17425. Bank of Hamburg (Hamburg, SC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 14, 1857
Location
Hamburg, South Carolina (33.480, -81.958)

Metadata

Model
gpt-5-mini
Short Digest
94ae921cdd2c8182

Response Measures

None

Description

Contemporary newspapers report the Bank of Hamburg suspended specie payments in mid-October 1857 as part of the general panic/suspension of banks (panic of 1857). The bank is explicitly reported to have resumed specie payment on June 4, 1858. Later (1870) notices show a receiver was appointed for the Bank of Hamburg, indicating a separate closure/receivership event over a decade later; that later receivership is included in the events below but the main 1857–1858 sequence is a suspension followed by resumption (suspension_reopening). Cause of the 1857 suspension is the broader monetary panic (macro_news).

Events (3)
1. October 14, 1857 Suspension
Cause
Macro News
Cause Details
General suspension of specie payments across South Carolina and other states during the monetary panic of October 1857; banks in many cities agreed to suspend.
Newspaper Excerpt
THE MONETARY PANIC. BANK OF HAMBURG, S. C., SUSPENDED.-This Bank suspended on Wednesday last, just before the close of banking hours.
Source
newspapers
2. June 4, 1858 Reopening
Newspaper Excerpt
The Bank of Hamburg resumed specie payment on the same day. It has, we understand, been prepared to resume for some time, but was awaiting the action of the other suspended Banks.
Source
newspapers
3. January 29, 1870 Receivership
Newspaper Excerpt
BEING appointed as the Receiver of the Hamburg Bank, by his Honor Judge PLATT, Judge of the Second Circuit Court... I shall attend... on and after the 29TH OF JANUARY, 1870, at my office in Hamburg, to receive all claims, assets, or information connected with said Bank. FRANK ARNIM, Receiver.
Source
newspapers

Newspaper Articles (23)
1. October 20, 1857 The Western Democrat Charlotte, NC
Article from The Western Democrat, October 20, 1857

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The Columbia Carolinian says: In relation to the suspension of the Bank of the State, which will cause no loss to any of its bill holders, the Charleston Courier very properly recommends: "As we have before stated. the notes of the Bank of the State are secure beyond all question. Having the whole credit and the power of taxation of the State to sustain them. they are better secured than the notes of those banks in New York and else where, which have deposited dollar for dollar in stocks to secure their redemption -those stocks have to be sold at the market depreciation in order to redeem the notes, so far as the proceeds will go. Having. then, the fullest confidence in the ultimate convertibility of these notes, we would recommend them to the community as a circulation which would answer all the local purposes of trade." The Peoples' Bank at Charleston, has also suspended. Also, the Bank of Hamburg, S. C. SAVANHAH, October 15.-A meeting of the Presidents of the banks in this city was held last night, at which it was unanimously recommended to suspend specie payments. In consequence of which all the banks suspended this morning. NEW YORK, October 18.-All the banks in this city suspended specie payment yesterday. Sterling exchange is quoted at 1111. The Augusta (Ga.) Banks refused last week to take the bills of the Exchange bank of Columbia, Planters' Bank of Fairfield, and Bank of Chester, S.C. The Chester Standard says that in order to make assurance doubly sure and place the bills of the Bank of Chester above the slightest semblance of cause for doubt, the board of Directors have come out in a card pledging their several private fortunes for the redemption of the bills of the said bank."

2. October 20, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 20, 1857

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LIST OF SUSPENDED BANKS. IN GEORGIA. Georgia Railroad and Banking Company, at Augusta. Union Bank, at Augusta. Manufacturers' Bank, at Macon. All the Banks in Savannah. SUSPENDED BANKS IN SOUTH CAROLINA. Bank of the State of South Carolina, at Charleston, with branches at Columbia and Camden. Bank of South Carolina, at Charleston. Bank of Hamburg, at Hamburg. Planters' and Mechanics' Bank, at Charlestsn. Farmers' and Exchange Bank, at Charleston. People's Bank, at Charleston. South-western Railroad Bank, at Charleston. This bank, we believe, has an agency at Tallahassee, Florida.

