19912. Bank of the State (Charleston, SC)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
October 10, 1857
Location
Charleston, South Carolina (32.777, -79.931)

Metadata

Model
gpt-5-mini
Short Digest
b7626f55

Response Measures

Full suspension

Other: State guaranty cited; branches mentioned (Columbia, Camden).

Description

Contemporary reports (Oct 10–15, 1857) describe a large public rush/run at the Bank of the State in Charleston which preceded its suspension (announced Oct. 10, 1857). The bank later resumed specie payments (reported June 8, 1858). Cause of the disturbances was the 1857 money panic originating in New York (macro financial shock) and consequent heavy withdrawals; articles emphasize temporary panic rather than a discrete false rumor or fraud. OCR variances corrected (e.g., dates and small typos).

Events (3)
1. October 10, 1857 Suspension
Cause
Macro News
Cause Details
Suspension triggered by pressure from demands for specie and the contagion of the money panic and interbank demands; the bank's large accommodation of local merchants and inability to convert exchange amid New York convulsions made suspension unavoidable.
Newspaper Excerpt
Reliable intelligence from Charleston announces the suspension of the Bank of the State of South Carolina, a State institution.
Source
newspapers
2. October 12, 1857 Run
Cause
Macro News
Cause Details
Public panic and heavy withdrawals driven by the wider 1857 money panic in New York and general loss of confidence; crowd rushed for redemption of small bills.
Measures
Officers prepared coin and attempted to meet demands; banks closed temporarily and then suspended specie payments.
Newspaper Excerpt
The panic spread like wildfire, and a simultaneous rush was made for Broad street ... Draymen, day laborers ... came rushing to the Bank ... clamorous for their redemption in gold or silver.
Source
newspapers
3. June 8, 1858 Reopening
Newspaper Excerpt
Thesuspended banks, in Charleston, resumed specie payments on the 8th, the bank of the State of South Carolina leading off.
Source
newspapers

Newspaper Articles (16)
1. September 30, 1857 The Lancaster Ledger Lancaster, SC
Article from The Lancaster Ledger, September 30, 1857

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The Money Panic. We see from Friday and Saturday's issues of New York and Priladelphia papers that the money panie North, which had partially subsided, is more violent than ever.A majority of the principle banks in Pennsylvania have bursted or suspended payments. This panie is not likely to reach the South or to seriously effect her. We see, however, that some important defaleations have been announced in Charleston. Mr. Miller,a Teller in the Bank of the State at Charleston, is reported as a defaulter to the amount of $20,000. A Mr. Bartless, Teller of the Railroad or South Western Bank, decamped, leaving a deficit in his ac. count of $60,000! Miller made an ineffectual attempt to commit suicide. A despateh to the Carolina Times,states that Bartless was arrested in Wilmington, N. C.

2. October 12, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 12, 1857

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AUGUSTA. On, Oct 10-PM Reliable intelhgence from Charleston announees the suspension of the Bank of the State of South Carolina. a State instituTOOP I IT

3. October 12, 1857 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, October 12, 1857

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Trancial. Njw YORK, Out 10-M The reported failure of Geo. BIi S & Co urrent in the streets yesterday proved to be untrud. The firm is one of the strong st in the city, and entertain no thought of suspension: Illinois Central Railroad and Erie Railroad have both suffered their notes to be rotested. Money depressed. Seymour & Co., paper dealers, Coit & Co., sugar dealers, J. W, Colies, dry goods, have miled. BOSTON. Oct 10Money depressed Merchants, h. wever. generally neeting their notes. No new failures. AUGUSTA. On, Oct 10-PM Reliable intelhgence from Charleston announees the suspension of the Bank of the State of South Carolina. a State institution. TOOT NEW M There was a run made this morning on the Brooklyn Savings Bank: A hurge was ngregated n at the Bank and some excit ment previded. The Police was called to preser order. The Bank is abundantly able to meet the run. There was a run on the Bowery Savings Bank. but that institution met all demands promptly. The Park Bank came out stronger claim before, BOSTON, Oct 1 -PM In consequence of delay in Western remittances and thealmost total suspension of P per negotiation here. the M. U. R. R. suspended payment until they can realize from the proposed ubeription to bonds. They will pay their coupons as usual. RICHMOND, Oct 10-P M The Governor has cansed a pro lamation prohibiting the notes of the Bank of Kanawho from being received for debts due the S ate. the Bank having failed to redeem and moved a large amount of its assets beyond the limits ot the State.

