17254. Bank of the State of South Carolina (Charleston, SC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 2, 1873
Location
Charleston, South Carolina (32.777, -79.931)

Metadata

Model
gpt-5-mini
Short Digest
92b99da433e4ab14

Response Measures

None

Description

The articles describe the Bank of the State of South Carolina being in litigation and placed in the hands of court-appointed receivers (W. J. Gayer, later C. C. Puffer) in 1873–1874, and still in receivership by 1876. There is no mention of a depositor run or a temporary suspension to be reopened; rather the bank's assets are being administered by receivers, indicating permanent closure/receivership. OCR errors corrected (e.g., 'Charlestou' -> Charleston).

Events (3)
1. August 2, 1873 Receivership
Newspaper Excerpt
On motion of the Attorney General ... it is ordered that William J. Gayer, Esq, referee and receiver in this cause, do, on or before the 1st day of December next, file ... an inventory of the real and personal estate committed to his care as referee and receiver in this cause
Source
newspapers
2. February 11, 1874 Receivership
Newspaper Excerpt
The following order, appointing C. C. Puffer to be the receiver of the Bank of the State, was filed on Wednesday ... It is ordered, that C. C. Puffer, Esq., be appointed receiver, in the place and stead of W. J. Gayer
Source
newspapers
3. June 28, 1876 Other
Newspaper Excerpt
Puffer, the receiver of the bank of the State ... Puffer, the receiver of the bank of the State, who, under the authority of Chamberlain's friend, Judge Reed of Charleston, let Solomon & Co. have $40,000 of the funds belonging to the Bank of the State without security
Source
newspapers

Newspaper Articles (3)
1. August 2, 1873 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, August 2, 1873

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Article Text

THE BANK OF THE STATE.-The State of South Carolina, Charlestou County, iu the Common Pleas-Daboer, Morgan & Co. vs. the President and Directors of the Bank of the State of South Carolina et al. -Bill for account, injunction and relief. On motion of the Attorney General of the said State, it is ordered that William J. Gayer, Esq, referee and receiver in this cause, do, on or before the 1st day of December next, tite, in the office of the clerk of this court. under outh, a just and true inventory of the real and personal estate committed to his care as referee and receiver in this cause-tXhibiting clearly and fully: 1 What portion of the real and personal estate turned over to him by Wun. C. Courtney. E-q., the former 1. reiver, remains unsold, or unchange.1 as to its character or condition-stating partied larly each item thereof. 2. What portion of said estate EO as aforesaid, or in any other manner, received by him has been sold or disposed of-stating the date. terms and conditions of such sale or disposition and under what authority. 3. What changes of investments have been made, the reason and consideration thereof, and under what authority- - ineluding changes, if any, in the securities taken as collaterals for investments, loads or deposits, and under what authority. 4 What amounts have been received by him as cash. or otherwise, as interest, rents, protits or income--when, from whom and from what source derived. 5. What amount of interest, profits, rents or other income is due and unpaid-when due, by whom and on what account. 6. The total amount of cash received from all sources-showing each item and whether derived from sales, rents, interest. dividends or otherwise. 7. The total amount of cash expended or paid out by him, to whom, or what account, and by what authority. S. The totalamount of cash loaned out, invested or deposited-to whom loaned, how invested or with whom depositedwhen, upon what terms, how secured and by what authority he made such loan, investment or deposit. 9. The total amount of cash on hand at the date of the filing of such inventory and report-where deposited and to whose credit.