3. October 21, 1857 Edgefield Advertiser Edgefield, SC
Article from Edgefield Advertiser, October 21, 1857

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THE MONETARY PANIC. BANK OF HAMBURG, S. C., SUSPENDED.-This Bank suspended on Wednesday last, just before the close of banking hours. It has always stood high in the public confidence, and we doubt not its ultimate solvency. NEW YORK, October 14.-Agreeably to the resolutions passed last night by the banks, all those that held out yesterday suspended specie payment this morning. Thus, general suspension exists. What will be done, or how the banks will escape the restrictive clause of the State Constitution, and avoid going into liquidation, is not yet known. Matters at present, as regards exchanges, currency, &c., are very much unsettied. The money market, however, is considered easier, and it is thought the crisis has passed. Stocks on the street are affected at lower rates, and with greater ease. No failures of moment reported to-day. Business is improving-some time must elapse before they will become settled. BOSTON, October 14.-The banks of this city have all agreed to suspend specie payments. It is believed suspension will be general, not only throughout Massachusetts but the entire New England States. There is more case in the money market; confidence is being restored, and business improving. TRENTON, N. J., October 14.-The banks here have all suspended. There is no excitement. ALBANY, October 14.-The banks of this city have all resolved on an immediate suspension. They will take the notes of all the country banks at par. THE SUSPENSION IN New YORK.-A private despatch received in Charleston says that evething in New York is better for the suspension, and another despateh says that the banks are continuing their business as usual.

4. October 24, 1857 The Winchester Home Journal Winchester, TN
Article from The Winchester Home Journal, October 24, 1857

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Suspended Banks. The following is a list of suspended banks in Georgia: Union bank, at Augusta. Manufacturer's bank, at Macon, All the banks in Savannah. The following is a list of suspended banks in South Carolina: Bank of the State of South Carolina, at Charleston, with branches at Columbia and Camden, Bank of South Carolina, at Charleston. Bank of Hamburg, Planters' and Mechanics' bank, at Charleston, Farmers' and Exchange bank, Charles. ton. People's bank, Charleston, South-western Railroad bank, Charleston.

5. October 29, 1857 Fayetteville Observer Fayetteville, TN
Article from Fayetteville Observer, October 29, 1857

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List of Suspended Banks. IN GEORGIA. Georgia Railroad and Banking Company, at Augusta. Union Bank, at Augusta. Manufacturers' Bank, at Macon. All the Banks in Savannah. SUSPENDED BANKS IN SOUTH CAROLINA. Bank of the State of South Carolina, at Charleston, with branches at Columbia and Camden. Bank of South Carolina, at Charles. ton. Bank of Hamburg, at Hamburg Planters' and Mechanics' Bank, at Charleston. Farmers' and Exchange Bank, at Charleston. People's Bank, at Charleston. South-western Railroad Bank, at Charleston. This bank, We believe, has an agency at Tallabassee, Florida. A CANDID ACKNOWLEDGMENT OF AN UNDOUBTED TRUTH-At a meeting of the proprietors and managers of the Western Railroads, held a few days ago in Columbus, Ohio, a debate arose concerning the affairs of the roads, when one of the members remarked "that the milroads of the country never could repay, if they were disposed, the debt due to the newspaper press for its powerful aid when the idea of a. railway had to be explained and popularized-the public benefitsshown, and the people induced to come forward and associate for the purpose of accemplishing the great works that now need no advocate." The same gentleman, in concluding a speech on the subject, said, "he could not forget the amount of unpaid labor performed in the infancy of railway building by the only men who could reach the popular ear and the popular heart in the most effective manner." We believe, (with the Alexandria Gazette,) that in regard to many of the railroads of the country, they owe their inception, progress, and completion, mainly to the exertions of the newspaper.

