Bank of Hamburg (Hamburg, SC)

Episode Information

Episode UID
3699512090694
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
369951209 hash
Start Date
October 14, 1857
Location
Hamburg, South Carolina (33.480, -81.958)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b3a56c0ceac205df

Response Measures

None

Events (2)
1. October 14, 1857 Suspension
Cause
Macro News
Cause Details
Part of the broad monetary panic of October 1857 that led many Southern banks to suspend specie payments.
Newspaper Excerpt
BANK OF HAMBURG, S. C., SUSPENDED.-This Bank suspended on Wednesday last, just before the close of banking hours.
Source
newspapers
2. June 4, 1858 Reopening
Newspaper Excerpt
The Bank of Hamburg resumed specie payment on the same day. It has, we understand, been prepared to resume for some time, but was awaiting the action of the other suspended Banks.
Source
newspapers

Newspaper Articles (13)
1. 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.

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

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THE MONETARY PANIC. BANK OF HAMBURG, S. C., SUSPENDED.-This Bank suspended on Wednesday last, just before the close of banking hours. It has always stood high in the public confidence, and we doubt not its ultimate solvency. NEW YORK, October 14.-Agreeably to the resolutions passed last night by the banks, all those that held out yesterday suspended specie payment this morning. Thus, general suspension exists. What will be done, or how the banks will escape the restrictive clause of the State Constitution, and avoid going into liquidation, is not yet known. Matters at present, as regards exchanges, currency, &c., are very much unsettied. The money market, however, is considered easier, and it is thought the crisis has passed. Stocks on the street are affected at lower rates, and with greater ease. No failures of moment reported to-day. Business is improving-some time must elapse before they will become settled. BOSTON, October 14.-The banks of this city have all agreed to suspend specie payments. It is believed suspension will be general, not only throughout Massachusetts but the entire New England States. There is more case in the money market; confidence is being restored, and business improving. TRENTON, N. J., October 14.-The banks here have all suspended. There is no excitement. ALBANY, October 14.-The banks of this city have all resolved on an immediate suspension. They will take the notes of all the country banks at par. THE SUSPENSION IN New YORK.-A private despatch received in Charleston says that evething in New York is better for the suspension, and another despateh says that the banks are continuing their business as usual.

3. October 23, 1857 Wilmington Journal Wilmington, NC
Article from Wilmington Journal, October 23, 1857

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We see by the papers from the South by this m orning's mail, that several of the Banks of Georgia have followed in the wake of a large number of other Southern Banks. Those mentioned are, the "Union Bank" of Augusta, the "Manufacturers' Bank" in Macon. Public meetings had been held in Augusta and Savannah, requesting the banks to suspend. The Bank of Hamburg, (S. C.,) has also suspended. In the Northern and Western States'the suspensions are so numerous that we had as well sum them all up in a lump. Everything in the shape of a bank seems to be in a state of suspension. So we go-one day up-next day down. This is a great age. The Bank of Louisiana has suspended. It is no use in mentioning names any longer-we had as well give up the ship at once, and tell the truth as we verily believe it is. The whole country is in a state of suspension We have a strong notion of following suit, and don't know but we would do so, were it not that our customers will keep poking the paper bullets. at us. We can't help taking them. Somehow we have a sort of propensity to take anything and everything we can get that will pay as we go. Bring the nasty things ni, gentlemen--don't stop because the Banks have set the example. We have not concluded to suspend receipting our bills to our customers for any Bank bills that are not counterfeit. Bring them to us-we want them at par-we are not afraid.-Daily Journal, 16th inst.

4. October 24, 1857 The Winchester Home Journal Winchester, TN
Article from The Winchester Home Journal, October 24, 1857

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Article Text

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.

5. 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.

6. November 4, 1857 Edgefield Advertiser Edgefield, SC
Article from Edgefield Advertiser, November 4, 1857

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BANKS IN SOUTH CAROLINA. We copy the following from the Columbia South Carolinian, of the 30th instant: COMPTROLLER GENERAL'S OFFICE, } Columbia, Oct. 28th, 1857. Messrs Editors: Allow me the use of your columns to answer the numerous inquiries made of me as to the banks in this State that have suspended specie payments, and those that still continue to pay coin for their bills, viz: Suspended Banks.-Bank of the State of South Carolina, Branch Bank of the State at Columbia. Branch Bank of the State at Camden, SouthWestern Railroad Bank, Planters' and Mechanics' Bank, Bank of South Carolina, Bank of Hamburg, Bank of Newberry, Exchange Bank of Columbia, People's Bank of Charleston. Banks Paying Specie.-Union Bank of Charleston, State Bank of South Carolina, Bank of Charleston, Commercial Bank of Columbia, Planters Bank of Fairfield, Merchants' Bank of Cheraw, Bank of Chester, Bank of Camden, Bank of Georgetown. Eleven of our banks have suspended. Nine of them still continue to redeem their notes in specie. Many mis-statements have been made. The above is reliable as reported to this office. Other papers will perhaps do the public a service by giving this communication an insertion in their columns. As tothe solvency of our Banks, there is not one of them but have assets abundantly sufficient to meet their liabilities. Very respectfully, your obedient servant, J. D. ASHMORE, Comptroller General.,

