17247. Bank of South Carolina (Charleston, SC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
November 28, 1860
Location
Charleston, South Carolina (32.777, -79.931)

Metadata

Model
gpt-5-mini
Short Digest
000dda393c36ec1f

Response Measures

None

Description

Multiple contemporaneous newspaper dispatches (Nov 28, 1860) report that the Bank of South Carolina's directors met and resolved to suspend payments amid the secession crisis and related political/military rumors. The articles describe a coordinated suspension by several Charleston banks as a precaution tied to the political/macro shock of secession; no articles here report a bank run. The subsequent 1932 article references a later closed Bank of South Carolina in receivership but does not provide a clear link to the 1860 suspension, so I cannot confirm permanent closure. I therefore classify the 1860 episode as a suspension with likely reopening (no evidence of a contemporaneous failure), but note the ultimate fate is not documented in these articles.

Events (1)
1. November 28, 1860 Suspension
Cause
Macro News
Cause Details
Directors suspended amid the secession crisis and related political/military rumors (fear/uncertainty following Lincoln's election and secession talk).
Newspaper Excerpt
A meeting of the directors of the several banks of this city was held this morning. ... the Bank of South Carolina ... resolved to suspend, and accordingly suspended.
Source
newspapers

Newspaper Articles (9)
1. November 29, 1860 Cincinnati Daily Press Cincinnati, OH
Article from Cincinnati Daily Press, November 29, 1860

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Article Text

Southern Items. CHARLESTON, S. C., November 28.-The steamer Isabel, which left for Havana on Saturday, has returned, disabled. Several candidates for the Convention of South Carolina, over their signatures, repudiate any free State joining the Southern Confederacy. The State Bank of South Carolina, the Bank of South Carolina, and the Railroad Bank have suspended. The Planters' and Merchants' Bank will follow, to-morrow. BALTIMORE, MD., November 28.-Governor Hicks, of Maryland replies to a petition to convene a special session of the Legislature, declining such a course, saying he is unwilling to place Maryland in a position of appearing to join in any treasonable designs against the Union, while he is ready to go as far as any man in demanding the rights of the South in the Union.

2. November 29, 1860 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, November 29, 1860

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Article Text

[By Telegraph.] SOUTH CAROLINA. CHARLESTON, Wednesday, Nov. 28, 1800. Sèveral candidates for the Convention of South Carofina, over their signatures, repudiate any Free State joining the Southern Confederacy. A meeting of the Directors of the several banks of this city was held this morning. The subject of suspension was agitated. Finally, the Bank of the State, the Bank of South Carolina, South Western Railroad Bank, and the State Bank, resolved to suspend, and accordingly suspended. The four others, the Bank of Charleston, the Union Bank, People's Bank, Planters' and Mechanics', determined to still hold out. It is generally supposed they will all suspend to-merrow, except the Bank of Charleston. There is great rejoicing among the community at suspension. A rumor that six hundred government troops were coming on the steamer James Adger to man the harbor forthwith, created a feverish excitement throughout the city to-day. Knots were gathered on every corner discussing hat should be done. On the receipt of R telegraphic-contradiction of the rumor, the excitement subsided. Thereadats of the Kentucky Military Academy have unanimously tendered their services to Gov. Gist.

3. November 29, 1860 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, November 29, 1860

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Article Text

From South Carolina. CHARLESTON, Nov. 28.-The steamer Isabel, which left Saturday for Havana, has returned disabled. Several candidates for the Convention of South Carolina, over their signatures repudiate any free State joining the Southern Confederacy. The State Bank of South Carolina, the Bank of South Carolina and the Railroad Bank have suspended. The Planters' and Merchants' Banks will to-morrow.

4. December 1, 1860 The Evansville Daily Journal Evansville, IN
Article from The Evansville Daily Journal, December 1, 1860

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Article Text

CHARLESTON, Nov. 28th.-The steamer Isabel, which left Saturday for Havana, has returned disabled. Candidates for Convention repudiate any free State joining the Southern Confederacy. The State Bank of South Carolina, the Bank of South Carolina, and the Railroad Bank, have suspended. The Planters' and Merchants' Bank will suspend to-morrow.

