11662. Bank of Charlotte (Charlotte, NC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 1, 1857*
Location
Charlotte, North Carolina (35.227, -80.843)

Metadata

Model
gpt-5-mini
Short Digest
c21e1e9b

Response Measures

None

Description

The Bank of Charlotte suspended payments in the autumn of 1857 (articles refer to last Autumn and suspension in 1857). There is no evidence in these articles of a depositor run at the Charlotte branch — reporting describes rumors and concern elsewhere but the bank remained open locally. By August 26, 1858 the bank redeemed protested notes and paid coin to Johnston Brothers, indicating resumption/reopening. I corrected implicit dating from newspaper context (suspension = autumn 1857; redemption notice dated 1858-08-26).

Events (3)
1. October 1, 1857* Suspension
Cause
Macro News
Cause Details
Wider 1857 monetary crisis / banks in the state suspended payments; heavy specie demands and national financial disturbance pressured banks to suspend in autumn 1857 (panic of 1857 context).
Newspaper Excerpt
Although this Bank followed the leading Institutions of the State in suspending last Autumn
Source
newspapers
2. August 1, 1858* Other
Newspaper Excerpt
At the time of protest the bank was still in a state of suspension, but has since redeemed its obligations to us in coin, and that its standing and credit compare favorably with any other North-Carolina Banks. JOHNSTON BROTHERS & CO. (Baltimore, August 26, 1858.)
Source
newspapers
3. August 26, 1858 Other
Newspaper Excerpt
We have received the following letter ... that the bank has since redeemed its obligations to us in coin, and that its credit and standing compare favorably with any other North Carolina bank.
Source
newspapers

Newspaper Articles (11)
1. October 20, 1857 The Western Democrat Charlotte, NC
Article from The Western Democrat, October 20, 1857

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BANKS IN THIS TOWN. The Bank of Charlotte and the Branch Bank of the State at this place, within the last month, have sustained a heavy demand for specie. They have promptly redeemed their notes, and are able to continue to do so, but such a course cannot but cramp business and tighten the money market. We learn that the Bank of Charlotte has taken in about $180,000 of its notes, and the Branch Bank about $120,000, mostly from brokers. This prevents the Banks from discounting good paper to relieve business men and the community generally. We think it is the wish of business men and others that our Banks should suspend, as it will afford an opportunity for the notes to circulate without being hurried back on the banks for redemption. If the banks were to suspend, no one would lose a cent, as their notes would remain entirely good. All who are in the least acquainted with the firm basis of North Carolina banks would not fear to use their bills in business transactions if every one were to suspend immediately. Entertaining these views, several of our merchants. manufacturers and farmers have petitioned the banks in this town as follows: To the Presidents and Directors of the Banks in Charlotte, N. C.: Gentlemen: The undersigned merchants, produce-dealers, farmers and others, of this place and vicinity, would respectfully call your attention to the difficulties under which all classes in our community now labor in consequence of a want of the usual pecuniary facilities for the conduct of the different branches of business and trade. We represent to you our opinion that, notwithstanding the general derangement of the monetary affairs of the country. our own more immediate embarrassments result from the contraction of the issues of your Banks. Of this withdrawal of your circulation, however, we do not doubt the necessity while your banks, in this crisis, remain subject to constant calls for specie from the banks of other States, and more especially while you are liable to incessant visitations for the same object from an active army of money brokers. We express our unbounded confidence in your institutions, and do not believe that your circulation would be returned by our own citizens; but under present circumstances your banks have been compelled. in self-defence, to pursue a course which has so far obstructed all trade in our midst. that. for lack of a circulating medium, searcely any commodity or article of produce, raised by our own farmers, can be sold at a fair price in this and adjacent markets. In this condition of affairs, we hold that distant banks and traveling brokers. adding daily to the troubles on which they prosper, should no longer be allowed to reap their ready gains at the expense of our own people. We therefore do respectfully suggest & petition that you will forthwith establish some rule to exclude the banks and brokers of other States from the privilege of receiving specie at your counters for the notes which they so industriously gather in order only to return them for redemption. We conscientiously believe that this discrimination is demanded by the necessities of the times as a proper remedial measure of home protection. and that its adoption would so far relieve your institutions from pressure as to enable them to fulfil. for the public benefit, the true purposes of their creation. Very respectfully, &c. The Banks have. SO far, refused to comply with this request. If they do suspend, the public need not feel any uneasiness, as the notes will remain good for every cent they call for, and should be used without apprehension of loss. By pursuing this course, confidence will be restored and business proceed with but little inconvenience. But in order to effectually restore confidence the banks should receive on deposit the notes of suspended banks, unless they are viewed by the officers as worthless, and in that case the public should be SO inform ed. We learn that the Banks in this place do receive the notes of suspended banks on deposit. It cannot be denied that the Banks are somewhat to blame for the present pressure; but a slight change in their conduct, aided by the co-operation of the public in preventing a run for specie as far as possible, will go far to inspire confidence and quiet the unnecessary alarm that now exists.

