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1842.

Bank, viz: Messrs. Grimball and Elfe, of the Senate, and Messrs. Carn, Frost and Hibben, of the House of Representatives, a committee of Inspection for the principal Bank in Charleston; Messrs. Moses and H. H. Thompson, of the Senate, and Messrs. E. G. Palmer, Jamison and Arthur, of the House of Representatives, a committee of Inspection for the Branch Bank in Columbia; and Messrs. Dargan and Hanna, of the Senate, and Messrs. Dickerson, Blakeney and Manning, of the House of Representatives, a committee of Inspection for the Branch Bank at Camden.

In the Senate, Dec. 9, 1842.

Resolved, That hereafter it shall be the duty of the PresiR. R. 1842, dent of the Bank of the State to set forth, in his annual prip. 107. vate report, a statement of the indebtedness and responsibiliIndebtedness, ties of the several Directors with the said Bank, on the first day of each month in the past year, continued down to the first day of each session of the Legislature.

&c. of Directors.

Bank.

Resolved, That the President and Directors of the Bank of Profits and ex- the State shall, with their annual report, furnish the Legispenses of the lature with an additional statement, setting forth on the one side, the gross amount of profits made, arranged under the separate heads from which they shall have been derived; and on the other, the items of contingent and other expenses of the Bank and its branches, appropriately classified, together with such other items as shall have been charged against the profits of the Bank.

R. R. 1843. p. 100.

In the House of Representatives, Dec. 15, 1843. 1. Resolved, That the system of borrowing money upon the public faith, for the purpose of lending out the same to individuals, is unsound in principle and dangerous in practice.

2. Resolved, That the policy pursued by the Bank of the State, during the past year, in calling in its funds and purchaPurchasing sing the Public Debt, is approved by this General Assembly, the public and that the same policy should be steadily persevered in, until all the public debt, incurred for capital of the said Bank, shall be withdrawn and extinguished.

debt.

3. Resolved, That in the opinion of this General Assembly, it is inexpedient to prescribe the details of any plan by which this result shall be effected; but that it is wiser and more practicable to declare distinctly the course of policy which the public interests require, and leave to the President and Directors of the Bank the responsibility and charge of devising and executing the proper measures to effect these results.

4. Resolved, That this General Assembly, having now definitely settled and declared that course of policy which it deems for the public good, the President and Directors of the Bank are hereby enjoined to adopt measures for carrying out the same, as speedily as may be consistent with the faith of the State, the prudent management of the Bank, and the safety of the public interests.

5. Resolved, That the said President and Directors shall, in their annual Report, inform the General Assembly of such measures as they shall, from time to time, have adopted, for carrying out the policy indicated in the foregoing Resolutions.*

1843.

In the Senate, Dec. 18, 1843.

R. R. 1843. p.

Resolved, That the Special Reports of the President of the 155. Bank, and of the Comptroller General, be printed and bound. with the Acts and other Reports of this Legislature.

In the Senate, Dec. 18, 1844.

R. R. 1844. p.

Resolved, That the Senate approve of the determination of 174. the Bank to enforce the judgment against the Nesbit Manufacturing Company, and bring the transaction to a conclusion.

Resolved, That should a new Company be formed and purchase the Nesbit Works, together with the appurtenances necessary to carry on the business, the President and Directors of the Bank be requested to loan the said Company the amount (including interest) now due by the Nesbit Manufacturing Company, for the term of ten years, upon the following condi- Nesbit Manutions: Provided, the Bank realizes the whole amount due by facturing the said Company, by the sale of its property and its other se- Company. curities. And provided further, that the new Company, to which the loan is granted, shall pay, on the first day of January in each year, for five years, the interest on the amount loaned, at the rate of seven per cent. per annum, and then pay the principal and interest in five equal annual instalments. And provided further, that the said new Company shall give such security as shall be approved of by the President and Directors of the Bank.*

In the House of Representatives, Dec. 13, 1845. Resolved, That the Proxies who represent the State in the South Carolina Rail Road Company, be instructed to insist

*For accompanying Report, see post.

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1845.

that a Sinking Fund or some other means be provided by the Company, for extinguishing the debt guarantied by the State, and that immediate steps be taken to effect that object.*

134.

In the House of Representatives, Dec. 13, 1845. The Committee of Ways and Means, to whom was referred R. R. 1845. p. the Report of the Comptroller General, as to so much thereof as relates to the application to be made of the dividends from the South Carolina Railroad Company, respectfully Report: S. C. R. R. Co. That in their opinion, the most advisable disposition which can be made of these dividends, is to redem the public debt, and they therefore recommend the adoption of the following Resolution:

Dividends of

Resolved, That the Comptroller General do apply the dividends received, and to be received, from the South Carolina Railroad Company, towards the extinguishment of the Public Debt, giving preference in such extinguishment to the debt the interest whereof is charged upon the Public Treasury.

In the Senate, Dec. 16, 1846. Resolved, That the President of the Bank of the State of R. R. 1846. p. South Carolina do cause to be published, in pamphlet form, a new edition of the Laws and Documents relating to the Bank, bringing the publication down to the latest period before publication.

