Historical Newspapers of South Carolina

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TUR DKMOCIIATIC TICKET. For President, HORATIO SEYMOUR, OF N. Y. For vice-President, GEN. F. P. BLAIR, OF MISSOURI. OTATE ELECTORAL TICKET. For State ai Large-J. P. Thomas, ol Richland; J. D. Kennedy, of Ker? shaw. First Congressional District-R. F. Graham, of Marion. Second Congressional District-B. H. Rutledge, of Charleston. Third Congressional District-A. C. Haskell, of Abbeville. Fourth Congressional District-E. C. MoLure, of Chester.* COLUMBIA. Saturday Morning, August 22,1868. Canvassers Appointed. Agreeably to a resolution adopted by tho recent State Convention, the following gentlemen aro appointed by the State Central Executive Com? mittee canvassers in tho interest of the Democracy: Stat.? ?-r. largo-Gabriel Cannon ana A, P. Aldrich. P^-ooi d Congressional District-j. B. Kershaw. TLiid Congressional District-D. Wyatt Aiken. Fourth Congressional District-W. D. Simpson. Canvasser for First Congressional District to be hereafter appointed. WADE HAMPTON, Chairman. Tlic Bank of the State-Its Creditors and tn? Legislature. We quote the following logical and well tempered article in reference to the "Bill to close the operations of the Bank of the State," from tho Charleston Courier, of the 20th inst., and commend it to the perusal of the General Assembly; The Judiciary Committee have re? ported favorably on the "Bill to close the operations of the Bank of tho State." Such is the announcement made yesterday by telegram, of the attempt, on the part of the so-called Legislature, in Columbia, to assail the jurisdiction of the civil courts of the country, and to seize, by uncon? stitutional and illegal legislation, the assets of the bank, which have been dedicated to the payment of its creditors, and over which even the State can have no legal control. Even if the bill should pass, it can amount to nothing. For clearly, the Legislature, as assembled at Colum? bia, would thus transcend its authori? ty and travel beyond its jurisdiction. It is, however, an evidence of tho reckless character of radical legislation and of the hazard to which, under its auspices^every private and public inter?s tfl&exposed. The bin should really be entitled "A bill to seize and appropriate tho assets of the Bank of tho State, re gardless of law and in contempt of right." Wo have heretofore published the bill, and pointed out its unconstitu? tional and absurd provisions. We propose now briefly to consider its evil design and effects. Section first authorizes and re? quires the "Governor" "to take possession of all tho real and person? al estate, assets and choses in action" of said corporation, "and soil the same at public uuction, at such timo and upon such ternis as ho shall deem most advantageous to tho State," the proceeds of said sales to "be deposit? ed in the Treasury of the State, subject to the order of tho Govern? or." And this ?3 proposed, with a full knowledge of the fact that thero is a case now pending in tho Court of Chancery, in which the very question to be legally considered and deter? mined, is, who are entitled to and are che legal owners of the assets, so summarily sought to be disposed of by this bill. And to this suit, the State of South Carolina is now, through its Attornoy-General and legal representative, a party. The State, therefore, has submitted its claims and rights in the premises to tho judgment of the court and to the olvil tribunals of the common? wealth. As a party, it can have no other for inn for the adjustment of its rights, and over matters competent for the courts, it is certain the Legis? lature can baye EC control. In this suit, thus pending, the complainants, Dabnoy, Morgan & Co., claim that thoy and the othor bill-holders are entitled to tho first preference in the distribution of the assets; while the Messrs. Baring, of London, representing tho fire loan bonds payable in Europe, and Daw and son others, representing the fire loan stock in America, claim that said assets wero "specifically pledged" for tho redemption of said bonds and stock by the Fire Loan Act of 1838, as well as by tho Act of 1805. It will thus be perceived, that in these questions foreign and domestic bond and bill-holdora, as well as the State, are concorned. They involve gravo legal questions, affeoting deep? ly both publio and private right and laith, and which have, by tho consent of all the parties, been re? ferred to the courts of the common? wealth for adjudication. It is tho merest parody on legislation, to Say that any Act of tho State, one of the parties to the suit, can deprive tho courts ot their jurisdiction, or seize for itself, and as