17285. Peoples Bank of South Carolina (Charleston, SC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
June 20, 1865
Location
Charleston, South Carolina (32.777, -79.931)

Metadata

Model
gpt-5-mini
Short Digest
8dc51c32b2460e43

Response Measures

None

Description

Articles (Nov 1869) describe the People's Bank of South Carolina having suspended during/just after the Civil War and subsequently resuming business (report cites reopening on June 20, 1865). No bank run is described. Cause of suspension is the post-war collapse of currency, commerce, and agriculture (local economic shock). OCR errors in the articles (dates/years) were present but the reopening date 20 of June, 1865 and the notice This Bank having resumed business (Nov 30, 1869 paper) are clear.

Events (2)
1. June 20, 1865 Reopening
Newspaper Excerpt
It may be of some interest to state that the bank opened on the 20th June, 1865 ... This Bank having resumed business, is now prepared to redeem its outstanding bills.
Source
newspapers
2. * Suspension
Cause
Local Shock
Cause Details
Suspension occurred during/after the Civil War due to destruction of currency and ruin of agricultural and commercial interests in the state.
Newspaper Excerpt
since its suspension of business ... advent of peace, as was accompanied in universal the destruction of the currency ... found the bank in an almost hopeless condition.
Source
newspapers

Newspaper Articles (3)
1. November 30, 1869 The Charleston Daily News Charleston, SC
Article from The Charleston Daily News, November 30, 1869

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Article Text

PEOPLE'S BANK OF SOUTH CAROLINA. Report of the President. A meeting of the stockholders of the Peoplc's Bank of Charleston was in the of the Bank of hall Charleston held building. this day Gibbes called the meeting to order, moved that Mr. George A. Mr. and James Trenholm seconded be requested to preside, which was and adopted. Mr. James Gibbes then moved that the chairman appoint a secretary for the meeting and a committee on proxies; which was agreed to. The chairman then appointed Mr. B. Grimball secretary, and Messrs. Joseph T. Dill and P. P. Locke committee to verify proxies. The chairman then declared the meeting ready for business. Mr. James S. Gibbes then read his report as president of the bank. then moved that received and and that of Mr. Yeadon approved. the the the report thanks be the meeting be returned to president, and directors, for the manner in which they cashier tory able have and conducted satisfacthe financial affairs of the bank; which was adopted. Mr. R. S. Bruns then effered the following which was That the directors be to take the steps to resume resolution, Resolved. necessary adopted inst ructed business immediately. Mr. Bruns' motion was then reconsidered, and the following amendment, offered by Mr. C. H. Simonton, was adopted Resolved. That the directors be instructed to take the necessary steps to resune business as soon as practicable. Mr. John Hanckel then moved that the proceedings of the meeting, and the president's report be published in the CHARLESTON DAILY NEWS and Courier, which was addopted. The meeting then majories net. BERKLEY GRIMBALI, Sceretary. Charleston, S. C., November 29, 1869 The Board of Directors of the People's Bank of Carolina, on this second meeting of South general stockholders since occasion for of their their the termination of the war, submit consideration a detailed statement of their management of this bank since its suspension of business, and of its present condition. advent of peace, as was The accompanied in universal it by the destruction of the currency use, and the ruin of the agricultural and coinmeroial interests of the State, found the bank in an almost hopeless condition. Its assets had been invested in State and public securities, in sharea of the great corporations of the and in discounted paper, and these the common in 1805, D. L. McKay, our country, were the all year affected by ruin. late the prest- Early bank dent, to whose efficient management in a measure, been had, large indebted city, and for its former prosperity, came to this beat once to examine the see be saved. He called to gan what could wreck and his to in aid the directors who were then the we soon took such measures the immediate required. those city, and of emergency At community, that as time there but little money in our bank accommodation. of and no was afford Sensible to the pressing need, and anxious to our such atd as was in board to open the people determined their bank, power, and make with the the little capital at their command, to an effort to relleve the wants of our commerce. This action was approved by the stockholdora at their meeting in June, 1805. 20 of June, 1865, our and from that day until of opened, On the books the 1st were the bank flowing to November ness. The ensuing, advantage pursued transacted the is commu- part businity from the conree thus a the of the period. it be of pride and us, a history source congratulation But will always to bank that even in this crippled condition our was enabled to contribute eomewhat to the revival of our coinmerce, and to its restoration from almost total destruction. The following items show the aid the bank gave our commercial community during its short existence: Notes discounted. $63,308 77 431,269 Exchange purchased 39,700 29 Sterling purchased. Total $534,279.04 The profits on these operations now compose of the assets of the bank. became manifest that the It soon part existence, bank, could with circulation still in not be on with safety to its had however, the its carried large supplied, immediate depositors. in, necesal- other II began slowly to flow were in process of banks ty. Capital formation, which and had the board felt that the necessity inducod their action having ceased, due regard for the interest of their blockholders compelled a suspension of the operations of the bank. From the 1st of November, the business of the bank was conducted under the name of McKay & Gibbes; and on the 2d January, 1806, the of this new were The of the business also. operations profits firm conducted the benefit closed by amounted to $7628 80, for and now compose n of this the firm stockholders, part of the ngnets of the bank. be of some interest to 3' ate that the bank on the 20th June, 11 It may opened 1805, from with that account of 893,000, and that to the or clos nx Hs deposit day day doore the deposits averaged about $50,600. this competed to abandon for a time all o on with the of the board 11 adressed Being the hope ank, gong regular themselves business to the preservation and improvement of 118 as. its AUTS, and he ascertaining and liquidating liabilities. The following statement will exhibit the