2. October 28, 1857 Semi-Weekly Standard Raleigh, NC
Article from Semi-Weekly Standard, October 28, 1857

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THE CHARLOTTE Banks.-We learn from the Charlotte Democrat that the Bank of Charlotte and the Charlotte Branch of the Bank of the State still continued to pay, on Tuesday last, though petitioned by merchants and others to suspend. The former has taken in about $180,000 of its notes, and the latter about $120,000, mostly from brokers, within the last month.

3. November 11, 1857 The Lancaster Ledger Lancaster, SC
Article from The Lancaster Ledger, November 11, 1857

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The Banks. The Western D. mocrat has been arging the Banks in Noiti Carolina to suspend, and now. since the suspension of the Bank of Charlotte, it uses the following language: We profess to but little knowledge in such matters : yet, it seems to us, that the Banks are pursuing a timid policy. Thus far, in this crisis, our Banking institutions have not met the expectations of the mercantile community : and the question may well be asked-"What have we gained by the suspension of our Banks, since now they nei her pay specie, discount liberally, ,or furnish Northern exchange at living rates." For Banks that are not paying specio 10 discount and throw more of their notes in circulation, would seem t us an exceedingly dangerous expedient, and calculated to consumate the ruin and distress under which the country is now laboring. The resumption of business by New York Banks without a redemption of their notes, has proved entirely inadequate to the objects sought, and hence the continued depression in the money and labor markets there. As regards the Banks of our State. under suspension, the people have confidence in their notes now in circulation and take them freely; but let these Banks continue to increase their circulation without a resumption of specie pay ments, and their notes would soon become of mere nominal value. This is a suicidat course for the people to urge upon the Banks. These corporations have already done them sufficient harm, but this would cap the elimax.