its own assets, tho legal title to which is the very matter in judicial controversy. There is an order of the court on nie, placing these very assets under injunction until a final judgment can be rendered. And this, by the very deoree, remains of force, and is binding upon the State and all other Surfies to the cause, until the con icting claims can be adjusted and the legal rights of all determined. From this order we mako the follow? ing extract: THE STATE OF SOUTH CAROLINA CHARLESTON' DISTRICT-Di EQUITY. Between Dabney, Morgan i0 Co., and the President and Directors of the Bank of the Slate of South Carolina. The Attorney-General of the Slate of South Carolina, Baring Brothers ab Co., and others-Decretal Orders. ****** 5. It is further ordered, that to avoid multiplicity of suits and waste of the fund, until such hearing can be had, and a decree rendered in this case, all croditors of said corporation, whether bill-holders, bond-holders or claimants in any other form, are en? joined from all proceedings in law or equity, against said corporation, its property or assets, except as parties to these proceedings. 6. It is further ordered, that, in consideration of the said injunc? tion of the creditors of said corpora? tion from bringing suit against the same, tho said corporation and the said Charles M. Furman and Thomas R. Waring, aro hereby enjoined, until tho said hearing shall be had and rendered, from paying over any portion of the assets (monies deposit? ed since December, 1865, alone ex? cepted) of -said corporation, except for ourrent expenses, including coun? sel fees for conducting the defence of this suit, to any croditors of the same, unless by special order of the court, without prejudice, however, to the right of these parties to collect debts of the corporation, and to chango the form of assets in posses? sion. * * * * (Signed) J. P. CARROLL. MARCH 3, 1868. The Assembly in Columbia recog? nizes the existence of the proceed? ings in equity, in alluding to the "bills issued by ssid corporation ?that is tho bank) prior to 20th of Jccember, 1860, and which were duly filed in the Court of Equity of the State, for Charleston County, on or before tho 1st of June, 1868, in pursuance of the order of said court. Hore, then, it recognizes both tho competency and the order of the court. Yet, with strange inconsis? tency, it undertakes, in advance of the decision of the court, to declare the Stato liable for these bills, one of the very matters in controversy, de? crees that those filed shall "be fund? ed," and that tho bills not filed, shall not bo funded. Nay, further, it utterly ignores alike the claim of bill holders, bond-holders and stock? holders, both foreign and domestic, as well as the "injunction" of a court of competent jurisdiction, rendered in a causo to which the State is a party. In tho face of this very juris? diction and injunction, it attempts to pass upon tho rights of others, and with tho strong hand to seize the assets from under the very protection of tho law, and appropriate thom without either warrant or title, to its own use. It thrusts aside the Bar? ings, tho bond-holders, depositors, and all other creditors who claim the assets as their property, under tho Acts under which the loan was created. We express no opinion upon whether the bond-holders or the bill-holders have a primary lien upon the assets of the bank for the redemp? tion of their claims. It is sufficient for us to know that this is a legal question, now pending in the courts of the county, and who have, for its proper adjudication, assumed control of theso assets, and over which, therefore, tho Legislature can have no vjontrol, or pass in reference there? to any legal Act. Otherwise, every suitor may make a law of his own, and, at a single dash of tho pen, not only imperil, but destroy the rights of all others. No Legislature of intelligence would, for a moment, tolerate the presenco of such a bill. It can only be accounted for upon the ground of a reckless legislation, without inves? tigation or knowledge of tho facts. Its constitutionality could not stand the scrutiny of a court a single day. In the samo connootion, the an? nexed communication, from the Cou? rier, of a previous issue, will throw a flood of light upou the legality of the proposed measure: Bonds of the State of Georgia sell readily-7 per cent, bonds at 95 and 6 per cent, at 85 on the hundred, while bonds of the State of South Carolina have at no time since the passage of the Reconstruction Acts, brought more than 68, and this but for a short period. Both these States are negroized, and a similar uqcer . , tain fy veils their futuro. In the olden times, the credit ci