v7
" TO THINE OWN SELF HE TIU'E, AND IT MIST FOLLOW, AS TIIE NICIIIT THE 1)AV, TIIOU CAN'Vr NOT Til EN HE EALSE TO ANY MAN."
? ______
VOL. 1. PICKENS COURT HOUSE, S. O., SATURDAY, FEBRUARY 16, 1850. NO 39
THE
KEOWttU COURIER,
PUINTKD AND PUBLISHED WEEKLY DV
nr ir n^i) i\i
M . XI. 1 lViJliUlJCiJV.
J. W. NORMS, Jn., ) FdU
E. M. KEITH, \ suitors.
TEKIfks.
One Dollar and Fifty Cunts for one year's
subscription when paid within three months,
Two dollars if payment is delayed to the close
oi tne subscription year.
All subscriptions not clearly limited, will bo
considered as made for an indefinite timer, and
continued ti!! n discontinuance is ordered and
nil arrearages paid.
Advertisements inserted at 75 cents per
nquarc for the first insertion, and 37 l-'J cts. for
eacli continued insertion. Liberal deductions
made to those advertising by tlio year.
yjy"yjtJl.Coinnninications should be address/?il
fr> Mw. l>n nn.it 1.
REPORT ^
OK THE JOINT Rl'JCCIAI- COMMITTKU OK IN6PECTION
KOH THE DANK OK Tl.K STATE ,
OK SOUTH CAKOUNV IN CHARLESTON.
(Concluded.)
It appears to the committee, looking to
the security of the debt, there \y ' 1,0
good reason for purchasing t.he/ * i.'l ?l)0
?u iiccuuiib 01 rue oauK, and |,i-#**??? n? wumu
have beer. better not to yhave done so.
Perhaps if the bank lm/Ki not bought, the
property might not^?avo sold for quite us
much as it didJ^'but the deficiency could
not have bo^n very considerable, and
? -Jr. i ? i... _,i
coma IIJU^"45 uucn IIUIUU up i>\ uuici sixurili^Jyfcld
by the bank. On the 1 Gtl
Fiftljlorunry, 1840, the President having re
^'ported that the cale was eonfirmcd, tin
hoard ordered the property to be ndver
and it was advertised, notwithstan
<linpf they baa notn-v ^ .v?. q,
the 2uth April, they resolved lo^an u
the advertisement that scaled offers wouh
be received by the Cashier until the 1st o
May. On the 18th May, a letter was rc
- .11... ui .tit wwocmuon; n* nrrt in genera
tnims. t.llP. Wlrlirnilnrc r\f ..-Ann r ?.
' ? .i - "* "v-.u iu u<
.afterwards-explained, nnd the board then
upon appointed a committee to confe
with him. On 21st May, ho addressee
a letter to the committee explaining mon
particularly the terms of bis oiler, nl
leged to bo made for himself, Wadi
/Hampton, and Mrs. 11. A. Brown, anc
such other persons as might come in
The sum offered was $147,67,02, whicl
was said to be the true amount of the
cumpuny 10 me nanK. J1 or though i.l
was considerably more if interest was
computed on the bond, and compounded
as it is in the Master's report, whicl
makes the amount due on flic bond, including
interest to the 1st March, 1847;
#140,250 02; yet as the '>ond and mortgage
were intended only as additional
ana collateral security for the notes, the
amount due on the notes was the true
measuro of that portion of the
debt, viz. $87,000
Interest to 10th 6'ept. '45, 33,11-1
Notes of W. (71ark and others
at Columbia Branch [3,700
Interest to 18th J\fny, '40 3,000
Balance of amount paid for
judgements of Insurance and
and TYust Co. vs. Hampton
And others 8,128 5(5
Interest to 18t May, 1845 G13 32
$147,557 02
The )*eason assigned for stopping the
?nvm/?nf r\f a\. 1 -
i^?M?vuv vr? mwicou ?i tiiu notes covered
by the bond on the 1 Otli September,
1845, was that the bankbccamo the
owners of the proportv on that day, and
though he and Col. f/nmpton had carried
on the works, it had been without
profit, and probably saved the bank
from loss.