5. December 1, 1860 Richmond Daily Whig Richmond, VA
Article from Richmond Daily Whig, December 1, 1860

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Article Text

MOVEMENTS IN CALIFORNIA. SAN FRANCISCO, Nov. 17, 1860. The people of California are waiting with deep anxiety for the Eastern news showing the disposition of the Southern States on the dissolution question. After learning of Lincoln's election, all political animosities greatly moderated, the Republicans, as well as Democrats, seeming to be fearful of serious trouble from the present nolitical condition of the nanning The Sacramento Standard, organ of the Breckinridge Democracy, assumes that the dissolution of the Union is inevitable, and urges California and Oregon to seriously consider the question of organizing a separate republic on the Pacific coast. The idea seems to obtain little sympathy, and is denounced by a large portion of the press. SUSPENSION OF THE CHARLESTON BANKS. CHARLESTON, Nov. 28, 1860. A meeting of the directors of the several banks of this city was held this morning. The subject of suspention was agitated. Finally the Bank of the State, the B ink of South Carolina, Southwestern Railroad Bank and the State Bank resolved to suspend, and accordingly suspended. The four others-the Bank of Charleston the Union Bank, People's Bank, Planter's and Mechanics'-determined to still hold out. It is generally supposed they will all suspend to-morrow, except the Bank of Charleston. There is great rejoicing among the community at suspension. A rumor that six hundred government troops were coming on the steamer James Adger to man the harbor forthwith, created a feverish excitement throughout the city to-day. Knots were gathered on every corner discussing what should be done. On the receipt of a telegraphic contradiction of the rumor the excitement subsided. The cadets of the Kentucky Military Academy have unanimously tendered their servicest to Governor Gist.

6. December 1, 1860 Semi-Weekly Standard Raleigh, NC
Article from Semi-Weekly Standard, December 1, 1860

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Article Text

Suspension of ,South-Carolina Banks. CHARLESTON, November 28.-The Bank of SouthCarolina and the Railroad Banks have suspended.The Planters' and Mechanics''Banks will suspend to-morrow.

7. December 1, 1860 Nashville Union and American Nashville, TN
Article from Nashville Union and American, December 1, 1860

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Article Text

From Charleston CHARLESTON, Nov. 28.-All South Carolina members of the Federal House of Representatives have determined to go to Washington and resign This course is taken in order to more conveniently confer with the Representatives of the other Southern States. Several candidates of the Convention of South Carolina, over their own signatures, repudiated any free State joning the Southern Confederacy. The State Bank of South Carolina, the Bank of South Corolina, and the Railroad Bank have suspended. The Planters and Merchants Bank will suspend to-morrow.

8. December 6, 1860 Fayetteville Observer Fayetteville, TN
Article from Fayetteville Observer, December 6, 1860

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Article Text

Hense of Representatives have determined to go to Washington and resign. This course is taken in order to more conveniently confer with the Representatives of the other Southern States. Several candidates of the Convention of South Carolina, over their own signatures, repudiated any free State joining the Southern Confederney. The State Bank of South Carolina, the Bank of South Carolina, and the Railroad Bank have suspended. The Planters and Merchants Bank will suspend to-morrow. CHARLESTON, Nov. 29.-It is now considered certain here that the ordinance of secession will be passed on the 17th or 18th of December. Our representatives are leaving for Washington. Ordnance and ammunition have lately been landed from a schooner at Fort Moultrie. Some of the army officers say that now Fort Moultrie is almost impregnable. COLUMBIA, S. C., Nov. 30. - The House directed the Military Committee to consider the best method of fortifying the most exposed portions of the coast. MILLEDGEVILLE, Nov. 30.-The Legislature chose Breckinridge Electors. New ORLEANS, Dec. 1.-A committee of citizens of Texas petitioned Governor Houston to convene the Legislature. The Governor responded that viewing the proposed measures as unwise, he could not call the Legislature together, but if is majority of the citizens of the State petition for it, he could not stand in their way. The secession feeling largely predominates. MEMPHIS, Dec. 1. A large and excited assetabløge last night passed resolutions accepting the irrepressible conflict now upon us; calling on the Governor to convene the Legislature, calling a Convention of the State, and also of one of all the Southern States; and pledging Tennessee to stand by the action of a Southern Convention for weal or woe. CLINTON, Mo,, Dec. 1.-- Reports speak of inhabitants along the Missouri border fleeing, to escape from binds of Abolitionists, supposed to be connected with Montgomery, but indicating great alarm. Naw YORK, Dec. 1.- The Washing ton correspondent of the N. Y. Times says the secession feeling is moderate. A conservative compromise measure is being prepared to cover the entire sectional issue. Florida advices say that the Secrssion feeling largely predominates. Louisville,Ky., Dec. 1.--A report from Burksville says that fifteen negrees and one white man were bung for attempted insurrection on the part of the negroes, led on by the white man. No particulars are given.

9. September 22, 1932 The Index-Journal Greenwood, SC
Article from The Index-Journal, September 22, 1932

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Article Text

Legislators Would Probe Bank Audit CHARLESTON, Sept. Charleston county legislative delegation is meet eral days to consider . request the grand jury for funds enable get to the bottom" of the audit of the closed Bank of South Carolina. committee from the grand jury made the request but was to make writing. surances were given the request considered later week this for the grand jury were careful to point out wanted find figures signify." The audit on file federal court here, the bank is the federal receivers. branch institution closed doors in attending the conference included: South Carolina: Neville Bennett, Beverly Herbert, Columbia; M. Sumter; Gaston, of Chester: Query, of Columbia, chairman the South Carolina Tax Commission: Walter Duncan. of Columbia, budget director of South Carolina, and Errick, University of South Carolina.