19898. Bank of Charleston (Charleston, SC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
May 1, 1837*
Location
Charleston, South Carolina (32.777, -79.931)

Metadata

Model
gpt-5-mini
Short Digest
0731a25e

Response Measures

None

Description

The articles describe the nationwide suspension of specie payments in May 1837 and show the Bank of Charleston suspended with other banks in 1837 and later resumed (notably resumed in Sept 1839). There is no mention of a depositor run on this specific bank; the suspensions were driven by the broader panic (Philadelphia/Baltimore suspensions). OCR errors corrected for dates and minor typos. Classification: suspension followed by reopening.

Events (4)
1. May 1, 1837* Suspension
Cause
Macro News
Cause Details
General nationwide suspension/panic (banking crisis of 1837) led banks including Bank of Charleston to stop specie payments.
Newspaper Excerpt
In May, 1837, the general suspension took place, and the Bank of Charleston stopped in common with all others in the Union.
Source
newspapers
2. September 1, 1839* Reopening
Newspaper Excerpt
In September, 1839, this bank resumed, and has since maintained itself.
Source
newspapers
3. October 14, 1839 Other
Newspaper Excerpt
On the 14th October, the banks again suspended, with the exception of the Bank of Charleston and the State Bank.
Source
newspapers
4. July 20, 1840 Other
Newspaper Excerpt
Well! the Banks of Charleston resume specie payments TO-DAY. ... But the tendency of the times has always been that way. The Bank of Charleston it is understood, gave a hint that such a course was desirable... All the Banks in Charleston now pay specie.
Source
newspapers

Newspaper Articles (8)
1. October 19, 1839 Morning Herald New York, NY
Article from Morning Herald, October 19, 1839