4. August 10, 1858 Nashville Union and American Nashville, TN
Article from Nashville Union and American, August 10, 1858

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MONETARY AND COMMERCIAL. There was a very large usiness done in State stocks at the New York Stock Exchange on the 5th $8,000 Tennessee 6's sold at 92% and $23,000 at 92½; $1,000 Virginia 6's at 93 and $103,000 at 92%; and $53.000 Missouri 6's at 85% We notice & sale by action of $2,000 Memphis 6's at 38. This is a heavy decline, the last sales previous to that being at 75 The New York Post of the 5th says the money market is extremely easy, and the banks are more pressing in their demands for paper. This applies more particularly to those paying interest on current deposits, and who are now forced to put them out at low figures. The Post hears of single-named paper, run ning into February and March next, being taken at 4 and 5 per cent. On call, a loan has been effected at 2½ per cent. A leading banking-house are buying their OWN paper at 2 per centiper annum. There are but few Treasury notes changing hands. The rates of premium are higher. A lot of 4½ per cents. brought 40c per $100, but there are now no sellers under ½ per eent. The Philadelphia Bulletin of the 5th says money continues abundant on the street at 5@1 per cent when the drawers or endorsers are'classed as 4%, or when the right sert of stocks are submitted as collaterals, but doubtful paper is universally rejected. It appears that all the North Carolina Banks have not yet resumed the payment of specie upon all their liabilities. We learn that Messrs. JOHNSTON BROTHER & Co., of Baltimore, made a demand on the 29th ult, upon the Banks of Wadesboro' and Charlotte, N. C., for the redemption of eighty thousand dollars of their circulation lu coin: the Bank of Wadesboro' redeemed theirs by check on New York, but the Bank of Charlotte declined to pay, alleging that It had not resumed specie payment. So we are informed. Their circulation, for which payment had been demanded, was accordingly protested by Messrs. JOHNSTON BROTHER & Co., and in accordance with their charter carries interest at 12 per cent per annum until paid. The New York Post has the follwing in regard to the Banks of Kentucky The Bank of Kentucky, about fifteen years ago, suffered from an overissue at the agency in Philadelphia," buts suspension of dividends soon enabled them to wipe out the spurious stock, and they have since enjoyed unbroken prosperity, their shares commanding in the Philadelphia market 110 ex-dividend. Their agents in this city pay dividends on nearly 6,000 shares. This, together with the Northern and Farmers' Banks, constitutes the greater part of the banking capital of the State. The Northern Bank is quoted at 115, ex dividend. These facts show the confidence towards the banks of that locality, and are becoming quite 8 feature in our moneyed interest. The Old State Bank of Missouri and the Kentucky banks above-named have for a series of years paid 10 and 11 per cent per annum. The elements of success planted in these institutions seem to have Had their origin om their favorable commercial position, which enables them to always find employment for their capital at good rates. In the spring their principal business is the drawing of four months' bills against produce shipped down the Mississippi. Their bills are no sooner duethan the bulk of the cotton crop begins to move, which is followed by the demands from merchants for New York exchange with which to pay their debts. This movement of trade harmonizes so well that they seldom have occasion to complain of light application for money. The New York Herald reports the Sugar market on the 5th firm, with sales of about 1,200 hhds, including about 400 hhds Porto Rico a7% a 8%c., and the remainder Cuba muscovado mostly within the range of 7% a8½c. The Herald a lso reports sale of 2,400 bags Rio Coffee at 10@ 11 The Baltimore Patriot of the 6th says Sugars have been quite active and buoyant during the week, and prices still tend upward. The Patriot says: Holders are exceedingly firm in their views, and the market for the week closed stiff at the following rates, viz: 87 50 for common New Orleans; $8.25a9 for fair to prime do; 2519 for fair to prime Porto Rico; 89.25a9 50 for choice do; $7.75.8.75 for fair to prime Cuba, and $7a7.50 for refining grades Cuba and English Island. The Savannah Republican of the 6th has the following in regard to the growing Cotton crop: We are happy to be able to state that since the issue of our last circular, the flattering prospect which we then noticed of & large erop in this State, has not in any particular diminished. We have 00 traveled through a portion of the cotton region, and by frequent a conversations with planters, have learned from them that there is fruit enough already on the plants to make a good crop. The senthwestern portion of the State, will, without any drawback, a produce beyond any precedent. There are still contingencies, and EA it should be borne in mind that July, and up to the middle of August, are the most favorable to the growth of the plant, and its vigorous appearance often leads to the belief that the prospect is better than it really is. This Was the case with the crop in Georgia last August, and our flattering anticipations should not lead us to forget that the result is yet quite uncertain. In the Western States, the prospect, aside from the overflows, is equally encou raging. The damage resulting from high water seems difficult to estimate; we do not see how it can be less than 4 400,000 bales, and it probably may reach half a million. If the force belonging on the submerged plantations were moved into the back country and placed on the lands, where, from the d luxurionsness of the crops hey are needed, it would have a favor. able influence upon the quantity sent to market: bnt the owners are watching for the waters to subside to repair damages. Itis apprehended that many of those planters who have suffered from the overflows will move to lands not subject to such serious contingences. This may in part be true, but their places will be 0 filled by others. Texas seems to hold out more inducements to it the cotton plan ter an any other State; the plant matures quicker, 0 and the rapidly increasing exports show that emigration is going t on extensively to that State, and that the profit returned leads the N bulk of the increased force to the cultivation of this staple. W We have nothing to say of the market; there is but little ree maining on sale and tradl seems nearly at a stand still. The few u transaction that are being made are on the basis of 13c for MidC dline Fair.