2. November 30, 1869 The Charleston Daily News Charleston, SC
Article from The Charleston Daily News, November 30, 1869

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Article Text

LINA. PEOPLE'S BANK OF SOUTH CAROReport of the President meeting of the stockholders of the day Peo- in A Bank of Charleston was held building. this ple's the hall of the Bank of Charleston to James Glbbes called the me ting Trenholm orMr. and moved that Mr. George seconded der, be requested to preside, which was and adopted. James Gibbes then moved that tile chairMr. appoint a secretary for the meeting and to. a man committee on proxies; which was agreed GrimThe chairman then appointed Mr. B. Dill and ball-secretary, and Messra. Joseph T. P. P. Locke committee to verify proxies. The chairman then declared the meeting ready Mr. James for business. S. Gibbes then read his report as president of the bank. Mr. Yeadon then moved that the report thanks be of received and approved. and that the the meeting be returned to the president, satisfaccashier and directors, for the able and conducted manner in which they have was tory the financial affairs of the bank; which adopted. Mr. R. S. Bruns then offered the following resolution, which was adopted : That the directors bo instructed business to take Resolved. the necessary steps to resume immediately. Bruns' motion was then reconsidered, Mr. and Mr. the following amendment, offered by C. H. Simonton, was adopted That the directors be instructed business to soon as practicable. take Resolved. the necessary steps to resuine as Mr. John Hanckel then moved that the proceedings of the meeting, and the president's DAILY report be published in the CHARLESTON NEWS and Courier, which was new. addopted. The meeting then major BERKLEY GRIMBALI, Secretary. Charleston, S. C., November 29, 1869 Board of Directors of the People's of Bank their The South Carolina, on this occasion of general meeting of stockholders since for their second termination of the war, submit of their the a detailed statement consideration management of this bank since its suspension of business, and of its present condition. as advent of peace, accompanied universal it was The destruction of the currency in and comby the and the ruin of the agricultural the bank use, interests of the State, found Its assets mercial almost hopeless condition. securiin an invested in State and public sharea of the great and in discounted paper, affected by the common were 1865, D. L. McKay, our in had ties, country, the been in all year corporations ruin. and late the of presi- Early these bank the dent, to whose emclent management indebted for its had, in a large measure, been city, and bcformer prosperity, came to wreck this and to see at once to examine the his aid gan could be saved. He called to in the what of the directors who were then as the those we soon took such measures time required. but little money in our bank accommodation. necd, and anxious to the there and the immediate city, pressing and no was emergency afford At community, Sensible power, that to our of such Aid as was in their and with board people determined to open the bank, make an little capital at their command, to the effort to relieve the wants of our commerce. This action was approved by the stockholdat their meeting in June, 1865. ora the 20 of June, 1865, our books 1st were of On and from that day until the busiopened, November ensuing, the bank transacted commuThe advantage flowing to the part of ness. from the course thus pursued is a nity the history of the period. But it will always to us, be source of pride and congratulation bank a even in this crippled condition our the rethat enabled to contribute eomewhat to vival was of our commerce, and to its restoration from almost total destruction. The following comitems show the aid the bank gave existence: our mercial community during its short $63,308 77 Notes discounted. 431,269 98 Exchange purchased 39,700 29 Sterling purchased $534,279 04 The Total profits on these operations now conpose part of the assets of the bank. It soon became manifest that the bank, could with circulation still in existence, not It. Its be large carried on with safety to its depositors. necesalhad supplied, however, the immediate other Capital began slowly to flow In, and the banks ty. were in process of formation, had inboard felt that the necessity which duced their action having censed, due regard the Interest of their tockholders compelled for suspension of the operations of the bank. of a 1st of November, the business was conducted under From bank the January, the name 1866, of of this. new MoKay the & Glbbcs; and on the 2d closed The profits of the business amounted to $7628 80, for and now compose of the assets of of this also. the the firm operations stockholders, the bank. firm conducted were the that benefit a part the by It bo of some Interest to state with a bank may opened on the 20th June, 1805, that dopos!i account of $93,000, and that from deposits day to the day of closing Its doore the averaged about $50,000. Being this compelled to abandon for business n time all hope o go ng on with the regular themselves the bank, the board addressed 118 88of the prosorvation and Improvement of its liabilities. BULA, to and the assertaining and liquidating the The following statement will afbit