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# MONEY MARKET. ## Friday, October 18-6 P.M. Wall street remains exceedingly quiet, and all idea of a sus- pension of our banks has vanished; at the Stock Exchange prices again fell; United States Bank opened at 78į and closed at 72, which is a decline of 10 per cent since the board yesterdy morn- ing-Delaware & Hudson declined 1 per cent-Kentucky 4 per cent-Harlem 1 per cent. In sterling exchange there is as much doing as the scarcity of money will permit. The bills selling by the banks at 9 per cent or $4 86 the £ sterling are taken freely and fully meet the object in drawing, viz: to stop the export of specie. We know of an eminent firm who had previously insured $14,000 to ship, but withdrew it and deposited the amount with the Bank of Commerce, taking bills in preference. There is there- fore, not the slightest call for specie, while the amounts in the banks are daily increasing; $200,000 arrived at New Orleans on the 9th instant, from St. Louis, and destined for this port. Exchange on the South is merely nominal and may be put at 16 to 20 for all south of Philadelphia; on that city sales have been made at 87, on Mobile 87į, Baltimore 89. Uncurrent money stands as follows: U. S. Bk. bills, 16 to 20 dis. Rhode Island, 10 to 12 dis. Eastern, 1 to 2 " Safety Fund, to 1 " Bills of new bks, 3 to 5 " Southern, 20 to 25 " The directors of the Yates County and the two Oswego Banks are now in the city endeavoring to make some arrange- ment for the redemption of the bills of those Banks. The bills of the Dutchess County Bank are received at par by the New York Banking Company, 14 Wall street. It is stated in a Buffalo paper that articles of association were filed last week for the Union Bank of Buffalo, which will com- mence operations immediately. J. Salter, President; S. J. Powers, Cashier. The bills of the Washington County Bank, at Calais, (Maine,) are not received at the Suffolk Bank. The Attorney General of Pennsylvania has sent a circular to each of the Philadelphia Banks, wherein he states that pro- ceedings wil be instituted against any Bank issuing bills of a less denomination than $5. It is stated that an Injunction has been issued by the Vice Chancellor, by which the discounts maturing in the United States Bank in New York are held for the benefit of the holders of post notes of the United States Bank, made payable in New-York. The specie which was recently drawn from the east in favor of our banks, has, it is stated, been returned in many instances. The eastern banks are perfectly quiet, although the mercantile classes are severely pressed. The merchants of Boston held a meeting on Tuesday evening, when it was resolved to call upon the banks to step forward and furnish some relief. We under- stand by letter, that the banks have, in consequence of the meet- ing and the encouragement afforded by the firm position of New York, resolved to discount to the extent of 8 per cent. on their capital, which will be to the extent of $500,000. The effect of the Philadelphia suspension is progressing south; each mail brings accounts of banks that have suspended. The following is a list of the bank suspensions so far as heard from: Banks of Philadelphia Baltimore, Harrisburg, Frederick, Maryland, York, Wilmington, Del. Chahambersburg, Washington, Gettysburg, Georgetown, Norfolk, Richmond, Charleston, S. C. Rhode Island, The news of the Philadelphia suspension reached Charleston on the 14th, and a meeting was held immediately, consisting of delegates from the Union Bank, State Bank, Bank of South Carolina, Louisville, and Charleston Rail Road Bank, and the Planters and Mechanics' Bank, when it was resolved to sus- pend forthwith. This will, probably, be the case throughout the south and west. We observe in the proceedings of the meetings of the southern banks a greater degree of unanimity and decision in suspending than in the more northerly institu- tions. At Charleston they were unanimous-at Richmond one or two of the banks voted against it-at Washington the Patriotic bank did not concur with the others in suspending.- Several of the Baltimore banks did not feel the necessity of the measure, and in Philadelphia nine of the banks, the names of which we gave yesterday, voted decidedly against it. The New York and eastern banks do not recognise the neces- sity or the convenience of the measure, with the ex- ception of Rhode Island, where the banks have shown a most unworthy subserviency to southern opinions, but even there six out of 20 banks voted against it. Rhode Island is pe- cularly situated; most of the bank loans amounting to $12,000,- 000, are directly or indirectly payable at the south. She has, therefore pursued the mistaken policy of depreciating her currency, in order to save the difference. From the west we have not not heard the effects of the explosion; but as it is the season when their greatest wealth is most available, it is pos- sible they may go through safely. All the banks south of Philadelphia to New Orleans, will doubtless stop. New Orleans is, however, strong, and her position, like New York, is such, that she will form a rallying point for the trade and healthy currency of that section, and the three points of New Orleans, New York and Boston will form the skeleton of the healthy trade which will rise out of the ruins of the unlimited credit system which reached its zenith in 1836, and has finally perished with the wasted energies of the United States bank, that thought to sustain and regene- rate it. Up to 1836 there was a regular increase of credit and busi- ness throughout the United States, fostered by a rapid increase of paper credits. This business far outrun the natural busi- ness of the country; that is, the soil and manufactures did not furnish produce and actual wealth so fast as the representatives of wealth increased. The consequence was that every class of dealers could command more money than their business required. That money was not allowed to remain idle, but sought new ob- jects of traffic. The most general object fixed upon was real estate, stocks, &c.; almost every class of society invested more or less in real estate, of a description which was actually worth nothing. The means to make these investments constitute the great mass of the increase of bank loans which took place in two years, from 1835 to 1837, amounting to $200,000,000. If a miller at the west drew on the city factor for $8,000, $6,000 of that was to buy corn, and $2,000 to invest in water lots. In the south, cotton was made the basis of similar operations. Large amounts of bills were drawn on England by banks having no funds there, and sold to dealers who gave their notes and raised the money on the bills, which money was spent in real estate.