theo* States was equal. Why the disparity now? There must be mismanage? ment somewhere. It was after the election of the Legislature and of State officers, bat before there had been any practical indication of the financial policy of the State, that the bonds stood at 68. A few weeks' session of the Legisla? ture has reduced these securities to but little more than 50, and a few weeks more, if the policy indicated is pursued, will reduce them still lower. I enclose, for publication, the copy of a bill entitled "a bill to close the operations of the Bank of tho State of South Carolina," introduced into tho House of Representatives on Tuesday last. I am informed that it will probably pass, and, if so, it places au extinguisher upon tho little credit left our unfortunate State. Tho proposed Act refers to certain proceedings in tho Court of Equity. Tbeso proceedings consist of a bill filed by Dabney, Morgan & Co., for themselves and others, holding bills or notes of tho Bank of tho State, asking to set aside, as "impairing the obligation of contracts," tho Act of the Legislature of 1805. appropriat? ing tho assets of tho Bank of thc State, first, to the payment of the fire loan bond-holders in Europo; second, to those in tho United States, and third, to the bill-holders, and seeks the aid of the court to reverse this preference and appropriate the assets, first, to the bill-holders and, only after payment of these in fall, to the bond-holders. Next in ordei among tho proceedings como the an? swers of the Bank, of the Attorney General of South Carolina, of Bar? ing Brothers & Co., of London representing firo loan bonds in Europe, and of Dawson and others representing firo loan stock in Ame rica. All these answers sustain th? validity of the Act of 18C5, claiming that the appropriation of assets bj that Act is equitable in itself, and ii conformity with the pledges con fained in the Fire Loan Act of 1838 Both the complainants and defend ants claim that the assets are already appropriated. Tho court, upon hear ing the pleadings, ordered tho asset in dispute to be hold by tho bani under injunction until tho rights o ? the parties could be determined. This precious bill proposes tba tho State should step in and, with i strong arm, thrust asido these con testants, seize the funds in cou tro versy, disposo of them at the disore tion of the Governor, and place then in tho Treasury. What State, going back thus to tin morals of bold Robin Hood, can ex peet to maintain credit in the moder] commercial world? So much for principle. But, prac tically, what a time to order the sal of such assets as the bank holds None of these assets will sell at par and few at as much as fifty cents oi the dollar. Without, too, tho pie; of "necessity!" for tho proceeds ar to be deposited in the Treasury, an? a "separate account" kept of th fund; withdrawing it thereby frou immediato use. See, too, the dis cretiou given to the Governor in th salo of assets to the amount o 81,000,000, at a time when stock riso and fall 20 per cent, in a day Were he as enterprising and as cor rupt as Spoons Butler, he might, i ho pleased, in a few weeks, becom almost as rich. Section 2 of tho bill adds to wha has hitherto been considered as th State debt, about $125,000,000. 1 this proceeded from an extreme sen si t i veness as - to national honor, an a scrupulous regard to good foith, i might, perhaps, in?rense public con fidenco rather than impair it. Bu upon what ground is it, that "bono and good faith" are less involved i regard to bills not "filed in tho Com of Equity, on or before 1st June 1808," than in regard to those whic have been so filed? So far as th State is concerned the obligation i tho same. The inforenco is not forced ' one, that those persons nc filing the bills they held, confide solely in tho "honor and good fait of tho State," whilo those "filing distrusted the State, and sought t subject tho assets of tho bank. Y< tho bills filed aro to bo "funded, whilo tho bills not filed aro rejectei Will it not bo suspected that "goo faith and honor" are less the induci meut than the reward of "a ring" ( speculators, who, having bought u] at a song, largo amounts of ban notes, and having hitherto co-opera ed to subject tho assets of tho bani now join to solicit the aid of tl State; to the exclusion of all sue bill-holders, as do not belong to tl "ring." I can understand (viewed from tl Republican stand-point) the diffe once made between notes issucd"pri< to 20th December, 1860," and tho: issued since, but, for my life, I ca; not perceive why a failure to "fib auch notes in a suit, seeking to sui joct bank assets, should work a fo feiture of their claim on tho Stat Even their claim