4. October 12, 1857 Evening Star Washington, DC
Article from Evening Star, October 12, 1857

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The Financial Crisis, &c. NEW YORK. October 10.-The East River Bank has suspended. BOSTON, October 10-Financial matters continue much depressed; the merchants, however, are generally meeting the payment of their notes. No new failures are announced. The evening papers of to-day represent money matters as less favorable than yesterday, but there is no apparent excitement Thestock market has again commenced to decline under orders from holders to sell at the best rates offered. Bank stocks also share in the depression, and there are far more sellersthan buyers. The principal decline to-day, how ver, was in the shares of the Merchants' Bank, which fell off three per cent., closing at 95 bid. The report of the failure of the Boston Belting Company-Tappan & McHenry agents-was in. correct, and probably originated trom the fact that they stopped their works for the periodical cleaning of the machines It is said their assets exceed their liabilities $500,000. LOUISVILLE, October 10.-The failure of A. D. Mansfield, clothing warehouse, is announced today. Mr. Smith, the proprietor of Owens's Hotel, also found it necessary to make an assignment this forenoon. HEELING, Oct. 10-The report of the failure of the Manufacturers' and Farmers' Bank of this city is entirely false. That bank had only $25,000 in circulation previous to the suspension, and are now drawing in as fast as possible. The other banks of this city are in a sound condition. RICHMOND, Oct. 10.-The Governor has issued a proclamation prohibiting the notes of the Bank of Kanawha from being received in payment for money due the State, that bank having refused to redeem its notes and removed a large amount of its assets beyond the limits of the State. AUGUSTA, Oct. 10.--Reliable telegraph news from Charleston announces the suspension of the Bank of the State of South Carolina, a State institution, of which C. M. Firman is president. NEW ORLEANS, Oct. 10.-The cotton market has further declined one cent per pound since Wednesday, and middling is freely offered at 12 cents. The total decline within the past ten days has been four and aquarter cents per pound. Sterling has also declined. and the best bills on London are nominally 93a96, or from four to seven per cent. discount. In freights there is no change, and engagements are limited. DETROIT, Oct 9.-Produce is fast accumulating at this port. Very little is going forward, on account of the derangement in currency and the uncertainty of the eastern markets. The stock of flour on hand is larger than at any previous period of this season. The receipts of flour by railroad yesterday amounted to 2,250 barrels, and of wheat to 10,000 bushels. The Michigan Central Railroad boats plying between Detroit and Buffalo will be laid up as fast as they arrive at this port. [SECOND DISPATCH.] NEW YORK, Oct. 12.-Messrs. Corning & Co., bankers, suspended on Saturday. They were large stockholders in the Southern Bank of New Orleans. Kansas Election-Conflicting Reports. Sr. LOUIS, Oct. 10-The Republican has returns from Kansas which put down the Democratic majority in Leavenworth at 244, in Atchison 63, and Doniphan 50. In Johnson county the Democrats are reported to have a large majority, and the Democrats are understood to have been successful likewise in Jefferson. In Douglas county the Republicans are said to have a majority of 1,165, and in Shawnee a majority of 350. The Legislature, according to the same authority, is certainly Democratic, while for Congress, Parrott, the Republican candidate, is alleged to have been successful. Leavenworth advices state that by the returns of the Kansas election, received up to the 8th, only heavenworth county had so far given a Democratic majority. Returns, given as authentic, give a Republican majority in six counties of over 2,000 votes. Later advices from Kansas state that Parrott, (Free State,) for Congress, has a majority of from 5,000 to 8,000. According to the estimate of the Free State men the Legislaturestands: CouncilRepublicans 9, Democrats 4; House-Republicans 24, Democrats 15. Johnson county gives a Democratic majority of 250.