Il was further proposed that the bank
should receive and credit, on account of
the price offered, the following notes,
P M Butler's note $5,000 Of)
Interest to 18th 3/ay, 1840; 070 85
J M Taylor's note 5,000 00
W E Martin's noto 3,000 UO
W Nesbitt's note 0,000 00
ylnd the b nds and cash received
by the Master in E quity,
for property sold to othor partics
than the bank 5,175 00
The notes or bonds of the above parties.
to be at 1, 2, 8, 4 and 5 years, and
/-t-i -vr." -
mr uqi. mesoiw, 7 years; on condition
that they boar interest, nnd bo fully nn i
satisfactorily secured. For the balance,
tho bond of nil the purchasers, sccut oJ
by mortgage of all tho property on ]
hand, or to be acquired, ana further secured
by a bond from each stockholder
in the now company, for 30 per cent of
bis stock, vith satisfactory personal security
or mortgnge of other property.
THte bjTtfr,4<? discharge W E Martin, J
*' 'W Nesbitl, on their comV
. A
plying with the above terms, but to hold
its securities, unimpaired, against allot!)era,
until each complies or is discharged. '
All payments made by the company, or
with funds credited on the company's
bond, to be credited proportionally on the
individual bonus, lor ;ju per ccnt, so as ,
j to extinguish them when 30 per cent of
the principal of the general bond is paid.
Each stockholder to be allowed, at any !
time, to pay off his 30 percent, and have I
his bond released; and in such case his
payment not to enure to the benefit of the
others, on their 30 per cent bonds.
This offer was signed by Col. Elmore,
but there was nothing in writing to show
that lie was authorized to bind the o.lher
parties named. No written agreement
was signed by either of the parties, and
there is nothing on the minutes of die
board, or in the possession of the ban!:,
to show that the ofter was accepted, r.'.itil
the 29th of November, 1847, when it
nmni'urs irum tin; munii** ui tin; uu uu,
fron. Col. 1.1.
. n, nfto stilting Mint the ?rnioro,
in \\v c
.(Is, for the execution ol the co:i
rangeinc"' , . . . , ,
trie] ' 110 )ec''1 completed, owing 10
oum-tanccs, in n great measure, beyond
his control; and latterly, to tho state of
his health, lie offered to deposit with the
board, as n'.edtrcs for th.e performance of
1 0 '
his part of the contract, (he following securities,
viz: a certificate for one hundred
shares in the Mixcou and Western Wailroad
in Georgia,and a certificate forl8(
shares in the <5outh Carolina I tail road
and also a mortgage of, or obligation w
mortgage, a plantation in Alabama, o
i 1 (TOO or 1800 acres, and 50 necrroes on it
- which offer the board resolved it war. ex
j pedient to accept, and nt the .same linn
- declaaing that the;- had not re.qnircU.aiv
- such measure, and that the oftorwas \ <?l
i unlarily made. 7'he certificated-of slur
1 were in
f course of their examination,, tUo: p^t'nut
tee_cam&4fl.tb.vsd^ i .nil,
1 been executed. A mortgfigc'ot ^"plantn
o lion and 57 negroes, haff been' lalel\
c executed, and is now iri'',possesion oftli
r Cashier. From this nclW bt'tlfe board
i it is 10 nc inicrrcil that the oiler to pur
11 chase, staled above, was accepted, hu
- tlie terms have never been complied with
j ai.d the whole matter, though it stands 01
I the books of the bank as a bond, is ii
. : fact, an unexecuted contract for the sal
i | of the of the iron works, lands and no
i groes for &147,5o7 02, to be secured ii
t tho manner mentioned in the offer. 5Th<
i | bank has not even taken deeds of convcj
i i ancc of the property from the Master it
t i Emiilv. and t.lw*. nn/1 o. ioi.w
j from the sale of that part of it whicl
, j was fought by other parties, and t<
j which the bank is entitled, still remain:
1 j in his hands. In the meantime the seen
! : l ilies, which the bank holds for this deb
! of$147,557 0*2, with interest from 18tl
! May, 1840, arc as follows, viz.