2. October 22, 1839 Richmond Enquirer Richmond, VA
Article from Richmond Enquirer, October 22, 1839

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and unquestionable drafts on Philadelphia were offered at the board to day at 12 per cent discount, and but small sales eculd be effected at that ruinous rate; 85 was the best bid for the lot -Ib. NEW YORK, Oct 18.-Stocks have all declined again to day: U.S. Bank six per cent, Bank of Kentucky one and a half, Delaware one half, Harlem one, North Ame- rican Trustone. American Exchange Bank one. $5,500 sight drafts on Philadelphia were sold a: 87; more of fered at 86 34: 86 téd. A draft for $20,000 was sold yesterday to John T. Smith, exchange broker, at 55, and oubsequently large amounts offered at 24 in the street, and refused The talk in Wall street is, that the U. S Bank stock rose a day or two since in consequence of the Bank con- senting to take its own stock at par, in payment for cer- tain suspended debts-and considerable purchases were made for that object. Be this as it may, the Bank will resort to every expedient to bolster up a rotten concern; but the time is not far distant when the Bank and its whole system of finance, will excite universal contempt and execration. Policies on specie for exportation, for a considerable amount, bave been cancelled, and a large amount in gold prepared for shipment was paid to one of our banks for Exchange The current of events, as well as public opinion, all tend to sustain our banks - Ev Post. PROVIDENCE BANKS-Bank Meeting -At an adjourn ed meeting of delegates from the several Banks in this city, held last evening at the Washington Insurance office, it was, we understand, agreed to suspend specie pay- ments, fourteen banks voting in favor of this measure, four against and two divided The banks oppoerd to suspending were the Merchants', Mechanics', Blackstone Canal, and Traders' The delegations from the Arcade and City banks were divided. SMALL NOTES We learn from the Attorney Gene- ral and his officers in Philadelphia, that the law against issuing and circulating notes of a less denomination than five dollars, will be rigidly enforced. The public seems not to be fully aware, that it is in the very teeth of this law, to receive and pay out the small notes of the neighboring States. Whoever does so, should be informed that they incur the penalty of five dollars for each and every offence. This evil nmust be wholly era- dicated, before the specie that is now hoarded up for speculation, will come out. Nothing is wanting but to carry the law faithfully into execution, to insure abun- dance of specie to the people, for the ordinary business of society. The Banks must pay small checks and five dollar notes The public deinand it, and will not be refused. The specie in their vaults and in the hands of the people, is amply sufficient for our wants. Why then should shinplasters be encouraged? Let the efforts of the Governor and Attorney General be seconded by the community; let a strenuous exertion be made to banish slunplasters, and to retain specie, and all will be well. Above all, keep cool-observe the laws, stand firm, and the difficulties that now encompass us, will vanish in another week. ### SHALL THE BANKS VIOLATE THE LAW The apparent impunity with which the Banks have been violating the law, and their disregard of the circular of the Go vernor and the Attorney General, in paying out notes under five dollars, has led to the ejaculation by the com munity, at the head of this paragraph Shall the Banks violate the law?" We are gratified to learn that Messrs. Barton and Brook, in pursuance with the in structions of the Attorney General, will strictly pursue their duty, and as far as in them lies, protect the laws from ary farther aggression by the Banks. This may be most rigidly relied upon by the Banks as well as the commu nity. Their course of conduct will be farther developed in the course of to-morrow. In the mean time we pre- diet that the Banks will cease the present illegal course of paying out small notes-Phil Spirit of the Times. EXCHANGE BANK OF VIRGINIA We regret to state that the Exchange Bank, of this place, has been com pelled to suspend specie payments, which it did at its session yesterday. The general bank law, in one of its sections. subject the parent bank and branches equally to forfeiture, in case any one branch shall