Article Text
The South Carolina bank and trust company, of Columbia, has suspended payment. The state has $200,000 on deposit in the bank.
20041. South Carolina Bank and Trust Company (Columbia, SC)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- state
- Start Date
- July 2, 1875
- Location
- Columbia, South Carolina (34.001, -81.035)
Metadata
- Model
- gpt-5-mini
- Short Digest
10664179
Response Measures
Full suspension
Other: Receiver appointed (Comptroller-General T. C. Dunn / Controller-General Dunn).
Description
Newspapers report a heavy run precipitating suspension in early July 1875; a receiver (Comptroller-General/Controller-General T. C. Dunn or Dunn) was appointed within days (July 6), and the institution is described as a failure/closed. No evidence of reopening in the articles provided.
Events (3)
1.
July 2, 1875
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Heavy withdrawals by depositors combined with inability to collect loans; public/state deposits and rumored dishonored check precipitated run.
- Newspaper Excerpt
- the suspension ... is caused by the heavy runs by its depositors
- Source
- newspapers
2.
July 3, 1875
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Suspension attributed to heavy run by depositors and impossibility of collecting loans; large state deposits ($200,000+) exacerbated strain.
- Newspaper Excerpt
- The South Carolina Bank and Trust Company, of Columbia, has suspended payment.
- Source
- newspapers
3.
July 6, 1875
Receivership
- Newspaper Excerpt
- Controller-General Dunn, appointed receiver of the South Carolina Bank and Trust Company, has taken possession.
- Source
- newspapers
Newspaper Articles (19)
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: "Bank Suspension. CHARLESTON, S. €., July 2.-The suspension of the South Carolina Bank and Trust Company, of Columbia, is announced. Hardy Soloman, President, attributes the suspension to the heavy runs by depositors, together with the impossibility of collecting loans due the bank. The deposits in the suspended bank amount to about $200,000.
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CITY ITEMS.-Our streets presented a lively appearance, yesterday. The special term of the Court of General Sessions for Richland County will begin on Tuesday next, the 6th instant. In another column, Mr. Hardy Solomon explains why the South Carolina Bank and Trust Company has been forced to suspend. Sunday's smoking-invest your 25 cents to-night in Perry & Slawson's cigars and be happy to-morrow. S1 will get twenty-five Havana Tips. We received a visit, yesterday, from Mr. A. F. Melchers, of the Charleston Deutsche Zeitung, who is in Columbia in the interest of that journal. We publish, in another column, a card from Mr. Javan Bryant, postmaster at Spartanburg, justifying his increase of box rent, but admitting that an order from headquarters compelled him to return to the former price. Mrs. B. A. Rawls graced our desk, last evening, by placing upon it a beautiful flower of the night-blooming cerens. Its perfume is delicious and its wax-like appearance and light golden petals render it handsome beyond description. She has our thanks. We met a man, yesterday, who was glad it was so hot, and wished the thermometer would run up to 120. We thought the proposition decidedly cool, and that he was not a very nice sort of a fellow, but changed our opinion when told he was an ice man. We were visited by a welcome shower of rain yesterday and last night, accompanied by a little stormy weather. The storms we are becoming familiar with, but we began to think the rain had cut our acquaintance. However, the rain was welcome, storm or no storm.
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GENERAL NEWS. On Monday next all of the Departments at Washington will be closed, and work will be suspended at the Navy Yards. The Legislature of New Hampshire yesterday passed bills appropriating $15,000 for a stock subscription to the Centennial Exhibition, and 85000 to defray the expenses of New Hampshire at the Centennial. The South Carolina Bank and Trust Company, of Columbia, S. C., suspended yesterday. Its President, Hardy Solomon, says the suspension is caused by 11 heavy run by its depositors, and the impossibility of collecting loans due the concern. The State hasabout $200,000 deposited in the suspended bank.
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IN THE HANDS OF A RECEIVER. COLUMBIA, S. C., July 6.-Controller-General Dunn, appointed receiver of the South Carolina Bank and Trust Company, has taken possession.