1. Tho lands, iron works, and negroes
These have lately been apprai < d by the
lion. David Johnson, Dr. Samuel Otter
1 son, and Dr. W illiam U. Nolt, throe of
1 ! five gentlemen of (lie neighborhood, who
o o > 7
j were requested by the committee to per!
form that service. By their appraise1
ment, which is appended hereto (schedluloH.)
the lands, improvements, ma:
chinery, itc., arc valued at $00,G20 .">0
{ The negroes, 105 in number, at 8101,07r>
and the live stock, wagons, carta, &e. at
j $7,700, making an acrcrreirftto of &210.
058 00. But the improvements, machinery,
<fec. are estimated at VS.OOO,
and as their value depends almost entirely
upon the success of the enterprise, and
27 of the negroes are valued nt 1,000
I each, being mechanics ana handicrafts*
...V.., VIIV wiiiiim tut t.iuui I'l'llllDll, I II'IC
j regarding the projjoriy ns a security for
! the payment of money, it would be
prudent to make a large d nluction frr.m
the nmountof the estimate, nnd that it
would scnrcr'y l>c safe to rely upon it at
more than lfiO.OOO.
2. The hank holds a further security,
in 1 wo judgments, against F JI Elmore,
Wade Hampton, and others, stockholders
t1* n.
I UI uiu 11VOUH1 Ji/HIIUUlUUimlfr v ouipany.
These judgments wore obtained in January,
1842, by the Charleston Insurance
nnd Trust Company on two bonds, one
for 20,000, and the other for 10,000. In
March, 1845, when there was'a balance
of at least I7,pl40 due on them, they
were, by arrangement, assigned to tho
bank, to bo held as additional security
for the debts of the Nesbitt Manufacturing
Company and its stockholders.
2. 7*110 bonds and cash in the hands
I vji muiruniut in i-iijiiiLy, tiuain^ IIUII1 iui5
sale of that, part of (he property sold to
othor parties than the bank, 5,140.
4. Tho certificates deposited by F IT
' Klmore, for 180 shares in tho >SV)Uth
j 6'arolina Itail Road, and one hundred
| shares in the Macon and Western Rail
Road, and the mortgngo of hinds and
negroes in - llabama.
80 that (lie seouvuios, without computing
interest on the judgments and bonds,
may bo summed upas follows, viz:
Lands, iron works, negroes 150,000 '<
JudgmentvsW 7/ampton and
others 1V,15G
AOflx ??\ l1\.i 1\nndo
tJKJUKJiO (tun OI lo IJ lit uiw imuvit? VI
the jJ/nster 5,110
180 shares South Carolina Rail
Road 12,700
[00 shares Macon and Western
Rail Road 5,000
Plantation and negroes in Alabama
25,000
21 1,980
The committee arc of opinion that this
matter otight to be closed as speedily as
possible.
The debt of the Limestone Spring Com
pany. This debt originated in January,
18:1(5, in (lie fori1 of a note, of (he President
of the Company, indorsed by several
responsible stockholders. It was understood
tlnit the money was to belaid
out in erectincr building, and malduir
! other suitable improvements ill, the Limestone
Springs, which tlio pompany were
about to establish as a public watering
place, and that when the property should
be so improved as to render it a sufficient
' security for the money, tho no'e should hi
. | taken up, and a bond of the Company,
) 'with a mortgage of the property substi
tuted for it. Accordingly, in January
> 18.38, when houses had been built am
f other improvements made on the land
at a cost far exceeding the rmount of tin
. loan, and when the cntcrpvize seemed ti
? iju hhiiuuhu
v- and voplaccd by the Company's bond
_ with a mortgage of tbo pvopcrty. Intel
|; I est on (he bond was paid up to January
(1 is:<9, but the principal and the interes
p rnrter h.i?i,.w~, Jui- 1 . jiniiml' i
1 1814, (he property was sold under tli
c... im<* *" ?ht by the bank, notv
ii in.wly, l/i.OOO, hut (lio whole vrincii);
i- j of the bond was debited to lite accoui
f j of Real Estate. In $oi)lcmbcr, 184.'
