17292. Planters & Mechanics Bank (Charleston, SC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 24, 1860
Location
Charleston, South Carolina (32.777, -79.931)

Metadata

Model
gpt-5-mini
Short Digest
879d9127e897dd45

Response Measures

None

Description

Contemporary newspaper reports (Nov 1860) state the Planters' and Mechanics' Bank in Charleston was due to suspend specie payments immediately following suspensions of other South Carolina state banks. The articles report an imminent suspension but provide no information about reopening or a receiver; because there is no evidence of reopening in the provided snippets, I classify this as a suspension that appears permanent (suspension_closure) but note that permanent closure/receivership is not explicitly documented in these excerpts.

Events (2)
1. November 24, 1860 Suspension
Cause
Local Banks
Cause Details
Other major South Carolina banks (Bank of the State of South Carolina and the Railroad Bank) suspended specie payments, and Planters & Mechanics Bank was reported to be suspending in consequence.
Newspaper Excerpt
CHARLESTON, S. C., Nov. 23 -The Bank of the State of South Carolina and the Railroad Bank have suspended. The Planters and Mechanics Bank will suspend to morrow.
Source
newspapers
2. November 30, 1860 Suspension
Cause
Local Banks
Cause Details
Multiple Charleston banks suspended specie payments on the same dates; Planters' and Mechanics' Bank was reported as imminently suspending following these suspensions.
Newspaper Excerpt
Bank Suspensions in Charleston. CHARLESTON, Nov. -The State Bank of South Carolina, the Bank of the State of South Carolina and the Railroad Bank, all suspended specie payments to-day. The Planters' and Mechanics' Bank will surely suspend to-morrow.
Source
newspapers

Newspaper Articles (2)
1. November 29, 1860 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, November 29, 1860

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Article Text

DOMESTIC INTELLIGENCE. Bank Suspensions in Charleston. CHARLESTON, Nov. -The State Bank of South Carolina, the Bank of the State of South Carolina and the Railroad Bank, all suspended specie payments to-day. The Planters' and Mechanics' Bank will surely suspend to-morrow. New York Money Market. NEW YORK, Nov. 28.-The money market is lightening up, and transactions are carried on with more energy. Sterling exchange ruled firm to-day at 105, the asking price for bankers' bills. Sterling Bxchange. NEW YORK, Nov. 27.-Sterling rules steady, with a fair demand. Bunkers' bills are selling at 103@ 104, and commercial do. at 101@102. Action of the Georgia Brokers. AUGUSTA, GA., Nov. 27.-The money brokers here refuse to buy bills on all banks outside the State of Georgia. Bank Suspension in Macon, Ga. MACON, GA., Nov. 27.-The Manufacturers' Bank of Macon has suspended specie payment, and will probably wind up.

2. November 29, 1860 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, November 29, 1860

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Article Text

Failure of the South Carolina Banks-Free States "Repudiated." CHARLESTON, S. C., Nov. 23 -The Bank of the State of South Carolina and the Railroad Bank have suspended. The Planters and Mechanics Bank will suspend to morrow. Several candidates to the disunion convention, over their signatures, repudiate any free state joining the southern confederacy.