on the assets is u< forfeited, for the Court of Equii would permit such defaulters to con in by partition at atty time before distribution of the fund, pinch them, except in the matter of cost on the same footing with those wi complied with the order. Is a sove eign State, in an effort to redoe "honor and good faith," to observ? a narrower tech ni cali ty than a Court of Jnstice? A $125,000,000 of in? debtedness is thns assumed by the State, and "honor" and "good faith" are not preserved. By section 3 of the bill, notes of the bank issued since secession, if filed, are, it seems, repudiated alto? gether, but, if "not filed," are made good lu discount, or set off to all claims of the bank. Here, the dis? tinction as to bills filed and not filed ia reversed. While tho bills of the new issue, if filed, are rendered worthless, those not filed are placed on a par with tho ante bellum issue not filed; or, in other words, with old issue bills, not held by any of tho "ring." Such legislation is monstrous, and would bring into discredit any white mnu's Government iu tho world. It remains to be seen whether such action on tho part of a Legislature, two-thirds negro, will be less disas? trous in its results. But, if inequality aud injustice are manifested towards the bill-holders, as among themselves, how much more is this tho case as to the bond? holders, as compared to tho bill holders? Tho bill-holders, (many of them known to be speculators, buying up said bills at eight cents on the dollar,) with tho single exception referred to, aro cared for and provision mado in their behalf. But tho Barings, who, thirty years ago, bought the bonds of tho State, bearing 5 per cent, interest, payiug in sterling exchange ninety-three cm ts to tho dollar, and the American Fire Loan Stockhold? ers, who paid for their stock in gold, at par, aro utterly iguored, in this finuncial inaster-pieco. These claim? ants of tho funds in question, are not even mentioned, or alluded to, in the bill which undertakes to dis? pose of their claims. Yet aterling coupon bonds, represented by the Barings, to the amount of ?109,000, aro past due, and tho coupons havo run ont; and, upon 8318,000 of fire loan stock, held in Am?rica, interest has accumulated for somo years. This is preserving faith with a ven? geance! The two remaining provisions of the bill aro of a piece with thoso already mentioned. Section -? repeals the Act of 1865. If the Act is with? out validity, why repeal it? The bill-holders assert that it is already "null and void." This bill would seem to admit its validity, and, therefore, proposes its repeal." Now, if the Act of 1865 is valid, tho "re? peal," we insist, will bo "null and void." If the Act has any force at all, it operates aa a statutory assign? ment of certain assets, which assign? ment has been accepted by the par? ties for whose benefit it was made, and constitutes a "contract." To repeal this Act directly, "impairs tho obligation of this contract," and can? not stand before the courts. Tho fifth section repeals the six? teenth section of thc charter of 1812. This, again, was a "contract," and tho repeal is utterly nugatory. The Oourt of Errors, at its last sitting, decided a case involving the construction of this section, and tho effect of subsequent legislation upon its operations at this time, and came to tho conclusion that the notes of tho bank now outstanding were not a good tender in payment of taxes. An appeal has been taken to the Su? premo Court of the United States, and the case is now on tho docket of that court. Tho proposed legislation seems to assume that tho Court of Errors were wrong, and that tho re? peal of . the Act was necessary to got rid. of the obligation of tho State to receive these notes in payment of dues to the State. The caso of Frap nell vs. Woodruff, in the matter of the Bank of Arkansas, 10 Howard, is decisive of the incompetency of the State to effect such a result by a "repeal" of tho Act. Such a repeal, as deoided by that caso, becomes simply a futile attempt by tho Legis? lature of a State to violate tho Con? stitution of the United States in "impairing tho obligation of a con? tract," and will bo disregarded by tho Supreme Court of tho United States. May wo not hopo that tho State will yet be saved from tho folly and disgrace of placing this crude, if not corrupt, conception on the statute book. Tho writer, though without the privileges of a citizen, is a nativo of tho State, st ill rosides in it, and must share its fortunes. Ho is the more nlivo to the enormities of this bill, from the fact that ho is AN OLD MEMBER OF TUE BAU. Tho slave trade is qaid to be still carried on between tho Caucasus and the Turkish ports. What is more surprising, is information by a late foreign mail that this traffic exists under the British Government in India. A letter from a Brahmin in one of the native Indian papers, gives nn account of a sale of girls, of from ten to thirteen years of age, at a bazaar near Calcutta. Tho prices varied according to the ago and beauty of the children. An exchange of daughters was taking place in another part of the bazaar. The writer says ho could scarcely believe he was living nnder the British Go? vernment, and implores the editor to direct the attention of the officials to the matter, and save many Brahmin families from perdition. THE LEaiSLr.?