0 I the account of Ileal Estate was ercclitc
|( with 1,(57V carried to the account i
. ; profit and loss. To . ai ds the close t
t. the same year, the bank sold the propei
l( ty for 10,00 t, and took the bond of th
n ])urchaser for that amount, with a moi l
t gage of (he property; so tlmt there \vn
9 a loss sustained cf 11,200 of the prinei
nal of l.ln1 f>i'i?rin'il iw? ;?irt.
, UV OIUL3 II Ill'l CJj
1 for several years. The bond of the pur
2 chaser of the property was made pay a
/ blc in five instalments of 2,000 each, c
, which the two which have become pay
r i able, are paid, and there is no doubt tlia
i the balance of the debt is well secured
) Among the liabilities of the bank, oi
i the 1st of June, appears nn item of 'Jiill
. ! Payable.' This item may be suppose*
t,! by some persons to be nn indication tha
lU. 1 1- i- i- - 1
, in<: uiiiiK its in a \vcai< and unsound con
1 dition, and been forced to resort to shift:
: and expedients, for the purpose of ova
? 'ling or postponing pressing demands up
on it. It is proper, therefore, tlmtthi
matter should bo explained. Most of tin
, banks in Charleston arc dealers in exchange,
and purchase bills to sell tlieni
again at a profit. This branch of theii
business consists nminly of buying bills 01
England and France, the greater part ol
which they sell again in New York,
wnereuy mey place funds there upon
which they draw and soil bills, generally
payable nt sight. But if they beconru
bill merchants, they must conform to the
natural laws which govern that as well
as every other trade, and which require
that the wishes and demand.* of buyers,
as well as those of sellers should be consulted.
It docs not always happen that
the purchaser of a bill wants one payable
at sight. A person who desire to
have funds in New York at tho e |i alion
of sixty or thirty da vs. will nnt
place thorn there much earlier, because
in the mean time he would lose the interest
on his money. He would not, therefore,
buy a bill payablejat sight, but prefer
one payable about the time at which
he desired to have his funds at Arc\v
York. And he would of course have to
pay a lo3s nricc for such a bill, because
in the meantime tho '^Jer would have
the weo of the money. There is no more
reason why a bank dealing in exchange
should not sell a time bill, thaw one payable
at sitfht, provided it can make a pro?,
i... n"
nb uy wiu imusiiciiuji, uoy cannot ol
course be sold nt as high a rate, for tho
reason which has been stated, but tho
profit may bo the same, though the
price Is less. The bill for 50,00'> which
constitutes this item was s^ld to one of
the interior Hanks. These Banks keep
funds in New York and sell chocks
drawn upon them, but as they cannot
purchase foreign bills in the interior
towns to be remitted to New YOok as
the means of placing funds there, they
must cither purchase (hem in Charles- J
ton through agents to whom they w nikl
have to pay a commission, or purchase '
bills directly upon iVe\v York from the I
I Hanks in Charleston, which they often, J
I if not generally prefer to do. Kor tills
j purpose bills suit them better thnn checks
at sight, because they must not be sup
! posed always to keep a sulliciont supply
I to meet their immediate wants, and buy
in anticipation to nviiutain the supply at
the proper level.
That this transaction did not partake
in any decree of the character of a shift
{ or experi ;nt, is apparent from the fact
that the bank hail at the time the 1 ill
was drawn, funds in Xew York to a I
much larger amount, and could with per- '
feet convenience have drawn it payable
at sight. 13uttho.se funds could also ho
used to advantage by selling checks at
i .>?,i ,,,,.-..I,r.x...v;.r? i ;n.
-I-.IU ...... J.... . .!??. ..I- W...V. .V... .^1. .
to bo sold again at a profit, and supply
the lands for nice ling- the lime hill. The
same thing is practiced by other l!;nks
which deal in exchange, and of itself fiunishes
no ground whatever for an mfavorablc
infercnco as to the condition of
the Bank.