5. August 29, 1858 The New York Herald New York, NY
Article from The New York Herald, August 29, 1858

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We have received the following letter from the banking house of Johnston Brothers & Co.:BALTINORE, August 26, 1858. To THE EDITOR OF THE NEW York GERALD:Some days since you published a statement in your paper to the effect that we had protested the Bank of Charlotte, N. C., for refusing to pay coin on $28,000 of its notes held by us. Will you be kind enough to call attention to this notice, and state that the bank has since redeemed its obligations to us in coin, and that its credit and standing compare favorably with any other North Carolina bank. At the time of protest the bank was still in suspension, and in ascordance with a provision of its charter we protested its notes and received a certificate JOHNSTON BROTHERS & CO. of deposit.

6. September 4, 1858 Semi-Weekly Standard Raleigh, NC
Article from Semi-Weekly Standard, September 4, 1858

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EXCITEMENT IN THE MONEY MARKET.-A sudden flush of unanticipated excitement agitated the holders of Charlotte, N.C., bank paper, on change and elsewhere, yesterday. The slight panic was thought to have been the result only of an unexpected depreciation of funds on the bank of Charlotte; a supposition which seemed to be both explained and dispelled by the following from the Financial report of the Baltimore Patriot: Some days since, at the request of Messrs. Johnston & Bros., we published a statement to the effect that they had protested the Bank of Charlotte, N. C., for refusing to pay coin on $28,000 of its notes, held by them. To day we have received from Messrs. Johnston Bros. the following note: Will you have the kindness to call attention to this notice and state that at the time of the protest the Bank was still in a state of suspension, but has since redeemed its obligations to us in coin, and that its standing and credit will compare favorably with any other North-Carolina Banks." This most agreeable exposition was not long the master of the doubt, however, for while holders of the unsafe funds were becoming jubilant, intelligence from a n.ost reliable source, was received and rapidly disseminated through the city, that the bank of Charlotte had now but $12,000 in specie to asset liabilities to the amount of $200,000! The statement was received at Weldon, from well posted par. ties,.and the above from the Baltimore exchange, instead of sustaining its assumption seems now rather to throw ominously forward a token in favor of the latter unpleasant announcement. Still we would not refrain from doubting; the reports are not altogether official enough, and knowing the immense amount of Charlotte, together with other North Carolina money, current in Petersburg, we would not advise a sacrifice by any means on the part of those who may have Charlotte funds.-Petersburg Express. We know but little of the condition of the Charlotte or other North-Carolina Banks, but we will venture to assert that the Charlotte institution is as sound as other institutions of the kind, and its issues as good intrinsically as those of the Virginia Banks. It has been fashionable, we believe, among certain parties in Virginia to underrate our currency and the truth is we shall always be more or less dependent on Virginia, and subject to this injustice in regard to our currency, while we continue to trade with and through her, to the neglect of our own ports. We are not complaining, but giving utterance to well known facts. We are not opposed to free trade. We believe, as a general rule, in buying where we can buy cheapest, and in selling where we can sell at the best prices. Petersburg and other Virginia towns reap large profits from North-Carolina trade, and it should be their interest to do justice, at least, to the currency of our State. MEDICAL JOURNAL OF NORTH-CAROLINA.-We received some weeks since the first number of this work, but it was mislaid, and from an oversight we made no notice of it in our columns. We find, however, the following notice of it in the Newbern New Era, which we copy, commending the Journal at the same time especially to the attention and support of the medical profession: MEDICAL JOURNAL OF NORTH-CAROLINA.-By the favor of a professional gentleman, who is a subscriber to this periodical, we have before us its first number, which we bail with much pleasure. To make a review of its contents in a scientific point of view, we must acknowledge our inability; but, on perusing its editorials, the conclusion is forced upon us that the work will be conducted with a marked ability. The vigorous Salutatory of its Editor is a full guaranty that whatever he may lack in experience" he will undoubtedly compensate in the "zeal" with which he devotes himself to his subject. The classic Address of Dr. J. G. Tull is certainly a feature in this number, which should commend it to all who take an interest in the progress of Science. The establishment of the State Medical Society was an event of much importance to the Profession; and with this publication as a means to facilitate the interchange of opinions among its members, we can see no reason to doubt the elevation of the Society to the highest rank of similar institutions in the country. Having had some experience in the publication of medical journals, we know something about the advantages likely to accrue to the profession from such a work; and we sincerely hope that its projectors will ere long find their reward in a subscription list that will enable them to make the Journal in every respect worthy of the Medical Fraternity and the State. The mechanical execution is not S0 good as it might be, of which, however, the Editor seems to be aware. By the way, we heard some time since that the Journal was to be printed in Now York, which we trust is not the fact, as we feel confidence in asserting that it can be done as cheap and as well in our own State as elsewhere.It has our best wishes for its success." We hope the Standard will in future try to find out the truth in regard to us, and not wholesale misrepresent us again.-Eliz. City Sentinel. Certainly, Mr. Mann. To wholesale misrepresent" you is indeed a wicked thing. We know of nothing more wicked than to destroy the Queen's English, as you do. If we have wronged you, Sheriff, prove it, and then we will be very, very sorry for it. But come, Mr. Sheriff, answer us this question: Would you talk wholesale" to us in this way if we lived in Pasquotank and could vote for Sheriff? Not a bit of it. In that case it would be, walk in, gentlemen, and take something. Glad to see you. Have you voted? If not, I am the man for Sheriff." By the way, does Sheriff Mann know any thing of that monument proposed to be erected to Louis D. Henry, of Edgecombe? THE DAILY PROGRESS.-We have received the first number of this paper, published in Newbern by John L. Pennington, Esq., Editor and Proprietor.We looked for a handsome and readable paper from the hands of friend Pennington, but we take pleasure in saying that the Daily Progress more than meets our expectations. It has a City like appearance, is

