The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1881-03-04

The CiTsESs SAvINGs BANK.--This institu.
tion has finally been wound up by the discharge
OF the Trustees and Committee of Creditors,
under an order Of the United States Court, on
the 4th Of February, 1881.
The Bank had been conducted with great sue
cess and benefit to the community, chiefly by
that able fnancier. COL John B. Palmer, when,
In 1873, taking advantage Of the general finau-
oi.l distress Of @ the country, a run was precipi-
tated by J. L. Watson, and insolvency proceed
ings were had, in the Richland Circuit Court,
for the purpose Of placing the Bank in the hands
Of j. l.. Neagle, as Receiver, a la Bank Of the
State.
To defeat this wrecking scheme Mes.rs Pope
Haskell, Bachman 4 Youmans, and NicMaster
LeConte were employed, and they at once took
steps to place the corporation in bankruptcy.
Judge Carpenter adjudged this to be n contempt
OF his Court, and issuing attachment dis.
barred these attorneys. Thereupon Col Rion'
was employed, who appearing for New York
client and as an attorney in the United States
Court only, was beyond the reach of the State
Court He applied TO Judge Bryan, who prompt
ly granted nm Injunction against the plaintiff
and all executive officers OF the State Court
From this injunction aH appeal was taken to
Judge Bond, and hearing Ind In Charleston,
Judge Magrnth. G. d. Melton and w. n. .Trescot,
appearing for the jurisdiction of the State Court
and Col. Rion, Jos. d. Pope and Col. McMaster
for the Bankruptcy jurisdiction. Judge BondI-
| in IN able decision, sustained Judge Bryah's-
nctlon anu Vlnulceteu the course taken by tho
| attorneys who had been disbarred. The Sur
preme Court Of the State subsequently, reversed
| the dsbarment Of the eminent counsel, With
whom all the good citizens of tho State had beer
deeply sympathizing.
The corporation being thus safely out Of the
State Court, the proceedings in Bankruptcy were
superseded by the appointment of the following
gentlemen OF high standing rs q committee Of
| creditors; Samuel MCGOWAN, Jos. b. Kershaw /,
! L. J. Jones, l. d. Withcrspoon, Isaac NJ. B-yan +
| Robt. E. Fraser, John ii. Evins, G. NJ. Miller,
John Meighan, Louis d. DeSaussure, Thos. B.
| Fraser, Samuel Dibble, Jas. III. Rion.
The last five Of these were constituted nm Ex-
ccutive Board DR.. John Fisher was selected
rs Trustee, and, upon his death, he was sue
c;rded by Col. Louis LeConte.
The administration Of the committee has de-
vel1ped the fact that the Bank was in solvent
condition when the attack was made. For, not
withstanding the forced sacrifice Of good as
sets, the great expense of Bankruptcy and of
litigation, and the large amount Of debts thas
had TO be paid in full, being secured by collnte-
| rails pledged, there has been paid in all iS27n-
543 to depositors, being -h6 r..aSent: OF their
| claims. -n>.;drs InIs, a sum OF 81 .683 was rad
called for, and 5000 were paid in as n surplus
| to pay final Court expenses.
The committee of Creditors mny, perhaps,
| complain that they were raided upon by the
Legislature, three Of their number having been
made Judges during their administration, but
they met with no other mishap.
The history Of the Citizens Saving Bank case
presents q bright exception to the usual result
| Of winding up Saving Banks, and speaks vol
tees and the Committee. A portion Of the legal
history of the case can be found reported in S
So. Ca. l59; ii N. Is. II. r., 1Gl, and.in 2
Hughes, (U. s. G. r. 200.