3. December 4, 1869 The Charleston Daily News Charleston, SC
Article from The Charleston Daily News, December 4, 1869

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Article Text

Special Notices. INSTALLATION SERVICES AT ST. JOHN'S EVANGELICAL LUTHERA CHURCH.- The Rev. W. W. HICKS will be solemnly installed Associate Pastor in St. John's Church TO-MORROW. The order of Service is as follows: Half-past A. M., Preaching by Rev. J. HAWK INS, of Newberry. Istallation office by Rev. A. R. RUDE, of Columbia. Charge to Pastor, Rev. JOHN BACHMAN, D. D. At quarter-past 7 P. M. the pulpit will be occupied by Rev. T.S. BOINEST, of Pomaria. Special invitation is extended to the German and English Lutherans of the city to attend, and seats will be provided for the public dec4 generally. Evening, seats free. UNITARIAN CHURCH.-DIVINE Services will beheld in this Church, To-MORROW MORNING, at half-past 10 o'clock, and in the EVENING at half-past 7, the Rev. R. P. CUTLER officiating. All Strangers are cordially invited to. attend. Subject for the evening discourse: "The Three Heavenly Witnesses"-1st Epistle of dec4 John, 5th Chapter, 7th Verse. DIVINE SERVICE WILL BE CONDUCTED in the Orphan's Chapel TO-MORROW AFTERNOON at half-past 3 o'clock, by the Rev. C. dec4 C. PINCKNEY. RIVER BAPTISM.-ON SUNDAY, 5th instant, (D. V.,) between the hours of 10 and 2 o'clock A. M., the Sacred Ordinance of Baptism will be administered by the Rev. JACOB LEGARE, Pastor of Morris Street Baptist Church, at the west end of Tradd street. The public are respectfully invited to attend on the occasion. A collection will be taken up in aid of the funds of dec4 the Church. CONSIGNEES' NOTICE.-DESPATCH LINE Brig GEORGIE will discharge cargo THIS DAY at Adger's North Wharf. Consignees will send promptly for Goods before sunset, or they will be stored at their risk and expense. No claims allowed after Goods are removed from the wharf. WILLIAM ROACH & CO. dec4 1 CONSIGNEES PER STEAMSHIP MARMORA are hereby notified that said vessel has been entered at Customhouse under the Five Days' Act, and all goods not Permitted at the expiration of that time will be sent to Customhouse Stores. ROBERT MURE & CO., Agents. dec4 1 NOTICE-THE PUBLIC ARE hereby cautioned against crediting any of the Crew of the Steamship MARMORA, as no debts contracted by them will be paid by the Master or R. MURE & CO., Consignees. dec4 1 Agents. CONSIGNEES PER NEW YORK and Charleston Steamship Company's Steamship JAMES ADGER are notified that she will disscharge cargo THIS DAY, at Adger's South Wharf. Goods not called for at sunset will remain OR the wharf at owners' risk. JAMES ADGER & CO., dec3 2 Agents. TOTICE.-STEAMER CITY POINT will hereafter leave for Florida on FRIDAY EveNING, at 8 o'clock, instead of SATURDAY, as heretofore. J. D. AIKEN & CO., nov24 Agents. NOTICE.-ALL PERSONS INDEBTED to the assigned Estate of Mr. GEO. H. GRUBER are hereby informed that their accounts have been placed into the hands of Messrs. SIMONS & SIEGLING, Attorneys, (office, Broad street,) for collection, and if settlements are made before the first December next, no costs. will be incurred. H. GERDTS & CO., nov13 1mo Agents for Creditors. NOTICE.-J. N. M. WOHLTMANN for the present occupies the store of Messrs. FARRAR BRO., corner East Bay and Cumberland streets, and will be pleased to see his friends. nov13 PEOPLE'S BANK OF SOUTH CAROLINA - CHARLESTON, NOVEMBER 30, 1869.-This Bank having resumed business, is now prepared to redeem its outstanding bills. JAS. S. GIBBES, By order. President. dec2 NOTES FOR DECEMBER, ADDRESSED TO THE FEEBLE AND DEBILITATED. This is a trying season for invalids, indeed for all who are not blessed with robust constitutions and iron frames.