After nn r xflminntion of the a flairs of
the Bank as thorough as time and circumstances
permitted, and they believe
quite sufficient to enable them to asccr!
tain substantially its condition, the Com.
mittee are of opinion that by a proper sys
lent of collection steadily pursued, in a
, few years, after redeeming all the other
1 liabilities of iho bank, the capital andoth,
or funds for which it. is accountable to the
i State, could be realized and put in a form
o to bo applied as the Legislature might
i, 1111111v proper. (Such a course ot pro
I, cecdiug would no doubt occasion incon
- venicnceand embarrassment to a consid
, erable, though comparalivelv small mini
;t her of persons, and a few would probabb
:> , 1(( ccmnf.llrul In,
ic , ino wnole of (heir property; but these ari
i- the natural consequences of incurring
>1 . heavy debts, and can bo nv<?Irlr>rl in n,
it , other v.'ftv than T>y indulging the debtor;
5, until it suits their convenience to pay.
d By the resolution under which th<
>f committee were appointed, they wen
>f instructed to ascertain and report, with
- out mention of names, what amount i:
e due :n each district of tho State, an 1 b\
> how many debtors in each district, silas
s sifving the debtors according to their bu
i- iiucss ana occupation. A tabular state
t mcnt of the information required by tlx
resolution is contained in the schedule
* (Q) nppended licreto.
f Respectfully submitted,
A. MAZYCK,
t Cbniimun Semite Comnvtte?
I: V. D. RICHARDSON.
w Chairman House Committee,
s
1 The following are the Resolutions offer^
ed as a comnrnmiso Imimnmi !>?
1' ? ?
and South, presented in the Senate of the
_ ITnited States 20th ult., by Mr. Clay, to
gcthurwith the remarks with which that
' Senator accompanied the Resolutions.
3 | Also the remarks of Mr. Rusk and Mr.
^ Foote, intimating objections to the 'vosoi
lutions. Messrs. King, Rcrrienand Ruti
ler also stated in very decided language
I" many objectionable features embodied in
' ' f llf- 1Ji I i/~?"o
Mr. Clay said (hat ho held in his hand
. a series of resolutions which ho desired
to submit to the body, which arc to be
taken in combination. They propose an
amicable arrangement of all the questions
now in controvcrsey between the
: free and the slave States of this Union
questions growing out of t'ie subject, of
j slavery. It whs not his intention, at thin
lime, to enter into a discussion of the res;
olulions, but he desired to submit a few
observations on each resolution, in order
to explain them fully and fairly before
i they go out to the country, and also ?
: few general observations on the state of
i the country.
Whethnr flin vnnrtln I !.. ??> -1.-11
... v..v v?v/ill(4V/ilO OJItlll UI DlIilM
not meet with the concurrence of tlie
Senate, as ho earnestly desired they
shoujd, lie begged that Senator*. would
give Home portion of their (ime'to the
consideration ?. f these, resolutions before
thoy opposed them ; he had devoted n
long (imo to the preparation of thorn,
with a view to the settlement of the diflicultie's
now existing. The rcsoultions
were pr<.codcd by a short preamble.
Mr. Clay then rend the resolutions accompanying
each with remarks. T\\oy
aro as follows:
It being desirable, for the peace and
- C ii - TT ' *
. Iuk'uj ui mc i. moil oi tiiosc l nitccl
States, to settle and adjust amicably ail
existing questions of controversy between
them, vising out of the institution
of slavery, upon a fair, equitable and just
basis, therefore
Ii( o/ved, That California with suitable
boundaries. ought, upon her application,
to bo admitted us ono of the States of this
Union, without the imposition by Congress
of any restriction in respect to the
exclusion or introduction of slavery.
/ic.solved, That, as slavery does not ex
ist by law, and is not likely to be introduced
hifo any of the Territory acquired
by the United Slates from the republic
of Mexi-o, it is inexpedient for Congress
to provide by law, either for its introduction
into, or its exclusion from, any part
of the said territory; and that appropriate
tcrrifoi i:il governments ought to be e.[tablished
by Uongress in all of the said'
Territory not assigned as the boundaries
of dtp nrnnnsof! Stidnof California. >v ith
out the adoption of any restriction or com
dition on the subject of slavery.