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CILY ITEMS.-Read your own paperdon't borrow. Senator Robinson and Representative Wallace were in the city, yesterday. It was hot enough in the sun during the last three days for ordinary cooking purposes. Rum joke! The contennial of the battle of Brandywine will be celebrated with spirit. The holidays for the scholars of the different institutions of learning have come none too soon. Isn't it singular, but true, that straightened circumstances do not tend to make a man walk crect? There was a stampede from the guard house on Sunday-about twenty-five imprisoned dogs. They imitated sheep, in following a leader, and traveled rapidly. We were pleased to see in our streets, yesterday, the pleasant face of our architect-friend, G. T. Berg, Esq. He is on a short visit to his family and many friends in this city. The Columbians have several interesting topics of discussion-the trial of exTreasurer Parker and the bursting of the South Carolina Bank and Trust Company. The Rural Carolinian, for July, is an unusually interesting number, and will repay the farmer and planter for the small amount ($2) necessary to insure its regular receipt. Walker, Evans & Cogswell are the publishers. Comptroller-General T. C. Dunn, on application of Attorney-General Melton, has been appointed by Judge Carpenter Receiver of the suspended South Carolina Bank and Trust Company, and has entered upon his duties. The two elegant prizes obtained by the Richland Rifle Club nt Augusta, are on exhibition at the store of Messrs. R. & W. C. Swaffield. They are a silver and Bohemian glass epergne and a gold-lined silver punch bowl and ladle. The amount of postal money orders issued and received in this city for the month of Juneisshown by the following figures: Number of orders paid, 654, amounting to $9,240.49; number of orders issued, 437, amounting to $7,372.31; fees on same, $16. The following officers of Myrtle Lodge, No. 3, Knights of Pythias, were duly installed, on Monday evening, to serve for the ensuing term: C. C., Charles Newnham; V. C., A. J. Dodamend; P., J. A. Elkins; M. A., M. B. McSweeney; I. G., W. B. Miller; O. G., W. B. McDaniel; P. C., C. A. Calvo, Jr. "As the old cock crows, the young ones learn," was exemplified yesterday. The Phoenix, Jr., Hookand Ladder Company, numbering about twenty boys, neatly uniformed, paraded yesterday, and went through the usual exercisesrunning 140 yards, putting up ladders and again strapping them on the truck in 45 seconds. The Palmetto Steam Fire Company had their regular quarterly parade, yesterday afternoon. in full uniform. Their machine was hauled by four stout mules, while the members took the reel. LyBrand's Silver Cornet Band discoursed some of their best pieces, which much encouraged these faithful workers. Nathan Holton, living at Dawkins' place, a few miles from Columbia, severely cut and bruised the head of his wife, yesterday, and also broke her leg. He then left her lying upon the floor, with no assistance near, except a fouryear old boy. She had a child six months old at her breast. A warrant was issued by Trial Justice McCord for the arrost of the brute
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A Heavy Failure. The most startling piece of news during the past week is the failure of the South Carolina Bank and Trust Company, located in Culumbia, and more generally known as Hardy Solomon's bank. We have seen no estimate of its liabilities and assets, but the failure is undoubtedly on a large scale. The suspended bank has for several years been the depository of State funds, and at one time controlled nearly all the financial operations of the State Treasury. It was always a shaky concern, and was rendered important among banking institutions only from the fact that its position as the custodian of public funds afforded many advantages for speculation and money-making. It possessed none of the customary evidences of soundness and reliability, and derived its credit and respectability from none of the legitimate sources which sustain similar institutions. Always regarded with distrust and suspicion, no intelligent man can express surprise at its failure. On the 1st of March last, in a communication to the Legislature, the State Treasurer explained his want of confidence in the South Carolina Bank and Trust Company, and gave significant reasons for withdrawing the State funds from its custody. Yet, we find that the recent failure shows a balance due the State of $200,000, and it remains for Mr. Cardozo to explain the inconsistency of his conduct, when his communication to the General Assembly expressly threw discredit upon the management of this institution, and furnished the amplest ground for entertaining doubts of its solvency and safety as a depository of public funds. He distinctly charged that Hardy Solomon was guilty of illegal conduct, in refusing to honor the official checks of the State Treasurer, because he (Cardozo) refused to pay a fraudulent claim which Solomon presented. Further, after making arrangements with Mr. Solomon for the payment of the January interest on the consolidation bonds, Mr. Cardozo asserted that he failed to pay the entire amount agreed upon, although there were ample funds in his bank for the purpose. But, in the face of these emphatic declarations, the State Treasurer entrusted Mr. Solomon with more than $200,000, when confidence and security were daily and hourly weakening. Gov. Chamberlain's responsibility in this matter was immeasurably increased when his friend and favorite, Mr. Cardozo, gave explicit warning against the soundness and reliability of Solomon's bank and the excuse of the State Treasurer that there was a pernicious agreement between Mr. Solomon and various County Treasurers, by which the latter forwarded their moneys through Solemon's bank, ought to have been rendered null and void by the Governor's action in summarily dismissing such County Treasurers as failed to harmonize with the plans of Mr. Cardozo, and ensured the absolute safety of the public funds. Attorney-General Melton has applied to Judge Carpenter for the appointment of a receiver to take charge of the assets of the bank for the benefit of its creditors, and it is understood that Comptroller-General Dunn will receive the appointment. The private fortune of the principal stockholders is considered ample to cover all the liabilities of the bank. ExGov. R. K. Scott is among the heavy losers by this failure, and at one time he was a large stockholder. Private depositors were not very numerous, and many of them withdrew their funds in time. The Greenville and Columbia Railroad Company transacted some of its business through this institution, and drew a check for twelve thousand dollars on Friday last, which was the immediate cause of the suspension. The Columbia Union-Herald makes an authoritative statement that the July interest on the consolidated bonds of the State has been fully provided for, and in fact nearly all paid. One hundred thousand dollars of the funds of the broken bank, however, belongs to the interest account out of which past due coupons on the consolidated bonds are paid, and the operation of funding will be necessarily suspended until the meeting of the Legislature. - Dr. John T. Darby, the well known Columbia physician, has been invited to fill the in the University of the City of
