Article Text
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
Bank of the State of South Carolina (Charleston, SC)
Episode Information
- Episode UID
260034390694- Episode Type
- Suspension → Reopening
- Bank Type
- state
- Bank ID
-
26003439hash - Start Date
- October 10, 1857
- Location
- Charleston, South Carolina (32.777, -79.931)
Metadata
- Model
- gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
5e7cc67d66fcb380
Response Measures
None
Description
The bank suspended on October 10, 1857, and resumed specie payments on June 8, 1858. While other Charleston banks experienced runs during this period, the articles describe this specific bank's suspension as a policy decision related to its status as a state institution rather than a direct result of a run on its own counters.
Events (2)
1.
October 10, 1857
Suspension
- Cause
- Macro News
- Cause Details
- Suspended during the Panic of 1857; described as a strategic move due to its character as a state institution.
- Newspaper Excerpt
- Reliable intelligence from Charleston announces the suspension of the Bank of the State of South Carolina. a State institution
- Source
- newspapers
2.
June 8, 1858
Reopening
- Newspaper Excerpt
- The suspended banks, in Charleston, resumed specie payments on the 8th, the bank of the State of South Carolina leading off.
- Source
- newspapers
Newspaper Articles (12)
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Article Text
Bank Suspension at the South. AUGUSTA, Oct. 10.-Reliable telegraphic 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.
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BANK OF THE STATE OF SOUTH CAROLINA. Dispatches received in this city this morning (says the Augusta Constitutionalist, of the 10th inst.,) announce that this institution has suspended. This is, perhaps, owing to the peculiar character of the bank, which is a State institution. Its suspension should create no panie, as the State is liable for its issues, and there is no danger of ultimate loss to the bill holders. The other banks of Charleston are not injured, but rather, we imagine, relieved by this suspension of the Bank of the State, which they have had to aid and sustain, in some measure, for some time past. A large party in South Carolina have long contended that the Bank of the State should be wound up, and we hope that this will be the result of its present temporary suspension. "The Bank of the State of South Carolina," the State institution, which has suspended, must not be confounded with "The State Bank of South Carolina,' a private corporation, which, as far as We know or believe, is sound and safe. A Telegraphic dispatch from Washington, says: The nows of the suspension of the Bank of the State of South Carolina caused great surprise in this city.
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BANK OF THE STATE OF SOUTH CAROLINA. The suspension of this institution is thus noticed in the Augusta Constitutionalist: "Despatches received in this city this morning announce that this institution has suspended. This is, perhaps, owing to the peculiar character of the bank, which is a State institution. Its suspension should create no panic, as the State is liable for its issues, and there is no danger of ultimate loss to the bill-holders. The other banks of Charleston are not injured, but rather, we imagine, relieved by this suspension of the Bank of the State, which they have had to aid and sustain, in some measure, for some time past. A large party in South Carolina have long contended that the Bank of this State should be wound up, and we hope that this will be the result of its present temporary suspension. 'The Bank of the State of South Carolina,' the State institution which has suspended, must not be confounded with The State Bank of South Carolina,' a private corporation, which, as far as we know or believe, is sound and safe."
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Augusta, GA, Oct. 10.-Reliable intelligence from Charleston announces the suspension of the Bank of the State of South Carolina, C. M. Firmer, President.
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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.
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REPORTED BANK FAILURES.-It is reported, not, we believe, without foundation, that the Bank of the State of South Carolina at Charleston, as well as some two or three inferior Banks of that State, suspended on Saturday last. We have no particulars, but the fact of the stoppage of at least three of the South Carolina Banks, seems to be ascertained. The papers of that State say that the banks cannot suspend-if so, then this movement is equivalent to a failure. The Cheraw Gazette, so fond of speaking of North Carolina wildcat banks, will please take notice.
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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.
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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.
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Suspended Banks. The following is a list of suspended banks in Georgia: Union bank, at Augusta. Manufacturer's bank, at Macon, All the banks in Savannah. The following is a list of 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, Planters' and Mechanics' bank, at Charleston, Farmers' and Exchange bank, Charles. ton. People's bank, Charleston, South-western Railroad bank, Charleston.
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NO. 5. 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 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 Tallahassee, Florida.
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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.