17524. Planters Bank of Fairfield (Winnsboro, SC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 12, 1857
Location
Winnsboro, South Carolina (34.381, -81.086)

Metadata

Model
gpt-5-mini
Short Digest
ef493f9c455b604e

Response Measures

None

Description

Contemporary newspapers from Oct–Nov 1857 list the Planters Bank of Fairfield among the suspended South Carolina banks during the Panic of 1857. Articles report suspension but give no subsequent reopening or receivership details; many banks suspended during this panic later resumed, so I judge a suspension with likely eventual resumption. Date of suspension derived from Oct–1857 reports. OCR corrected Panters to Planters where apparent.

Events (2)
1. October 12, 1857 Suspension
Cause
Macro News
Cause Details
Widespread financial panic following multiple bank suspensions in New York and other cities (Panic of 1857) led to suspension of many South Carolina banks, including Planters Bank of Fairfield; contemporaneous state reports list it among suspended banks in mid-October 1857.
Newspaper Excerpt
CHARLESTON, Oct. 12.-... Panters Bank of Fairfield notes not taken on deposit.
Source
newspapers
2. October 22, 1857 Suspension
Cause
Macro News
Cause Details
Explicit statement in local paper (Yorkville Enquirer, Oct 22, 1857) that the Planter's Bank of Fairfield 'has followed the majority and suspended' in the broader crisis of October 1857.
Newspaper Excerpt
The Planter's Bank of Fairfield has followed the majority and suspended.
Source
newspapers

Newspaper Articles (6)
1. October 14, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 14, 1857

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Article Text

BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] NEW YORK, Oct. 12.-Cotton quiet. Flour dull. Wheat firm. Corn and lard heavy. Mess pork $22 30. Whisky 20a21. NEW YORK, Oct. 12.-Edward N. Archibald is appointed British Consul here. The sailing of the Atlantic is postponed to the 24th. WASHINGTON, Oct. 12-U. S. Stocks redeemed at the Treasury to day amount to three quarters of & million. The Bowery and Savings Banks of New York received $607,000. The entire amount redeemed is three millions. A half million is now out. NEW YORK, Oct. 12-The Bank statement shows an increase of specie $76,000. Decrease in loans four millions and eighteen thousand. Decrease in circulation 392,000. Decrease in deposits four millions six hundred and seventy-seven thousand. Sr. LOUIS. Oct. 13 -Gen'l Smith convenes a Court Martial at Fort Leavenworth on the first of November, for the trial of Col. Summer. The charges are not stated. The Legislature of Missouri meets Monday. There is confidence that provision will be made to pay the interest on the State debt January next. NEW YORK, Oct. 13 -The Steamer Empire Ciiy hence to Fall river, Massachusetts, struck the rocks at Hell Gate, and returned leaking. Her passsengers, freight and baggage, were saved. The Steamers Commodore and Matamoras collided on the Hudson river. The latter sunk; all but eight passengers saved. NRW YORK, Oct. 13.-Nothing doing in freight or exchange. Business unsettled. Money tighter. Affairs gloomy. RICHMOND, Va., Oct. 13-The Custom-house here was entered by robbers and $15,000 in double eagles stolen. The robbers left 46,000 dollars behind. NEW York, Oct. 13.-The following banks of this city suspended this morning: The Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens, and Ocean Bankeight in all. E. Fisher & Co., and Brown & Cain have suspended. The Cheatham and Bullheads banks have suspended. CHARLESTON, Oct. 12.-The S. W. R. R. Bank and Bank of South Carolina have suspended. Exchange Bank of Columbia, and Panters Bank of Fairfield notes not taken on deposit. NEW ORLEANS, Oct. 13.-The Granada with Havana dates of the 10th has arrived. The Northern Light takes a million and a quar ter. The Granada experienced a gale on the 3d and 4th. She alterwards saw & wreck, but the name was undiscernable. CALIFORNIA-Wellers majority over both candidates is eleven thousand. The Legislature is largely Democratic. Bates, the ex-treasurer, and Rowe, bis clerk, have both been committed to jail in default of bail. Chief Justice Murray is dead. Col. Casey, of Tennessee, was killed in a duel with Mr. Blair. The overland mail from San Antonia, Texas, reached San Diego on the 31st of August. All well. A report of the assassination of Alvarez, at Colina, Mexico, reached San Francisco. Disturbances occurednear the boundary of Lower Colifornia, between the Americans and the Authorities. A company is fitting out at San Diego, to assist the Americans. It is considered a fillibuster movement. It is reported that Gov. Castro, of Cower California is fearing a revolution. His own people having joined the Americans. Slight shocks of an earthquake was felt near San Francisco. The Constitutional Convention of Oregon was in session. Slavery was slightly agitated. California markets dull. Accounts from the Mines are good. PERU-The English and French fleets have left Chincha Islands, placing them on the mercy of Vivanco. The murderer of Sullivan has been discovered to be a hired bravado. He has not been arrested: His employers are yet unknown. Nothing important from Central America. NEW ORLEANS, 13.-The Louisiana Savings Bank has closed. It was a small affair. A meeting of the marchants is being held tonight. Co ton-Sales $,000 bales. Still lower, at 91a10. Stock 108,000 bales. Decrease in receipts 88,000 bales. Decrease at all ports 130,000 bales. No movement in exchange. Affairs are gloomy and depressed. The news of suspensions in New York caused an uneasy feeling. Gen. Heningsen arrived to-day. Gen. Walker's movements will probably be determined on in a day or two. NEW YORK, Oct. 18-Additional bank suspensions: Market, St. Nicholas, Tradesmans, Artizans, Butchers and Drovers, and the Bank of New York. It is feared that a general suspension is inevitable. Several of the old Banks announce their ability and determination to pay specio, BOSTON, Oct. 13.-George T. & W. Lyman, China Merchants have suspended. HARRISBURG, Oct. 13.-The relief bill as passed by the House fixes the third of April next for redemption. NEW YORK, Oct. 18.-Cotton quiet; Flour 4 25 a4 55; Wheat, white 1 20a1 35, red 1 10a1 20; Corn heavy; Mess Pork 22 25; Lard advanced c; Whisky 20; Tobacco 8 to 17c. CINCINNATI, Oct. 13.-Flour exchanged; Oate 30; Whisky 14a144. Business is neglected on account of the news from New York.

