Farmers & Exchange Bank (Charleston, SC)

Episode Information

Episode Type
Suspension → Reopening
Start Date
November 22, 1860
Location
Charleston, South Carolina (32.777, -79.931)
Bank Type
state

Metadata

Episode ID
Bank ID
City ID
451221516
Model
gpt-5-mini
Short Digest

Notes

Sources describe a precautionary suspension during the 1860 panic but give no clear evidence of permanent closure; additional local follow-ups would clarify outcome.

Events (1)
1. November 22, 1860 Suspension
Cause
Macro News
Cause Details
Precautionary suspension amid wider banking suspensions and panic following northern banks' actions and political crisis over secession.
Newspaper Excerpt
The Farmers' and Exchange Bank suspended today.
Source
newspapers

Newspaper Articles (10)
1. November 23, 1860 The New York Herald New York, NY
Article from The New York Herald, November 23, 1860

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Article Text

BANK SUSPENSION IN CHARLESTON. CHARLESTON, Nov. 22, 1860. The Farmers' and Exchange Bank suspended today. The moment he New York banks suspend, all the others here will follow suit; bus some are strong enough to suetain any rus, and will only suspend from motives of poHcy. Senator Toombe to-day telegraphed that illness prevent bis being here to address the Charlestonians He rays Georgia is moving steadily and firmly in the right direction. There is a large torchlight procession to night, headed by a RECEESION club, with mottoes, "Cotton 18 King;" " We must be brief when traitors brave the field;" "No more Compromises," & Illuminations and fireworks blaze along be route, the ladies waving handkerchiefs from the windows, while at the same time Messrs. Keitt, Hudson, and others, addressed a large crowd in front of the Charleston Hotel.

2. November 24, 1860 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, November 24, 1860

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Article Text

pended, as well as a large cotton house; names not given; this needs confirmation. BOSTON, Friday, Nov. 23, 1860. The Boston bank officers have resolved upon a course similar to that adopted by the banks of New-York. The following dispatches have been received in this city: "BOSTON, Nov. 22, 1860. "Have no fear for Boston SO long as the New-York banks continue to pay. "WILLIAM APPLETON, "FRANKLIN HAVEN." "BOSTON, Nov. 23, 1860. "S. G. WARD, New-York: Our Clearing-House Committee recommends banks to discount their entire receipts, and adoption of a system similar to that of FRANKLIN HAVEN." New-York. Advices from Boston state that the banks of that city are prepared to discount immediately to the extent of $5,000,000. BALTIMORE, Friday, Nov. 23, 1860. Samuel Harris & Sons, bankers, have suspended. It is understood to be only temporary. TRENTON, N. J., Friday, Nov. 23, 1860. Both Trenton banks have suspended. They pay out small amounts to businessmen in the city. PITTSBURGH, Friday, Nov. 23, 1860. The banks of this city, except the old Bank of Pittsburgh, suspended specie payments to-day. The Bank of Pittsburgh paysspecie on all its liabilities as it did in 1857. CHARLESTON, S. C., Friday, Nov. 23, 1860. The Mercury says the Farmers' Exchange Bank (Charleston) suspended yesterday.

3. November 24, 1860 The New York Herald New York, NY
Article from The New York Herald, November 24, 1860

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Article Text

BANK SUSPENSIONS AT CHARLESTON. CHARLESTON, S. C., Nov. 23, 1860. The Mercury says the Farmers' Exchange Bank, Charleston, suspended yesterday.

4. November 24, 1860 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, November 24, 1860

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Article Text

Bank Suspensions. Philadelphia, Nov 23.-The suspension of specie payment by the banks is regarded favorably by the community, it having been done as a precautionary measure to enable the banks to expand more freely. An immediate meeting of the legislature is suggested to relieve the banks from the operation of the banking laws, and to consider the legislation on the fugitive slave law. The Bank of Chester County will suspend to-day. All the country. banks will probably follow suit. There was more discounting yesterday than on any day for two weeks. There were no failures. Specie unsettled, at about 3 and 5 per cent. BALTIMORE, Nov. 22.-The banks discounted nearly a million to day, greatly to the re. lief of the merchants. There is no urgent demand for specie. Stocks slightly improved. Augusta, Ga., Nov. 23.-It is stated that the governor will veto any law sanctioning a suspension of specie payment by the banks un. less the state secedes from the Union. CHARLESTON, Nov. 22. The Farmers' and Exchange Bank suspended specie payment to day. BALTIMORE, Nov. 23. - Harris & Sons, bankers, have suspended.