Rcsnh'cd, Tluw %,he Western boundary
of the State of Texas ought to be fixed
on the Rio Del Norte, commencing one
marine league from its mouth, and run
ningup that river io the Southern line of
New il/cxico; thence, with that line, Enstwardlv;
and so continuing in the ?nn*e
direction, to the line as established be!
tween the United States and Spain, excluding
any portion of New M \icr>,
whether lying on the East or West of that
i ivcr.
Resolved, That it bo proposed (o the
. Slate of Texas, tTmt the United <S'ta*cs
, will provide for the payment of all that
nortion of the letritimato and bona fide
public debt of that State contracted prior
to its annexation to the United States,
. and for which the duties on foreign imi
ports were pledged, by the said State, to
t, its creditors, not, exceeding the sum of
. *?, in consideration of the said duties,
. so pledged, lm\ing been no longer appli.
cable to that object after the said nnnexa- /
. tion, but having thenceforward become f
, payable to the United States; and upon h
?lc;o + luv ? At out
' i i- "ip"-"o iV' r. ri r>ri CM) u it
ft VXils >hall, bS'some solomn and authenr
t \ tie act of her Legislature. nr of n Pnn.
^ vcnlion, relinquish to the United States
s any claim which it has to ?iny part of Novr
J/exico,
3 Resolved, That it is inexpedient to
. abolish slavery in the District of Colum.
i bia, whilst that institution continues to
5 i exist in the Stale of .Maryland, without
r the consent of that State, without tho
. | consent of the people of the District, and
. without just compensation to the owners
. of slaves within the District.
. But resolved, That it. is expedient to
. prohibit, within the District, the slave
trade in slaves broughtintoit from States
; or places beyond the limits ot the District.
I cither to be sold therein ok merchandise,
; or to be transported to other markets
| without the District of Columbia.
Resolved, That moro effectual provision
1 ought to be mado by law, according to
. the requirement of the Constitution, fur
i the restitution and delivery of persons
i bound to service or ,V>or in any State,
1 who may escape into an}r other State or
j territory in the Union.
liesolvcd, That Congress no pow^r
to prohibit or obstruct the trade in slaves
i between the slaveholding States; but
i that the admission or exclusion of slaves
i brought, from one into another of them
1 i * %
(icpcnus exclusively upon ineir own particular
laws.
As to the first resolution: It was acknowledged
by all that there had been
some irregularity in the movements adopj
ted in California, resulting in the formation
of a constitution, and the application
on her part for admission into this Union
as a State. The course pursued was adI
mitted to he irregular. Jt was not preceded
by any act of Congress defining her
?<>.* i >?*:?
I WVU.IMCIMV. , CIO ?*??o i/iiv/ u^uai
heretofore, ./J/ichigan wae the first State
which, without being authorized by an
j act of Gongicsy, formed a constitution
i and knocked at the doors of Congress for
admission into the Union. He had opposed
that departure from the usual practice,
but the majority had decided oiherwise;.but
it must be acknowledged that
there was far greater reason for the course
pursued by California, than there was for \ ' "1
J/ichigan to do what she had done. I lap- \ *' j
pily the event of Michigan's admission \ U
into the Union had proved highly advan- \ '
*? *. ..k, i- * < . . ' ? ?
i.jjjwus, miiw whs now a owgnt suit mine \ tj
constellation, nnd she has sent here to \
mingle in our councils Senators of great \ w
ability, nnd one yparticularly of the m?st \ l!
distinguished cnamctcr, ana with whom \ u
they all might aasqgiato with pride and \
satisfaction. I
If California. be . adpiilted, too, ewm \ ,
with there irreguhui'.ioB, like Mic/j Igan, I ^i,
sho too may $end here Senators actuate k M
by patriotism and A desire to promote^ \
I t!?e good intery^tj of the country, Tho^k V
. resolution Provides for her-idmisKinn inf<? ^
tlic Union, iitlcl forms n ] art of (lie gonernl
pliii^KL |i?<l prejfluori for tlio settle* J*'
menr yc^v existing.
T<ho "feecoml irsonitron' 'jyMj^cs (wo
y '