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SUSPENSION OF THE BANK OF SOUTH CAROLINA. AUGUSTA, Saturday, Oct 10, 1857. Reliable telegraphic news from Charleston announces the suspension of the Bank of South Carolina-a State institution, of which C.M. Firman is President.
19903. Bank of Charleston (Charleston, SC)
Bank Information
- Episode Type
- Run Only
- Bank Type
- state
- Start Date
- October 12, 1857
- Location
- Charleston, South Carolina (32.777, -79.931)
Metadata
- Model
- gpt-5-mini
- Short Digest
59cf3cb8
Response Measures
Accommodated withdrawals, Public signal of financial health
Description
Multiple articles (Oct 12–20, 1857) report a heavy run on all Charleston banks during the national financial crisis of October 1857. The Bank of Charleston is repeatedly described as standing firm, redeeming specie and continuing payments; there is no evidence it suspended or closed. Cause attributed to the wider financial panic/news of suspensions elsewhere rather than a bank-specific failure or a discrete misinformation event.
Events (1)
1.
October 12, 1857
Run
- Cause
- Macro News
- Cause Details
- Run occurred during the national financial panic of October 1857 and news of multiple bank suspensions elsewhere, producing general depositor alarm in Charleston.
- Measures
- Redeemed every dollar presented; stood firm and continued specie payments (pledged to continue specie payment).
- Newspaper Excerpt
- a heavy run was made upon the Bank of Charleston ... but that both stood firm, and redeemed every dollar presented
- Source
- newspapers
Newspaper Articles (15)
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TELEGRAPHIC NEWS From the Associated Press Agent. The Financial Crisis, &c. NEW YORK, Oct. 12-The stock market in 10. day In a state of extreme depression. The feeling among merchants is one of great discouragement, but decideely in favor of the banks maintaining specie payments. The bank officers at a meeting held to-day declared unanimously that they would maintain specie payments all hazards. It is rumored that strong efforts are making by Albany banks to compel the New York city banks to suspend, and that the Governor expressed his willingness to call an extra session of the Legislature immediately, if necessary, to meet such an emergency. Among the resolutions passed bythe bank officers to-day the following: "Resolved, That in the judgment of this meeting no further contraction of loans is necessary, nor will there exist any.onstacleto such expansion of them as will afford necessary aid to bring forward the crops and alleviate the present commercial distress, unless it sball be created by the demands of causeless alarm." Two small city banks recently established are reported to have failed this afternoon. The report needs confirmation. There is a general drain upon all the banks In various ways, but the only serious features is the Inclination shown by depositors in some of the old banks to punish them for refusing facilities in the way of discounts. by drawing their deposits. The street is unusually excited. The Grocers' Bank of this city has suspended. It is understood that the bank contractions for the week will exceed $5,000,000. BUFFALO, Oct. 12.-The Pratt Bank has closed its doors. BOSTON, Oct. 10 -The Transcript learns from official sources, that in consequence of a delay in remittances from the East, and almost a total suspension of paper negotiations here, the Michigan Central Railroad has found it necessary to postpone the payment of its bills payable, until it can realize funds from the proposed subscription to its bonds on the 10th of November next. The payment of the coupons will be continued as usual. Sr. LOUIS, Oct. 12.-A. J. McCreary & Co., dry goods dealers, have suspended Also, Doane, King & Co., and Collins, Kirby & Co. The liabilities of the latter are about $1,000,000 each. AUGUSTA, Oct 12-The Southwestern Railroad Bank and the Bank of South Carolina, located at Charleston, have failed. There was quite a run on all the banks of Charleston to-day. NEW ORLEANS. Oct. -The failure of Messrs. Coming & Co., of New York, will not affect the Southern Bank. There are rumors this evening of some failures, but they are not authenticated Business is unsettled. [SECOND DISPATCH.] NEW YORK, Oct. 13-The Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens, and Ocean banks have suspended-eight in all. E. Fish & Co., and Brown & Cary, merchants, have suspended. Also, the Chatham and Bull's Head banks have suspended
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More Suspensions. Augusta, Me., Oct. 12.-The Southwestern Railroad Bank and the Bank of South Carolina, suspended this morning. There is a run upon all the banks in Charleston.
