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

TIE CIrIyEXs' SAVINGS BANK.-This iustitu.
ton has finally been wound up by the discharge
of the Trustees and Committee of Creditors,
un u an orler of the United States Court, on
the Ith of February, 1881.
The Bank had been conducted with great sue
cess and benefit to the community, chiefly by
that able fnancicr, Col. John Il. Palmer, when,
in 1879 taking advantage OF the general fnan-
cul distress Of the country, run was precipi-
tatcd 10y }. l.. Watson and insolvency proceed
ings were had, in the lichland Circuit CoL.t,
for the purpose of placing the Bank in the hands
of j. l.. Neaglc, as Receiver, la Bank OF the
State.
To defeat this wrccking scheme Mcs<rs Pope
& Haskell, Bachman loumans, and McMastcr
X LcContc were employed, and they at once took
steps to place the corporation i'll bankruptcy.
Judge Carpenter adjudgcd this to be a contempt
of his Court, and issuing an attachment dis
barred these attorneys. Thcrcupon Col. Eion
was cmrloycd who appearing for n New York
| client and ns mn attorney in the United States
Court only, was beyond the reach of the State
Court. lie applied to Judge Bryan, who prompt
ly granted an injunction against the plaintiff
and all executive officers OF the State Court
! From this injunction aft appeal was taken to
! judge Bond, and \ hearing Had in Charleston,
| judge Magrath. G.. ID. Melton and W. II Trcscot
appearing for the jurisdiction of the State Court.
and Col. Ron, Jos. ID. Pope and col McMnstcr
| for the Bankruptcy jurisdiction. Judge Bond,
| in able decision, sustained Judge Bryan :
| action and vndicatci the course taken by tho
! attorneys who had been disbarred. The Sur
prcmc Court of the State subsequently reversed
| the diSbarncnt of the eminent counsel, with
whonl all the good citizens cf the State haul been
| deeply sympathizing,
The corporation being thus safely out of the
State Court, the proceedings in Bankruptcy were
| SUI uIcrsedcd by the appointment of the following
| gentlemen of high standing N committee of
| creditors Samuel McGowam, Jos. B. kershaw, +,
| l.. J. Jones, |. ID. WithcrSpoon Isaac VI. i yam ,
Robt T.. Fraser, John II. Evins, G. NJ. Miller.
John Mcighan, Louis ID. DcSausSurc, Thos. Ii.
Fraser, Samuel Dibblc, Jas. II. Rion.
The last five Of these were constituted an En-
ccuiivc Board DR.. John Fisher selected
rs Trustee and, upon his death, he sue
c v,lcd by Col. Louis I.cContc.
The administration of the committee has de-
+ vclnrcd the fact that the Bank was in n solvent
condition when the attack was made. For. not
wilhstanding the forced sacrifice of good as
sets, the great expense Of Bankruptcy and OF
, litigation. and the large amount OF debts that
had to lie paid in full, being secured hy collatc-
raj: pledged there has been paid in all S:;7n
5I3 to dcpositors, being ~; r.. ,rn,c M vi NV.
, ! claims pso;,i,o tnlS, u sum oil SZ.o1d was Eai''
, | into the United States Court, as dividends not
called for. and $500 were paid in as n surplus
to pay final Court expenses.
, The committee of Creditors may, perhaps,
! complain that they were raded upon hy the
, | Legislature, three of their number having been
, made Judges during their administration, but
, they met with no oth5r mshap.
The history of the Citizens Saving Bank case
presents bright exception to the usual result
of winding up Saving Banks, and speaks vol
, umcs for the ability and integrity Of the Trus
| tees and the Committee. y portion Of The legal
, history of the can he found reported in j
So Ca. l59; IL y. B. Il. H., lGl, and.n :
! Hughes, (U. s. G. R.) 200.