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EATE NEWS ITEMS. -Robert Dale Owen is reported to be insane on the subject of spiritualism. -The suspension of the South Carolina Bank and Trust Company, of Columbia, is announced. -A special from Lexington, Ky., says the celebrated horse, Lexington, died on Thursday night. -Miss Nettie Strickland delivered the Fourth of July oration at Elsie, Clinton County, Mich. -The State Superintendent of Public Instruction in New Hampshire spells "sugar" with an "h." -A fire at Tulare City, Cal.; Monday, destroyed the entire business portion of the town. Loss, $120,000. -Russia alone of all the great European powers declines to participate in the Philadelphia centennial. -Boston discovers that her directory places her next to Chicago in population, Cincinnati next, and St. Louis last. -Bertha Schockeart, a little girl, was fatally burned on a sidewalk in Milwaukee on the 4th, by fire-crackers firing her clothing. -A saloon keeper in Louisiana has just been compelled to pay $1,200 damages to a woman for selling liquor to her husband. -A whole Catholic congregation, consisting of 1100 persons, at Carleton, N. B., recently took the temperance pledge together. -Since Beachmentioned the words "new trial," a dozen stealthy men, armed with shot guns, wander round the court-room with furtive glances in the direction of Tilton's counsel. -A noted gambler and thief at Rochester, N. Y., named John Clark, Friday shot two officers who attempted to arrest him for burglary. One officer will die; the other is not fatally hurt. -Philadelphia is again threatened with a scarcity of water, and her Mayor has issued a proclamation forbidding the washing of pavements, and requesting a general observance of economy in the use of water. -Mail advices state that the entire village of Meridan, Jefferson county, Nebraska, was totally destroyed by a tornado on last Saturday. Alexandria, a small town in the same county, was also badly damaged. No loss of life. -A tornado passed over Woodbine,Iowa, Sunday night. A number of residences, business houses, and other buildings were blown down and demolished. The growing crops were all more or less injured. The Chicago and Northwestern Railway Company alone had 18 miles of fence blown down. -The bankers at Bowling Green, Ky., have placed 100 needle guns in the hands of various persons in that place, together with ten rounds of ammunition each, to be used to guard the banks against the James and Younger brothers, whose appearance in the vicinity is strongly suspected. -An unparalleled feat was accomplished recently in the district of Shahabad, India. Two unarmed youths attacked a tiger of immense size, and, with the aid of some other natives who came up, strangled the beast without using any other weapon than those given them by nature. -M. Gambetta declined to accept Cassagnac's challenge to fight a duel on account of articles in the Republique Francaise. He says he cannot hold himself at the disposal of the first comer among his political adver saries, as he has other duties and re. sponsibilities to fulfill towards his party, France and the republic. -A dreadful storm commenced at Nyack, N. Y., Tuesday afternoon, with a very heavy rain and hail, a high wind and almost incessant thunder and lightning. Two men named A. Newman and Jacob Tucker, while bathing were instantly killed by lightning. Houses were unroofed and trees torn up by the roots. At 8 o'clock the storm still continues, and great damage has been done. -Four young ladies went out to bathe in the lake at Shieldsville, Rice county, on Saturday-Miss Hannah Healey and her sister younger, and Misses Sarah and Mary Smith. The Misses Healey had finished bathing and left the water, calling to the others as they went out to come with them. On reaching the shore they looked back and were horrified upon seeing that both their companions had disappeared. As they looked the hair of one was seen to come to the surface, and Miss Hannah Healey, the eldest of the two Healey girls, rushed in, and by swimming a few strokes succeeded in grasping the
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There is more money and less hardship in a good corn-field than there is in the whole Black Hills. Sir Charles Dilke is coming to America to learn Republicanfsm. Wherein he shows admirable sense. The Bostonians have decided that Pomeroy, the boy-fiend, must die on the gallows. A wholesome decision. The grand jury of the July term of the Criminal Court, of Chicago, consists of eight negroes and sixteen white men. Reports from the various cotton-growing districts of the South represent the cotton crop to be in first (rate condition. The University of Pennsylvarria has received during the past year gifts amounting to more than a million of dollars. Subscriptions for the memorial to Lord Byron in England are coming in rapidly. A large sum is expected to be raised. The subscription list opened by President MacMahon for the sufferers in the Valley of the Garonne now foots up $250,000. A Michigan editor has been sent to the penitentiary for a year and a half, and it wasn't for publishing base ball items, either. There are four parties in the field in California: Republican, Democratic People's Independent Reform, and Temperance Reform. The sailors of Milwaukee refuse to ship for the price offered in the grain trade, being $1.50 to 1.75 per day, and are on a strike for $2. The suspension of the South Carolina Bank and Trust Company, of Columbia is announced. The State Deposits amount to about $200,000. Henry Thompson, of Iowa, the man who married his stepdaughter, has been sentenced to ten years imprisonment under the laws of that state. The Indianapolis papers publish a rumor that Robert Dale Owen has gone crazy over spiritualism, and has