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The Banks in Charleston. CHARLESTON, Oct. 12.-The Southwestern Railroad Bank and the Bank of South Carolina suspended this morning. There is a run on all the banks.
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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.
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Failure of Charleston Banks. Augusta, Oct. 12.-The Southwestern Railroad Bank and the Bank of South Carolina, located at Charleston, have failed. There was quite & run on all the banks of Charleston to. day.
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# MORE BANK SUSPENSIONS. We learn by a special telegraphie dispatch to the Carolina Times of the 13th inst., that the Bank of South Carolina and the South Western Railroad Bank suspended on the morning of the 12th inst; that the Farmers' Exchange bills were thrown out by the Bank of Charleston; that a heavy run was made upon the Bank of Charleston and the Peoples Bank, but that both stood firm, and redeemed every dollar presented, up to the hour of closing-five o'clock. The Bank of the State having, by combination of other Banks against her, has been compelled to lead off. We shall expect, in less than ten days, to hear of most of the Banks in the State following suit. We believe that it would be good policy, by concert among our Banks, to have a general suspension. A general suspension would not depreciate their bills in this State, if the Banks themselves would receive them in payment of debts due them. It would have the effect of depreciating their value out of the State, and driving millions of South Carolina currency, now circulating in the West, back to its legitimate sphere. Every department of business is now blockaded. The farmer cannot realize a cent, upon his produce, because the Banks have suddenly shut down, and are refusing to afford that accommodation which is absolutely required by the necessities of trade. And why have the Banks done this? They have done it as a precautionary measure-they are afraid of a run upon them; they know that they could not stand up under it, and for this reason they are curtailing their expansion, refusing even to discount produce drafts; drawing in their circulation, because of their fear that their bills may be collected, and demands made upon them for specie, which they would be unable to meet. But remove this apprehension by a general suspension, which should not in this State, where the solvency of our banks are so well known, depreciate their bills, and in less than ten days the Banks could resume their discounts, afford that accommodation which the business wants of the community require, and start the tide of commercial affairs, which has now almost ceased to flow. It is true, that this result would depend much upon the disposition of our planters to receive the Bills of our Banks for their produce. If the mere fact of suspension of specie-payment, which is by no means an evidence of insolvency, would induce the planter to refuse the Bills of suspended Banks for produce, then the result which we anticipate would not follow. In that case we would have the Banks offering a currency for produce which the planter would not accept, and business would remain stagnated as at present. We in conclusion would at least advise the holders of the Bills of suspended Banks not to sacrifice them, because we are thoroughly convinced that our Banks are solvent, though they may have suspended.
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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.
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and although compelled to feel a money crisis, pervading the North, we believe that the only in convenience will be a momentary suspension of the sale of produce. If creditors will only use a reasonable indulgence until England can send us the specie for our cotton, trade will soon revive and cheerful contentment diffuse its genial influence throughout the country. We have not speculated on such n gigantic scale as our abolition brethren. It is no wonder they now feel the financial crisis, after spending 80 much in African Colonizationschemes, under-ground rail-roads, and other benevolent humbugs. On the comparative solvency of the two sections that able Southern Rights journal, the South, remarks: "We have learned from Philosopher Greely that the hay of the North was worth more than the cotton of the South, and that the introduction of flax, under a patent of manufacture in which he was interested, would soon supersede the use of cotton. We can now ask where are the boasted resources of the North? Why does she not ex port clocks and shoes and relieve herself? Why does she not send out a few cargoes of hay and replenish her coffers exhausted of specie. The present crisis will show that the slave labor staples of the South will furnish the means of extrication from commercial indebtedness. It will show the South compararively free from distress or embarressment-able to ride out the storm which the speculation of the North has caused How then can