6. November 4, 1857 Edgefield Advertiser Edgefield, SC
Article from Edgefield Advertiser, November 4, 1857

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BANKS IN SOUTH CAROLINA. We copy the following from the Columbia South Carolinian, of the 30th instant: COMPTROLLER GENERAL'S OFFICE, } Columbia, Oct. 28th, 1857. Messrs Editors: Allow me the use of your columns to answer the numerous inquiries made of me as to the banks in this State that have suspended specie payments, and those that still continue to pay coin for their bills, viz: Suspended Banks.-Bank of the State of South Carolina, Branch Bank of the State at Columbia. Branch Bank of the State at Camden, SouthWestern Railroad Bank, Planters' and Mechanics' Bank, Bank of South Carolina, Bank of Hamburg, Bank of Newberry, Exchange Bank of Columbia, People's Bank of Charleston. Banks Paying Specie.-Union Bank of Charleston, State Bank of South Carolina, Bank of Charleston, Commercial Bank of Columbia, Planters Bank of Fairfield, Merchants' Bank of Cheraw, Bank of Chester, Bank of Camden, Bank of Georgetown. Eleven of our banks have suspended. Nine of them still continue to redeem their notes in specie. Many mis-statements have been made. The above is reliable as reported to this office. Other papers will perhaps do the public a service by giving this communication an insertion in their columns. As tothe solvency of our Banks, there is not one of them but have assets abundantly sufficient to meet their liabilities. Very respectfully, your obedient servant, J. D. ASHMORE, Comptroller General.,

7. November 5, 1857 Yorkville Enquirer York, SC
Article from Yorkville Enquirer, November 5, 1857

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Scraps & Facts. A singular marriage lately took place in Wilkes county, N. C. A man named Holloway married his step mother, the second wife, the widow of his own father ! She had six children, three of them by his father, and three by himself; and having nine children of his own, the couple set up housekeeping with 15 children. The Carolinian in a paragraph in regard to the Methodist College, says This edifice is nearly completed. It will furnish, educational facilities which many, no doubt, will immediately avail themselve of. Under the patronage of the large and influential body of Methodists, it must succeed as an institution of learning. It is stated, "by authority," that a new fashion is about to be introduced by the ladies of Buffalo-no less in fact than an immense calash, which is to be attached to the waists of the dear creatures, to be raised and lowered at pleasure, like the top of a buggy. Buffalopapers frantically ask, "what next ?" The Carolinian says that the work on the State House is progressing with all possible rapidity under its present efficient management. The basement story is nearly completed, and makes a beautiful appearance. The masonry within-the bricks being. very fine-is unusually firm and substantial in appearance. When completed, it will be a most imposing structure. - L. F. Fowler, who was recently tried at Union Court, on a charge of negro stealing, and acquitted, and also charged with felony in Georgia, made his escape from Mr. Washington, who had him in charge on way to Georgia, on the 12th ult., by jumping out of the car window, at Lewisville, on the S. C. Rail Road, leaving his handcuffs and chain in the car. The band-bill states that it is believed he received assistance in Columbia which enabled him to escape. The Postmaster General has made an order that all Postmasters whose compensation exceeds twelve dollars and fifty cents per quarters shall be supplied with wrapping paper, twine and sealing wax for the use of their offices by the Post Offices Department, and the rule adopted March 12, 1855, has been repealed. All Postmasters whose com pensation is less than twelve dollars and fifty cents per quarter can purchase, for the use of their offices, a reasonable amount of these articles, provided the net proceeds is not less than twenty dollars per year. We have a few further particulars of Brigham Young's threat. Capt. Van Vlieat, Government Agent at Palmetto, Kansas, has just returned from Salt Lake. He reports that the Mormons refused to permit the United States troops to enter the city, and that Gov. Young publicly declares that he will burn the prairies, and thus deprive the animals of the expedition of subsistence, and burn his own city, if necessary, before he will submit to demand of the government. The report of the murder of surveying companies by Indians are contradicted.-Charleston Standard. We learn from the Charleston papers, that the following only are the suspended Banks. Bank of the State of South Carolina, Branch Bank of the State at Columbia, Planters' Bank of Fairfield, Branch Bank of the State at Camden, South Western Rail Road Bank, Planters' and Mechanics' Bank, Bank of South Carolina, Farmers' and Exchange Bank of Charleston, Bank of Hamburg, Bank of Newberry, Exchange Bank of Columbia, Peoples' Bank of Charleston. And we learn from the same source that the following are the Banks paying specie: Union Bank of Charleston, State Bank of South Carolina, Bank of Charleston, Commercial Bank of Columbia, Merchants' Bank of Cheraw, Bank of Chester, Bank of Camden, Bank of Georgetown. The steamer Baltic brought from Liverpool £72,000, (363,465.) The day before the Baltic sailed, it had been ascertained that £270,000 more, (1,350,000,) just received by the Red Jacket, from Australia, had been taken up for the United States. This amount has, it is said, arrived by the Persia. The California steamer now due will add $1,500,000, making the large aggregate of $3,213,495. When the hoarders, large and small, perceive that English capitalists are sending gold in large amounts to be invested in our low-priced, well secured, paying stocks, and in the purchase of our equally depressed produce, the firmness of their grasp on their money bags will become relaxed, and they will hasten to place their hoarded treasure again in the keeping of the Charleston Evening News. We saw yesterday a letter from the eminent house of Cuddy, Brown and Co., of New Orleans, to one of their correspondents in this county, proposing to send a cargo of cotton direct to Liverpool, for account of the producers. We understand that Mr. Shepherd Brown, the head of the house, proposes to go to Liverpool himself for the