been taken to his son's in Indiana. The New York Times contains an up and-up statement of the Beecher case in two columns, which covers all the ground from beginning to end. It is reported that there is a prospect of the Northern Pacific railroad being set on its feet again, 80 as to secure the interests of all parties concerned. Last year the arrival of immigrants in Canada were 71,000 in round numbers, of which 30,000 remained, the other 41,000 coming across the border. It is asserted that a New York cat has been taught to play on the piano by note. This is simply a diversion of the talent residing in the musical cat-gut. Tweed has failed in his endeavor to influence the Judge to quash the indictments against him, and must now expect to be GD trial for the rest of his life. Minnesota too, looks forward to prosperous times. No year, says the local papers, has there been such a bredth of grain sown as this, and never did wheat look better than at present. There are contradictory reports from the Black Hills concerning the prospect for gold there. One side says there is abundance of the precious metals; the other that there is but little. Vice-President Wilson will spend the Summer at Saratoga, where he will devote himself to drinking the waters and writing on his history of the "Rise and Fall of the Slave Power in America." The Assistant Treasurer at New York, has been instructed to sell $5,000,000 of gold during this month. If the present premium of 17 per cent. continues, the government will receive $850,000 in greenbacks as premium. Cortina has been arrested and placed under guard by Col. Manuel Parrat, of the Mexican regular cavalry. Cortina's police have been arrested, disarmed, and imprisoned. There is greal excitement in Matamoras, and trouble is anticipated. It seems that the Shah of Persia was somewhat bettered by his visit to England. He has begun paying his debts. has chastised his subordinates for maladministration, and has granted the right of petition to his subjects. The world moves. The Baltimore Gazette, a Democratic paper, finds Gov. Allen of Ohio, worth just about this much powder "Gov. Allen is not the man the people took him to be, and as far as Presidential aspirations are concerned, he is not the man he took himself to be." The Nationil Council has voted 25,000 francs to defray the expenses of the proper representation of Swiss products and industries at the Philadelphia Centennial Exhibition. Of the larger European States, Russia is the only one which has declined to encourage participation in the exhibition. The spirit of '76 emerges free, its chains of malice and hatred broken, and bids us come to Philadelphia, and as one free, and equal and independent people, unite in the grand celebration. We are, from the lights now before us, heartily in favor of accepting the invitation and cordially participating.-Selma (Ala.) Times. Speaking of the prospects of trade, the
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Plenty of Rontine Business---Little Money-Making at the Banks. New York Exchange nt Par--The Loan Market Dull. The Produce Markets Irregular.--Wheat Higher and Rye Strong. Other Grain and Provisions Weak, with Fair Shipments. FINANCIAL. The hanks had considerable clerical business to attend to, as usual, with the accumulations of mails on Monday, but they had few applications for loans to entertain. There is nothing in the course of affairs on the Board of Trade to require the employment of additional funds. The mercantile trade of the city has few requirements pending the summer dullness. ColInctions are slow, and the prospect Is not good for their speedy improvement, but this fact has not perceptibly increased the commercial loans, The manufacturing and outside demand for accommodation in at its minimum. There has been some reduction in country bank balances on account of the settlements of County Treasurers throughout the West with State Treasurors. These require the withdrawal, temporarily, of considerable sums, Rates of discount at the banks remain 3A quoted, 8 10 per cent to regular customers, and to good outside borrowers concessions of several per cent these rates, On the street rates are Gg 18 per cent, and business is quiet, New York exchange is quiet at par to 25c premium between banks for $1,000. The clearings were $1,400,000. ANOTHER WALL STREET SPECULATOR GONE. The New York gold market Was disturbed last There day by the rumor of a beavy failure, which turned out to be that of Jacob Rubino, The edort to carry $3,000,000 to $5,000,000 of gold in face of a market which declined from usy to 115% was too much for thim, and be was sold out under the rules of the Gold Room. About $2,300,000 was BO disposed of, besides large lota of Western Union and Lake Shore stock. Rubino's career was as chequered as is usual with his kind. He was onco the great and good Daniel Drew's principal broker; then he was a tender to Jay Gould, and in the days of Blschofisheim-Coklschmidt's operations in Eric Rubino was a member of the Arm of E. H. Blederman & Co., which represented them to New York. Like many other Wall street operators who have followed Drow's lead, they found him a bad guide, and their speculations in Catiton, Wabash, and Quicksilver were 80 unfortunate that the firm dissolved. THE SOUTH CAROLINA BANK AND TRUST co. or the suspension of the South Carolina Bank and Trust Contpany, a Columbia letter to the Charleston Courier BAYS: The State is in for $205,000. The assets of the bank are mail to be $100,001, Habilities, $300,000. Among the are about $130,000 due by the State to Hardy for public documents of various sizen and values, of which the I o U's of the public institutions are not a few. On the street to-day he said, in effect, "that embarrassments in carrying State papers and the public institutions Was the cause of his suspension, but that not a single private depositor should 10-p L dollar that he would pay everybody that he owed." This break these not BOARD TO affer t him personally. He 18 still rich, and runs R large commercial business. DECREASE OP EXPORTS, The statistical abstract of the foreign trade of the United States shows a decrease of $17,000,000 in the currency value of the exports of domestic produce during the first cleven months of the fircal year 1874-75, The main part of the docrease has Brisen upon the following ulue articles, all of them leading staples of export: 11 months ending May 31,