the North censure that labor to which she will owe her commercial existence How can she prate of her independence when, but for the aid of Southern resources, she would stand a branded bankrupt before the world This financial revulsion, filling her land with beggary and shame, will teach the North a lesson of commercial morality. It may cause her men of capital, and her disbanded laboring thousands, now contemplating an approaching winter with terror, to recoil from that chasm of disunion into which such advisers and such arguments as we have referred to would drive her, with indignation and horror. This cup of humiliation, bitter though it may be, will be thus made salutary. It will save the South from much persecution. It will prolongperhaps, rather, perpetuate-the duration of the Union, by awakening the dictates of common sense, if not the impulses of sectional gratitude. We wish, therefore, the lessons of this financial trial to be perfectly apparent, and will for that purpose endure our share of its evils until they correct themselves by the reaction of themational energies and the restoration of economy and prudence. But whilst we are ready to co-operate in any legitimate political or commercial measures which may alleviate the pressurein any part of the Republic, we must assure our Know Nothing friends that we never felt less inclined to surrender our Free Trade principles and convictions for the benefit of the Freesoil shoemakers of Massachusetts than at present." We can have no adequate idea of the recklessness of the Northern speculators. A New York paper relates the following instance of the dramatic rapidity, with which Fortune sometimes reverses her favors "A few months since the partner of a commercial house in that city was taken to a lunatic asylum, utterly deranged, as was said, by his unparalleled prosperity in business. During the year previous his firm had cleared $1,300,060. He died in the asylum, and his own estate was valued at $2,500,000, all invested in the concern of which he was a partner. The firm itself failed the other day, and is now said to be utterly insolvent. One item of the assets of the deceased's estate was a thousand shares of the Illinois Central Railroad stock, which was selling at the time of his decease nt $140 a share, and which was worth, after paying up the installments, $800,000. The same property sold, on Monday last, at public sale, at $50,000. All this occurred within eighteen months-the prosperity, the insanity, the decease and the insolvency." These sudden reversions are said to be the only luxuries in which the Miss FLORA McFLIMSIES can indulge. The piquant correspondent of the Charleston Courier very ungallantly talks in the following strain: "And, it is said the gentler sex are having their pleasures as well as their pains, during these trying times. Mrs. A., whose husband could not afford to sell his house in Eighth street, and builda palace on the Fifth Avenue, always felt despondingly jealous of Mrs. B. (when her name was mentioned) whose husband did advance from that pleasant locality, to the more fashionable one above mentioned. But now the husband of Mrs. B. has failed, he has "smashed" badly, and she has to "come down" both literally and figuratively. The little strifes, the sweet revenges of social and fashionable life, are just now the greatest luxuries in female circles. There is not a disaster now, the crash of a once prominent house, at whose fall there are not suppressed whispers of delight by the mothers and daughters of one side, rejoicing that the starch of SO and so's stiffness is now completely taken out at one avalanche. Such is one phase of human nature among the softer sex." While we are not forced to the wall with the same headlong velocity with which the money kings at the North are precipitated from their palatial splendor, it cannot be disguised that our own affairs are beginning to look decidedly "blue." Complicated and interwoven as our business is with the Northern cities, we must either await their extrication from their crushing difficulties, or find an out-let in a direct trade with Europe.If there is energy enough left in the South to make the exertion, the present is the most favorable season for inaugurating a direct trade with England. Our currency is not so disordered but that commerce would go on prosperously if there was an out-let beyond Charleston. Some of our Banks have not suspended. The Bank of Charleston pledges itself to continue specie payment. The bills of the suspended banks are as good as ever. The very moment commerce, under the pressure of an European demand, begins to revive, our banks will be on their feet again. The present crisis will prove a salutary lesson to them in the future. We have not the least doubt but that they have not restricted themselves to a legitimate banking business. On this point a writer in the South Carolinian meets our views: The system of banking, which really allows the corporators interest on their notes, and which may be issued to the amount of three times their capital, would seem to furnish a profit sufficient to satisfy reasonable men. Formerly, good honest men in Charleston were satisfied with semi-