8. November 7, 1857 Keowee Courier Walhalla, Pickens, SC
Article from Keowee Courier, November 7, 1857

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The Banks. Col. J. D. ASHMORE, the Comptroller General, gives, in his official capacity, the condition of the banks of this State, as follows: SUSPENDED BANKS.-Bank of the State of South Carolina, Branch Bank of the State at Columbia, Branch Bank of the State at Camden, South Western Railroad Bank, Planters and Mechanics' Bank, Bank of South Carolina, Farmers' and Exchange Bank of Charleston, Bank of Hamburg, Bank of Newberry, Exchange Bank of Columbia, People's Bank of Charleston, Planters' Bank of Fairfield. BANKS PAYING SPECIE.-Union Bank of Charleston, Strte Bank of South Carolina, Bank of Charleston, Commercial Bank of Columbia, Merchants' Bank of Cheraw, Bank of town. Chester, Bank of Camdon, Bank of GeorgeThe bills of the suspended banks are as current as those of the others, and are just as good.

9. November 10, 1857 Arkansas True Democrat Little Rock, AR
Article from Arkansas True Democrat, November 10, 1857

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NO. 5. List of Suspended Banks. IN GEORGIA. Georgia Railroad and Banking Company, at Augusta. Union Bank, at Augusta. Manufacturers' Bank, at Macon. All the Banks in Savannah. SUSPENDED BANKS IN SOUTH CAROLINA. Bank of the State of South Carolina, at Charleston, with branches at Columbia and Camden. Bank of South Carolina, at Charleston. Bank of Hamburg, at Hamburg. Planters' and Mechanics' Bank, at Charleston. Farmers' and Exchange Bank, at Charleston. People's Bank, at Charleston. South-western Railroad Bank, at Charleston. This bank, we believe, has an agency at Tallahassee, Florida.

10. November 19, 1857 Fayetteville Observer Fayetteville, TN
Article from Fayetteville Observer, November 19, 1857

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South Carolina Banks. SUSPENDED BANKS.-Bank of the State of South Carolina, Branch Bank of the State at Columbia, Branch Bank of the State at Camden, Southwestern Railroad Bank, Planters and Mechanic's Bank, Bank of South Carolina, Farmer's and Exchange Bank of Charleston, Bank of Hamburg, Bank of Newberry, Exchange Bank of Columbia, People's Bank of Charleston. BANKS PAYING SPECIE.-Union Bank of Charleston, State Bank of South Carolina, Bank of Charleston, Commercial Bank of Columbia, Planter's Bank of Fairfield, Merchant's Bank of Cheraw, Bank of Chester, Bank of Camden, Bank ofGeorgetown

