Article Text
SOUTH CAROLINA BANKS.-The Charleston Courier, of Friday, adds two more to the list of suspended banks in thatcity, viz: the Planters' and Mechanies' and the Farmers' and Exchange.
Farmers & Exchange Bank (Charleston, SC)
Episode Information
- Episode UID
7709488590694- Episode Type
- Suspension β Closure
- Bank Type
- state
- Bank ID
-
770948859hash - Start Date
- October 15, 1857
- Location
- Charleston, South Carolina (32.777, -79.931)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
086a65c2ea12c263
Response Measures
None
Description
Sources show a coordinated suspension during the Oct 1857 panic; later status (reopening vs permanent closure) not provided here.
Events (1)
1.
October 15, 1857
Suspension
- Cause
- Macro News
- Cause Details
- Suspended during the widespread financial panic of October 1857 and concurrent city runs and interbank strains (citywide suspension recommended).
- Newspaper Excerpt
- the Planters and Mechanies, and the Farmers and Exchange Bank suspended this morning.
- Source
- newspapers
Newspaper Articles (10)
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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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that any of the other Banks in Charleston would SO soon follow them. But our anticipations have not been realized. Yesterday the run of the previous day was followed up, and just as the tide commeneed, the Peoples' Bank was compelled to yield to the pressure and suspend. The immediate cause was a draft upon it by the Bank of Newberry for $22,000 in specie. The former Bank was the Charleston agent of the latter, and the balance in favor of the Newberry Bank was the above amount. As the People's Bank had received no intimation that the Bank of Newberry intended to draw its balance in specie-that was not one of the contingencies calculated on in the effort to stand up against the city run upon it. Finding itself unable to meet this sudden demand and also the constant daily demand which was present and pressing, it immediately suspended, and the balance to the Bank of Newberry remained unpaid. After this, the run upon the other Banks continued they paying every demand for specie, and keeping open for that purpose until a late hour in the afternoon. [Charleston Standard. CHARLESTON, Oct. 15.-The Planters and Mechanies, and the Farmers and Exchange Bank suspended this morning. Savannah, Oct. 15.-The Presidents of the Banks here met last night and held a consultation on the propriety of a general suspension, which was unanimously recommended. All the Banks have positively suspended this morning in Savannah, and the citizens are agreed thereto. NEW YORK, Oct. 15.-All the Banks of this city, after a thorough consultation decided upon suspension, which measure was carried into effect syeΕ‘terday. Sterling exchange has advanced to 1111. CHARLESTON, Oct. 15.-Sales of cotton tru-day, 1,500 bales at 101 to 12. A "BLEEDING" PHILANTHROPIST.-A parti-colored convention met at Syracuse on Wednesday last, consisting of colored and white politicians of the Gerrit Smith and Freinont school, at which the former gΓ©ntleman figured. After discussing the policy of compensated emancipation, in which Mr. Smith favored and Frederick Douglas opposed the plan, the question of finance came up and this elicited a discussion, in which the philanthropist of Peterboro' stated that he had paid money for Kansas till he was tired, and he did not know where it had gone, nor what good it had done. He said (according to the Courier's report) he had done "bleeding" to the Society. It had cost him over $5,000, whereas the Society had only raised 81,500. He said it was "riding a free horse to death," and he would no longer stand it; that he had got note after note last full for the purpose of raising funds for Kansas, and he didn't know where it had gone, and he didn't 800 that the Society was any botter for it. He said, in conclusion, he had done. The Society must help themselves, that he was tired, disgusted, and needed sleep, and if there was no other question before the house, he would declare the Convention Atlas. adjourned sine die.-Albany INTEMPERANCE is a habit that is almost certain to result in failure. Evon the mederate use of alcoholic stimulate to the man whose business requires a clear intel lect and constant prudence, is attended with danger. it clouds the perception, and creates a feeling of boldness and recklessness, that may, in a moment, thwart the best laid plan of years. The business man who indulges at all in artificial stimulants. can I
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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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BANK MEETING. CHARLESTON, Oct. 20, 1857. A meeting was held at the Planters' and Mechanics' Bank, at which the following banks were represented, viz: The Bank of the State of South Carolina, the South-Western Railroad Bank, the People's Bank, the Farmers' and Exchange Bank, the Bank of South Carolina, and the Planters' and Mechanics'. The following preamble and resolutions were submitted to the meeting and adopted-the Bank of South Carolina dissenting: The suspension of the Banks here represented had become a matter of the greatest expediency, as well as of necessity. as the only means by which they could extend to their customers and the community that aid which was necessary to save them from the certain results of a further effort to maintain specie payments. That as a means by which we may be able to discount busi11882 paper and purchase produce exchange, a proper arrangement for the settlement of balances between the suspended banks is now essential; therefore, Resolved, That all the non-specie paying banks agree to take in payments for all dues to them and on deposit from their customers the issues of each other. Resolved, That settlements shall be made on the Wednesday morning of each week. Each Bank shall send in by that time all bills or checks which they may hold; that after such an exchange, any balance arising in favor of either to the extent of $5,000, shall lie over until the following Wednesday; that any balance over $5,000 shall be settled by credit in a book, payable the following Wednesday, and bearing interest at the rate of 5 P cent P annum. 2d. And will also receive, for dues to them and on deposit from customers, the issues of such of the country Banks of the State as shall be redeemable in city notes. on demand, at some place in this city. And also the issues of such of the Banks of Augusta and Savannah, Georgia, as may, from time to time, be considered satisfactory. Sd. And should it, at any time hereafter, be deemed inexpedient by any one or more of the Banks to take on deposit and receive, as aforesaid, the issues of any of the Banks, then notice shall be at once given to all the Banks that have assented to this arrangement. Resolved, That the Banks here represented pledge themselves to abide by the article in the Charter of the Planters' and Mechanics' Bank, which says: SECTION 5. It shall not be lawful for the said Bank, except in settlements with other Banks, to pay or deliver out in pay. ment, or satisfaction of any demand upon it, or by way of loan or discount, any bill, note, check, or other paper of any other Bank. And for each and every violation of this section, the said Bank shall be subject to the payment of one hundred dollas, to be recovered by action of debt at the suit of the State, and appropriate one half to the use of the State, and the other half to the informer."
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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.
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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
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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.
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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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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