^ivE. PROCEEDINGS OF THF. FOBTIETTI DAT. HOUSE OF REPRESENTATIVES. COLUMBIA, August 21.-The Com ruitteo on Railroads made favorable reports on the billet to grant a charter to tho Chatham Railway Company, and to amend the charter of the Cho raw and Coalfields Railroad. The Committeo on County Offices and Officers made a favorablo report on the bill to fix tho official bonds of County officers. McIntyre offered a resolution, pro? viding that the Secretary of State, the State Treasurer, the Comptroller General and tho Attorney-General shall constitute a Board of Canvas? sers to inspect nil returns made by managers in all State elections, and to decido who nro entitled thereunder to the offices voted for. Referred to the Committee ou Privileges and Elections. A joint resolution, providing for the appointment of a committee to inquire and report upou a plan for the establishment of a School of Re? formation for juvenile offenders, was referred to the Committeo on Educa? tion. Stoeber, on behalf of the Special Committee appointed for that pur? pose, reported that the instructions of the House had been complied with, tho Governor had been con? sulted, and had expressed his deter? mination to have the amendments to the rules of the Penitentiary made, as suggested by tho committee. Tho bill to authorize a loan for the redemption of bills receivable, and a bill to authorize a State loan to pay the interest on the public debt, were each passed by votes of 95 ayes to 12 nays; the Democrats, including the colored man, R. M. Valentine, voting solidly in the negative. The Committee of Ways and Means reported back the bill to pro? vide for the payment of the per diem aud mileage of the members, with an amendment, that such an nmonnt of the same, up to August 20, shall be paid as ho may determine. This report occasioned a debate of three hours, and after a great many speeches on this very interesting sub? ject, some forty odd motions of every character, and scenes of hopeless conf asion and wrangling, an adjourn? ment was made, pending a motion to postpone indefinitely the section pro? viding that tho pay should be in bills receivable at their par value or United States currency. SENATE. Whittemore, from the Committee on Finance, reported back the tax bill, with au unimportant amend? ment. He also reported favorably on the resolution to appoint a Joint Com? mittee to investigate the affairs of the Bank of tho State. Ordered for consideration to-morrow. Tho bill to incorporate the Homo Insurance Company, of Charleston, was re-committed, with instructions to amend so as to require one-half in? stead of one-fourth of the capital stock to be paid in before the com? pany shall ho authorized to com? mence business. Several motions to take up bills, out of their regular order, failed. The favorable report of tho Com? mittee on Printing, on the House resolution to pay J. W. Denny, State Printer, $1,000 on account, was con? curred in aud ordered to bo returned to the House. The bill to prevent discriminations between persons by those carrying on business under license, on account of race, color or previous condition, was taken up for the socond reading. Sundry motious wore made in refer? ence to it and, pending a motion to refer it to the Judiciary Committee, tho Senate adjourned. A BATCH OF VETOES.-The Talla? hassee Sentinel, of the 13th inst., publishes a string of six veto mes? sages from carpet-bag Gov. Reed. There was a choice between carpet? baggers in tho election of Governor of Florida. It was perhaps accident? al, but it seems the best man of the two was elected: 1. Veto of a Common Carrier Bill, which was an attempt to mix colors in cars and steamboats. 2. An Act to incorporate the Flo? rida Exohango Bank, vetoed because of the existence of a general law of incorporation. 3. A resolution about the payment of legislators, &o. 4. An Act to provide for a code of practice 194 pages long, and reached the Governor a few hours before ad? journment. 