17287. Peoples Bank of South Carolina (Charleston, SC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
September 26, 1873
Location
Charleston, South Carolina (32.777, -79.931)

Metadata

Model
gpt-5-mini
Short Digest
a6719e7559c74d93

Response Measures

None

Description

Multiple newspapers (dated Sept 26–27, 1873) report that the People's/Peoples Bank of South Carolina (Charleston) suspended currency payments as part of the national financial crisis of September 1873. Articles describe the suspension as a precautionary/partial suspension (30 days) tied to broader panic (Jay Cooke collapse / national liquidity shortage). No contemporaneous article describes a depositor run or a permanent failure; reports frame the action as temporary and precautionary, so I classify as suspension with expected reopening.

Events (1)
1. September 26, 1873 Suspension
Cause
Macro News
Cause Details
Suspended currency payments as part of the nationwide financial crisis/panic of September 1873 (liquidity shortage following failures such as Jay Cooke & Co.); described as precautionary/30-day suspension.
Newspaper Excerpt
The Peoples' bank of South Carolina, the Peoples' savings bank, and the South Carolina loan and trust company have suspended currency payments.
Source
newspapers

Newspaper Articles (10)
1. September 26, 1873 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, September 26, 1873

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THE FINANCIAL CRISIS, NEW YORK. NEW YORK, September 26.-Twentyfour hours' notice is to be given before the stock exchange opens. The Sun says that Adams express company has carried daily to the interior $1,500,000, and the United States express company has been carrying out about $500,000 daily. NEW ORLEANS. NEW ORLEANS, September 25.-The banking houses have joined in an address giving the reasons for partial suspension of currency payment for thirty days, by which time they think the movement of cotton and sugar will place them in a position to fully resume. Sterling exchange, the usual source of currency, at this moment, is not available except at ruinous rates. Heavy drafts have been made upon them for the usual balances from the west and east, and there is no prospect of their drafts for currency being honored. The banks will pay drafts under one hundred dollars. CHARLESTON. CHARLESTON, September 26.-The Peoples bank of South Carolina, the Peoples savings bank, and the South Carolina loan and trust company have suspended currency payments. The national banks and other state banks pay as usual. NASHVILLE. NASHVILLE, September 26.-The banks have suspended currency payments upon checks of over $200. The board of trade approves the action. ATLANTA. ATLANTA, September 26.-A meeting of business men has resolved to assist the banks by free deposits and light drafts. SAVANNAH. SAVANAH, September 26.-In accordance with the resolutions of the chamber of commerce, the banks are certifying checks but withholding currency. CHICAGO. CHICAGO, September 26.-Five national banks have suspended. WASHINGTON. WASHINGTON, September 26.-The following suspensions are announced this morning : Wooten, Webb & Co., Indianapolis ; Krans & Smith, Toledo; Bank of Ansonia, New Hampshire Fant, Washington & Co., of Washington. ENGLAND. LONDON, September 26.-American securities are excited. Large business doing with wide fluctuations and much uneasiness. LATER.-American securities flat and declined heavily. The Daily Telegraph, in an article on the American crisis, savs it cannot be too strongly enforced that there is nothing radically unsound here or in the United States. The great mass of capitalists are not affected by the trouble. The Daily News remarks that in the absence of a system of long credits, the materials for a panic among American trading houses do not exist. It believes that the worst in over. It is said that bullion to the amount of £500,000 sterling will be withdrawn from the bank to be sent to America by next Saturday's steamer.

2. September 26, 1873 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, September 26, 1873

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NEW ORLEANS. NEW ORLEANS, September 25.-The banking houses have joined in an address giving the reasons for partial suspension of currency payment for thirty days, by which time they think the movement of cotton and sugar will place them in a position to fully resume. Sterling exchange, the usual source of currency, at this moment, is not available except at ruinous rates. Heavy drafts have been made upon them for the usual balances from the west and east, and there is no prospect of their drafts for currency being honored. The banks will pay drafts under one hundred dollars. CHARLESTON. CHARLESTON, September 26.-The Peoples bank of South Carolina, the Peoples savings bank, and the South Carolina loan and trust company have suspended currency payments. The national banks and other state banks pay as usual.