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memones or my maive mms, and the spare cold waters gushing from them. How bit. terly I cursed my fully, my ambition, my chivalry. my love of adventure, that bad led me far of my native to fever in or have the tropics. bills away Never from die the before of cool thirst fountains since and I suffered such agony as during this time on Lobos. But Neptune at last asserted the supremacy of his trident, and the winds hushed their three days the norther fury. After had the wasted usual its spell breath,and of there was a calm on the waters. Them we had water, fresh water from the ships, and our sufferinge were ended. BOSTON, Oct. 10.-A letter received per on reports matters as er money Niagara, throughout dated England, generally the 25th while ultimo, growing the demand tightwas also on the increase. At Manchester the late bueyancy had yielded to a depression, and on both goods and yarns a deeline had been submitted to. The demand for cotton for export continned active and more than absorbed the receipts. NEW YORK, Oct. 10.-If it were possible for Wall street to look bluer than it has done, then it looks SO to-day. The rates asked for money are higher than ever, and many failures are reported, including some heavy sugar dealers and paper dealers. The Illinois Central Railroad Company has an are rumors of more road course, made Company. trouble assignment. These in the things, There Reading of Railaffect the stock market most seriously. The Grocer's, Marine, Pacific, New York Exchange, Merchant's Exchange, North River, Citizen's, Irving and Ocean Banks, have suspended specie payments. Several of the country and some of the New Jersey bank bills have been thrown out. CHARLESTON, Oct. 18.-The People's Bank suspended to-day. AUGUSTA, Oct. 13.-The Georgia Railroad Bank has suspended. NewORLEANS,Oct.13.-Messrs. Oakey & Hawkins, large cotton factors in this city, have suspended. It is rumored that others will follow. AUGUSTA, Oct. 14.-At a public meeting of the citizens, held this day, it was recommended that suspend suspended specie payment. this morning. all The the Union banks Bank The Bank of Hamburg, and Manufacturer's Bank of Macon, have suspended. NEW YORK, Oct. N-Nineteen banks suspended yesterday, and it is believed that to-day the balance will go. The Tradesman's Market, St. Nicholas, Chatham, Bull's Head Banks, and the Bank of New York have suspended. Several old banks announced their ability and determination to go through the crisis, but it is feared that a general suspensiou is inevitable. Marine Bank was stopped by injunction and is The of customers, it presumed avoid that others have adopted the same means to the penalty of suspension. The excitement is relieved, and it is that the tempoBusiness, thought rary. however, suspension is is generally only deranged. FURTHER SUSPENSIONS.-The Southwestern Railroad Bank and the Bank of South Carolina suspended specie payments this forenoon. They are unquestionably solvent, as are all our banks. Note-holders and depositors need have no apprehension now or owe the amount beyond banksan eventually. The of debt, latter. community much Current the cash liabilities of the means are only wanted, and as specie cannot be obtained, what currency is next so good and convenient as the bank bills ? Why then sacrifice the latter by forcing suspensions An unnecessary and heedless panic possessed some this morning, and dashes were made in Broad street at various other banks, but the latter have met them steadily. The of our are prepared, and our majority nothing but banks the panic Let well of people can embarrass them. depositors at least remain calm. All rumors as to the suspension of other banks are incorrect; and the probability is, no more will suspend. They will not suspend, unless our own people comp them which is suicide. There is not a deposite or note of any Charloston Bank which is Evening News, I stepped in at the Bank of Charleston, when the excitement was at its height, and remained half an hour for the purpose of witnessing the effects of the rush for specie upon the insiders, and remarking the conduct, countenances and general department y of the motloy crowd of bill holdere, as th threw them upon the counter. and demanded the special Many incidents occurred which were altogether amousing to a disin