suspend, and, as the branch of the Exchange Bank of Richmond had suspended, there was a subsequent forfeiture of the charters of the parent institution and its branches. This is another anti-commercial feature in the general bank law. The failure of a single branch to sustain itself, however isolated and exposed, works a forfeiture of the charters of the mother bank and branches. It is like hanging a mother for the sins of a daughter who is of full age and ought to know how to behave herself. We must state, however, that it reflects great credit upon the directors of the Exchange Bank of this place, that they held out as long as possible, and that they gave way from no fault of their own. The Portsmouth branch of the Bank of Virginia sus pended yesterday -Norfolk Beacon, Oct. 17. CHARLESTON, Oct. 15. Suspension in Charleston-We regret to perceive from their address in our columns, that inost of our Banks have been constrained to follow the example of the Phi- Ise pusa and Baltimore Banks and suspend specie pay- ments It is creditable, however, to our banking insti- tutions, that they have never taken the lead in such a measure, but hare dune all they could to uphold the cre- dit of the country, yielding only when compelled to do 80, on the principle of self defence, by the course of like institutions in other places. The Bank of the State of South Carolina, and the Bank of Charleston, have not yet united in the measure of suspension, and we trust that our community will, with one accord, sustain them in their present altitude - Courier City of Charleston, Oct. 14, 1839. At a meeting of the Committees from the Union Bank, State Bank, Bank of South Carolina, Louisville. Cincinnati and Charleston Railroad Bank, and Planters' and Mechanics' Bank, held this day, it was resolved to recommend to their several Boards to suspend Specie Payments forthwith, and that the following address to the Public, be published in the several papers of this city, with the concurrence of the above named Banks The several Boards having concurred in the recom- mendation of their Committees the Address is as fol lows: Fellow Citizens: An unexampled crisis has arisen- threatening, if not timely provided for, to bring upon this community the greatest distress-it therefore be comes the imperative, though painful duty, of those whose interest it is to watch over the monetary concerns and credit of this State, to adopt such measures as are called for by the present emergency. Your Committee feel the deep responsibility which has devolved upon them, and are anxious to justity to the State, and to the world, the course of proceeding which may be adopted on this occasion. They think it proper to observe, that the Banks of this city have in good faith, notwithstanding the extraordinary pressure of the times, punctually and cheerfully redeemed their paper; and, at the same time, afforded such accommo dation to a suffering community, as it was in their power to give: and they confidently believe, that but for events altogether beyond their control, would have continued to do so It is known to our fellow-citizens, that the Banks of Philadelphia, with the Bank of the U. States at their head, and the Banks of Baltimore, have sus pended specie payments, which must from necessity be followed by those of New York, and our other commer- cial cities. The effect would be, (if not prevented,) to draw for shipment abroad, every dollar from the Banks of this city, without the power on their part of replen ishing their coffers, except at the most ruinous sacrifices, involving for want of accommodation to the citizens, every man at all connected with the agricultural or com mercial concerns of the country in unparalleled distress. Your committee state the fact that by the last steamers since the suspension, in the cities before alluded to, large drafts and amounts have come on and are now waiting to know the result of the proceedings of this meeting. And your Committee believe that they will in a few days be followed by many others, whose obiect is reck- less speculation, regardless of the multiplied ills which they hring upon this country. With feelings, therefore, of great pain and die consider an irresistible necessity, your Committee are satisfied that the measure accompanying this address adopted by this meeting, is the only step which could have been taken at this extraordinary juncture.