3. September 26, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 26, 1873

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TELEGRAPH. [SPECIAL DISPATCHES TO THE GAZETTE.) FINANCIAL AFFAIRS NEW YORK, Sept. 26.-The city is being drawed of money at a pretty lively rate. Since Saturday last out-going monies through Adams express have been about $1,500,000 daily, while that coming in, exclusive of what went to the The Treasury, amounted to about $600,000. United States Company have been sending out from $700,000 to $800.000 a day for several days past, while the receipts through that medium are very small. The National Express Company is carrying away an amount about three times as large as usual at this season of the year, and American Express Company is doing nearly likewise. Hows & Macy, in their circularsent their corthe day they say respondents suspended, into "We shall proceed to convert our assets cash as fast as possible and apply the same to the liquidation of our debts. Iu the meantime we have to ask forbearatice of those to whom we are indebted. All mobies received on and after this date will be held subject to the order of the owners thereof. NEW YORK, Sept. --The Steek Exchange remains closed. NEW YORK, Sept. 26.--Twenty-for hours notice is to be given before the Stock Exchange opens. NEW YORK, Sept. 26.--The committee of seven appointed by the governing committee for the purpose of preparing a plan for clear acing stocks submitted a report to-day. No tion was taken in connection with the report. NEW YORK, Sept. 26.-A special dispatch from Chicago, says the Second and Manufac turers' National banks have closed. LONDON, Sept. 26.-Four hundred and twenty-eight thousand pounds sovereigns and 51,000 gold bars were drawn from the Bank of England to-day for shipment to America. LONDON, Sept. 26-41 p. ---The amount of bullion withdrawn from the Bank of England on balance to-day is £473,000, CHARLESTON, S. C. Sept. 6.-The Peoples' bank of South Carolina, the Peoples' Savings bank and the South Carolina Loan and Trust Company have suspended currency payments. The National banks and other State banks pay as usual. LONDON, Sept. 26. -4:30 P. m.-American securities excited with a large business doing at large fluctuations. There is much uncasiness in the market. LONDON, Sept. 26. -4:45 p. m.-The market for all American securities is flat and prices have declined heavily, NEW YORK, Sept. 26.-A Chicago special says the Cooke County National bank has closed. CHICAGO, Sept. 26. It is just announced that the Union National, Manufacturers National and Second National banks have suspended. A notice on the door of the former says that the bank has abundant securities, but is compelled to suspend payment on aca lack of until it is able to has been lost failcount realize. of Nothing currency from made the safe. ures and the depositors will be LONDON, Sept. 26.--4:30 p. m.--It is begold to lieved that the heavy shipments of America already reported are not made in consepuence of the low nominal rate of exchange, but to settle liabilities the bankers here incurred before the financial troubles in New York began. INDIANAPOLIS Sept. 26. The financial excitement continues, but in a much milder form than heretofore. The Indianapolis clearing house, at a meeting this morning resolved to adopt for two days substantially the same plan adopted in New York, Chicago and Cincinnati. It is hoped that by that time confidence will be fully restored. The run still continues 00 Ritizinger's bank. The depositors are mostly Germans and their claims are being paid in full as fast as presented. No doubt exist as to the ability of the bank to promptly meet all demands. NEW YORK. Sept. 26.-Several parties are short of gold and refuse to pay 1 per cent. for borrowing. Consequently there is a hitch in the clearance of gold at the Gold Exchange Bank. CHICAGO, Sept. 26.--Dispatches from the best informed sources received at the office of the Associated Press, in this city, from most of the principal cities in Lilicois and Iowa, in reference to the present financial troubles in the East, concur in saying that the action of the Chicago banks in following the course of the New York banks in suspending payment of large sums of currency is almost universally sustained and commend ed by the bankers and business men as wise and timely and calculated to arrest the panic and pave a way to relief from the present difficulties.