5. A Bill to regulate tho fees of officers, which swellod the cost of radical administration toon enormous amount. 6. Radical charter bill. Bridge buildiug was one of the arts bronght to the greatest stato of per? fection during the late war. Gen. McCalinm states that the Rappahan nock river bridge, 625 feet long and 35 feet high, was rebuilt in nineteen working hours; Potomac oreek bridge, 414 feet long and 82 feet high, in forty working hours; Chattahoochee bridge, 780 feet long and 92 feet high, in four and a half days; that betweeu Tunnel Hill and Resoca, 25 milos of permanent way and 230 feet of bridges, were constructed in seven and a half days,.and near Big Shan? ty, 35 miles of permanent way and 455 feet of bridges in thirteen days. pro..*.-? nnnMwiWLivnw Iiooal Items. Turtle soup for lunch, to-dny, at the Pollock House. Tho store of Mr. P. Fahay, corner Sumter and Pendleton streets, was entered, on Thursday night, and robbed of a watch and several other articles. Give some of these depre? dators a ball or two, and it will have an excellent effect. H. M. Hobbins, Esq., of tho Na (ional Intelligencer, Washington City, paid us a brief visit yesterday. The proprietors of that sterling old De? mocratic journal are publishing a weekly compaign paper, at tho low rato of fifty couts for four months. Forward subscriptions. Mr. Bob? bins is domiciled at National Hotel. "COULD I BUT STAND WHERE MOSES STOOD, AND VIEW THE PROS? PECT O'EK."-Wc learn, upon un? doubted authority, that a subscrip? tion list is being freely circulated in this oity, for the purpose of present? ing tho Speaker of the House of (mis) Representatives with an ear trumpet and a pair of gold eye? glasses, in order to enable him to hear and seo tho Democratic mem? bers of that body. We cordially ap? prove of tho plan, and will cheerfully contribute our share in Confederate currency, to which ho was so ranch attached at one time, because we have been painfully impressed, dur? ing the whole session, with the phy? sical infirmities which have occa? sioned tho initiation of this step on tho part of our fellow-citizens. We suggest that the trumpet be adorned with an engraving of Fort Sumter, and inscribed with a paraphase of the old hymn, "Could I bat stand," &c. _ THE COLORED DEMOCRAT IN THE LEGISLATURE.-B. M. "Valentine, of Abbeville, the only colored Democrat in the so-called Legislature of this State, deserves the commendation and substantial support of every man in South Carolina, who is opposed to the radical party. His course has been carefully scrutinized by us since he first took his Beat as a membor of the House, and on all occasions he has proven himself, not only worthy of confidence, but eminently deserv? ing of consideration for the moral heroism he has displayed. Every argument which the radicals could commend have been whispered in his oar, to convince him that he was antagonizing himself to the interests of his race; and when these failed, threats, scoffs and jeers have been unavailingly employed to dragoon him into their ranks. Amidst all these temptations he bas remained firm and true to his first love; and to the people who appreciate his con? sistency, and who, when the day of their restoration to power returns, will reward him for his noble services in the causo of justice and truth. Aois APPROVED.-Governor Scott, yesterday, returned to the Legisla? ture the following Acts, with his ap? proval: "An Act to provide a Private Secre? tary for the Governor." "An Act to make appropriations for the payment of the expenses of tho Legislature, and to meet defi? ciencies in the appropriations for the fiscal year commencing October 1, 1867, made by General Orders No. , 139, dated December 5. 1867." "An Act to provide for the record? ing of certificates of sale issued to ; purchasers of laud sold undor direc? tion and by authority of the United States' Direct Tax Commissionorn in Beaufort County.'' "An Act to regulato appeals and writs of error to the Supreme Coart." It is exceedingly bad husbandry to harrow up tho feelings of your wife, to rake up old quarrels, to hoe a grudge, and to sow discord. MAIL ARRANGEMENTS.-The post, office open during the week from 8% a. m. to 7 p. m. On Sundays, from .J to o p. m. The Charleston and Western mails are open for delivery at4}? p. m., and close at 8^3 p. m. Charleston night mail open 8}-? a. m., dose 4,"? p. m. Northern-Open for delivery ut 8JJ a. m., closes at 2.45 p. m. Groen ville-Open for delivery b"% p. m., doses at 8j? p. m. NEW ADVERTISEMENTS.-Special at tention is called to tho following ad? vertisements, published for tho first time this morning: A. C. Moore-Tribute of Respect. Trotting Match on Tuesday. Charlotte and Sonth Carolina R. R. Wm. McGninnis-Bankrnptoy.