5. October 14, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 14, 1857

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a Bank, of the State of South Carolina have always been regarded as among the strongest in the Union and they, no doubt, are: but they are involved un der our present commercial system, by the convulsion in New York, and the unavailability of their sterling and Northern credits. Our's are suffering, though to a less degree, from a similar entangle ment. The Bank of the State hasdisplayed a great degree of generosity in aiding. recently, the cotton dealers of Charleston, by taking freely their sterling bills, in the face of the difficulty of converting them. This brought that institution first under the unavoidable exigency of suspension. We find in the Charleston Standard the following clear statement of the manner of the embarrassment of the Charleston Banks, and their undoubted solvency. Independent of all its resources, the State it self is responsible for the entire circulation the State Bank puts forth. The Standard says: "Our crops, when sold in foreign markets, give ns credit abroad, but we have no payments, com paratively, to make abroad, and must sell our credits. therefore, where there is a market for them. This is only in New York, and our Banks therefore, to enable merchants to purchase cotton must take their bills on Europe or New York. T make their bills on Europe available they mus sell them in New York, and under ordinary circum stances the system is not productive of embarrass ment. The Banks, to fulfil their office of facilita ting the sale of produce at the South. must invest a considerable portion of their capital to that ob ject, but they can bring the specie on from New York to meet emergencies, and it is the same it effect as though the specie were at hand. But the commercial system of New York has become con vulsed. They are not able to respond to draftupon them for our money thereto our credit-they are not able to purchase our exchange on Europe and the banks at the South, therefore, though in the strongest possible condition, are liable to b crushed by the convulsions of another commercial system upon which they have happened to become dependent. The evidence of this fact will appeal from a comparison between the bank statements of the last month. and the same month in 1856. From this it will be seen that the circulation of all the banks August, 1857. was $7,625,877; ne profits on hand $1,779,113; deposits $3,059,276 making an aggregate of immediate liabilities $12. 464,266. In 1856 the circulation was $7,344,798 net profits $1,667,000; deposits $3,253,844; making an aggregate of immediate liabilities in 1856, $12. 265,642, showing an increase of liabilfties to the extent of only about $200,000. At the same time the assets were as follows in 1857 : specio, $1,252. 058: domostic exchange, 10,535,422; foreign ex change, $296,671; making an aggregate of cash as nets. $12,084,151; and in 1856, specie, $1,383,208 : domestic exchange, $7,886,222; foreign exchange $275,176; making an aggregate for that year of $9,544,608; making an increase in cash assets for 1857, of $2,540,000; and as we were abundantly easy in 1856, it cannot have happened that the pre sent embarrassments have occurred from any immediate error in our banking system. but from causes which are outside of it, and which are liable at any time to occur 80 long as the system shall continue." This system of exchange,swhich has SO complete. ly involved the South Carolina Banks, is precisely the same that embarrasses us here. Substitute tobacco for cotton in the above statement, and it would apply to our own case. Our Banks have ordinarily not less than a million of dollars of dis. counted tobacco acceptances. Under the force 01 the storm there are few tobacco houses left in New York and Boston, and it is clear that the bulk of this sum has either come back or must come back for extension or under protest. This disappoints the Banks in the most important point of their calculations. The maturing drafts they looked upon as 80 much gold to strengthen them in their position of specie payments, and to aid in the payment of the State interest, payable in New York. It was indeed a specie fund. To what extent its nonavailability may embarrass them remains to be seen. Whether they will follow the example of the very able and solvent South Carolina institutions or not, a few days must determine. Most gratifying would it indeed be to us all, if they could go through without suspension; but suspension, nevertheless, would be far preferable to a course of curtailment which must be disastrous to the business men of the city. Such a curtailment must be injurious as well to the Banks as to the people -the Banks only being strong in the proportion of the solvency of their debtors. If they can go on and give reasonable help to their debtors and

6. October 14, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 14, 1857

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Bank of the State of South Carolina Suspended, Telegraphic despatches received in this city this morning, from Charleston, announce the suspension of specie payments by "the Bank of the State of South Carolina." When we first beard this intelligence, our surprise was somewhat excited, but a moment's reflection convinced us, it was a result to have been anticipated, as among the fixed facts, unless the other Banks of Charleston sustained it. The Bank of the State, has long enjoyed a credit it was not entitled to; and being exclusively a State institution, and managed by favorites of the Legi-lature, it has been conducted by a class of politico-com mercial men, who generally used the Bank to subserve their own and their legislative friende' pur poses. In other words, they have presumed upon the credit of the Bank, to grant large accommodation loans, not to advance or promote the commercial interests of the State or city, but to sustain lame ducks and politicians. The consequence has been the Bank has been overrun with that class of business, and the result is seen in a suspension of specie payments-being the first institution in the cotton growing States to proclaim its inability to meet its engagements. Without any knowledge on the subject, we venture to express the opinion, that the other Banks in Charleston will not follow the very pernicious example set by the Bank of the State, and, therefore, that institution will be immediately wound up, a desideratum which the true friends of a sound currency in that State have long been endeavoring to accomplish. This suspension should not, we think, produce any excitement. It was, as we remarked, to have been anticipated, as a certain result of the policy and course of the institution. The true policy for the people to pursue in this crisis is, not to permit themselves to become panic stricken in reference to the sound and safe Banks.-Augusta Chronicle.