3. October 24, 1839 Edgefield Advertiser Edgefield, SC
Article from Edgefield Advertiser, October 24, 1839

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From the Courier. Oct. 15th. CITY OF CHARLES TON. OCTOBER 14, 1839, At a meeting of the Committees from the Union Bank, State Bank, Bauk of SouthCarolina, Louisville, Cinciunan and Charleston Rail Road Bank, and Planters. and Mechanic's Bank, held this day, It was resolved to recommend 10 their several Boards to suspend Specie Payments forthwith, and that the following address to the Public, be published in the several papers of this city, with the concurrence of the above named Banks. The several Boards having concurred in the recommendation of their Committees -the address is as follows: "FELLOW-CITIZENS:-A unexampled crisis has arisen-threatening, if not umely provided for, to bring upon this commiumty the greatest distress--it therefore becomes the imperative, though painful duty, of those whose interest it is to watch over the monetary concerns and credit of this State, to adopt such measures as are called for by the present emergency. Your Committee feel the deep responsity which has devolved uponthem, and are auxious to justily 10 the State, and to the world, the course of proceeding which may be adopted ou this occasion. They think it proper to observe that the Banks of this city have in good faith, notwithstanding the extraordinary pressure of the times, punetually aud cheerfully redeemed their puper; and, at the same name, afforded such accommodation to a sullering community as it was in their power to give, and they confidently believe. that but for events al. together beyond their control, would have continued to do so. It 10 known to our fellow citizens, that the Banks of Philadelpaia, with the Bank of the United States at their head, and the Banks of Balumore: have suspended specie payments, which must from necessity. be followed by those of New-York, and our other commercial cities. The effect would be (if not presented) to draw for shipment abroad, etcry dollar from the Banks of this city without the power on their part 01 replemshing their collers except at the most rumous sacrifices, involving for want of accommodation to the cinzeuse. ery mad at all con. nected W th the agricultural or commerciall concerns of the country iu unparulleled distress. "Your committee state the fact that by the last steamers since the suspension, in the cities before alluded to, large drafts and amounts have come on and are now waiting to know the result of the proceedings of this meeting. And your Committee be. lieve that they with in a few days be fullowed by many others whose object is reek less speculation, regardless of the :pultipli edills which they bring upon this country. With feelings, therefore. of great pain and distress, but called for by what they consider an irresistable necessity. your Committee are satisfied that the measure accompanying this address adopted by this meeting, is the only step which could have been taken at thisextraordinary Juncture."

4. October 30, 1839 The Rhode-Island Republican Newport, RI
Article from The Rhode-Island Republican, October 30, 1839

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I E BESS. Improvement in blowing rocks.-I is said that Mr. Vavanagher. a German, in the Brazils, h the discovery made important that with sawdust, (particularly of soft wood.) mixed gunpowder, in equal parts, has thrice the strength of gunpowder alone. when used in blowing up rocks. The Multicaulis humbug begin to wane. Of 80.000 trees advertised to be sold last week. at Burlington, New Jersey, about 10,000 only were sold, at 7d cents for small trees, and 114 cents for four or five feet trees, the sale of the remainder being stopped. Lieut. Meade, of the U. brig Washington has instituted a suit for slander against Lewis The Tappan. and lays his damages at $50,000. ground of the suit is in Mr. Tappan's assertion that the Lieutenant secreted money found on board the Amistad. The Bank of Charleston, S. Carolina, and Bank at Charleston redeem their bills but do not pay specie in the specie. State for deposites. the same Several other Southern Banks take course. They are in general Banks which have but few bills out. is The Norwich and Worcester Railroad nearly completed. and will soon be in operation. will then be two continuous Railfrom Boston to Long Island road There lines Sound: of and when the link between Springfield and Hartford is supplied. there will be a third. David Dale Owen. Esq.. Geologist, charged the Government with the and Wisconsin Land by Du Buque examination Districts. of with the to the development of their died of congestive fever, some or sources. a view mineral 20 25 miles from Davenport, OD the 15th. Dr. Peck of Washington, (Ky.) who had bet ten thousand dollars upon the recent contest over the Oakland course per and Eagle, died in a fit the speed Grey between during Wagrace, produced by mental excitement. So much for gambling Sentence of" Gen. Van Rensselaer."-Rensselaer. convicted of setting on foot a military expedition in the United States. against a foreign power. has been sentenced to six months imprisonment in the county jail at Albany, and to pay a fine of $250. The Yellow Fever in New Orleans has nearly subsided. The deaths scarcely exceed tweny a week, and the interments in the week ending on the 14th show a diminution of fifty per cent, when compared with those of the week previous. Death.-We learn from the Pawthat Mr. Uriah that tucket Sudden Gazette, Gorton, Pawtucket of Detown, while speaking before the bating Club, last Thursday evening, broke The a blood vessel and very SOOD after expired. deceased was aged 65 years. Curious Historical Fact.-The New York that the importation of wheat. during 1837. exceeded all the of Star the year says importations the country. that grain since the settlement of The whole amount imported in 1837 was 3,931259 bushels. SPECULATION.-It is stated that so readily was money accumulated at Bangor, (Me.) during the land speculations of 1835-6, that on one occasion two paupers broke out of the almshouse, and before they could, be caught, had made, $5,000 each. Depredations Upon Letters.--Three indicthave been found against Hiram Whittelate assistant postmaster, at ments more, Exeter, office. (N. H.) for depredations upon letters in the He would not appear, and so forfeited his recognizance. An estimate of the losses by fires in the U. States has been made, by which it apthat since the beginning of nited pears the present four month. property to the amount of over millions of dollars has been destroyed. On the authority of the cashier of the Planters' and Merchants' Bank of Mobile, it is stated that its vault has been opened. and every thing. even the smallest paper, found entirely uninjured. The Quebec Gazette of the 17th announces the arrival of the frigate Pique, having on board his excellency the Rt. Hon. PouleIt Thomson, the new Governor of Canada, and General Sir : Richard Jaekson. Robert Miller. an Irishman, convicted at Utica of the murder of Barney Leddy. another Irishman, on the 29th of April last, has been sentenced to be hung on the 1st Monday in December next. STEAM SHIPS.-According to present appearances. there will be, in 1840. thirteen large and splendid steam ships running across the Atlantic ocean. all of which will be eight or nine hundred tons burthen. or upwards. M. DAGUERRE has been presented. by the Emperor of Austria, for his wonderful discovwith a medal of gold and a gold snuff box. diaery. with the initials of his majesty upon it in monds. The total Expenditures of the State of Vermont for the year ending 30th September were $71,665 55. The amount of the State School Fund Fund is $119,648 27 The Bank Safety amounts to $19,232 73. SAYAGE MURDER " perpetrated at New