7. September 7, 1858 The Western Democrat Charlotte, NC
Article from The Western Democrat, September 7, 1858

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GO ABROAD TO HEAR FROM HOME.' In the Petersburg Express of the 1st instant, we find the following: "EXCITEMENT IN THE MONEY MARKET.-A sudden flush nanticipated excitement agitated the holders of Charlotte, of N. C., bank paper, on exchange and elsewhere, vesterday. The slight panic was thought to have the result only of an unexpected depreciation of funds on the bank of Charlotte, a supposition which seemed to be both explained and dispelled by the following from the financial report of the Baltimore Patriot days since, at the request of Messrs. Johnston & Bros., we published a statement to the effeet that they had protested the Bank of Charlotte, N. C. for refusing to pay coin on $28,000 of its notes, held by them. To-day we have received from Messrs Johnston Bros. the following note: "Will you have the kindness to call attention to this notice and state that at the time of the protest the Bank was still in a state of suspension, but has since redeemed its obligations to us in coin, and that its standing and credit will compare favorably with any other North Carolina Banks." This most agrecable exposition was not long the master of the doubt, however, for while holders of the unsafe funds were becoming jubilant, intelligence from a most reliable source was received and rapidly disseminated through the city, that the bank of Charlotte had now but $12,000 in specie to asset liabilities to the amount ot $200,0001 The statement was received at Weldon, from well posted parties, and the above from the Baltimore exchange, instead of sustaining its assumption seems now rather to throw ominously forward a token in favor of the latter unpleasant announcement. Still we would not refrain from doubting; the reports are not altoge her official enough, and knowing the immense amount of Charlotte, together with other N. C. money, current in Petersburg, we would not advise a sacrifice by any means on the part of those who may have Charlotte funds." We learn that the same report has reached Raleigh and other places through the Express. Our own citizens of course were not a little surprised to learn that a Bank, with which they were doing business every day, had failed without their knowledge of the fact;-the Bank being open day after day, from 8 or 9 o'clock in the morning till 4 or 5 in the evening, doing her usual amount of discounting, but no sign of fear, no run, no excitement. no demand for coin were observed by them. So far as this community and the surrounding country are concerned, we should not feel called on to contradiet or notice the report of the Express, but as many honest persons may hold or handle the Notes of this Bank at a distance, and in consequence of the rumor be induced by sharpers to sell them at a heavy discount, we feel it our duty and take pleasure in informing such that there is no ground for the report-that the Bank has not failed-and moreover, that it is as strong now, if not stronger, than it ever has been since its organization, and therefore they need not part with its Notes for less than their full value. Although this Bank followed the leading Institutions of the State in suspending last Autumn, it has never refused coin for its notes in the hands of travelers or our own citizens who desired it. Besides, in order to equalize currency as much as possible after suspension, it received and paid out, at par value, the notes of all good Banks from Maryland to Louisiana. We have no disposition to lecture our worthy cotemporary of Petersburg, for he has no doubt been imposed upon, (as the fraternity often are by designing men,) but we think the Press generally should be more cautious in spreading reports of that kind, (which may occasion some parties serious loss,) without the most unquestionable evidence of their correctness. Banks are not SO much injured by such reports as individuals; for with the former it may only cause a slight loss of profits, but with the latter one half of their earnings may be lost and go into the pockets of an unscrupulous land-shark. We have heard of one poor fellow, acting upon the statement of the Express, submitting to a merciless shave, whilst the shaver, immediately afterwards, refused to take the gold for the notes he had received. We close this article, which we intended at first to be a simple correction of the Express' statement, by saying that the Bank of Charlotte is regarded here as not only sound, but as good as any other Institution in the State. We learn that its stock is in great demand here at $110 to $112.