7. October 15, 1857 Yorkville Enquirer York, SC
Article from Yorkville Enquirer, October 15, 1857

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THE MONETARY PANIC. The crisis appears to be approaching nearer and nearer. Starting in New York, the panic has extended South, until our money kings have been infected with fear. The Bank of the State has been compelled to suspend specie payment. The The Special Correspondent of the Times gives the following description of the immediate effect of this news in Charleston: "The panic spread like wildfire, and a simultaneous rush was made for Broad street in the vicinity of the suspending Bank, and the crowd for a while was immense. Draymen, day laborers and others in the humbler walks of life, participated in the general excitement, and came rushing to the Bank with one, two and three dollar bills, as the case might be, and were clamorous for their redemption in gold or silver. Women, pale with fear and excitement, were seen hastening to the point of general attraction. whose whole stock of change happened to be in small Bank of the State bills. The knowing ones, among whom were the borrowers and lenders, and bank officers and big firms, and the hard-up generally, were more quiet, being affected with something like the calm serenity of despair, and gathered about in groups at the corners of the streets and about the Banks and broker's offices, conversing eagerly and earnestly in under-tones, and shaking their wise heads in a most striking and ominous manner. The more nervous and excitable were hurrying to and fro with rapid and uneasy step, with hands in their pockets up to their elbows as if feeling for redemption gold or silver assets. Every body felt interested, and the disinterested lookers on in Venice were no where to be found. The panic seized equally upon the high, the low, and the middle classes, and every other man you met. you could have sworn, from his nervous step and agitated manner, that he was a large stock-holder, and that his all, including that of his posterity, was staked upon the solvency of the suspended institution. By three o'clock, the crowd had partially dispersed, and the public pulse beat more regularly. Those who found they were not quite ruined, consented to go to dinner, and leave matters as they stood, in the hands of Providence and the proper officers. And at the present hour of writing, (six o'clock, P. M.,) every thing is quiet, and the banks will all be closed till nine o'clock on Monday morning, and of course there will be no more suspensions before that time. A panic of this kind is SO uncommon in this city that the people do not know how to take it. If such things were of more frequent occurrence, the people would bear them easier and more gracefully. The confidence of the thinking portion of the community is not shaken in the solvency of the bank, and numbers of its bills have been passed at their par value this afternoon. It will cause some temporary inconvenience, but it must soon blow over, and all will be right again And I venture to predict, although I ain neither a prophet nor a financier, that money will be cheaper by the first of January than it has been in many years." We are under no apprehensions as to the solvency of this institution. From the opposition to it on the part of private bankers it was to be expected that it would be the first to suspend. But we predict that it will likewise be the first on its feet again. We would not hesitate to take its notes at par. No other Banks in the State have as yet suspended, though there are rumors to that effect.We believe, however, they will be forced to adopt this alternative. In times of universal panic it is impossible to withstand the general run made upon the Banks, even when perfectly solvent. If we mistake not the present disturbance is the fruit of that indulgence shown to private banks, which they would now repay by pressing the favorite institution of the State for specie. But let them stand in awe likewise and look to their own solvency with fear and trembling. The panic still continues at the North, and universal suspension is looked upon as the only refuge. Every mail brings us intelligence of the failure of some firm of old standing and established character. HARPER & BROTHERS have failed. They are reported tohavea surplus of $1,000,000. No one can tell what will be the final result of this series of disasters. The first effect will be, or rather is, a virtual suspension of the sale of produce. Cotton will be held back as long as possible. Manufacturers will suspend operations. The poor hirelings will starve. The price of negroes and other property must undergo a heavy depreciation-that is-if the panic becomes general at the South.

8. October 16, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 16, 1857

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CHARLESTON BANKS.-The banks of Charleston, S. C., which had suspended up to Tuesday evening, are: Bank of the State of South Carolina, South Western Railroad Bank, Bank of South Carolina, and People's Bank. The last-wamed stopped redemption Tuesday morning, in consequence of, or on notice of, a demand for a balance of some $22,000 due one of the banks of theinterior. The Charleston Courier says: In reference to the first suspension-the Bank of the State of South Carolina-and the peculiar and prolonged character of its issues, we have but to repeat that there is an absolute guaranty of security and indemnity, under any possible and conceivable catastrophe of banking experience or development, which leaves no excuse or pretext for any fear of sacrifice on the part of bill holders. The good faith and financial integrity of the State, may suffer technically a blunder, and the penalty of subjection to banking contingencies; but the State herself, in her own proper attitude and sovereign personality is, has been, and will be, beyond and above all approach or question of contamination. The suspension referred to, has excited some surprise in quarters beyond our State limits, but we are pleased to record, that as yet, we have seen no expression or even intimation of an opinion contrary to that we have confidently reiterated. The bills of this bank, accordingly, were paid and received yesterday.

