Peoples Bank (Charleston, SC)

Episode Information

Episode UID
9710141690694
Episode Type
Run โ†’ Suspension โ†’ Unsure
Bank Type
state
Bank ID
971014169 hash
Start Date
October 13, 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
ec91fe2377c39a3c

Response Measures

None

Description

The bank suspended following a run triggered by a demand for a large balance from an interior bank during the Panic of 1857.

Events (2)

1. October 13, 1857 Run
Cause
Local Banks
Cause Details
Demand for a balance of $22,000 from an interior bank and general panic following the suspension of the Bank of the State of South Carolina.
Measures
The bank remained open until 5:30 PM to meet all demands for coin.
Newspaper Excerpt
Under this arrangement, the run continued pretty freely until about three o'clock, in the case of the People's Bank, until half-past four o'clock when it almost entirely ceased.
Source
newspapers
2. October 13, 1857 Suspension
Cause
Local Banks
Cause Details
Suspension of specie payments following heavy demands and the suspension of other local banks.
Newspaper Excerpt
The Peoples' Bank at Charleston, has also suspended. ... The last-named 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 the interior.
Source
newspapers

Newspaper Articles (11)

Article from The Daily Dispatch, October 16, 1857

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Article Text

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.


Article from The Western Democrat, October 20, 1857

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Article Text

The Columbia Carolinian says: In relation to the suspension of the Bank of the State, which will cause no loss to any of its bill holders, the Charleston Courier very properly recommends: "As we have before stated. the notes of the Bank of the State are secure beyond all question. Having the whole credit and the power of taxation of the State to sustain them. they are better secured than the notes of those banks in New York and else where, which have deposited dollar for dollar in stocks to secure their redemption -those stocks have to be sold at the market depreciation in order to redeem the notes, so far as the proceeds will go. Having. then, the fullest confidence in the ultimate convertibility of these notes, we would recommend them to the community as a circulation which would answer all the local purposes of trade." The Peoples' Bank at Charleston, has also suspended. Also, the Bank of Hamburg, S. C. SAVANHAH, October 15.-A meeting of the Presidents of the banks in this city was held last night, at which it was unanimously recommended to suspend specie payments. In consequence of which all the banks suspended this morning. NEW YORK, October 18.-All the banks in this city suspended specie payment yesterday. Sterling exchange is quoted at 1111. The Augusta (Ga.) Banks refused last week to take the bills of the Exchange bank of Columbia, Planters' Bank of Fairfield, and Bank of Chester, S.C. The Chester Standard says that in order to make assurance doubly sure and place the bills of the Bank of Chester above the slightest semblance of cause for doubt, the board of Directors have come out in a card pledging their several private fortunes for the redemption of the bills of the said bank."


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.


Article from Keowee Courier, October 24, 1857

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The Money Crisis in mingled gloom Yesterday was a time of circles of and Charleston. excitement The in run the on money the caused Bank its of sus- the State, on Saturday, the which foreshadowing of had the pension, was only On Sunday it approaching pressure. Some that had money none in time to gather. and some that had little or and the banks, became terribly frightened, the subject of were anywhere, by no means Of course silent the ou panic spread were at once. their fears. of One as or weak, two of immediately the banks began that run upon yesterday spoken morning to prepare coin for a of the other them. for They their demanded balances or a considerable togethbanks Under this demand, of an part thereof. the unmistakeable indications Bank of South er with upon them, the were comout door run and the Railroad Bauk hour in the Carolina suspend at an early tend to lespelled to of course, did not it day. This, excite ient on the contrary Large besen the to all the Banks. were and came small general, depositors the as coin, and instead. bill-holders, In this, ineager to have which still stood, were Every quite dethe banks accommodate them. presenclined to promptly met as soon as of accommand was only did this spirit ordinary busted, and not continue during the for closing modation hours but as the usual bulletins hours were postiness approached, conspienous that they each bank, announcing demand upon cil before open to meet any afternoon, and would until five keep n'clock in the until halfthem, of the People's Bank, the in the case Under this arrangement, until about past continued five. pretty freely entirely ceasrun when it almost was three o'clock, four o'clock everything banks ed. Before and the officers of the or various about the quiet, their counters wait for remained doors, having at nothing to do, but the to day and a chance closed customer. quietly, Finally all the banks which having susthe run except the two the whole stood firmly, early in the day. Upon were much pended and the run substance. the exeitement in appearance than in from all the greater amount of specie drawn $100,000, The not probably reach the banks banks did of that was drawn by remains to and part other, so that it yet made. meet from each further demands, if any are as to how not for us to speculate if all the It is of the banks can stand, make depositors long any and bill holders would it resolve be proper to for their suspend, this nor or that Bank as able can and be us to indicate meet all demands that that still resolved to Thus far, all of their and stand, presented. seem confident of their ability determination to do so. long the pressure. and panic were shall How tell. If there were any last, no cause one for cau them, or if the cause no capital good had no crop and known, if we to pay our debts-if the country somewherewith bankrupt now and depended solvency, on were in the future to restore her opinion thing we might form some definite bc. Bat as then what that future would when we as to expect to see the time now, it we never solvent than we are and shall is be more to tell when the pressure panic shall Dublin QUEENS OF FRANCE. The upon THE Magazine, commenting wives University of the royal and Imperial thirtena of the France, lives states that there are whose but memory seventy-seven on of sin. out of dark stain of sorrow statement or there An exchange, is no in snimming up the says the others, eleven were divorced nine died Of died by the executioner; widowed two seven were soon three were very young were cruelly traduced; different deexiles; three thirteen evil; the were prisoners bad in and remainder.- the heart grees of broken made up the Deins heart who buried at St denied since the Twenty time of Charlemagne, were dragthe of the grave; their remains were the insults rest from the tomb, exposed to and then ged revolutionary populace, lime. flung of the into a trouch and covered with quickLove OF Gold.--This master late pas- Ceo THE terrible illustrated in the survivsion America was disaster. One of went the to the tral bottom ors says, with "several In rolls another poor of sto!en fellows place gold he remarks: around their waists I" sorrow to say it that to M-- play I believe of his friends went below of and some there they went into the presence hands. and their Maker with cards in their arglinian.


Article from The Winchester Home Journal, October 24, 1857

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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.


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.


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.,


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


Article from Keowee Courier, November 7, 1857

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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.


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.


Article from Fayetteville Observer, November 19, 1857

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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