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Hardy Solomon o LOOKING INTO THE AFFAIRS OF THAT ROTTEN CONOERN. The President of this bank was was spoken of for Governor instead of and set a dead suro thing for power, up as Chamberlain, is the still laggard next State Treasurer He was no in last Governor never a the may campaign, have and deal though touched in the and indeed does not matters still there was in the opportunity bond, financial, world things for the those best who know the inside of to buy bonds at 25, 28 and 30 conts, and sell in two months at 45 and 50 cents. If the South Carolina Bauk and Trust Company did not buy bonds in this wise, it did not know its business, The State the and see cents that's ou all. dollar, cleared I don't couldn't 50 why other folks with money do likewise. Some have and are any money, those folks less did mostly now. not who have got the Jame struggle in and be. the After the people Legislature, campaign the Elliott the came Thon came in was not which Speaker. Cardoza The removed bill fight to and Dunn was elected. make South Carolina and Trust and the tional Bank the the Company public Central depositories Bank Nawas defeated by the veto, and the Board under the old law appointed five banks, two here and three in Charleston. Besides his share or some share of the public deposits, most of the county treasurers were depositing with Hardy as well as many private parties. The State owed him about $130,0000, of which there was, as far as I can ascertain, some $23,000 on the old $125,000 account still due, $36,000 for penitentiary, $10,000 for Frazee's account, for Lunatic a of State paper discounted and was had good $5,000 deal Asylum, which otherwise and he It is supthat the fight last in carrying. pose stability reasonable his Winter, bank to which the of was severely criticised, had considerably weakened his oredit in the North, and no doubt had something to do with this crash. Th PA was $205,000 of State money on deposit when the suspension was announced, some $15, 000 of county Treasurer's money and some $25,000 of private deposits. It W&P rumored that the State Treasure or would draw on him for $50,000, and that with the load of $130,000 would stagger the bank. This caused a run, and when the check for $10,000 by the Greenville and Co.. lumbia Railroad was dishonored, the bank closed its doors. Judge Carpenter yesterday, on the application of Attorney General Molton, appointed Hon. T. C. Dunn receiver, by the consent of C D. Melton, counsel for the bank. Among the assets are the fellowing : State securities $130,000 75,000 Mortgages 20,000 Due by City of Columbia 150,000 Other securities, etc. Total assets, $375,000 This is supposed by those best informed to be about the amount of the assets. The liabilities are : $205,000 State deposits 18,000 County Treasurors 30,000 Private deposits 60,000 Other debts, say $313,000 Total liabilities, say Rumor says that ex-Gov. Scott is in for some $5,500 bonds. Runion, Treasurer of Greenville, for $8,000 cash ; Weston, Treasurer Chesterfield, for $5,000, and others whose names will more fully appear in the the report of the receiver. In meanwhile, Hardy does not seem to be much hurt individually. He still has large private resources, and says he will pay every dollar he owes, but that the State will be forced to shoulder this $130,000, which he claims will offset that much of his public debt. There is a good deal behind this that the public does not yet. The grocery an immense business, suspension suspect doing be and affected is still Mr. Donaldson says will not in the least by the failure. The pub. lic effect will be to stop payment of interest on the public debt, and leave perhaps not n dollar for public officers until the Legislature meets. It will, perhaps, disturb the funding process and injure the credit of the State. It will certainly place the investigation of all this State paper, the assets of the bank, in the hands of the comptroller-general. The comp troller and his lieutenant, T. P. Cav endar, one of the Bonanza commis. sioners, have been North for the past two weeks. perhaps looking up evidence in the Parker case, and perhaps not. At any rate, they have just returned in time for this suspension, und to take some direct interest in the great trial to begin on Tuesday. Governor Chamberlain is expected here on Tuesday.-Columbia Cor News and Courier.
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The South THE South Carolina Bank and Trust Company, of Columbia, has suspended. The suspension is attributed to a heavy run of depositors, and the impossibility of collecting loans. THE revenue collector in the second district of Missouri, has recently seized several distilleries in Ozark Hills, Phelps county, and arrested Hamilton Ledbetter, Abraham Lewis, ank Ed Gentry. Collector Mallory, of the Fourth District of Texas, seized a large distillery some days ago in the woods of Harrison county, Tex., and arrested Walter and George Godfrey, the proprietors. It was a peachbrandy and whisky distillery, and had never in any way conformed with the law. A GOLDSBORO (N. C.) letter says that Geo. Applewhite, the last of the Lowrey gang, was arrested there July 1, after a desperate struggle, and lodged in jail. There is a standing reward for his body, dead or alive. A strong guard have been placed around the prison to prevent any possible attempt at a rescue. CORTINA. the Mexican insurgent, is in prison at Matamoras, and orders have been issued that he will be shot if an attempt is made to rescue him. THE governor of Kentucky has appointed Dr. Robert C. Chenault, of Richmond, Madison county, to take the place of Medical Superintendent of the First Kentucky Lunatic Asylum, made vacant by the death of Dr. Bryant. ON an official report of the New Orleans board of health, Governor Kellogg has proclaimed a ten days quarantine against the port of Key West. The health officer at the latter place officially announces the prevalance of yellow fever in an epidemic form there, and one death has already taken place. IT is said that B. Gratz Brown. who with Mr. Greeley headed the Liberal presidential ticket, is going into the newspaper business, and that he is negotiating for the purchase of the St. Louis Times. CAPTAIN EADS informs the president of the progress made in improving the mouth of the Mississippi. He says provisional works 1.000 feet long have already been constructed on the line of the last jetty, and are being pushed seaward at the rate of 200 feet daily. Two hundred mechanics are at work, and a large quantity of stone and other material is already at hand. The captain is quite sure that there will be 20 feet or more of water on the bar at the South Pass by the 1st of next February.
