Farmers & Exchange Bank (Charleston, SC)

Episode Information

Episode UID
7709488590731
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
770948859 hash
Start Date
November 23, 1860
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
2b1e23c2abdae55f

Response Measures

None

Description

A 1872 court decision explicitly states the bank's failure occurred with the 1860 suspension.

Events (1)
1. November 23, 1860 Suspension
Cause
Macro News
Cause Details
Part of a wider wave of suspensions amid the financial panic and regional political crisis following the 1860 election; banks suspended specie payment as a precaution.
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 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.

3. 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.

4. 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 banksexcept the old Bank of Pittsburg, have sus' pended 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. March 6, 1861 Daily Ohio Statesman Columbus, OH
Article from Daily Ohio Statesman, March 6, 1861

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Article Text

Chronology of Events Since the Presidential Election. It is now, March 6th, 1861, four months, CF one quarter of a year, since the last Presidential election. Events of the most startling character have followed each other in rapid succession For the information of our readers and for fu ture reference, we present a brief summary of the principal of these events: NOVEMBER, 1860. -The election for President and Vice President. 9-Resignation of JAMES CHESNUT, of South Carolina, United States Senator, and of JAMES MAGRATH, U. S. District Judge at Charleston, S. c. 10-Nearly all the U. S. Government officers at Charleston, S. C., resigned. 13-JAMES H. HAMMOND, of South Carolina, U. S. Senator, resigned. 14-The South Carolina Legislature passed an act calling a State Convention. 23-The Banks in Philadelphia, Baltimore, W beeling, Norfolk, Augusta, Ga., Trenton, N. J., Pittsburgh, Pa., and in the District of Columbia, together with the Farmers and Exchange Bank in Charleston, S.C., suspended specie payments. 26-All the principal Banks of Tennessee, including the State Bank, suepended specie pay. ments.

10. July 3, 1872 The Fairfield Herald Winnsboro, SC
Article from The Fairfield Herald, July 3, 1872

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Article Text

Liability of Stockholders of Banks for Outstanding Bills in South Carolina. Judge Graham in the Court of Common Pleas in Charleston county, South Carolina, has given an elaborate decision as to the liability of bank stock holders for outstanding bills. The particular bank concerned in the litigation is the Farmers and Exchange Bank. The Judge decided that the failure of the bank occurred in 1360. when it suspended specie payment. No bill issued since then can be recovered from the stockholders. All who dealt with the bank after its suspension did so at their risk, and have no claim on the stockholders. All bills and notes issued before the suspension, the stockholders are liable for, to their face value. The date of the bank note has little or no weight in deter. mining the date of its issue. The Judge sny8 the presumption of the law is that the bills outstanding have been issued since the suspension and therefore the burden of proof is on the bill holder who claims an issue prior to the suspension.