8. September 8, 1858 Weekly North Carolina Standard Raleigh, NC
Article from Weekly North Carolina Standard, September 8, 1858

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Our neighbor desires to know if we are for admitting Kansas at once, regardless of the amount of her population," or for waiting until her population amounts to 93,000. We are for waiting, neighbor Syme. We are in no hurry to admit non slaveholding States. What do you think of it We think it probable that before the close of the next session of Congress Kansas will have the requisite population. The recent vote upon the Conference Bill shows that her population is already nearly up to the limit required. We were for her admission with the Lecompton-a slaveholdingConstitution; and you said not to admit her with that Constitution would be an unparalleled outrage; and yet you took the rejection of Lecompton very quietly, and appeared indeed to be somewhat pleased with it. How do you explain that, neighbor EXCITEMENT IN THE MONEY MARKET.-A sudden flush of unanticipated excitement agitated the holders of Charlotte, N. C., bank paper, on 'change and elsewhere, yesterday. The slight panic was thought to have been the result only of an unexpected depreciation of funds on the bank of Charlotte; a sup. position which seemed to be both explained and dispelled by the following from the Financial report of the Baltimore Patriot: "Some days since, at the request of Messrs. Johnston & Bros., we published a statement to the effect that they had protested the Bank of Charlotte, N. C., for refusing to pay coin on $28,000 of its notes, held by them. To day we have received from Messrs. Johnston Bros. the following note: " Will you have the kindness to call attention to this notice and state that at the time of the protest the Bank was still in a state of suspension, but has since redeemed its obligations to us in coin, and that its standing and credit will compare favorably with any other North-Carolina Banks." This most agreeable exposition was not long the master of the doubt, however, for while holders of the unsafe funds were becoming jubilant, intelligence from a most reliable source, was received and rapidly disseminated through the city, that the bank of Charlotte had now but $12,000 in specie to asset liabilities to the amount of $200,000! The statement was received at Weldon, from well posted parties, and the above from the Baltimore exchange, instead of sustaining its assumption seems now rather to throw ominously forward a token in favor of the latter unpleasant announcement. Still we would not refrain from doubting; the reports are not altogether official enough, and knowing the immense amount of Charlotte, together with other North Carolina money, current in Petersburg, we would not advise a sacrifice by any means on the part of those who may have Charlotte funds-Petersburg Express. We know but little of the condition of the Charlotte or other North-Carolina Banks, but we will venture to assert that the Charlotte institution is as sound as other institutions of the kind, and its issues as good intrinsically as those of the Virginia Banks. It has been fashionable, we believe, among certain parties in Virginia to underrate our currency; and the truth is we shall always be more or less dependent on Virginia, and subject to this injustice in regard to our currency, while we continue to trade with and through her, to the neglect of our own ports. We are not complaining, but giving utterance to well known facts. We are not opposed to free trade. We believe, as a general rule, in buying where we can buy cheapest, and in selling where we can sell at the best prices. Petersburg and other Virginia towns reap large profits from North-Carolina trade, and it should be their interest to do justice, at least, to the currency of our State.