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THE KEOWEE COURIER. The Money Panic. THE HERMITAGE.-Gov. Johnson, of TenPennings and Clippings. The condition of monetary affairs are no nessee, reports the purchase for the State of NEW ADVERTISEMENTS-There are a numbetter. The pressure, in fact, has become the Hermitage, and its tender to the Federal ber of new advertisements in our columns general, and many of our own banks have Government. In case the tender is not acIt is this week, to which the attention of the pubbeen forced to suspend specie payment. The cepted, the Governor recommends that the I am f lic is directed. Bank of Charleston, Union Bank, and the property be retained as a residence for the catego State Bank, in Charleston, and the CommerCorron.-This staple is only now bringing future Governors of the State. theref 12 cents por pound in Charleston. But a few cial Bank, in Columbia, the Bank of Chester, GETTING FRIGHTENED.-Gov. Fletcher, of torial = and the Bank of Newberry, continue to reweeks since it reached as high as 16 cents! Vermont, in his recent message to the Legisladeem their bills in gold and silver. The bills THERE'S AN EXAMPLE FOR You.-A numprogre ture expressed the fear that slavery would be of the suspended banks, however, continue ous, al ber of young ladies in Salem, Mass., having introduced into that State. The Boston Post to be taken as heretofore, and are thought to considered the state of the money market and somet] says that the Green Mountains which make be perfectly good. determined not to pay ten or twenty dollars stand up that State, are in winter white as snow, The extravagant speculation of the people, for a winter bonnet, have set about making that p but Gov. Fletcher is an evergreen. bonnets for themselves. suporinduced by the extraordinary expansion are co of our bank currency, has been the prime CHICAGO, Oct. 12 -A destructive fire broke NUMBER OF BANKS IN THE UNITED STATES. velope cause of the pressure, and inflated the price out yesterday morning in State street, desThe number of Banks in the Union, on Janmake of almost everything to an extent perfectly troying the entire block between Monroe and uary 1, 1857, was 1,255, with 143 branches. banner alarming. Revulsions, sometimes periodical, Adams streets. The buildings were mostly Their capital was $443,874,272; loans and are the fruits of such folly, and, disguise it those frame. The loss by the fire is estimated at discounts, $634,783,280; specie, $59,314,063; as we may, we are now in the midst of one, $125,000. there = circulation, $195,747,950; deposits, $212,705, founde whose pent up fury had best be reckoned by THE LAST OF Ir.-We have to announce an662. The amount of capital employed by distric the death-like inactivity and apathy that now other incident in the Burdell murder case, private banking establishments, without char of the prevail in business circles. which has furnished New York with an exters, was estimated at $118,086,000 man, I The recent monthly statement of the banks oitement that endured unprecedentedly long. worke to the Comptroller General is suggestive of THE LIFE OF NATIONS.-The natural life of Mrs. Canningham, who has been undergoing old ma future difficulty and trouble. The circulanations, as well as of individuals, has its fixtrial, failed to appear at Court on Tuesday, things tion of bills of all the banks of the State is ed course and term. It springs forth, grows and her counsel says he has no knowiedge of men., $7,105,170, and the specie in their vaults, for up, reaches its maturity, decays, perishes. her whereabouts. sician, the redemption of these bills, is set down at have a Con. PRESTON.-The friends of Col. Preston HORRIBLE TRAGEDY IN ARKANSAS.-The $999,3991 The times are pregnant with evils a WA will press his claims for the post of U.S. SenBastrop (Texas) Advertiser of the 23d ult. of almost every character, but none can effect should ator before the Legislature this winter. says that on the 14th, Mrs. IIill, a widow, rethe country SO seriously as the present alarmflag h siding near Berlin, Arkansas, and a negro ing condition of monetary affairs. it a lit BOSTON, Oct. 10.-A stranger stopping at
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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.
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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.
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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.
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Circular. OFFICE COMPTROLLER GENERAL, Columbia, January 12, 1858. To the several Tax Collectors of the several Districts and Parishes of the State of South Carolina: According to the provisions of the laws of this State, in such case made and provided, the Bills of Suspended Banks are not "receivable by the Treasurers, Tax Collectors and other public officors in payment for taxes and other moneys due to the State." You will therefore give at least thirty days notice through the public journal of your District, or otherwise, to the Tax Payers of your District or Parish, that the bills of the following Banks will only be received in payment of Taxes due the State, viz: The Commercial Bank of Columbia. The Bank of Charleston. The Union Bank of Charleston. The State Bank of Charleston. The Bank of Georgetown. The Merchants' Bank of Cheraw. The Bank of Camden. The Bank of Chester. You will also receive the Taxes, or any other dues to the State, in the Bills of the Bank of the State of South Carolina. Should any Tax Collector in the State refuse to obey the foregoing instructions, or present at the Treasury any Bills on other Banks than those above named, he will be dealt with according to law. J. D. ASHMORE, Comptroller General.