7. November 5, 1857 The Abbeville Banner Abbeville, SC
Article from The Abbeville Banner, November 5, 1857

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COMPEROLLER GENERAL'S OFFICE, I Columbia Oct. 18, 1857. 5 Messrs. Editors:-Allow 1:1- the use of your columns to answer the numerous inquiries made of me as to the banks in this State that have suspended specie payments. and those that still continue to pay coin for their bills, viz: SUSPENDED Baxs.-Bank of the State of Soath Carolina, Branch Bank of the State at Columbia, Branch Bank of the State at Canden, South-western Railroad Bank, Planters and Mr. chanies' Bank. Bank of South Carolina, Farmers' and Exchange Bank of Charleston, Bank of Ham burg, Bank of Newberry, Exchange Bank of Columbia, People's Bank of Charleston. BANKS PAYING SPECIE-Union Bank of Charleston, State Bank of South Carolina, Bank of Charleston, Commercial Bank of Columbia, Planters' Bank of Fairfield, Merchants' Bank of Cheraw, Bank of Chester, Bank of Camden, Bank of Georgetown. Eleven of our banks have suspended. Nine of them still continue to redeem their notes in specie. Many mis-statements have been made.The above is reliable as reported to this office.Other papers will perhaps do the public a service by giving this communication an insertion in their papers. As to the solveney of our banks, there is not one of them but have assets abundantly sufficient to meet their liabilities. Very respectfully, Your obt seri, J. D. ASHMORE, Compt'r Gen'l. Carolinian

8. November 7, 1857 Keowee Courier Walhalla, Pickens, SC
Article from Keowee Courier, November 7, 1857

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Article Text

The Banks. Col. J. D. ASHMORE, the Comptroller General, gives, in his official capacity, the condition of the banks of this State, as follows: SUSPENDED BANKS.-Bank of the State of South Carolina, Branch Bank of the State at Columbia, Branch Bank of the State at Camden, South Western Railroad Bank, Planters and Mechanics' Bank, Bank of South Carolina, Farmers' and Exchange Bank of Charleston, Bank of Hamburg, Bank of Newberry, Exchange Bank of Columbia, People's Bank of Charleston, Planters' Bank of Fairfield. BANKS PAYING SPECIE.-Union Bank of Charleston, Strte Bank of South Carolina, Bank of Charleston, Commercial Bank of Columbia, Merchants' Bank of Cheraw, Bank of town. Chester, Bank of Camdon, Bank of GeorgeThe bills of the suspended banks are as current as those of the others, and are just as good.

9. November 10, 1857 Arkansas True Democrat Little Rock, AR
Article from Arkansas True Democrat, November 10, 1857

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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.

10. November 19, 1857 Fayetteville Observer Fayetteville, TN
Article from Fayetteville Observer, November 19, 1857

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Article Text

South Carolina Banks. SUSPENDED BANKS.-Bank of the State of South Carolina, Branch Bank of the State at Columbia, Branch Bank of the State at Camden, Southwestern Railroad Bank, Planters and Mechanic's Bank, Bank of South Carolina, Farmer's and Exchange Bank of Charleston, Bank of Hamburg, Bank of Newberry, Exchange Bank of Columbia, People's Bank of Charleston. BANKS PAYING SPECIE.-Union Bank of Charleston, State Bank of South Carolina, Bank of Charleston, Commercial Bank of Columbia, Planter's Bank of Fairfield, Merchant's Bank of Cheraw, Bank of Chester, Bank of Camden, Bank ofGeorgetown

11. June 16, 1858 Edgefield Advertiser Edgefield, SC
Article from Edgefield Advertiser, June 16, 1858

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RESUMPTION OF THE SOUTH CAROLINA BANKS. "The suspended Banks of this city," says the Charleston Evening News of the 8th inst., "quietly resumed specie payment this morning. "The notos of the suspended country Banks are now and will be redeemed by their correspondent Banks here, which makes the resumption general throughout the State. "This wise anticipatory movement was at the instance of the Bank of the State of South Carolina, the private Banks promptly concurring. "No pressure or run is anticipated. The quantity of specie in the vaults of our Banks never was S0 great, and more is daily expected. The circulation of Bank notes never was in proportion inore limited, and being wanted for currency will not return. In a few days, from present appearances, coin and exchange will be at a drug in our market." The Bank of Hamburg resumed specie payment on the same day. It has, we understand, been prepared to resume for some time, but was awaiting the action of the other suspended Banks.

12. June 16, 1858 The Lancaster Ledger Lancaster, SC
Article from The Lancaster Ledger, June 16, 1858

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Bank Resumption. We learn from the Charleston Evening News that the banks of that city quietly resumed specie payment on Tuesday 4th inst. The Bank of Hamburg has also resumed. The News says: "The notes of the suspended country banks are now and will be redeemed by their correspondent banks here, which makes the resumption general throughout the State. This wise and anticipatory movement was at the instance of the Bank of the State of South Carolina, the private banks prompts ly concurring. No presaure or run is anticipated. The quantity of specie in the vaults of our banks never was 80 great, and more is daily expeeted. The circulation of bank notes never was in proportion more limited, and be. ing wanted for eurrency will not return.-In a few days, from present appearances, coin and exchange will be at a drug in our market."

13. June 16, 1858 The Lancaster Ledger Lancaster, SC
Article from The Lancaster Ledger, June 16, 1858

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Bank Resumption. We learn from the Charleston Evening News that the banks of that city quietly resumed specie payment on Tuesday 4th inst. The Bank of Hamburg has also resumed. The News says: "The notes of the suspended country banks are now and will be redeemed by their correspondent banks here, which makes the resumption general throughout the State. This wise and anticipatory mov ement was at the instance of the Bank of the State of South Carolina, the private banks prompts ly concurring. No presaure or run is anticipated. The quantity of specie in the vaults of our banks never was so great, and more is daily expected. The circulation of bank notes never was in proportion more limited, and be. ing wanted for eurrency will not return.-In a few days, from present appearances, coin and exchange will be at a drug in our market."