Lancaster enterprise. [volume] (Lancaster, S.C.) 1891-1905, 1900-05-09

them that as manager | be al
lowed to overdraw my account
with the bank to the amount of
the legal interest of our funds.
They said they could not au-
thorize me to do this, that is,
overdraw my account as mana
ger, and the capital stock be in
anywise responsible for the over
draft, but that if could arrange
to carry the amount it would be
all right. We had SIT, 500 in
the bank the bank officers were
receiving their salaries, and l
could not see why our Exchange
should not also receive the same.
So l said 10 the officers of the
bank, | want to draw up to
what would be about a small
dividend of this bank to be
charged to my account as mana
ger and to be paid when we are
in position to pay the dividend !;
and this was done for three
years, to-wit, 1897, 1898 and
1899. My overdrafts amounted
to some 900.
CHOW, bear in mind that this
was all we received from $17,-
500 which, at s per cent. inter
est, would have given us 81, 200,
which would have I'd our
overdrafts and leit 81, 900 in
our treasury. l d.L not pro-
pose to allow our Exchange and
our price list and The Cotton
Plant to 60 to the wall on ac-
count of some technicalities. l
knew well that the State Ex-
change funds were, the bulk of
the cash in the bank, and was
determined it should run these
interests. Well, when / re-
ported my overdraft was $4,000
it seemed to scare some our di-
rectors out their wits, and they
thought it was perfectly awful.
They seemed to lose sight of the
fact that our stock was not
bound for the amount and that
it would have to be paid out of
the earnings of the bank. Some
of them said if it goes on in this
way the manager will soon over
draw the whole amount, and
such rot as this. One member
of the board referred to the Ex-
change as that nest he had been
trying for twelve months to
break up, and so it went.
"One bank president offered
$lO6 for our stock, which at the
last State Alliance those who
were working to destroy the Ex-
change said it would not bring
SO cent on the dollar in the
market. The long and short
OF 1T was our stock was sold to
the officers of the bank at par
and the interest was anticipted
to q sufficient amount to paw
our overdraft after deducting
such accounts as we reported Of
sure collection, which reduced
said overdraft to ST 500. There
are some things we can not dis
cuss here, but they will be
stated fully at the meeting of
the county trustee stockholders
at the State alliance meeting.
Tho sub Alliances have SIS,
500 In Cash in the Farmers and
Mechanics bank now in Colum bia.
What will you do with it, and
how will you use it to the best
Interest Of those who subscribed
1T for specific purpose9 1t is in
the hands of our treasurer, who
Is bonded officer and who can
not distribute it until the original
contributors say so. 1t will have
to be kept as trust fund and
used for the purposes set forth in
the charter and plan of corpor-
alton. Our best lawyers say it is
almost a matter of impossibillty
to distribute the fund, and we are
satisfied when it is fully under
stood that there will be only
few selfish men who will want to
destroy the only foundation upon
which we have any sure basis for
making a fight for the interest of