4. September 27, 1873 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, September 27, 1873

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BY TELEGRAPH THE CRASH. Financial Situation Throughout the Country. List of Additional Fallures and Suspensions. Five Hundred Men Discharged from Employment. WASHINGTON, September 26.-The following suspensions are reported today: Wooten, Webb & Co., Indianapolis; Danville (Va.) banks; Planters' bank, Farmville, Va.; Lancaster & Co., Richmond; Koutz & Smith, Toledo; bank of Ansonin, N. H.; J. J. Cohn, Augusta, Ga.; F. Washington & Co., Washington. RICHMOND, Va., September 26.-The Tredegar iron works discharged about six hundred men engaged in car building. NEW YORK, September 26.-The Sun says Adams' Express Company has carried daily to the interior $1,500,000. The United States Express Company has been carrying out about $500,000 daily. Twenty-four hours' notice is to be given before the Stock Exchange opens. The situation on Wall street this morning presented no new features. Business generally continues in a state of suspense. Foreign exchange has been reduced by bankers to 54@64 for long and short sterling. Gold has been strong, with more activity, and sales were made at 112g. Money 1@1 commission. Several parties are short of gold, and refuse to pay of per cent. NASHVILLE, September 26.-The banks have suspended currency payments upon checks of over two hundred dollars. The Board of Trade approves this action. ATLANTA, Ga., September 26.-At a meeting of the business men it was resolved to assist the banks by free deposits and light drafts. SAVANNAH, Ga., September 26.-In accordance with a resolution of the Chamber of Commerce, the banks are certifying checks, but withholding currency. CHARLESTON, S. C., September 26.The Peoples' bank of South Carolina, Peoples' Saving bank and South Carolina Loan and Building bank have suspended currency payments The National banks and other State bankspay as usual. CHICAGO, September 26.--Five National banks have suspended. LONDON, 4 P. M., September 26.--American securities. There was a large business, with wide fluctuations and much uneasiness, WASHINGTON, September 26.-The Star says that President Grant has appointed Jay Cooke, McCullough & Co., of London, financial agents for the Postoffice and State departments vice Clewes, Haviek & Co. NEW ORLEANS, September 27.-The banks have suspended for thirty days, for precautionary measures.

5. September 27, 1873 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, September 27, 1873

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PANIC PARAGRAPHS. The New York stock exchange remained closed yesterday. I IThe Vicksburg banks have suspended for thirty days as a precautionary measure. A Washington telegram yesterday announced the suspension of the banking firm of Faut, Washington & Co. Cincinnati financial matters have resolved into a state of delightful quietude beautiful to contemplate. The governing committee of the New York stock exchange have resolved to give twenty-four hours notice of its opening. Fort Wayne, Indiana, boasts that quiet reigns in financial circles, and that banks are and will continue business as usual. The Peoples' bank of South Carolina, the Peoples' savings bank, and the South Carolina loan and trust company, at Charleston, have suspended. Currency payments at the National bank and other State banks pay as usual. At Little Rock, yesterday, the excitement continued over the city money. The reported suspension of banks in St. Louis and other places continues. Everything is at a standstill. Very few parties take city money, and no greenbacks are in circulation. At Baltimore yesterday, William Fisher & Sons, who are among the leading stock and gold brokers of that city, closed their doors, and say they have been forced by the delinquencies of their customers to suspend business until they can collect what is due them. They expect to pay every obligation in full, and only ask a short indulgence. In New York, yesterday, Senator Morton, being asked to give his opinion as to the present financial panic, said that his conviction was that the worst was over. "I do not expect the affair to subside all at once," he added, "but my feeling is entirely hopeful." Referring to the suggestion that the government ought to come to the reseue, he said the government will do all It can, but it must not evade the law. In New York yesterday the police were called upon to disperse all groups which threatened to interfere with sidewalk traffic. The brokers were by this means driven into the road, but they fared no better there. The police ordered trucks to be driven through the crowd, and so compelled the brokers to scatter in all directions. Driven from the road, some of the most inveterate speculators and curb-stone brokers adjourned to the gold exchange court, and held high carnival there for about rifteen minutes when the sergeant of the police, with half a dozen men, drove them helter-skelter from their refuge. A Chicago telegram yesterday announced that the Union national, Second national and Manufacturers' national banks have suspended. A notice on the door of the former says that the bank has abundant securities, but is compelled to suspend payment on account of the lack of currency until able to realize. Nothing has been lost from the failures, and depositors will be made safe. The Cook county City national and National Bank of Commerce have followed the example of the Union national and closed their doors. There was a run for an hour on the Corn Exchange bank, but as everything was paid the run was soon stopped. Some who drew have redeposited. The bank is considered very strong. Other national banks are paying regularly. There is considerable excitement among business men, and the grain trade shows some effect. Coolbaugh, president of the Union national, is severely censured by other bankers and the whole community, As his extreme course was wholly unnecessary, it is suggested that there must be something rotten in his bank, though it has been regarded very strong.

