11888. Bank of the State of North Carolina (Raleigh, NC)

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Bank History of Raleigh Bank-Note Story of Before The War. The history of banking in Raleigh dates back to 1804, the same year that marked the beginning of legalized banking in the State, with the establishment of the Bank of Cape Fear at Wilmington, which bank by its charter was permitted to have a branch at Raleigh. Six year later, in 1810, the General Assombly chartered the State Bank of North Carolina, with central office at Raleigh, and SIX branches, at Edenton, New Bern, Wilmington, Fayetteville, Tarboro and Salisbury. In 1833, the State Bank was replaced by the Bank of the State of North Carohua, also with headquarters at Raleigh. After a checquered career of ups and downs, this bank was suspended by the establishment of the Bank of North Carolina in 1859 at Raleigh. For the interesting story in detail of this ante-bellum period of Raleigh's bank ing history, the reader is referred to the spiendid history of the Bank of North Carolina from 1859-'67, by Dr. K. P. Battle, on page 19 of this edition; the excellent comprehensive history of banking in North Carolina up to the civil war by Mr. P. D. Gold, Jr., of Greensboro, on page 22, and Col. W. H. S. Burgwyn's delightful story of when the South was the Richest Section of the Country, on page 18. However, there is one refreshing little anecdote of those days "befo" de wah' that must be told. The old inhabitants will remember Louis Peck and Son, who conducted a banking business here before the war in the little wooden house still standing on the northeast corner of Wilmington and Morgan streets. Those were the days when bank notes of all kinds were in free circulation. Well, it seems that a horse dealer in Mississippi wanted to come to Raleigh. He had a lot of bank notes of Louis Peck and Son amounting to $2,000. Going to his banker in Mississippi, he asked for a draft of exchange on Raleigh, as he did not care to carry SO much money on his person through the country on horseback, for that was the way he was traveling. The Mississippi banker charged him five per cent for the exchange, or $100. Mr. Horsedealer paid his $100, and then Mr. Mississippi Banker asked him when he expected to start. He said he would leave the next morning. Then the banker said he had a small package he desired to send to a friend in Raleigh, and asked if he would not accommodate him by carrying it as he went. Mr. Horsedealer very politely agreed to do so, and said he would call by for it in the morning. He did so, and the package was for Mr. Peck. The horse dealer counted himself lucky that the commission did not take him out of his way and departed, with a message of regards from the Mississippi banker to his friend the Raleigh banker. Mr. Horsedealer reached Raleigh safe ly in due time, proceedeu to the office of Louis Peck and Son, and presented his draft. Mr. Peck looked at it, and went to look up the Mississippi banker. He found that his credit was hardly good for the amount and was about to tell Mr. Horsedealer so, when that gentleman suddenly remembered the package and handed it over with the message of regards from the Mississippi banker. This created a slight diversion, and Mr. Peck retired to open the package. He found in it all neatly done up his own bank notes for $2,000. He went back to the counter and cashed the draft, and Mr. Horsedealer was none the wiser, although he had paid $100 for the privilege of bringing his own notes to Raleigh. The Mississippi banker had adopted this keen subterfuge rather than acknowledge his precarious condition. After the Bank of North Carolina went into voluntary bankruptcy in 1867. the Raleigh National Bank was established almost immediately. Shortly thereafter also the State National Bank was organized from the private banking house of John G. Williams and Company, which had been conducting a private banking business for some 10 or 15 years previously. Mr. John G. Williams was the first president, and Mr. S. C. White, cashier. Upon the death of Mr., Williams about 1883 or 1884, his widow, Mrs. M C. Williams, became president of the bank, and had the distinction of being the only woman bank officer in the State, and the only woman bank president in the country, perhaps. This bank failed on March 26th, 1888, Mr. Williams was an Irishman, and many are the stories of his sayings and witticisms. The Citizens National Bank was established in 1871. The original charter expired in 1891, and it was renewed for 20 years. Twenty-one years later, in 1892, the Commercial and Farmers Bank was organized. Then in order came the Raleigh Savings Bank, the Mechanics Dime Savings Bank, and the Carolina Trust