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We are not afraid to hear the truth But we want no spurious n palmed off upon us as genu Again we deny that such are sentiments of the South. If it be true that WO 800 no good in the and can never forgive hor how can we possibly have th contery to demand that she shal us ? With such emotions in ou how can we deny that we ar quered provinces and demand tha yokeot orpression be lifted from necks Only upon the hypothe that w.e do in the Union we demand to be treated lik States. In answer to the question abou Davis, Bob Toombs and Rapha Semmes we ask merely whethe right that B. F. Butler, Olive and Roscoe Conklin prevented from shaking bloody shirt in our faces. ( W not compare these individuals i aracter, but morely in illiborality. ould Wendell Phillips be censured standing on his native Plymout before Massachusetts youth should utter the honest convic of his heart that the people o South are ignorant, headstron bellious and winked ? To use mely adage, What is sauce fo goose is sauce for the gander. The News advises every man, what be bis opinions, to persi.t heard. They may persist i eaking, but they cannot compe ople to listen to them. Jeff Davi Semmes are great men, but thei eatness consisted in sustaining th ufederate cause when there was and not in raising a black fla their followers are all disperse 0 rejoice to say Mr. Davis made good speech the other day, show that he too is becoming recon cuoted. Such being the case W be glad to hear from him i Also from Toombs and mmes when they shall have learned the Confederacy is dead. We have nothing more to say of subject. We think tha the experience of th very few men North and South in future make unfort unat unders in speaking. In the mean we leave the public to decid tween us and our contemporary. Jomptroller General Dunn Explains. As we oriticised Comptroller Gen Dunn's connection with Hard lomen's defunct bank, we will pub the following letter written b) to the News & Courier. COLUMBIA, S. C. July 9, 1875. the Editor of the News & Courier. In your paper a few days ago an editorial in which you some comments upon my having appointed receiver of the South rolina Bank and Trust Company this city, and also of my having luenoed the governor to vote with to put more'of the State funds 01 posit with that bank previous to it spension. As I have since seet same statements repeated in the innsboro News in coarser language in impelled to depart from my rule not to contradict newspaper tements regarding my official on except as my official record of itself show the incorrectness such statements, and to request to afford me space in your colums in brief, that 80 far as the dein the South Carolina bank and company of state funds is con the first report made to me cially by that bank, after I be comptroller-general, showed a of $183,000, placed there Mr. Cardoza as state treasurer, as I am informed by his own did vote in with
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COLUMBIA, September 16, 1875. Hon. F. L. Cardozo, Treasurer of South Carolina: SIR-I have the honor to acknowledge the receipt of your communication of the 13th instant, in which you say, after careful reflection, that you have deemed it your official duty, as treasurer of South Carolina and a creditor of the South Carolina Bank and Trust company, to request me to allow you to make an investigation into the causes of the failure of that bank. I have the honor to reply, after careful reflection, that I do not recognize your official duty as treasurer of South Carolina, or your personal right as a creditor of the bank, to make the investigation you propose. If, as receiver of the bank, I am simply amenable to the court for the collection of its assets, as you are pleased to declare, and have no authority to make an investigation into the causes of its failure, as you are pleased to intimate, I am at a loss to conceive how I can confer such an authority upon you. It is proper for me to inform you, however, that, under a larger apprehension of my authority that you seem to entertain, I am making such an investigation as you would appoint yourself to make; and that, as soon as that investigation is completed, I propose to report the results to the court, for its proper action and for the information of all concerned. In the meantime it will be my duty and my pleasure to afford all the information I may have at any time to any creditor of the bank who may desire to obtain it. As the State of South Carolina is a creditor of the bank, it will be my duty and my pleasure to afford such information to any one authorized to obtain it on her behalf. At my own suggestion and your motion, the financial board, which directed a portion of the State moneys to be deposited in the bank, has already requested me to furnish it with information substantially the same as you desire to obtain; and I intend, at the earliest moment, to furnish it with such information, and with any other information it may at any time request me to furnish it with. As State treasurer, you are a member of the board, and will be possessed of all the information that may be laid before it but I am not aware of your having any right, as State treasurer, to require any information not common to the other members of the board, or to make any exclusive investigation in this particular. Nor am I aware of your being a creditor of the bank, as you allege yourself to be.
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CARDOZO AND DUNN. The following spicy correspondence between F. L. Cardozo, the State Treasurer, and Thos. C. Dunn, Comptroller General and Receiver of the South Carolina Bank and Trust Company, is published in the Columbia UnionHerald of Friday last: EXECUTIVE DEPARTMENT, OFFICE OF STATE TREASURER, ~~~ COLUMBIA, S. C., September 13, 1875. Hon. T. C. Dunn, Receiver of the South Carolina Bank and Trust Company: SIR-After careful reflection upon the conversations held with you on the 9th and 11th instant concerning the failure of the South Carolina Bank and Trust Company, I have deemed it my official duty, as treasurer of South Carolina and a creditor of the above mentioned bank, to request you to allow me to make an investigation into the causes of the failure of that bank. I do this for two reasons: First, because you are simply the receiver of that bank, and, as such, you are simply amenable to the court for the collection of the assets, and the duty of the court at present being the distribution of the money realized from these assets among the creditors through a referee; second, because I regard the failure of that bank, at the time it failed and for the amount of liabilities reported outstanding, as simply inexplicable upon any ordinary business theory. You will oblige me, and, I think, serve the public interests, by complying with this request at your earliest convenience. Very reF. L. CARDOZO, spectfully, &c., Treasurer S. C.