6. September 27, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 27, 1873

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Columbus & Indiana Central 19a21. Gold excited and has advanced to 1124. WHY GOLD IS SHIPPED FROM LONDON. LONDON, Sept. 26-It is believed the heavy shipments of gold to America already reported are not made in consequence of the low nominal rate of exchange, but to settle liabilities of bankers here incurred before the financial troubles in New York began. SUSPENSIONS AT CHARLESTON, S. C. CHARLESTON, Sept. 26.-The People' Bank of South Carolina, Savings Bank and South Carolina Loan and Trust Co. have suspended currency payment. The National Bank and other State banks pay as usual. EXCITEMENT IN AMERICAN SECURITIES AT LONDON. LONDON, Sept. 26.-4:30 M.- American securities are excited, with a large business doing at wide fluctuations. There is much uneasiness in the market. U.S. 20 bonds of '65 sold at 944, '67's 95,10-403 % 901, new five's 91. 4:45 P. M.-The market for American securities is flat and prices have declined heavily, NEW YORK, Sept. 26.-Several parties are short of gold and refuse to pay the half per cent for borrowing, consequently there is a hitch in the clearing of gold at the Gold Exchange Bank. SUSPENSION OF WM. FISHER & SONS, AT BALTIMORE. BALTIMORE, Sept. 26.-Wm. Fisher & Sons, who are among the leading stock and gold brokers of this city, have closed their doors, and say they have been forced by the delinquencies of their customers to suspend business until they can collect what is due. They expect to pay every obligation in full, and only ask a short indulgence. USE OF CERTIFIED CHECKS RECOMMENDED AT SAVANNAH. SAVANNAH, GA., Sept. 26.-The Chambers of Commerce held an adjourned meeting late last night, to receive the following report of committee, which was adopted. Resolved, That the banks and banking houses of Savannah be recommended to meet the demand of depositors by certifications, to be used as the necessities of the holders may require, until temporary difficulties be removed, and until exchange can be regulated, and currency be receivto move receipts. The committee also reported that they had waited on the banks and bankers and had submitted the resolution of the Chamber to them and that it met with their acquiescence, and then read the following preamble and resolution adopted by the banks and bankers: WHEREAS, In view of the unprecedented panic prevailing in New York and at fecting all parts of the country, paralyzing legitimate business and for the purpose of protecting the commercial interests of our community and enabling the banking institutions of the city to furnish facilities essential to the forwarding of the crops of the country with safety to all parts, Resolved, That the banks and banking houses of Savannah will only meet the demands of depositors by certification of checks, to be used as the necessities of the holders may require, until the temporary difficulties are removed and until exchange can be negotiated or the currency be received to move crops. The banks d-day are acting according to this resolution.