203.

R. R. 1846. p. 207.

In the House of Representatives, Dec. 10, 1846. Resolved, That the President of the Bank of the State of South-Carolina furnish, for the information of the Legislature, the monthly statement of the indebtedness of all the Directors of said Bank, for the present year.

In the Senate, Dec. 1846. 1. Resolved, That it would be highly unwise and inexpedient R. R. 1846. p. to abolish the Bank of the State.

49.

Bank should not be abolished, &c.

2. Resolved, That when the State of South Carolina pledg ed the profits and capital of the Bank to her creditors, as a security for money borrowed, she did so in honesty of purpose and good faith.

3. Resolved, That the Bank of the State cannot be abolished directly, nor its business, stability and prosperity undermined by indirection, without a violation of good faith, and dishonor to the State, unless the holders of the Stock of the State,

For accompanying Report, see post.

for which it is pledged as a security, be first paid, or their consent obtained therefor.

4. Resolved, That the exposure of the names and accounts of its debtors, would be in bad faith to them-in violation of the charter, and would undermine its business, prosperity and stability, and be, therefore, against the interests of the State, and a violation of the most solemn pledges to the public creditors.*

1847.

In the House of Representatives, Dec. 16, 1847. R. R. 1847. The Committee of Ways and Means, to whom was referred the Report of the President and Directors of the Bank of the State, respectfully report: That the Bank has suggested the Time of payexpediency of taking measures to advance the periods appoint- ment of public ed for the payment of the Public Debt, incurred under the Fire debt, proposed Loan Act, and of causing it to be paid in instalments of about to be changed. $100,000 annually. Your Committee highly approve this suggestion, and would recommend that measures be promptly taken to ascertain whether it be practicable. The great advantage which the State would derive from such a change, is that instead of being compelled to consolidate and keep at risk the profits of several years derived from the Bank, the same would be at once applied as fast as they accrue, and the State would be disburthened of its debt at a much earlier period, and with less derangement to its financial concerns. Of course such a change could not be made without the consent of the Bondholders; and as the bonds are valuable in proportion to the length of time for which payment is deferred, the change could only be effected by offering a compensation in the shape of an increase of interest. How great this increase ought to be, is a question for the exercise of a sound discretion. If we were to undertake to specify a limit, the creditor would naturally raise his demand at once to that limit; unless he should think the limit too low, and then he would simply decline the negotiation. So that the only mode of effecting any thing, would be to entrust the matter to some one who could see the parties and treat with them personally.

Such a person could be better selected and employed by the Bank, than in any other way. It would only be necessary to instruct them, that inasmuch as the charter of the Bank will expire before the period fixed for the payment of the Bonds, in any arrangement which they may make nothing shall be done which shall trammel the General Assembly, in voting upon the question of a renewal of the charter.

Your Committee therefore recommend the adoption of the following Resolutions:

Resolved, That the General Assembly deem it an object of

* These Resolutions are of the Senate alone. For accompanying Report, see post.

1847.

great public interest, that the Public Debt should be extinguished at the earliest period possible, and they approve the recommendation of the President and Directors of the Bank of the State, that measures should be taken, with the consent of the public creditor, to advance the periods, and lessen the instalments, now prescribed for payment thereof.

Resolved, That it is expedient to break the heavy instalments of $500,000, now payable at fixed periods, into instalments of $100,000, payable annually, to commence in January, 1853, as proposed by the Bank, if the same can be done without an unreasonable increase of the annual interest.

Resolved, That the President and Directors be authorized and requested to ascertain the terms upon which the proposed arrangements can be effected, and to carry out the same in such manner as they may deem expedient, within the limitations suggested in this Report.

R. R. 1847.

Small bills.

Unclaimed deposits.

R. R. 1847.

Monthly statements.

In the Senate, Dec. 17, 1847. Resolved, That the President and Directors of the Bank of the State of South Carolina report in their next, and each succeeding annual report, the quantity of small bills, under five dollars, in circulation, specifying the amount of each kind.

Resolved, That they also report to each Session of the Legislature, all balances of deposits, dividends or other sums, unclaimed for the space of two years.

In the Senate, Dec. 17, 1847. The Committee on Finance and Banks, to whom was referred Resolutions as to the monthly statements of the Bank, have considered the same, and recommend their adoption.

Resolved, That the Comptroller General cause to be published in one of the newspapers of Charleston and Columbia, the monthly statements rendered by the Banks.

Resolved, That at the end of each year, the Comptroller General cause to be made, a tabular statement of the quarterly averages of the items specified in the said statements, and report the same to the General Assembly, to be printed for general information, with his Annual Report.

R. R. 1847.

In the Senate, Dec. 17, 1847. Resolved, That the Comptroller General be instructed to prepare and submit to the Senate, at the next Session of the Comptroller Legislature, a statement, exhibiting fully all sums transferred General to re- to the Bank of the State of South Carolina, on account of capiport sundry information. tal, under the provisions of the Act incorporating said Bank,

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