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An Interesting Correspondence Between Cardozo and Dunn. OFFICE OF STATE TREASURER, COLUMBIA, S. C., September 13, 1875. Hon. T. C. Dunn, Receiver of the South Carolina Bank and Trust Company: Sm-After careful reflection upon the conversations held with you on the9th and 11th instants, concerning the failure of the South Carolina bank and trust company, I have deemed it my official duty, as Treasurer of South Carolina and a creditor of the above mentioned bank, to request you to allow me to make an investigation into the causes of the failure of that bank. I do this for two reasons, viz: First, because you are simply the receiver of that bank, and, as such, you are simply amenable to the court for the collection of the assets, and the cuty of the court at present being the distribution of the money realized from these assets among the creditors through a referee; second, because I regard the failure of that bank, at the time it failed and for the amount of liabilities reported outstanding, as simply inexplicable upon any ordinary business theory. You will oblige me, and, I think, serve the public interests by complying with this request at your earliest convenience. Very respectfully, &c., F. L. CARDOZO, Treasurer S. C. COLUMBIA. September 16, 1875, Hon. F. L. Cardozo. Treasurer South Carolina: SIR-I have the honor to acknowledge the receipt of your communication of the 13th instant, in which you say, after careful reflection, that you have deemed it your duty, as Treasurer of South Carolina and a creditor of the South Carolina bank and trust company, to request me to allow you to make an investigation into the causes of the failure of that bank. I have the honor to reply, after careful reflection, that I do not recognize your official duty as Treasurer of South Carolina, or your personal right as a creditor of the bank. to make the investigation you propose. ply If, as receiver of the bank, I am amenable to the court for the collection of its assets, as you are pleased to declare, and have no authority to make an investigation into the causes of its failure, as you are pleased to intimate, I am at a loss to conceive how I can confer such an authority upon you. It is proper for me to inform you, however, that, under a larger apprehension of my authority than you seem to entertain, I am making such an investigation as you would appoint yourself to make; and that as soon as that investigation is completed, I propose to report the results to the court, for its proper action and for the information of all concerned. In the meantime it will be my duty and my pleasure to afford all the information I may have at any time to any creditor of the bank who may desire to obtain it. As the State of South Carolina is a creditor of the bank, it will be my duty and my pleasure to afford such information to any one authorized to obtain it on her behalf. At my own suggestion and on your motion, the financial board, which directed a portion of the State moneys to be deposited in the bank, has already requested me to furnish it with information substantially the same as you desire to obtain and I intend, at the earliest moment, to furnish it with such information, and with any other information it may at any time request me to furnish it with. As State Treasurer, you are a member of the board, and will be possessed of all the information that may be laid before it; but I am not aware of your having any right, as State Treasurer, to require any information not common to the other members of the board, or to make any exclusive investigation in this particular. Nor am I aware of your being a creditor of the bank, as you allege yourself to be. On the contrary, the books show that you were a debtor to the bank, and in a large amount, at the time of its failure; and Iam entirely uninformed of your having discharged your indebtedness, or any part of it, at any time since. I do not agree with you in thinking that I will serve the public interests by complying with your request. I have the honor, therefore, to decline to comply with it. Very respectfully. your obedient servant, THOS. C. DUNN, Receiver.
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COLUMBIA, September 15, 18 Hon. T. C. Dunn, Receiver of the South ( lina Bank and Trust Company: SIR-I have the honor to acknowledge receipt of your communication of this i in which you state that "after careful re tion, I do not recognize your official du Treasurer of South Carolina, or your sonal right as a creditor of the banl make the investigation you propose." You certainly are well aware, or should that I have not claimed in my commut tion any personal right as creditor of bank to make an investigation of its e tion, but based the claim distinctly 1 my official relation as Treasurer of S Carolina. The account of the bank the State stands in my name as Treasur South Carolina. I have had three separate conversation with you on the subject of the failure 0 South Carolina bank and trust comp In the first of these, held in your office the 9th inst., you stated to me distinctly you deemed it your duty simply to eo the asssets of the bank and report ther the court. I then asked you if you did intend to make an investigation into causes of the failure of the bank, and a lic statement for the benefit of the credi You replied that you did not intend to I any public statement, except your repor the court, which would be simply a S ment of the assets and liabilities and collections of the assets, but that you tended to make an investigation into causes of the failure for your own privat formation. The next conversation was held at meeting of the board of state deposits in office of his Excellency the Governor, or 11th instant, in which you stated that had fully made up your mind what duty was in the premises. At that med of the board I expressed my opinion of causes of the failure of that bank. I st that I believed that it was either a delib robbery of the State or the most crim folly, and that I was determined to make investigation, if possible; and that, if opinion: should be confirmed by the fact should immediately take such legal pro ings as may be necessary to protect the terest of the State. You stated that would not permit me to make an inves tion of the bank, but that you thought the board might ask for any informatic wanted and you would furnish it. At subsequent meeting of the board, on the instant, I offered a resolution calling i you for certain information. In the ni time I wrote you a letter, requesting t allowed to investigate the condition of bank, to which you have made the I that now lies before me, in which you that you have a larger apprehension of duties than I seem to entertain. 1 am much pleased to hear it, and congrati you upon the expansion of your views the subject since our conversation of th instant. It is perfectly immaterial to me thre whom the information I desire may c and it is only because you manifest very eager desire to give as little info