7. September 27, 1873 The New York Herald New York, NY
Article from The New York Herald, September 27, 1873

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Suspensions in Charleston, S. C. CHARLESTON. S. C., Sept. 26, 1873. The Loan and Trust Company, the People's Bank of South Carolina and the Planters and Mechanics' Bank suspended payment to-day. These are State banks and represent less than a quarter of the banking capital of Charleston. The three National Banks and the Union Bank pay all demands in suil

8. September 27, 1873 The New York Herald New York, NY
Article from The New York Herald, September 27, 1873

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Suspension of Banks in Charleston, s.c. CHARLESTON, S. C., Sept. 26, 1873. The People's Bank of South Carolina, the People's Savings Bank and the South Carolina Loan and Trust Company have suspended currency payments. The national banks and the other State banks pay as usual.

9. October 4, 1873 The New North-West Deer Lodge, MT
Article from The New North-West, October 4, 1873

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Provincial Banks Failing. Chicago. September 2.-It is just an. nounced that the Union National, 21 National. and Manufacturers' National banks have suspended. The Cooke County, City National, and National Bank of Commerce have fo!Moed the example of the Union National and closed their doors. Chicago, September 25.-Dispatches from all the principal cities in Illinois, outside of Chicago and all the cities of Iowa. concur in stating that there is no financial panic among the banks or people, and that the ac tion of the Chicago banks in stopping the payment of large balances in currency 19 almost universally endorsed. Washington Sept. 26.-Fant, Washington & Co. have suspended. Charleston, September 26.-The People's Bank of South Carolina and the Loan and Trust Company have suspended currency payments. The national banks and other State banks pay as usual. Toledo, September 26.-1 he failure of the banking house of Krause & Smith is an nounced this morning, an assignment having been made after bank hours yesterday. Baitimore, September 26.-Wm. Fisher & Sons, who are among the leading stock and gold brokers of this city, have closed Their doors. The St. Louis bankers met on Friday evening and adopted protection rules to prevent a run and panic deciding to only pay small checks. Boston. September 27.-The bank presidents of this city have decided to make only small currency payments and to issue ten millions of loan certificates. Charleston, September 6.-The Loan & Trust Company, the People's Bank of South Carolina and the Planters & Mechanics Bank, suspended payment to day. Chicago, Sept. 27 -The Third National Bank closed its doors this morning. St. Louis, September 27-Quietness has reigned among the banks this morning. All are paying in checks under the rule, and everybody seems to cheerfully acquiesce in the arrangement. Philadelphia, September 27.--Samuel Joseph, applicant for proceedings in the bankruptcy against Jay Cooke & Co., has withdrawn his suit in consequence of the statement made of the assests and liabilities of the firm. The city banks have generally paid out currency when needed to pay wages, and are discounting freely, giving easier feeling in banking circles. Washington. September 26.-The Wash. ington City Bank was closed to day by order of Judge Humpbrey. on petition of G. C. Crandall. An arrangement has been made by which the banking houses of Jay Cooke, McCulloch & Co. will honor all the Government drafts on the London house of Clews, Habicht & Co. Beyond this there has been no change in the agency. The Receiver of the First National Bank of Wushington reports its liabilities at $2,700,000, and the assests at 1,900,000. The deficiency was a loan to Jay Cooke & Co. Secretary Richardson fays the statement of Jay Cooke & Co. is much better than was expected, and that the advices received at the Treasury show a decided improved condition of affairs throughout the country.

