ms the President Of the hank, ana l..
| r. Zealy the cashier. ID. n. Chamberlain was
the attorney II the bank, and one of the dirpc-
tors NJ to the ;iuc OF its failure. In his own
examination ne siys lie owned five shares. which
| M. "a A N.I Ia 4 lac ln -
holders were !. j. Patterson O'ni ed 81 uos : n
aturl, RI. Don ildson, ~ J. Maxwell (s'ntc Srn-
ntufsl, Niles g. Parker (Stat' Ire isurcrl. I. T.
Fr PER Sheriff. e. ]. StulIr NJ (Neeper OF peui
tcntarN, G. H. u ldNin County r,asgrcrl. Il.
sc1u Goyernor), &c. he report of the
committee says:
II would seem that the ban. from 1t. organization to
IT. suspension hrth Gov red am ma. *. voc us
isi0. mn cdia,h after DO sWrrc op 'nca 20 oans
ss5 ~ ~ thls sum repre-. u,ci carca a's,t n n
tiar. ihc further .un ~ slOtSl va. p,id - the
sg ~ IA wsn , ,. to oe NJ az
|n' It, e1'e,,, b's ~ y a'aai c r on ~ nd 80
as IN asset OF 10 ~ pre-, iao vain Tor the discharge Of
any aoli,,es % oins -i ee Pgr,9yd aas tse
ALL 20 that innmiy dd not .tt-e.. to It thrut s"nt Ia
,Ver n lccanc The state psitoy according to Mr.
soloinaas- testimony o. 'lsOJojl
The committee 20 on to sly:
Though the bans dun organized BY the election
OF J. IA. NJ anu h9.rS 81 pncl.rs there d Is not
lie m ,nag"uien nor any r.-uar me ting Of IT, stock.
hO lcr., hor ay uvidcnd q. nrrd ari the nfi,e
prorurd %, hr directors lpp ar to have nccn t. a.
mol h' me hlen cot cf connection the Gre It {
to un rue Statements of IT. ciaaluon
tut Is rerson,lly hearing ON u. II. Chamber-
lain. the director Who sNore To the last sent
annual ate.nent. Jan. O. 1910, OF tue condition
OF the puuk.
The committee clmc 10 tho same conclusion
with the expert ia " had empuyed In sting:
The ,ailurc caused the retiring u the capital
.tocs b, enormous eNpe ases aud by Dad loan d IN
,estment, A. cN mltA, - Of n tabular .teme' e
tor Jan y Jnnr - aai Jny > -, si show lo. .ne
any cap aiion which relieves tnrm from - II
or IA inaking rcmarSaoe changes IN thc entrlc. Vt
a,seis 1n ni1'; .dt meg seem ,tr1psr u,as are
, imperative aenaadci. he commit an art,e at
lpns ,ontinued iu.nana uisipar ipriston OF
ri Ia the lace d al o. 1 dc . u MADE be e
Mt, mia ~i,ah' ~ Jun coai ~ Ia OF ne T. a. as
si.ie, OIL, o. ~hSh I, "rnos aad oa.ri 10
In dCn to the falsincation II the books there ar,
found many cntrrs. quring the ten days numed tely
preceduS he failure mat hccs arS ~ aken suspici III
pfcmc a. ed or IL py unavoiiaoie Nj soioGans a,
sna r Of ,a h bs a. / a. he Nigh, rap afse.,
~. ps IN s ofst Ion. nsl dsa.tr M TO- ic r.
T -. ,lTis n. i gtrl q st.'t pts ,ertncair. ior
supp!Ant otner AM oct cr a. cts Al ut av q not
!, can acc1u {. wer tran.no'ci i,rzc sun
900 vas tax n ng hin for Tire year, back s!sry
wnyn the book, SNOW TIA, oaiy Two ye3rs we're duo
IA 80 AII hAu never p'lyit tAtftl'u "' hvlrAhs
4 agar.
+ The transaction OF hc nank with Col. G. C. Fuf'r,
late uf the ins 4 the state, particularly
l. fraush' with suspicion. Vile bCt tnc Pr stent anc
Cashrr testify tia the certificate of deposit fu Sk3S
helu by Col. Pufrr Vac I-sued IA December, 1874 .,
rrpr nted OF IN Iney Of that amount Nfpo, e.
al hat tune, the books Of olnk shoN that tue dc
y post a. made aud the cru4nct' T. ufd On thc 20
daN Of April, 1875, ami ieprcsentcI An tqiyat o.
amount 4 uins OF the Bans Of the state. lcI q.
ste u being cuunted cash. crf"red on tA
"huAd a.cO nt" I.c pa plpc MS ,tateln ut u 1 ID
officers q the the equally fasc entry upuu il
y Books, Vith the special rra-pn- for TIE variance 10
gcth"r Wiih 90 pufp OF any deposit O.l made a
the time, taniDs tins as tr~n-ucOn outsuc II just
~ neat. de-
the tius o. the fail IRE almost The entire stock hf
- been .tlrcn, and oak had et mere IIGe.
y concern o. II. suiirlfs. IL lad purchl.el ca
a. with bans ful IS cents. anu audited it 10
ar l4 sa.e u tnc OAIk.