2. October 22, 1857 Yorkville Enquirer York, SC
Article from Yorkville Enquirer, October 22, 1857

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Article Text

semi-annually of four per cent., it was thought to be extraordinary good fortune to have n share in such a bank. But latterly, the writer has seen that n bank of $500,000 has made a semi-annual dividend of five per cent., and laid up $81,000 of reserved profits-about eighteen per cent. more on the capital; all together, would make the enormous profit of twenty-cight per cent! This is usury never before heard of. Is this the legitimate result of banking? Beyond all doubt, it is not. The notes discounted by that bank would not yield n profit to pay the officers' salary How then-whence is this great profit? It arises from what is called domestic ex. change. Domestic exchange, indeed! It is from a regular process of shaving and speculating in paper in New York. There are to be seen the Presidents of such money-making banks operating like brokers; there is to be found the capital, which theoretically is to benefit the people of the community where the bank is situated, but which practically is their greatest curse. Is this course of business within the charter? Every bank in the State is chartered as a bank of discount and deposit. Is it legitimately within such a charter to purchase at a discount (greater than six per cent.) notes or bills of exchange at home or abroad? If it be, I confess I am greatly at fault. Such a course may be brokerage-it certainly is not banking." We will give as far as we are able a view of the progress of the crisis. The New York City Banks have all suspended and requested the Governor to convene the Legislature for the purpose of offering relief. It is not known how they will escape the restrictive clause of the State Constitution and avoid going into liquidation. The Albany Banks have likewise suspended. So have the Boston Banks. It will no doubt be a general suspension North of Virginia. The Bank of Virginia, Farmer's Bank, and the Exchange Bank have suspended. The Savannah Banks have gone in the same way and stopped specie payment. The Augusta Banks have suspended. In N. Orleans, the Southern Bank and the Bank of JAMES ROBB continued to pay specie. In Columbia all the Banks have suspended but the Commercial. In Charleston the Planter's and Mechanic's and the Farmer's and Exchange Banks have gone overboard. The Planter's Bank of Fairfield has followed the majority and suspended. The Tennessee Banks have all suspended and there is a heavy run on the St. Louis Banks.