10. October 4, 1873 Washington Standard Olympia, WA
Article from Washington Standard, October 4, 1873

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11 TELEGY R A HIC. LATER FROM THE ATLANTIC STATES. y of Henry Claws & Eo. and Resumption Howes s Macey. . YORK, Sept. 26. The Clews resump & e New arrangements of Henry endorsement tion has received general have s Co. number of their customers raccounts e and a in transferring their books. acquiesced special accounts on also been Numerous to new new accounts have ' k opened. Howes & Macey make almost to Messrs. report, all of which goes firms b a similar that the lately suspended customers show the confidence of their men and retain the sympathy of business generally. e Suspensions. r BALTIMORE, Sept. 56. Wim. Fisher stock & who are among the leading closed h Sons, brokers of this city, have been and gold doors. They say they of customers their by delinquencies can colforced suspend business until They they expect to t lect to what every is obligation due them. in full, and only pay ask short indulgence. C a Sept. 26. -The the People's Loan CHARLESTON. South Carolina and e Bank Trust of Co. have suspended banks currency and e and The National usual. e payments. State banks pay as Trust other 27 The Loan & Carolina, Co. 1 Sept. Peoples' Bank of South Rank the the Planters' and Mechanics' These are and suspended payment to-day. less than a State banks, representing of Charlese quarter of the bank capital banks and the S ton. bank pay all Three National demands in full and st Ky., claim Union to be stronger Sept. than yesterday. 27 Consid here to-day. LOUISVILLE, excitement prevailed at an early n erable by the suspension the caused the German Security. Savhour, of Insurance, the Masonic the Central g German Western Bank, Louisville le ings, the German) Bank, the suspended their liabilities. banks Savings Banking have Company. abundant resources The to meet 1Jubilee in Philodelphia. e Masonic Sept. 26. At the to-day ded is PHILADELPHIA, of the Masonic Temple hia turned in ication fifty-nine Lodges of about Philadeli nine thousand al out, numbering The procession was nearly point W members. hours in passing a given e and three was viewed by 200,000 of the persons. Author of e Unveilling Home, of a Statue sweet Home. 11 Sept. 17 _The collossal BrooktNEW YORK, in Prospect Park, author of d bronze statue John Howard Paine, uncovered >f Tyn, Home, of Sweet Home, of was 6,000 persons. to-day in the presence made, children of the is Addresses were " Home, Sweet e public schools and .. America," sang and John G. eSaxe Home" read an original poem. e Railway Collision. n By a collision on the engines Mid, Sept. Railroad 27 yesterday, the the ears s land torn to pieces and the passen1were wrecked, while accident was badly nearly injury. carelessness few The of of a occasioned gers escaped by the who was running 1freight eight minutes conductor. into the time of a pasy senger train. Midland Railroad Disaster. 26. This y is The N. J., Sept. train on the the left e Midland morning PATERSON, railroad, passenger which train near here New at e ran into a freight and firemen f5:54, Both engineers the firemen Durham. hurt, one of were d e fatally; were badly Four or five passengers of n einjured. Fever Abating Only for Lack Yellow Vietims. Within of SHREVEPORT, La., Sept. 29. of the most days several citizens of r'. last four respectable to the and victims I'Shreveport population and the prominent The have fällen has been epidemic. thinned out by sickness fun11 fearfully We have no longer single or two death. followed by one the d e. street erals; carriages, like a hearse, dashes section quickly of A artillery few more through in bodies battle into seeking a position. into coffins, shoved is driven li are drummed and the collection even the hearse cemetery. This is citizens. the case The to the the most prominent have opened an n with Howard Association feeding about e Orphan Asylum the and resident are population. cases d two-thirds fewer of deaths and new 1on h. There because are there are fewer Commissioners people. to Finding* British of the and Mixed American 27.-A Boston Claims. spech. of PITTSBURG, Journal Sept. from New British York says and in the Mixed have madefinal day g ial American to the Claims Commission its business on one awards treaty and concluded fixed by the that al of ahead In brief, of the the result time Government of the inquiry paid is to e the United States by our late war to 2 $1,- per t 1, English of sufferers their claims, amounting American claims 920,819, cent. while the are all disallowed. is g toagainst Financial England Outlook in the advices East. or home rNEW The touching YORK, Sept. the financial 29. All situation reassur- at The day and abroad are of reopening a very of the event et looked upon Stock ing character. Exchange with to-morrow much less is apprehen- an