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epistolary controversy gave signs of acrimonious feeling on the part of the writers, and subsequent correspondence has brought them into a mere personal quarrel in which the public can have no interest, and by which no one can be enlightened. Cardozo seems to stand in the attitude of a personal enemy to Solomon and charges Duon with being Solomon's personal friend, which precludes him from making a fair and honest statement of the condition of the bank, and asks permission to haveaccess to the books of the concern for the purpose of making a personal examination. Dunn refuses to comply with this request, and from this point the State Treasurer and Comptroller Dunn indulge in hurling tirades of abuse at each othertermed by some persons, "dirt-throwing," in which accomplishment, we regret to perceive, both officials display remarkable proficiency. In the meantime, however, Receiver Dunn publishes a statement of the assets and liabilities of the bank, which is far from satisfactory to the State Treasurer, who with a terrible array of figures and mathematical propositious, proceeds to annihilate the modest statement of the receiver, which occupies but about twenty lines, all told. The controversy having reached this point without a ray of light being thrown out to the tax-payers as to what amount of the deficit, if any, may possibly be recovered, Mr. Hardy Soloomon, President of the bank, enters the fight, and explains what was the "pecuniary" and "valuable consideration," rendered by the State Treasurer for Solomon's interest in the Union Herald newspaper. Receiver Dunn charges that Treasurer Cardozo received from Mr. Solomon a transfer in his share of the Union-Herald without paying him any pecuniary consideration whatever while the Treasurer retorts by saying that while the stock of the paper was worthless, he was "willing to assume additional expense to rid the paper of the influence of the President of the South Carolina Bank and Trust Company." Mr. Solomon relates the transaction, in substance, as follows: Last fall, after the removal of County Treasurer Neagle, Cardozo stated to Mr. Solomon that Neagle's accounts were backward, and a settlement was to be forced. He suggested to Solomon that he purchase a large amount of consolidation bonds held by Neagle, and which would necessarily be offered at a sacrifice. Solomon not having the money wherewith to purchase, the following plan was suggested by the treasurer and adopted The former was to buy these bonds of Neagle and place the cash to his credit in the bank. Neagle was then to give Cardozo a check on the Bank and Trust Company, which was to be deposited to the State's credit, and no money thus be drawn out. Last January these bonds-purchased of Neagle by Solomon-had advanced in value to fifty cents, at which figure they were sold, and $6,000 profit realized. Half of this sum was pressed upon Cardozo by Mr. Solomon as his share but in acknowledgement of several favors ren dered the treasurer by Solomon, the former insisted on relinquishing all claims to the profits. In the meantime, however, Cardozo was trying hard to have the State deposits removed from Solomon's Bank without his knowledge, and in this fact, on discovering it, Mr. Solomon readily saw the reason for the treasurer's disinterested generosity. In his defense against impeachment, Mr. Cardozo used overy offort to break down the bank, and have the State funds removed. These deposits, amounting at that time to $187,000, were soon after reduced to $160,000. Mr. Solomon called on Governor Chamberlain, and urged the necessity for his bank holding at least $200,000, and was referred to Mr. Dunn and the treasurer. The latter, on being sought, received Mr. Solomon quite cordially-this being their first meeting since the disagreeable relations existed between them. In the course of conversation Cardozo, referring to the Neagle bonds transaction, detailed the expenses incident to his defense on the impeachment trial. He said that the State deposits in Solomon's Bank would be increased, as desired, to $200,000, and asked that Mr. Solmon would transfer to him his interest in the Union-Herald, which transfer, Cardozo said, would make everything square between them This was done in April last, during which month the deposits were increased, after which Mr. Solomon signed the transfer. SOUTH CAROLINA NEWS. - The real and personal property of Richland county is assessed at $7,324,340. - The town of Sumter is to have a street railway, which is intended to transport freight. - The residence of A. L. Solomon, of Co lumbia, was accidentally destroyed by fire on Wednesday night of last week. Loss $4,000. - Ex-Governor Scott is said to be stumping Ohio for Allen, the Democratic candidate for Governor of that State. Since the first of September, about fifteen hundred bales of cotton have been shipped from Newberry. - Mrs. Clemson, the last surviving child of John C. Calhoun, died at Fort Hill, near Pendleton, on Wednesday of last week. - According to the recent census, the town of Spartanburg has a population of 3,488. Of this number 2,333 are whites, and 1,158 blacks. - The Columbia papers of Saturday announce the serious illness of C. D. Melton, Esq. He has had several severe hemorrhages from the lungs. - Col. Martin R. Delany, who was a candidate for lieutenant-governor on the Green ticket at the last election, is writing a history of the African race.
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It is said that Mr. Hardy Solomon, of Columbia, late president of the South Carolina Bank and Trust Company, has prepared a lengthy and highly interesting statement upon financial affairs in that State, in which Chamberlain, Cardozo and others figure conspicuously. He describes in forcible terms the schemes whereby the "reformers" fleeced his bank and rendered a suspension necessary. Mr. Solomon declines to give publicity to this paper at present, but will lay it before the public during the approaching campaign if Chamberlain dares to become a candidate for re-election.