17314. Merchants Bank of South Carolina (Cheraw, SC)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
state
Start Date
August 7, 1867
Location
Cheraw, South Carolina (34.698, -79.883)

Metadata

Model
gpt-5-mini
Short Digest
47b8b2966e50205d

Response Measures

None

Description

No article describes a depositor run. 1867 article shows the bank was party to chancery proceedings concerning disposition of Confederate-era funds; 1871 article explicitly lists the Merchants' Bank of South Carolina, Cheraw among banks in the hands of receivers. That indicates suspension/closure and receivership rather than a temporary run and reopening. I did not infer any runs; dates and facts come from the provided articles.

Events (2)

1. August 7, 1867 Other
Newspaper Excerpt
a decree was made ... ordering and directing James W. Gray, Master in Chancery, to pay ... and to which bill the Merchants' Bank of South Carolina at Cheraw ... were afterwards ... admitted to answer as defendants; ... the said decree in Equity be reversed and annulled ... the said A. J. Willard is hereby designated and appointed receiver thereof for the United States. (HEADQ'RS. SECOND MILITARY DISTRICT, CHARLESTON, S. C., August 7, 1867.)
Source
newspapers
2. January 13, 1871 Receivership
Newspaper Excerpt
The following named are in the hands of receivers, &c., appointed under the provisions of the above named Act, or orders of the Courts prior to the passage thereof: ... Merchants' Bank of South Carolina, Cheraw;
Source
newspapers

Newspaper Articles (2)

Article from The Charleston Daily News, August 9, 1867

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Article Text

QUINN, copies of Orville Colege, by Mrs. HENRY WOOD, author of East Lyme, and The Rebel Chief, by GUSTAVE AIMARD, authorof thr Prairie Flower, and other works. The Rebel Chief is a tale of guerilla life, and will prove interesting to those who have some experience in this mode of warfare. Both of these Books are well gotten up, and from a cursory glance at thoir contents, will well repay the time spent in their perusal. Mr. QUINN has a large and full supply of modern literature at his King Street Stand, and can accommodate his customers with the latest novels and periodicals. DECREE OF THE COURT OF EQUITY ANNULLED. HEADQ'ES. SECOND MILITARY DISTRICT, CHARLESTON, S. C., August 7, 1867. [SPECIAL ORDERS, NO. 119.] (EXTRACT.) 1. Whereas, upon a bill of complaint filed in Equity in the Court of Chancery of South Carolina, by the Bank of Charleston 0S. James Tupper and the President and Directors of the Bank of the State of South Carolina, to which bill the Merchants' Bank of South Carolina at Cheraw and John T. Sloane were afterwards, upon their respective petitions, admitted to answer as defendants; a decree was made and entered by H. D. Lesesne, a Chancellor or said State, on the 5th day of March, A. D. 1867 ordering and directing James W. Gray, Master in Chancery, to pay to the Bank of Charleston the sum of five thousand two hundred and twentythree dollars ($5223) in specie, and to the Bank of Charleston and the Bank of Cheraw, jointly, the sum of five hundred and seventy-four dollars ($574) in specie, and to Hayne & Son, solicitors, representing John T. Sloan, and certain claimants on account of horses sold for the use of the Confederate army, the sum of three thousand dollars and thirty cents ($3,000 after deducting costs of suit, and giving certain directions in respect thereof; and it appearing by the statements and sworn answers of the parties above named, that the monies so ordered to be distributed constituted the balance of a fund created by a loan or advance made by certain banks of the State of South Carolina, in the early part of the year 1865, to aid the so-called Confederate government to remount a certain portion of the cavalry force with which it was endeavoring to resist the military forces of the United States, which balance, amounting to the sum of eight thousand seven hundred and ninety-seven dollars and thirty cents ($8,797 30) in gold at the time of the military occupation of the State aforesaid, and at the time of the surrender of the Confederate armies, remained unexpended in the hands of the Bank of the State of South Carolina, deposited to the credit of James Tupper, Auditor of the said State and it appearing that said decree was procured to be made by consent and connivance of James Tupper, Auditor of the State and the Bank of the State of South Carolina, the general fiscal agent of said State and it further appearing that neither the United State government nor the State of South Carolina appeared in said proceedings in Equity, or submittedtheirrespectiveright to the determination of the court-that the United States authorities had not notice of the proceedings aforesaid- that irregular and unusual means were employed to prevent knowledge of the said suit, and of the existence of said fund from coming to the United States authorities, of which it is alleged the said Chancellor and the parties before the court and their counsel were cognizant; and it further appearing that the said sum of eight thousand seven hundred and ninety-seven dollars and thirty cents ($8797 30), was the property of the United States at the time of the proceedings aforesaid, and that the Chancellor had no jurisdiction or authority to warrant his disposing of or interfering in any way with said monies, the same being a part of the funds of the United States: Therefore it is ordered, that the said decree in Equity be reversed and annulled as without jurisdiction, erroneous, irregular, and a fraud upon the rights of the United States. 1. It is further ordered, that the Bank of Charleston and James Tupper, Porter & Conner. the Bank of Cheraw, Simonton & Barker, J. L. Gantt, Register, Hayne & Son, and James W, Gray, and John T. Sloane, and such other person or persons, or claimants as have received any portion of the said sum of eight thousand seven hundred and ninety-seven dollars and thirty cents ($8,797.30), do forthwith pay over and refund the sums by them respectively, as received in specie, into the hands of A. J. Willard, at the office of the Bureau of Civil Affairs for the Second Military District, at the Citadel, Charleston; and the said A. J. Willard is hereby designated and appointed receiver thereof for the United States. 2. It is further ordered, that the said receiver have authority to take proofs, and ascertain and determine all persons to whom any portion of said funds has been paid, whether claiming through the said John T. Sloane or otherwise; and for that purpose to summon witnesses, administer oaths, and take. depositions; and that he report without unnecessary delay any person or persons, or corporate body in default for non-compliance with the terms of this order. 3. It is further ordered, that any deficiency that shall remain of the said sum of eight thousand seven hundred and ninetyseven dollars and thirty cents ($8,797 30) in gold, in consequence of the respective distributees thereof failing to pay over and refund, as ordered, shall be made good and paid by the Bank of the State of South Carolina and James Tupper, upon their being notified of said deficiency by said receiver. 4. And it is further ordered, that the said receiver take proofs as to the means employed by any person or persons to conceal from the proper civil and military officers of the United States, knowledge of the existence of said fund, or of the said suit, or of the decree therein pronounced, or of the proceedings under said decree, and whether the United States have been prejudiced thereby, and what person or persons have rendered themselves amenable to the United States by reason thereof, and the nature and extent of such responsibility and that said receiver report thereon with all convenient dispatch. By command of Major-General D. E. SICKLES J. W. CLOUS, Capt. 38th U. S. Infantry, A. D. C. and A. A. A. G. Official J. W. CLOUS, Capt. 38th Infantry, A. D. C. and A.A. A. G. THE FAIRIES OUTDONE.-The Princess, in the Fairy Tale, dropt pearls from her mouth when she opened it, but whoever uses that tajisman of science, SOZODONT, will have a mouthful of pearls wf2 that will never drop out, darken or decay.