5. November 26, 1860 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, November 26, 1860

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Article Text

Bank Suspensions. PITTSBURG, PA., Nov. 23.—All the banks except the old Bank of Pittsburg, have suspended specie payment. CHARLESTON, S. C., Nov. 23.—The Farmers' Exchange Bank has suspended specie payment. RALEIGH, N. C., Nov. 23.—The suspension of specie payment by the banks has been legalized by the legislature.

6. November 26, 1860 Cleveland Morning Leader Cleveland, OH
Article from Cleveland Morning Leader, November 26, 1860

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Article Text

THE PANIC. BOSTON. Nov. 23. The Banks hold a meeting to-morrow. Financial matters are easier. CHARLESTON, Nov. 23. The Farmers Exchange Bank has suspended. RALEIGH, N. C, Nov. 23. The suspension of the Banks has been legalized by the Legislature, New York, Nov. 28. Our Banks yesterday discounted from $6,000,000 to $8,000,000. BOSTON, Nov. 23. The Clearing House Committee recommends the Banks to discount their entire receipts, and the adoption of a system similar to that of New York.

7. November 26, 1860 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, November 26, 1860

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Article Text

Financial Matters. NEW Your, Nov. 21.-Our banks yesterday discounted from $6,000.000 to $8,000,000. CHARLESTON, Nov. 23-The Farmers' Exchange Bank has suspended. RALEIGH, N. C.. Nov. 23.-The suspension of the banks has been legalized by the Legislature. Boston, Nov. 23.-The clearing House Committee recommends the banks to discount their entire receipts, and the adoption of a system similar to that of New York. BOSTON, Nov. 24.-TI e action of the bank officers at their meeting to-day is considered favorable. It was decided that the balances at the clearing house should be paid partly in bills, instead of wholly in specie. This measure will greatly relieve the banks and cnable them to discount freely. The course of the banks meets general approval, being deemed safe and judicious.

8. November 27, 1860 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, November 27, 1860

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Article Text

From Charleston. CHARLESTON, Nov. 23.-The Farmer's Exchange Bank suspended specie payment yesterday. Heavy eastern orders for cotton were countermanded. The steamship Nashville took out nearly 100 steerage passengers. About 300 more will be shipped this week. They came from the North, and will be sent back at the expense of the Steamship Company, by order of the Mayor. Cotton is still lower. Prices are irregular, and favor cash buyers half a cent. Moderate men think the suspension of the Northern banks will have an important and favorable effect against secession. There has been a torchlight procession to. night, with transparencies, and the metto"The South must govern the South." There were also music and fireworks.

9. November 29, 1860 Holmes County Republican Millersburg, OH
Article from Holmes County Republican, November 29, 1860

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Article Text

The Panic. BOSTON, Nov. 23. The Banks hold a meeting to-morrow. Financial matters are easier. CHARLESTON, Nov. 23. The Farmers' Exchange Bank has suspended. RALEIGH, N. C., Nov. 23. The suspension of the Banks has been legalized by the Legislature. NEW Yory, Nov. 24. Our Banks yesterday discounted from $6,000,000 to $8,000,000. BOSTON, Nov. 23. The Clearing House Committee recommends the Banks to discount their receipts, and the adoption of a system similar to that of New York.

10. November 29, 1860 The Weekly Ottumwa Courier Ottumwa, IA
Article from The Weekly Ottumwa Courier, November 29, 1860

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Article Text

WASHINGTON, Nov. 23.-Gen. Harney telegraphs that he leaves St. Louis to-morrow for Kansas. NEW York, Nov. 24.-Our Banks yester. day discounted from $6,000,000 to $8,000,000. NORFOLK, Nov. 23.-Gov. Wise has offered his services to the Governor of South Carolina, if not succored by Virginia. CHARLESTON, Nov. 23.-The Farmer's Exchange Bank has suspended. RALEIGH, Nov. 23.-The suspension ofthe Banks has been legalized by the Legislature. WASHINGTON, Nov. 23.-The position of the President is understood to be: though the South has just cause of complaint against the North, no State is justified in seceding, or in revolutionary movements, until every constitutional measure for redress has been exhausted. No State has a right to commit acts having the effect of precipitating such a condition of affairs as would induce or compel other States to join her in a disruption of the Union, and the calling of a dispassionate deliberation of the people may result in restoring confidence and preserve the integrity of the constitution It is apprehended here that secession will have to be practically dealt with by the present administration. It is stated from a distinguished source that South Carolina secedes as soon as the Convention resolves.