5. July 30, 1840 Edgefield Advertiser Edgefield, SC
Article from Edgefield Advertiser, July 30, 1840

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From the Charleston Mercury, July 20. Well! the Banks of Charleston resume specie payments TO-DAY. There was we believe no consultation among them. The Bank of Charleston it is understood, gave a hint that such a course was desirable, and fortified it with some excellent reasons that lappened to be on hand. Butthe ten dency of the times has always been that way. The general sentiment of the people. the resolute course of the Bank of Charleston from the first, and finally the passage of the Independent Treasury Act. were all strong arguments. The forced prudence of the suspended Banks from the time of the suspension. the absence for the the season of all feverish speculation in cotton and the g.eat exertions of all men to contract their liabilities, have left the banks, the currency and the community in a state in which resumption will produce no shock to any. The movement was rather sudden and unexpected; the dealers in specie and exchange may therefore have made some losing bargains, but that is one of theirrisks. We have again then a currency redeemable in gold and silver. AI least the only exception to it is the issue of "notes receivable" by the Rail Road Company, put out some weeks since to "relieve the community" of the burden of its small change. As we are all in a state of relief at present, we hope the gracious trifles of the R. R. Company will be withdrawn. It is not probable that this movement of the banks will have any perceptible effect upon the circulation. Its effect up on the price of exchange will be felt at once -the value of the currency is immediately raised to that of specie. It restores to us an abundant small change circulation, the comfort of which we need not enlarge upon. It gives us back our com mercial character. Moreover we shall have the honor of being the first State in the Union to l'etract the unwise and timid subserviency 10 the Bank of the United States. that marked the suspension of last autumn.

