The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1890-01-22
ABBBVILLE'S NEW BANK.
Did the Subscribers to the Capital
Stock Give Themselves Away?
WAS THE TREE SHAKEN FOR OTHERS
TO GATHER CHEsTNUTs

Full Text of the Charter which May
Open the Eyes OF The People rs to
the DcIusion Cnder Which They
Have Ecan LabOring.
II is quite evident that there is n popular de-
TO needy farmers at q low rate of Interest. and
on easy security, a sufficient amount OF cash
10 enable them To make their crops.
To supply this demand no doubt many
small farmers have subscribed to the capital
stock of the Farmers Loan and Trust Conpa-
ny, under the idea that they were helping to
establish bank, whose main object would be
To give special attention to that class of our
fcllow-citizcns VINO have no gilt.cdge security
to offer at any bank, and who, from their de-
pressed financial condition, are unable to pay
the high rate of interest which Is usually
charged at the banks for money.
AS these gentlemen have heretofore taken
our suggestions in an unkindly spirit we will
not point out their error. but if q little reflec-
ti0n on the part OF the duliest man IN Ahoe-
vile county doesn't open his eyes, after read
ing the charter, we arc very much mistaken.
In the first place there Is no hint that the
bank Is To show any special favor TO anybody,
and then there is nothing to prevent the
stockholders, whoever they may be, from con-
trolling their own investment. AS q political
factor therefore, it Is now no longer In exist
ence, and when this bank Is established the
subscribers will no doubt require the cashier
and president to charge as much interest as
any other bank. and will certainly require
bomb.proof security for every dollar which
they may loan out.
BY paying a liberal rate of interest and by
giving first-class security, anybody can get
money anywhere, but If the needy class find
any special favor in the organ izat lon which
they have helped to establish the fact will be
contrary to the methods which have hereto
fore governed other banks.
The subscribers to the capital stock need not
written evidence OF the fact OF their subscrip-
tion. and they will likely be required to pay
the cashier having called for the money be-
tween now and the first OF February.
But dissatisfaction among the shareholders
Of any enterprise will bring disaster, and In
no instance is the wisdom of the rule, that
minoriticS must be governed by the majority,
more clearly shown than in this instance.
No "kick ing" will be allowed. and each man
will Just have to pay up, whether he likes the
situation or not.
Those who are known as "the outside
stockholders will, in all probability, demand
Il close adherence 10 the strictest banking
rules. IF they did otherwise the credit Of the
bank would be ruined.
Read the charter If you please, and then
judge for yourself:
SECTION l. That John II. Blake, Jr. ]. E.
Bradley, a. w. Jores, J. Townes Robertson.
John II. Morrah, Joe l.. Hughey. David Aiken,
are hereby named and appointed as corpo-
rators. together with such other persons as are
now or may hereafter be associated with
them. No Alliance In this
SEC. g The name and title OF said associa-
ton shall be "The Farmers Loan and Trust
Company of Abbevilecounty." mo Alliance
SEC. :. The banking house or Office of said
association, where It's general business shall
be conducted, shall be at such place in Abbe-
Vile county ms shall be determined and
agreed upon by the directors OF the ussocia-
tion. NO Alliance in this.
SEC A.. That the capital stock Of said asso-
citation shall be the sum OF fifty thousand dol
lars, In shares of one hundr ed dollars each,
five hundred thousand dollars by a vote Of a
majority Of the stockholders lno lliance In this]
at the annual or special meeting called for
that purpose. The payment of the subscrip.
tion 10 the capital stock to be made In livean-
nual instalments Of twenty dollars EACH. AS
soon as stock OF fifty thousand dollars has
been subscribed, q meeting of the stockholders
lno Alliance in thisl shall be called by the cor
pose OF organization, by electing board OF
nine directors. who shall Immediately there
after organize BY eccting president and vice
president and IL cashier and such other Of
GERS as may be necessary for carrying on the
business OF said association. The said board
mo Alliance In this shall thereupon call for
the payment Of the first instalment of twenty
dollars on each share subscribed, and as soon
as lie sum OF ten thousand dollars has been
paid In shall commence to do the regular bus
iness OF such banking association, under such
rules ana Gy lars as may hare been adopted by
said association mo Alliance in thisl Mt It's first
instruments TO be paid annually thereafter.
SEC. D. The charter shall be for q period Of
thirty years unless by The vote Of two-thirds
OF the stockholders, Ino Alliance in thisI 1t be
resolved to close the business Of said aSsocia.
tion, and wind up is affairs.
SEC. I. This association is to have all the
rights, powers and privileges set forth in, and
subject to all the liabilities, limitations and
provisions of an a CT of the General Assembly
to "proviGr for and regulate the incorporation
Of banks mo Alliance In thiSl In this State"
passed December t. 1885,
SEC. .. The first meeting OF the subscribers
10 the capital stock mo Iliancc in thisl for the
election of directors shall be held at such time
and place as may he determined upon by the
corporal tors, after ten days notice by the cor
poratofS 10 the stock holders. At this meeting.
or subsequent one, ii deemed proper, all
necessary rules and bylaws for the proper con-
duct oc business, annual election OF officers,
time OF such election, term of office and man.
nrr or removal, regulation for increase of
stock, ana any other matters, shall be adopt.
ed. No stockhoder is 10 have more than ten
shares, or to represent more than ten shares,
individually and by proxy, at any meeting.
| No Alliance in this.
Directors must he citizens Of this State, and
hold not less than five shares Of stock. lido
you see any hint of the Alliance anywhere,
from the beginning 10 the ending Of (he char
ter? The bank simply belongs TO the stock
holders as individuals, and anybody may sub
scribe to its capital, and any citizen OF this
state who owns five shares, may become d.
rcctor.l