9. October 17, 1857 Weekly National Intelligencer Washington, DC
Article from Weekly National Intelligencer, October 17, 1857

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SUSPENSION IN SOUTH CAROLINA. Suspension of the Bank of the State of South Cardina. This banking institution o' the State was compelled by unavoidable circumstances to suspend this forenoon. A good deal of excitement, 01 the announcement of the fact, pervades our community. There is, however, no just cause of panic-such a panic as will induce an unnecessary run on the other banks. The liberality of this bank in accommodating the people, when neither funds nor currency could be obtained from other quarters, had so extended its discount and circulation lines that when the other banking institutions, insisting on constant discharges of balances in specie between them-an unwise and incongruous measure at this crisis-made a press upon it, its suspension becsme inevitable. The note-holders and depositors need not, however, apprehend any loss, unless in their panic they choose to sacrifice their securities. The immediate liability on bills and deposites is about a million and a half. This is but a small proportion of the assets of the bank, which are unquestionable. Its discount line of promissory notes, its bonds, its exchange, its stocks, &c., all of which are realizable in a limited period, are nearly treble those liabilities. In addition to the amplitude of the assets and the general soundness of the bank, the State stands as a guarantor of its eventual liquidation of all demands. The rumor of the suspension of other banks is unfounded. We havé reason to believe they will pay on to the last, and that need not come.- Charleston News.

10. October 19, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 19, 1857

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The Charleston Banks. The "run" and excitement which prevailed on Monday was not renewed on Tuesday to any great degree, and seemed to be subsiding gradually. We have, however, to add one name to the suspended list,-that of the People's Bank,-which stopped redemption yesterday morning, in consequence of, or notice of, a demand for a balance of some $22,000 due one of the Banks of the interior. There was, so far as we observed and witnessed, no general or excited pressure on any of the other er banks, which yet continue, however, to satisfy all claimants. We shall be pleased to note a returo of due and proper confidence, and of such a condition of affairs as may enable us calmly and impartially, to investigate the causes and responsibilities of the late revulsion in our midst, and the lessons to be derived from it. The list of suspensions for this city now stands: The Bank of the State of South Carolina, suspended Oct, 10th. South Western Railroad Bank, Oct. 12th. Bank of South Carolina Oct. 12th. Peoples' Bank, Oct. 13th. It is needless to say that the issue of the question, 80 far as it involves the renewal or continus ance of a panic, rests with the Banks, and with holders of their emissions. Unfortunately, howev. er, the evils and incidental injuries of such a state will not be confined to those previously active or interested in its promoting causes, but will be felt by all in the ramifications of business and daily traffic. Confidence, as distinguished alike from selfish distrust, and from rash presumption, is the great panacea, and we are pleased to hall any symptoms of its re-appearance. In reference to the first suspension-the Bank of the State of South Carolina, and the peculiar and prolonged character of its issues, we have but to repeat that there is an absolute guaranty of security and indemnity. under any possible and conceivable ca astrophe of banking experience or development, which leaves no excuse or pretext for any fear of sacrifice on the part of bill-holders. The good faith and financial integrity of the State may suffer technically a blunder, and the penalty of subjection to banking contingencies; but the State herself, in her own proper attitude and BOVereign personality is, has been, and will be, beyond and above all approach or question of contamination. The suspension referred to, has excited some surprise in quarters beyond our State limits, but we are pleased to record, that as yet, we have seen no expression or even intimation of an opinion contrary to that we have confidently reitersted. The bills of this bank, accordingly, were paid and received yesterday.-Charleston Courier, 14th nst.