6. August 13, 1840 Morning Herald New York, NY
Article from Morning Herald, August 13, 1840

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# GOOD FOR SIX AND A QUARTER CENTS. Redeemable in wharfage by resolution of the Stockholders of the PENBACOLA WHARF COMP'Y. Pensacola, June 15, 1840. C. LE BARON, Treasurer. Endorsed-C. Le Baron, Pres't. The people of the south will never escape from the curse of such a currency, until, like Ohio and New York, they compel their banks to continue specie payments, on the pain of forfeiture, without any reference to the banks of any other state. The United States Bank was undoubtedly the sole cause of the last suspension, by operating upon the fears of the other banks, and inducing the public to be- lieve that a continuance of specie payments was impos- sible, as long as the Philadelphia banks were suspended. The resumption of the district of Columbia banks, and the Bank of Charleston, prove the fallacy of that position. The following, from a New Orleans paper, will throw some light on the United States Bank movements in that city. # THE MERCHANST' BANK; OR, THE BRANCH OF THE UNITED STATES BANK OF PENNSYLVANIA. It is well known that this bank was obtained by bribery, and sold to the U. S. Bank for the sum of $100,000, with conditions that John Minturn was to be president, and a certain number of the party directors. Here was, at once, a palpable and corrupt violation of the faith which was reposed by the state of Louisiana, in this institution, when it was chartered, and a gross contempt manifested for the authority which created it; and this contempt has continued in mockery of both the legislature and judiciary of the state. We shall proceed to review, briefly, the returns of the affairs of this institution, made to the committee of the state legislature. By her return to said committee we find her capital, by charter, to be one million of dollars--the whole of which is owned by the Philadelphia U. S. Bank, except a few shares held, we presume, by the directors, as the servants of said Philadelphia U. S. Bank, to qualify them to manage the institution agreeable to its charter! By this delusive return, she shows that she wields a capital of five millions, for the United States Bank of Pennsylvania, on which no tax is paid to the State of Louisiana!--and in every respect she performs the functions of a branch Bank with more fidelity, and is more completely under the control of the said U. S. Bank of Pennsylvania, than was the branch bank of the old U. S. Bank. It appears that in the late returns of this institution to the committee of the Legislature, the President and Cashier swore that she had never, directly or indirectly, purchased cotton or traded in that article. It is somewhat remarkable that her officers should make such a statement under oath, when it is well known that she paid for all the cotton, or furnished the payment, bought by Haggarty, Robinson, and other agents. She also negotiated largely for the Mississippi Banks, and took John Minturn and Edward Yorke's bills on Humphrey & Biddle, of Liverpool, for some sixty thousand bales of cotton, which the Brandon Bank swindled out of the planters of the state of Mississippi. In this famous return, we also find that the President and Cashier further swear that this Merchants' Bank had never refused to pay specie for its notes, when demanded! In the face of this declaration, by a reference to the notarial records, as well as to those of several of the courts of law in this city, it will be found that the notes of this same Bank, have been protested for non-payment in specie, sued upon, and judgments obtained! Such are the facts which the records produce, in the face of the sworn assertions of Bank officers. We leave it with the people to judge, as to the extent of confidence which may be placed in the returns and statements of the Banks, by their officers. An extensive forgery has been discovered of Carrolten and other Bank notes in New Orleans

7. August 25, 1840 Southport Telegraph Kenosha, Southport, WI
Article from Southport Telegraph, August 25, 1840

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Resumption of Specre Payments by the Charleston Banks. - The Charleston Patrint of Saturday states that the Planters, and Mechanics' Bank, the South Carolina Bank, the Union Bank, the State Bank, and the South Western Railroad Bank, of Charleston, had resolved to resume specie payments forthwith. The Bank of Charleston, and the Bank of the State, not having suspended specie payments, all the Banks in Charleston now pay specie.