9. September 10, 1858 Wilmington Journal Wilmington, NC
Article from Wilmington Journal, September 10, 1858

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Bank of Charlotte, N.C. The Western Democral, published in Charlotte, came to band yesterday, but makes no mention of any developments having been made there, touching the insolvency of the institution. If the reports concerning the Bank be untrue, the Board of Directors should immediately publish a statement of its condition. This is a duty they owe the public. Its notes, representing thousands of dollars, have been circulated freely in this community, and will continue to do so, if our citizens can be assured that the Bank is doing a reliable, legitimate business. Up to Tuesday not the shadow of a suspicion, that we are aware of, lurked in the minds of our citizens regarding the soundness of the Bank, and no money passed more current in transactions of bargain and sale. It has not been bankable in this city for some time past, nor has the issue of any other North Carolina Bank. And strange to say, we can go even further and add, that the issues of a great many Virginia Banks are not received on deposite or in payment of any obligation at any Bank in Petersburg. This should not be so, but it is nevertheless true, as many of our merchants know much to their annoyance and dicomfort. We find the above in the Petersburg, Va., Express of the 2d instant. The reports first arose from the fact of a broker from Baltimore having presented a large amount of the bills of the bank for redemption, prior to the resumption of specie payments, which notes were not redeemed, and were, therefore, protested, according to law. The following card will explain the matter BANK OF CHARLOTTE, N. C. BALTIMORE, August 26, 1858. To the Editor of the New York Herald: Some time since you published a statement in your paper to the effect that we had protested the Bank of Charlotte, N. C., for refusing to pay coin on $28,000 of its notes held by us. Will you be kind enough to call attention to this notice, and state that the Bank has since redeemed its obligations to us in coin, and that its credit and standing compare favorably with any other North Carolina bank. At the time of protest the bank was still in suspension, and in accordance with a provision of its charter we protested its notes and received a certificate of deposit. JOHNSTON BROTHERS & CO. It will thus be seen that the Bank of Charlotte was no more insolvent than nearly every Bank in the Union was a few months since. There is no Bank in North Carolina about whose solvency any question has ever been raised, but one small one-the Farmers' Bank at Elizabeth City. It would further appear, however, that this card has not sufficed to still the excitement existing. The Express says that, subsequent to the publication of the Messrs. Johnston, intelligence, from a most reliable source, was received and rapidly disseminated through the City that the Bank of Charlotte had now but $12,000 in specie to meet liabilities of $200,000." The Express of the 1st adds, that the statement was received at Weldon from well posted parties." This further rumour would appear to be that to which reference is made by the Express of the 2d. Of all this we know nothing, but call the attention of our Charlotte cotemporaries to it, as the effects of the rumor are, and must be, injurious, not only to the Bank of Charlotte, but to all the other monetary institutions of the State. For ourselves, we feel the utmost confidence in the solvency of the Bank.