11. October 20, 1857 The Western Democrat Charlotte, NC
Article from The Western Democrat, October 20, 1857

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The Columbia Carolinian says: In relation to the suspension of the Bank of the State, which will cause no loss to any of its bill holders, the Charleston Courier very properly recommends: "As we have before stated. the notes of the Bank of the State are secure beyond all question. Having the whole credit and the power of taxation of the State to sustain them. they are better secured than the notes of those banks in New York and else where, which have deposited dollar for dollar in stocks to secure their redemption -those stocks have to be sold at the market depreciation in order to redeem the notes, so far as the proceeds will go. Having. then, the fullest confidence in the ultimate convertibility of these notes, we would recommend them to the community as a circulation which would answer all the local purposes of trade." The Peoples' Bank at Charleston, has also suspended. Also, the Bank of Hamburg, S. C. SAVANHAH, October 15.-A meeting of the Presidents of the banks in this city was held last night, at which it was unanimously recommended to suspend specie payments. In consequence of which all the banks suspended this morning. NEW YORK, October 18.-All the banks in this city suspended specie payment yesterday. Sterling exchange is quoted at 1111. The Augusta (Ga.) Banks refused last week to take the bills of the Exchange bank of Columbia, Planters' Bank of Fairfield, and Bank of Chester, S.C. The Chester Standard says that in order to make assurance doubly sure and place the bills of the Bank of Chester above the slightest semblance of cause for doubt, the board of Directors have come out in a card pledging their several private fortunes for the redemption of the bills of the said bank."

12. October 20, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 20, 1857

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LIST OF SUSPENDED BANKS. IN GEORGIA. Georgia Railroad and Banking Company, at Augusta. Union Bank, at Augusta. Manufacturers' Bank, at Macon. All the Banks in Savannah. SUSPENDED BANKS IN SOUTH CAROLINA. Bank of the State of South Carolina, at Charleston, with branches at Columbia and Camden. Bank of South Carolina, at Charleston. Bank of Hamburg, at Hamburg. Planters' and Mechanics' Bank, at Charlestsn. Farmers' and Exchange Bank, at Charleston. People's Bank, at Charleston. South-western Railroad Bank, at Charleston. This bank, we believe, has an agency at Tallahassee, Florida.