8. July 20, 1842 The New York Herald New York, NY
Article from The New York Herald, July 20, 1842

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This is an admirable table, and shows the movement of the bank with precision. In May, 1837, the general suspension took place, and the Bank of Charleston stopped in common with all others in the Union. In September, 1839, this bank resumed, and has since maintained itself. In January, 1839, a general resumption took place, and on the 14th October, the banks again suspended, with the exception of the Bank of Charleston and the State Bank. The other Charleston banks again resumed on the 19th of July, 1840. The table shows the fluctuation incident upon all these movements. In the column of the circulation it will be seen that since the adoption in Jan last of the resolution of sending home the country bank notes, the circulation of this bank has averaged higher than at any similar period since 1940. This course in relation to the country money is the legitimate one of depriving brokers of the means of shaving the people. Under it the city merchants suffer no loss by the medium of remittances. The Bank of Charleston finds its own profit in taking country money at par, and thereby extending its own sound currency in the city. We have before alluded to the supreme folly of the Maryland Legislature, in attempting to destroy the business of brokers of Baltimore, we will look back a little at the state of affairs. The Legislature of Maryland, at their last session, in the plenitude of their wisdom, took up the idea that the brokers were making enormous profits out of the necessities of the public, by purchasing uncurrent and doubtful funds, railroad orders payable in city stock, for instance, at a heavy discount, and using them at par! And thus, as they calculated, each office realised on an average at least $1,000 per diem! This was considered a glorious subject for taxation, and accordingly one of the wiseacres brought in a bill to license brokers at the rate of $10,000 for a single branch of the business. This sum was, however, reduced to $3,000 for a single branch, and $7,000 for all operations usually made by brokers, and the act was finally passed in this shape, to take effect from the 1st of July. In the meantime the exchange dealers consulted the most eminent counsel in the State, who, after a most patient and careful examination of the law and other acts of Assembly bearing upon the subject, gave their unanimous, unqualified, and confident opinion, that the provisions of the act in question did not apply to those who operated upon their own capital exclusively, and for their own account and risk of profit or loss-that such persons could not be included in the term brokers, which always implied agency for others-the act, however, after specifying that "license should be granted to individuals, copartnerships and firms to purchase and sell for the use and benefit of others for such brokerage commission or compensation as may be agreed upon"-adds a proviso on these terms. "That any person who shall, directly or indirectly, in any manner deal in the purchase of stocks, bills, notes or other obligations, shall be deemed and taken to be a broker within the meaning of the act." This proviso the counsel considered as inserted for the purpose of preventing evasions of the law by nominal dealing in some other things and under color thereof actually making brokerage operations; and they concluded that the terms "dealing in the purchase" in order to be consistent with the rest of the act, could only be understood to mean a dealing as purchasing brokers, inasmuch as license was only to be granted for such operations. The exchange dealers, unwilling to appear before the public as violating or evading the law, took the trouble and expense of having a suit brought upon their own information, in order to obtain a legal decision, and thus set the matter at rest. This action should properly have been brought before Baltimore County Court, who alone had jurisdiction in the matter; but as this court had just adjourned and could not set again until September, it was deemed advisable that an indictment soould be found by the Grand Jury then in session, and brought for trial before the Criminal Court of Baltimore city, a sort of police court, who confessedly and notoriously had no more jurisdiction than they would have had in a case involving the Boundary Question. But as the counsel for the defendants for the express purpose of getting some such a decision as this court could give, intentionally omitted to take any exceptions, either to the indictment or to the jurisdiction, the case was duly argued, and after a day's consideration the learned judge, who is said not to understand even the ordinary latin terms of the common law, taking the jurisdiction for granted, gave his solemn decision with great complacency, that the terms of the proviso must be construed literally to apply to every person whatsoever, the effects of which would be to prevent the purchase by any individual of a single share of stock or bill of exchange without first taking out license, or subjecting himself to a penalty of $500-or in other words, virtually to put a stop to all exchange money and stock transactions. In this exact predicament are the community at this moment placed by this absurd decision, the secret of which is said to be, that this court, which has always been considered little better than a nuisance, is liable at any moment to be abolished by the legislature, and therefore does not seem to contravene any of their acts, and run the hazard of their displeasure, thereby endangering their very existence, which has already been threatened. Whether this decision will be respected or whether the common sense of the mercantile community will treat it with merited contempt remains to be seen. ### Sales at the Stock Exchang