11. June 16, 1858 Edgefield Advertiser Edgefield, SC
Article from Edgefield Advertiser, June 16, 1858

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RESUMPTION OF THE SOUTH CAROLINA BANKS. "The suspended Banks of this city," says the Charleston Evening News of the 8th inst., "quietly resumed specie payment this morning. "The notos of the suspended country Banks are now and will be redeemed by their correspondent Banks here, which makes the resumption general throughout the State. "This wise anticipatory movement was at the instance of the Bank of the State of South Carolina, the private Banks promptly concurring. "No pressure or run is anticipated. The quantity of specie in the vaults of our Banks never was S0 great, and more is daily expected. The circulation of Bank notes never was in proportion inore limited, and being wanted for currency will not return. In a few days, from present appearances, coin and exchange will be at a drug in our market." The Bank of Hamburg resumed specie payment on the same day. It has, we understand, been prepared to resume for some time, but was awaiting the action of the other suspended Banks.

12. June 16, 1858 The Lancaster Ledger Lancaster, SC
Article from The Lancaster Ledger, June 16, 1858

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Bank Resumption. We learn from the Charleston Evening News that the banks of that city quietly resumed specie payment on Tuesday 4th inst. The Bank of Hamburg has also resumed. The News says: "The notes of the suspended country banks are now and will be redeemed by their correspondent banks here, which makes the resumption general throughout the State. This wise and anticipatory movement was at the instance of the Bank of the State of South Carolina, the private banks prompts ly concurring. No presaure or run is anticipated. The quantity of specie in the vaults of our banks never was 80 great, and more is daily expeeted. The circulation of bank notes never was in proportion more limited, and be. ing wanted for eurrency will not return.-In a few days, from present appearances, coin and exchange will be at a drug in our market."

13. June 16, 1858 The Lancaster Ledger Lancaster, SC
Article from The Lancaster Ledger, June 16, 1858

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Bank Resumption. We learn from the Charleston Evening News that the banks of that city quietly resumed specie payment on Tuesday 4th inst. The Bank of Hamburg has also resumed. The News says: "The notes of the suspended country banks are now and will be redeemed by their correspondent banks here, which makes the resumption general throughout the State. This wise and anticipatory mov ement was at the instance of the Bank of the State of South Carolina, the private banks prompts ly concurring. No presaure or run is anticipated. The quantity of specie in the vaults of our banks never was so great, and more is daily expected. The circulation of bank notes never was in proportion more limited, and be. ing wanted for eurrency will not return.-In a few days, from present appearances, coin and exchange will be at a drug in our market."

14. January 20, 1870 The Charleston Daily News Charleston, SC
Article from The Charleston Daily News, January 20, 1870

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THE BANK OF HAMBURG.-BEJ ING appointed as the Receiver or the Hamburg Bank, by his Honor Judge PLATT, Judge of the Second Circuit Court, notice is hereby given, to all whom it may concern, that I shall attend, for the discharge of my duty, on and after the 29TH OF JANUARY, 1870, at my office in Hamburg, to receive all claims, assets, or information conFRANK ARNIM, nected with said Bank. Receiver. jan20 24

15. January 24, 1870 The Charleston Daily News Charleston, SC
Article from The Charleston Daily News, January 24, 1870

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THE BANK OF HAMBURG.-BEJAY ING appointed as the Receiver of the Hamburg Bank, by his Honor Judge PLATT, Judge of the Second Circuit Court, notice is hereby given, to all whom it may concern, that I shall attend, for the discharge of my duty, on and after the 29TH OF JANUARY, 1870, at my office in Hamburg, to receive all claims, assets, or information conFRANK ARNIM, nected with said Bank. Receiver. jan2024

16. January 26, 1870 The Charleston Daily News Charleston, SC
Article from The Charleston Daily News, January 26, 1870

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THE BANK OF HAMBURG.-BEING appointed as the Receiver of the Hamburg Bank, by his Honor Judge PLATT, Judge of the Second Circuit Court, notice is hereby given, to all whom it may concern, that I shall attend, for the discharge of my duty, on and after the 29TH OF JANUARY, 1870, at my office in Hamburg, to receive all claims, assets, or information conFRANK ARNIM, nected with said Bank. Receiver. jan20 24