13. October 21, 1857 Edgefield Advertiser Edgefield, SC
Article from Edgefield Advertiser, October 21, 1857

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CHARLESTON CORRESPONDENCE CHARLESTON, October 17, 1857. I am sorry to think that my very first letter from the Metropolis must be the medium of bad news in the financial world. For a week past there has been nothing talked or thought of here but Suspended Banks and depreciated Bank Bills-and such a commotion has been stirred up as Old Charleston has never had the pain of witnessing since the memorable crisis of 1837. The suspension exercises commenced on Saturday last, the Bank of the State leading the van, followed up on Monday and Tuesday by the South Western Rail Road, South Carolina and People's Banks. The panic which ensued, chiefly among those who, unrecustomed to Bank operations, naturully became suspicious of the availability of the bills of the Suspended Banks, was at once taken advantage of by the knowing ones, and notes of the Bank of the State-the very best circulating medium ex. tant,-were freely sacrificed to the rapacity of speculators, to the tune of 10 and 15 per cent discount. In such a condition of affairs, all confidence seemed to be lost for the time being. Many were afraid eith. er to receive or pay out their small bills. for fear either being unable to pass them or to obtain change in making purchases-and consequently, both buyers and sellers were brought to a stand, and many good opportunities of making sales lost. On Thursday the Planters it Mechanics" and the Farmers & Exchange' Banks followed suit. By this time, the ex. citement had subsided and a better understanding of the nature of the difficulties seemed to prevail. It was shown satisfactorily to the inexperienced in Banking science that the bills of the Bank of the State under the denomination of five dollars were not only safe and available but indispensable, as the only currency that could be immediately substituted for the want of specie. Our store keepers commenced vigorously to bid for them, and those "selling off below cost' offered to pay a premium. Meanwhile measures were set on foot to relieve the community by legislation. The Charleston Delegation held a meeting on Wednesday to talk over the matter and if possible devise some means of delivering their conetituents out of this unfortunate dilemina, but came to the conclusion to suspend their opinions for the present, and adjourned without taking any action on this subject. The impression appears to prevail that a general Suspension will set all things right and place the banks and every body on au equal footing of mutual confidence. Our gay scason slowly approaches; preparations are in progress for a brilliant winter campaign in the department of public Exhibitions and Amusements. The Theatre is to be opened shortly under the management of Mr. G. F. Marchant, with R better Stock Company than has heretofore graced the Stage in this latitude. The building bas been completely repaired and remodelled,an new furniture, scenery and decorative appliances added. The following performers constitute the Theatrical Corps: Mr. G.F. Marchant, the manager; Mr. John Dyott, as leading man, from Wallack's and Burton's Theatres: Mr. James Brown, " well known Comedian; Mr. Chippendale and Mr. Fisk, from the Broadway Theatre; Mr. J. S. Smith, from the Southern and Wostern Theatres; Mr. T. Rea, already known in this city Messrs. Harrison, Aiken, Harcourt. Deverly, Lewis, St. Clair, and others. Mrs. Marchant, Mrs. France, from the Broadway and Burton's Theatres, Miss Mary Shaw, Vocalist from Wallack's and the Southern Theatres, Miss R. France, Miss S. Haisman, Miss A. G. Moroland, Miss A. Raymond. Mrs. Ren, Mrs. Harrizon, and others. The Institute Fair opens on the 18th Novemberand during the same week, we are to have the annual Regatta and a variety of other attractive Exhibitions, which never fail to fill our city with visitors. The Steam Ship Isabel resumes her regular trips to Havana on Monday next. She has been put in fine order for sea, refitted with new boilers and extra bracing and double air-tight bulk-heads forward and aft, and thoroughly renovated .throughout.-Messrs. Mordecai & Co. are her Agents and Owners in this City. To-morrow is the regular Anniversary of our timehonored Institution, the Orphan House-the exercises have in consequence, been postponed to Thursday 22nd, an interesting programme for which is in preparation. The Commissioners have appointed Wednesday as the day for the reception of visitors who may desire to examine the arrangements and system of conducting this valuable Institute. A register is kept, in which visitors enroal their names, with their comments and suggestions. Many of these leave flattering testimony to the admirable discipline and good order prevailing in the establishment, and the intelligence and proficiency of the pupils. Our Orphan House is a favorito resort with our friends from the country and is well worth the attention of those who may now visit us. The view of the city and surrounding country from the eupola is quite picturesque and repays the fatigue of the ascent. Although one special day of the week is generally recognized as reception day, the House is never closed to strangers visiting us at other times, during such hours as will not interfere with school duties and domestic arrangeinents. Our King Street Stores are opening large choice assortments of Fall and Winter Goods. In few weeks, we will expect to welcome some of the Sons and Daughters of Old Edgefield, to our fashionable promenade, and a glance around the well filled counters in King Street will repay the troubles of shopping. Your Indies will find New and Elegant Styles of Silks and Dress Goods, comprising everything rich and beautiful for the Fall and Winter fashions,-the newest Styles of Cloaks and Mantillas-most beautiful assortments of Embroideries and Ince goods-direct importation-Hoop Skirts with all the latest enlargements and improvements, &c.-This being the season for putting down new Carpets, our importers have laid in a complete stock to suit all fancies.Planters will have a wide field for selection in our stocks of Domestics, Blankets and Negro Clothswhich have been carefully put up by experienced hands. For the accommodation of the ladies, I propose to quote weekly the prevailing retail prices of goods in King Street-with which tables of our weekly Prices Current do not furnish you.-The large dry goods establishments of Baneroft & Leman, Fogartie & Stillman, Calder Brown & Co. the Carpet Warehouses of Lambert & Howell, & Baetie, the Millinery Saloons of Mrs. Parker, Watts, McElleran, and others of equal celebrity are favorite resorts for the ladies. Fine Cloths are selling at $5 to $8-and Cassimeres at $21 to $3-French Merinos 75c to $1-Alpacas 25 to 50c. Dombazines $1 to 11. Browning advertises a large assortment of English and American Calicoos, at 61 to 121 cents, Black Silks 75c to $4-Heavy Satinetts and Kentucky Jeans 25 to 50 cents. At