3. 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

4. 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.

5. November 12, 1857 The Abbeville Banner Abbeville, SC
Article from The Abbeville Banner, November 12, 1857

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ANDERSON C. H., Nov. 2, 1857. Messrs, Editors: In my note of last week, relative to the suspended and non-suspended banks, I made a slip of the pen, and placed the Planter's Bank of Fairfield in the wrong column, amongst the non-suspended or specie paying banks. That bank was reported to the Comptroller's office as a suspended bank, making twelve suspended and eight specie paying banks in the State. Will you please publish this, so that if other papers copy my former communication, they may also copy this. Very respectfully, yours, J. D. ASHMORE. Comptr Gen'l. [Carolin.

6. December 26, 1857 Keowee Courier Walhalla, Pickens, SC
Article from Keowee Courier, December 26, 1857

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Districts. 38. An Act to raise supplies for the year commencing in October, one thousand eight hundred and fifty-seven. 39. An Act to make appropriations for the year commencing in October, one thousand eight hundred and fifty-seven. # An Act For the suspension of Certain Sections of Certain Acts, and for other purposes. 1. Be it enacted by the Senate and House of Representatives now met and sitting in General Assembly, That the operation of the second section of an Act, entitled "An Act to provide against the suspension of specie payments by the Banks of this State," ratified on the 18th day of December, 1840, be, and the same is hereby suspended until the 1st day of January, 1859, on the express condition that no execution issued upon judgments already obtained or hereafter to be obtained by any of the non-specie-paying banks, shall be enforced until such bank shall resume specie payments; Provided, nevertheless, That each debtor against whom the banks may have obtained judgment and issued execution thereon, shall pay to the banks by whom they may be so indebted, interest upon the whole amount of the judgment recovered, at the expiration of every sixty days, from the passage of this Act, at the rate of seven per cent. per annum; and any debtor neglecting or refusing so to do, shall be deprived of the benefits of this Act: Provided, That if the property of the debtor be sold under an execution or executions of other creditors, the execution of the bank shall be entitled to the same lien and payment as now provided by law. 2. That the operation of the 5th section of an Act, entitled "An Act to regulate the Planter's and Mechanic's Bank of South Carolina, the Union Bank of South Carolina, the Commercial Bank of Columbia, South Carolina, and to incorporate the Exchange Bank of Columbia, the Farmer's and Exchange Bank, the People's Bank of Charleston, the Bank of Newberry, the Bank of Chester, the Bank of Sumterville, the Planter's Bank of Fairfield, and the Western Bank of South Carolina, at Anderson," ratified on the 16th day of December, 1852; and all clauses and sections of Acts re-enacting the provisions of the said section, and applying the provisions thereof to all or any of the Banks of this State, incorporated since the aforesaid Act, be and the same are hereby suspended until the 1st day of January, 1859. 3. That from and after the 1st day of January, A. D. 1860, if the bank notes issued by any bank, and in circulation or out of possession of the bank, shall at any time exceed, for more than thirty successive days, three times the amount of the gold and silver coin and bullion in possession of the bank as its property, and its banking house, such bank shall forfeit five hundred dollars for each and every successive day during which such excess shall continue, to be recovered by action of debt at the suit of the State; and in order that such excess, when it exists may be apparent, it shall be the duty of the President and Cashier of every bank of issue on Monday of every week, to transmit to the Comptroller General an account of the amount of bank notes of such bank in circulation or out of possession of the bank, on each and every day during the week ending on the next preceding Saturday, and also an account of the amount of gold and silver coin and bullion in the possession of the bank, as its own property, and at its banking house, on each and every day of the same week; which account shall be certified by the oath of the President and Cashier, taken before and certified by any Magistrate duly authorized to administer oaths; and any person swearing falsely to any such account shall be deemed guilty of perjury, and shall be subject to the pains and penalties thereof; and the Comptroller General shall, at least once in every month, collect the accounts of the daily state of their circulation and specie rendered by the several banks of issue, in conformity herewith, and publish the same, so collected, in some newspaper, in the following form: Daily state of circulation and specie of banks of issue in South Carolina, from the day of to the day of eighteen hundred and Name of Bank Name of Bank