17. January 27, 1870 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, January 27, 1870

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for sale low at CANTWELL'S, J n 27 1 Main street. Final Notice. THE undersigned gives notice that he will apply to Hon. Wm. Hutson Wigg, Judge of Probate, at his office, in Columbia, the 27th of February, 1870, for final discharge 88 Executor of W. B. Flowers, deceased. Jan 27 #13 J. T. DISEKER, M. D., Ex'r. The Bank of Hamburg. B EING appointed as the Receiver of the Hamburg Bank, by his Honor Judge Platt, Judge of the Second Circuit Court, notice is hereby given, to all whom it may concern, that I shall attend, for the discharge of my duty, on and after the 29th of January. 1870, at my office, in Hamburg, to receive all claims, assets, or information connected with said Bank. FRANK ARNIM, Jan 27 Receiver.

18. January 28, 1870 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, January 28, 1870

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The Bank of Hamburg. B EING appointed as the Receiver of the Hamburg Bank, by his Honor Judge Platt, Judge OI the Second Circuit Court, notice is hereby given, to all whom it may concern, that I shall attend, for the discharge of mv duty, on and after the 29th of January, 1870, at my office. in Hamburg, to receive all claims, assets, or information connected with said Bank. FRANK ARNIM, Jan 27 Receiver.

19. January 28, 1870 The Charleston Daily News Charleston, SC
Article from The Charleston Daily News, January 28, 1870

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THE BANK OF HAMBURG.-BEJes ING appointed as the Receiver of the Hamburg Bank, by his Honor Judge PLATT, Judge of the Second Circuit Court, notice is hereby given, to all whom it may concern, that I shall attend, for the discharge of my duty, on and after the 29TH OF JANUARY, 1870, at my office in Hamburg, to receive all claims, assets, or information conFRANK ARNIM, nected with said Bank. Receiver. jan20 24

20. January 29, 1870 The Charleston Daily News Charleston, SC
Article from The Charleston Daily News, January 29, 1870

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THE BANK OF HAMBURG.-BEJAJ ING appointed as the Receiver of the Hamburg Bank, by his Honor Judge PLATT, Judge of the Second Circuit Court, notice is hereby given, to all whom it may concern, that I shall attend, for the discharge of my duty, on and after the 29TH OF JANUARY, 1870, at my office in Hamburg, to receive all claims, assets, or information conFRANK ARNIM, nected with said Bank. Receiver. jan20 24

21. January 29, 1870 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, January 29, 1870

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The Bank of Hamburg. EING appointed as the Receiver of the B Hamburg Bank, by his Honor Judge Platt, Judge of the Second Circuit Court, notice is hereby given, to all whom it may concern, that I shall attend, for the discharge of my duty, on and after the 29th of January. 1570, at my oflice. in Hamburg, to receive all claims, assets, or information connected with said Bank. FRANK ARNIM, Jan 27 Receiver.

22. January 30, 1870 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, January 30, 1870

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The Bank of Hamburg. B EING appointed as the Receiver of the Hamburg Bank, by his Honor Judge Platt, Judge of the Second Circuit Court, notice is hereby given, to all whom it may concern, that I shall attend, for the discharge of my duty, on and after the 29th of January. 1670, at my office, in Hamburg, to receive all claims, assets, or information connected with said Bank. FRANK ARNIM, Jan 27 Receiver.

23. February 2, 1870 The Charleston Daily News Charleston, SC
Article from The Charleston Daily News, February 2, 1870

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THE BANK OF HAMBURG.-BEJES ING appointed as the Receiver of the Hamburg Bank, by his Honor Judge PLATT, Judge of the Second Circuit Court, notice is hereby given, to all whom it may concern, that I shall attend, for the discharge of my duty, on and after the 29TII OF JANUARY, 1870, at my office in Hamburg, to receive all claims, assets, or information conFRANK ARNIM, nected with said Bank. Receiver. jan20 24