14. October 24, 1857 Keowee Courier Walhalla, Pickens, SC
Article from Keowee Courier, October 24, 1857

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The Money Crisis in mingled gloom Yesterday was a time of circles of and Charleston. excitement The in run the on money the caused Bank its of sus- the State, on Saturday, the which foreshadowing of had the pension, was only On Sunday it approaching pressure. Some that had money none in time to gather. and some that had little or and the banks, became terribly frightened, the subject of were anywhere, by no means Of course silent the ou panic spread were at once. their fears. of One as or weak, two of immediately the banks began that run upon yesterday spoken morning to prepare coin for a of the other them. for They their demanded balances or a considerable togethbanks Under this demand, of an part thereof. the unmistakeable indications Bank of South er with upon them, the were comout door run and the Railroad Bauk hour in the Carolina suspend at an early tend to lespelled to of course, did not it day. This, excite ient on the contrary Large besen the to all the Banks. were and came small general, depositors the as coin, and instead. bill-holders, In this, ineager to have which still stood, were Every quite dethe banks accommodate them. presenclined to promptly met as soon as of accommand was only did this spirit ordinary busted, and not continue during the for closing modation hours but as the usual bulletins hours were postiness approached, conspienous that they each bank, announcing demand upon cil before open to meet any afternoon, and would until five keep n'clock in the until halfthem, of the People's Bank, the in the case Under this arrangement, until about past continued five. pretty freely entirely ceasrun when it almost was three o'clock, four o'clock everything banks ed. Before and the officers of the or various about the quiet, their counters wait for remained doors, having at nothing to do, but the to day and a chance closed customer. quietly, Finally all the banks which having susthe run except the two the whole stood firmly, early in the day. Upon were much pended and the run substance. the exeitement in appearance than in from all the greater amount of specie drawn $100,000, The not probably reach the banks banks did of that was drawn by remains to and part other, so that it yet made. meet from each further demands, if any are as to how not for us to speculate if all the It is of the banks can stand, make depositors long any and bill holders would it resolve be proper to for their suspend, this nor or that Bank as able can and be us to indicate meet all demands that that still resolved to Thus far, all of their and stand, presented. seem confident of their ability determination to do so. long the pressure. and panic were shall How tell. If there were any last, no cause one for cau them, or if the cause no capital good had no crop and known, if we to pay our debts-if the country somewherewith bankrupt now and depended solvency, on were in the future to restore her opinion thing we might form some definite bc. Bat as then what that future would when we as to expect to see the time now, it we never solvent than we are and shall is be more to tell when the pressure panic shall Dublin QUEENS OF FRANCE. The upon THE Magazine, commenting wives University of the royal and Imperial thirtena of the France, lives states that there are whose but memory seventy-seven on of sin. out of dark stain of sorrow statement or there An exchange, is no in snimming up the says the others, eleven were divorced nine died Of died by the executioner; widowed two seven were soon three were very young were cruelly traduced; different deexiles; three thirteen evil; the were prisoners bad in and remainder.- the heart grees of broken made up the Deins heart who buried at St denied since the Twenty time of Charlemagne, were dragthe of the grave; their remains were the insults rest from the tomb, exposed to and then ged revolutionary populace, lime. flung of the into a trouch and covered with quickLove OF Gold.--This master late pas- Ceo THE terrible illustrated in the survivsion America was disaster. One of went the to the tral bottom ors says, with "several In rolls another poor of sto!en fellows place gold he remarks: around their waists I" sorrow to say it that to M-- play I believe of his friends went below of and some there they went into the presence hands. and their Maker with cards in their arglinian.

15. October 29, 1857 Fayetteville Observer Fayetteville, TN
Article from Fayetteville Observer, October 29, 1857

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List of Suspended Banks. IN GEORGIA. Georgia Railroad and Banking Company, at Augusta. Union Bank, at Augusta. Manufacturers' Bank, at Macon. All the Banks in Savannah. SUSPENDED BANKS IN SOUTH CAROLINA. Bank of the State of South Carolina, at Charleston, with branches at Columbia and Camden. Bank of South Carolina, at Charles. ton. Bank of Hamburg, at Hamburg Planters' and Mechanics' Bank, at Charleston. Farmers' and Exchange Bank, at Charleston. People's Bank, at Charleston. South-western Railroad Bank, at Charleston. This bank, We believe, has an agency at Tallabassee, Florida. A CANDID ACKNOWLEDGMENT OF AN UNDOUBTED TRUTH-At a meeting of the proprietors and managers of the Western Railroads, held a few days ago in Columbus, Ohio, a debate arose concerning the affairs of the roads, when one of the members remarked "that the milroads of the country never could repay, if they were disposed, the debt due to the newspaper press for its powerful aid when the idea of a. railway had to be explained and popularized-the public benefitsshown, and the people induced to come forward and associate for the purpose of accemplishing the great works that now need no advocate." The same gentleman, in concluding a speech on the subject, said, "he could not forget the amount of unpaid labor performed in the infancy of railway building by the only men who could reach the popular ear and the popular heart in the most effective manner." We believe, (with the Alexandria Gazette,) that in regard to many of the railroads of the country, they owe their inception, progress, and completion, mainly to the exertions of the newspaper.

16. June 19, 1858 Keowee Courier Walhalla, Pickens, SC
Article from Keowee Courier, June 19, 1858

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Resumed. Thesuspended banks, in Charleston, resumed specie payments on the 8th, the bank of the State of South Carolina leading off. The country banks will follow, it is thought, iinmediately. This makes our bank bills, heretofore good, as current as they were before the suspension.