Article from The Daily Phoenix, January 13, 1871

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Article Text

Company, amounting to $2,098,312.40, and those of the North-eastern Railroad Company, amounting to $92,000, are past due, the former having matured in 1868, the latter in 1869. None of them have as yet been paid, but no demand has been yet made on the State for payment, and the Comptroller presumes "that the companies by whom they were issued have made, or are about to make, satisfactory arrangements relative thereto." DEBIT AND CREDIT. -Statement No. 12 credits an additional indebtedness of the State of $2,642,103.48, which, when added to the railroad debt of $8,787,608.20, makes the total debt of the State $11,429,711.68. So it will be perceived that from Mr. Neagle's own report the debt of the State is over $11,000,000. The advocates of reform were, therefore, not far from wrong in their estimates of the State debt during the late canvass. BANKS AND CAPITAL. - Statement No. 14 comprises abstracts of the returns of Banks of the State, filed in this office, under the provisions of the enabling Acts of March, 1869. In accordance therewith, the following named Banks have, during the last fiscal year, resumed business, with the amount of capital placed opposite their names, respectively, viz: Bank of Charleston, $850,000; People's Bank of South Carolina, $250,080; Planters' and Mechanics' Bank, $100,000. The Bank of Newberry and the South-western Railroad Bank are redeeming their bills, but have not resumed business. The following named are in the hands of receivers, &c., appointed under the provisions of the above named Act, or orders of the Courts prior to the passage thereof: Bank of Camden; Bank of Chester; Commercial Bank of Columbia; Exchange Bank of Columbia; Bank of Hamburg; Bank of Georgetown; Merchants' Bank of South Carolina, Cheraw; Planters' Bank of Fairfield; State Bank of Charleston, and Bank of South Carolina. RAILROADS. -The abstracts of the various railroad reports contain some very valuable statistical information, from which we make a few brief extracts. The net earnings of the various roads are set down as follows: Spartanburg and Union Railroad, $14,502.03; Greenville and Columbia, none; North-eastern, $96,207.94; South Carolina, $258,728.55. Out of this $58,194 have been paid in dividends, leaving a surplus of $200,534.55. The total number of persons killed on all the roads are reported as nine; injured, nine. THE PENITENTIARY. -The report of the Superintendent and Directors of the Penitentiary ask for an appropriation of $30,000 for the erection of a permanent brick building for work shops. There are now in confinement 317 persons, of whom 310 are males, and 7 females. It would seem that the inmates are kept well employed, as appears from the following exhibit of the work done by them during the past year: In carpenter shop has been manufactured 85 wheel-barrows, 160-cell benches, 180 spittoons, 3 derrick frames, 1,272 hammer handles, 430 axe and pick helves, 13 mess tables, 36 quarry buckets, performed work in erecting machine shop extension, erecting the new sheds for the protection of stone-workers, built aqueduct wood work in mill-race, fitted up store-room and hospital, repaired boats, wagons, fences and buildings, to an aggregate amount of at least $3,000. In blacksmith shop has been made 878 balcony bearers, a vast number of stone-cutters, and other tools used in the various departments, to an aggregate amount of not less than $5,000. The weaving shop has produced 8,208 yards of cloth of various kinds and qualities, to a value of $3,616.60, which has been made up into garments in the tailor shop. During the year 281 persons have been received; of whom 205 have been pardoned, 23 discharged, 24 died, and 6 escaped. LUNATIC ASYLUM. - The expenses of this institution, as appears by the report of the Treasurer, amount to $58,507. Its assets are $43,471, and liabilities $14,978. The South having exhibited of late signs of revival, and a somewhat independent expression and exercise of opinion consequent thereupon, the Radicals deem it necessary to again put on the legislative screws. With this view a special message is being prepared for Gen. Grant by some legal romancer, exhibiting the usual desperate state of affairs, so constantly encountered in the columns of the Washington Chronicle and New York Tribune. This is to be followed by the appointment of a com-