2. February 15, 1874 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, February 15, 1874

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Article Text

THE BANK OF THE STATE.-The foilowing order, appointing C. C. Pufler to be the receiver of the Bank of the State, was filed on Wednesday: Dabney, Morgan & Co. vs. the President and Directors of the Bank of the State of South Carolina and others.In the Common Pleas, Charleston County. It is ordered, that C. C. Puffer, Esq., be appointed receiver, in the place and atead of W. J. Gayer, upon his entering into bond, with sureties to be approved by this Court, in the sum of $30,000, conditioned for the faithful performance of his trusts; that thereupon the assets now in the hands of the Clerk of this Court be turned over to said C. C. Puffer as receiver. R. F. GRAHAM. Messrs. Hayne & Son thereupon gave the following notice to Attorney-General Melton: SIR: Take notice, that the undersigned will move before the Court, at 10 o'clock A. M., on Monday, the 16th instant, or as SOOD thereufter BH counsel can heard, to have the order herein, dated the 9th instant and filed the 11th in"tant, appointing C. C. Puffer, Esq, receiver, in the place and stead of Wm. J. Gayer, Esq., resciuded and set aside, upon the following grounds: 1. Because said order was passed without notice to the undersigned, and would have been opposed had such notice been given. 2. Becanse a final hearing of this cause has been had before the Supreme Court of the United States, and a decision may be expected on the first Monday of March next; and until such decision shall have been rendered, it is unnecessary to make any change in the custody of the fund, all the creditors of the bank, they being the parties entitled to the whole fund, being entirely satisfied that it should continue in the possession of the Clerk, in whose possession it now is. 3. Because the appointment of a new receiver will again charge the fund with additional and unnecessary commissions and expenses. 4. Because W. J. Gayer, Esq., the former receiver, still continues in office, and has not accounted or been discharged. I 5. Because the amount of the bond ) required of C.C. Puffer, Esq., is utterly inadequate to protect the fund. THE SCIENCE OF HEALING.-The ) Greeks believed that the nearest approach to the Divinity was a successful I physician, and they apotheosized Esculapius and Applionius, of Tyann, for e their cures. The more scientific mo. a derns testify their appreciation of skill in the healing art rather by patronizing the living than deifying the dead; and 8 this explains the crowd of patients who have sought the office of Dr. Jones, at , the Wheeler House, in this city, often y coming hundreds of miles for his treat. I ment and operations, and returning t cured and rejoicing. And owing to this y great and increasing domand for his 1 skill, the doctor has been induced to remain until the 25th instant. A TERRIBLE VISITATION.-The village I of South Windham, Conn., is undergoing a torrible affliction in the ravages of small-pox. The disease has attacked k every house in the village, and several 5 deaths have occurred. Business is sus. pended; the trains on the New London 8 Northern Railroad are rushed by witha out stopping, and no communication from the outside is allowed. g A money erder office is to be established at Due West.

3. June 28, 1876 The Sun New York, NY
Article from The Sun, June 28, 1876

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Article Text

SOUTH CAROLINA OPERATIONS. Another Effort to Raise Money to Pay Interext on the state Debt. To THE EDITOR OF THE SUN-Sir: Cardoza. the State Treasurer of South Carolina, was in this city to-day endeavoring to borrow $60.000 to Day the July interest on the consolidated debt of the State. The funding of the old State debt of South Carolina at fifty cents on the dollar in 1873 was a pet scheme of this colored Treasurer, and he is extremely anxious to pay the interest as it falls due. Last July the failure of Gov. Chamberlain's and Hardy Solomon's bank. whereby the State was defrauded of nearly $300,000, prevented payment of the interest falling que at that time. This year the payment of the bills of the old Bank of the State of South Carolina, in which Gov. Chamberlain was largely interested, to. gether with the defalcation of one or more of Chamberlain's County Treasurers, as well 88 extravagant and corrupt expenditures of the State Government prevents its payment. The taxes are collected in January of each year. and were all spent this year before the first of June, so that there is not a dollar in the Treasury to meet the current expenses of the State Government, to say nothing of the interest. The State Lunatic Asylum and other charitable institutions cannot get part of the amounts appropriated for their support. and are now begging for money. Dr. Ensor. the Superintendent of the Lunatic Asylum, bes recently been North endeavoring to procure means to keep the innutes from starving. How a State Government. which collects its taxes in January, and spends them all before the first of June, can be called a good Government, or be worthy of the name of a reform Government, is puzzling; and yet it Is claimed as such. As It will not take more than $30,000 to pay the July interest. the query 19. why does Cardoza want $60,000? Is it to have a balance of $30,000 to meet the campaign expenses this fali? Solomon & Co.'s bank paid them two years ago, when Chamberlain and Cardoza were elected. Puffer, the receiver of the bank of the State. who, under the authority of Chamberlain's friend. Judge Reed of Charleston, let Solomon & Co. have $40.000 of the funds belongtrug to the Bank of the State without security. when was a total loss to the bank when Chamberlain & Solomon's bank failed. has fled the country to save his friend Chamberlain - a fact which even the Charleston News must know but suppresses. TRUTH.