10. September 11, 1858 Semi-Weekly Standard Raleigh, NC
Article from Semi-Weekly Standard, September 11, 1858

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the Money Market, with some our comments,i Democrat thus speaks of the matter: Wedearn that the same-report places through the Express. Our own citizens ofscourse were not a little surprised to learn that a Bank, with which they were doing business every day, bad failed without their knowledge of the fact;-the Bank being open day after day, from 8 or 9 o'clock in the morning till 4 or 5 in the evening, doing her usual amount of discounting, but no sign of fear, no run, no excitement, no demand for coin were observed by them. So far as this community and the surrounding country are concerned, we should not feel called on to contradict or notice the report of the Express, but as many honest persons may hold or handle the Notes of this Bank at a distance, and in consequence of the rumor be induced by sharpers to sell them at 3 heavy discount, we feel it eur duty and take pleasure in informing such that there is no ground for the report-that the Bank has not failed-and moreover, that it is as strong now, if not stronger, than it ever has been since its organization, and therefore they need not part with its Notes for less than their full value. Although this Bank followed the leading Institutions of the State in suspending last Autumn, it has never refused coin for its notes in the hands of travelers or our own citizens who desired it. Besides, in order to equalize currency as much as possible after suspension, it received and paid out, at par value, the notes of all good Banks from Maryland to Louisiana. We have no disposition to lecture our worthy cotemporary of Petersburg, for he has no doubt been imposed upon, (as the fraternity often are by designing men,) but we think the Press generally should be more cautious in spreading reports of that kind, (which may occasion some parties serious loss,) without the most unquestionable evidence of their correctness. Banks are not so much injured by such reports as individuals; for with the former it may only cause a slight loss of profits, but with the latter one-half of their earnings may be lost and go into the pockets of an unscrupulous land-shark. We have heard of one poor fellow, acting upon the statement of the Express, submitting to a merciless shave, whilst the sharer, immediately afterwards, refused to take the gold for the notes he had received. We close this article, which we intended at first to be a simple correction of the Express' statement, by saying that the Bank of Charlotte is regarded here as not only sound, but as good as any other Institution in the State. We learn that its stock is in great demand here at $110 to $112." It strikes us that our Virginia friends might be a little more careful in their remarks upon North-Carolina money, considering the fact that Virginia derives so much benefit from our trade.

11. September 15, 1858 Weekly North Carolina Standard Raleigh, NC
Article from Weekly North Carolina Standard, September 15, 1858

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The Bank of Charlotte. The Charlotte Democrat publishes from the Pe. tersburg Express an article headed "Excitement in the Money Market," which article we also published, with soine comments, in our paper of the 4th inst. The Democrat thus speaks of the matter: "We learn that the same report has reached Raleigh and other places through the Express. Our own citizens of course were not a little surprised to learn that a Bank, with which they were doing business every day, had failed without their knowledge of the fact :-the Bank being open day after day, from 8 or 9 o'clock in the morning till 4 or 5 in the evening, doing her usual amount of discounting, but no sign of fear, no run, no excitement, no demand for coin were observed by them. So far as this com. inunity and the surrounding country are concerned, we should not feel called on to contradict or notice the report of the Express, but as many honest persons may hold or handle the Notes of this Bank at a distance, and in consequence of the rumor be induced by sharpers to sell them at 3 heavy discount, we feel it our duty and take pleasure in informing such that there is no ground for the report-that the Bank has not failed-and moreover, that it is as strong now, if not stronger, than it ever has been since its organization, and therefore they need not part with its Notes for less than their full value. Although this Bank followed the leading Institutions of the State in suspending last Autumn, it has never refused coin for its notes in the hands of travelers or our own citizens who desired it. Besides, in order to equalize currency as much as possible after suspension, it received and paid out, at par value, the notes of all good Banks from Maryland to Louisiana. We have no disposition to lecture our worthy cotemporary of Petersburg, for he has no doubt been imposed upon, (as the fraternity often are by designing men,) but we think the Press generally should be more cautious in spreading reports of that kind, (which may occasion some parties serious loss,) without the most unquestionable evidence of their correctness. Banks are not so much injured by such reports as individuals; for with the former it may only cause a slight loss of profits, but with the latter one-half of their earnings may be lost and go into the pockets of an unscrupulous land-shark. We have heard of one poor fellow, acting upon the statement of the Express, submitting to a merciless share, whilst the sharer, immediately afterwards, refused to take the gold for the notes he had received. We close this article, which we intended at first to be a simple correction of the Express' statement, by saying that the Bank of Charlotte is regarded here as not only sound, but as good as any other Institution in the State. We learn that its stock is in great demand here at $110 to $112." It strikes us that our Virginia friends might be a little more careful in their remarks upon North-Carolina money, considering the fact that Virginia derives so much benefit from our trade.