19904. Bank of Charleston (Charleston, SC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 28, 1860
Location
Charleston, South Carolina (32.777, -79.931)

Metadata

Model
gpt-5-mini
Short Digest
d5b787b6

Response Measures

None

Description

Multiple contemporaneous articles (Nov 28–Dec 14, 1860) report the suspension of Charleston banks. Several pieces list the Bank of Charleston among those that determined to 'hold out' initially, but later dispatches explicitly state the Bank of Charleston 'has suspended' and discuss trustees and inability to pay deposits. There is no clear evidence in these articles that the bank reopened; a Dec 14 notice corrects a premature report of resumption. Cause appears linked to the secession crisis (widespread political/macro financial panic), not a discrete rumor or bank-specific fraud. No receiver appointment is explicitly reported in the provided clippings, but the discussion of trustees and refusal to pay suggests permanent closure. Date of suspension taken as 1860-11-28 per multiple reports.

Events (3)

1. November 28, 1860 Suspension
Cause
Macro News
Cause Details
Suspensions occurred amid the secession crisis and related political/military tensions in late November 1860; banks suspended in response to the statewide panic over secession and perceived instability rather than an isolated bank-specific failure or single rumor.
Newspaper Excerpt
The State Bank of South Carolina, the Bank of South Carolina, and the Railroad Bank have suspended... The four others-the Bank of Charleston ... determined to still hold out. It is generally supposed they will all suspend to-morrow, except the Bank of Charleston.
Source
newspapers
2. December 14, 1860 Suspension
Cause
Macro News
Cause Details
Follow-up reporting in mid-December notes the Bank of Charleston remained suspended; a report of resumption was labeled a rumor without foundation, indicating continuing suspension tied to the same secession-related crisis.
Newspaper Excerpt
THE BANK OF CHARLESTON.-The Charleston Mercury of the 14th inst. says: 'In yesterday's issue it was stated that the Bank of Charleston had resumed specie payments. This announcement ... was premature.'
Source
newspapers
3. January 13, 1861 Other
Newspaper Excerpt
...Repudiation in Charleston... The Bank of Charleston has suspended, effect the Trustees, in extenuation of their ... say they have invested deposits in ... bonds, stock, mortgages ... they therefore pay the cash ... refuse to offer their depositors keeping ... (correspondent dated Jan 13 referenced in Jan 24 paper).
Source
newspapers

Newspaper Articles (11)

Article from Cincinnati Daily Press, November 29, 1860

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Southern Items. CHARLESTON, S. C., November 28.-The steamer Isabel, which left for Havana on Saturday, has returned, disabled. Several candidates for the Convention of South Carolina, over their signatures, repudiate any free State joining the Southern Confederacy. The State Bank of South Carolina, the Bank of South Carolina, and the Railroad Bank have suspended. The Planters' and Merchants' Bank will follow, to-morrow. BALTIMORE, MD., November 28.-Governor Hicks, of Maryland replies to a petition to convene a special session of the Legislature, declining such a course, saying he is unwilling to place Maryland in a position of appearing to join in any treasonable designs against the Union, while he is ready to go as far as any man in demanding the rights of the South in the Union.


Article from New-York Daily Tribune, November 29, 1860

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[By Telegraph.] SOUTH CAROLINA. CHARLESTON, Wednesday, Nov. 28, 1800. Sèveral candidates for the Convention of South Carofina, over their signatures, repudiate any Free State joining the Southern Confederacy. A meeting of the Directors of the several banks of this city was held this morning. The subject of suspension was agitated. Finally, the Bank of the State, the Bank of South Carolina, South Western Railroad Bank, and the State Bank, resolved to suspend, and accordingly suspended. The four others, the Bank of Charleston, the Union Bank, People's Bank, Planters' and Mechanics', determined to still hold out. It is generally supposed they will all suspend to-merrow, except the Bank of Charleston. There is great rejoicing among the community at suspension. A rumor that six hundred government troops were coming on the steamer James Adger to man the harbor forthwith, created a feverish excitement throughout the city to-day. Knots were gathered on every corner discussing hat should be done. On the receipt of R telegraphic-contradiction of the rumor, the excitement subsided. Thereadats of the Kentucky Military Academy have unanimously tendered their services to Gov. Gist.


Article from Chicago Daily Tribune, November 29, 1860

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Article Text

From South Carolina. CHARLESTON, Nov. 28.-The steamer Isabel, which left Saturday for Havana, has returned disabled. Several candidates for the Convention of South Carolina, over their signatures repudiate any free State joining the Southern Confederacy. The State Bank of South Carolina, the Bank of South Carolina and the Railroad Bank have suspended. The Planters' and Merchants' Banks will to-morrow.


Article from The Evansville Daily Journal, December 1, 1860

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CHARLESTON, Nov. 28th.-The steamer Isabel, which left Saturday for Havana, has returned disabled. Candidates for Convention repudiate any free State joining the Southern Confederacy. The State Bank of South Carolina, the Bank of South Carolina, and the Railroad Bank, have suspended. The Planters' and Merchants' Bank will suspend to-morrow.


Article from Richmond Daily Whig, December 1, 1860

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MOVEMENTS IN CALIFORNIA. SAN FRANCISCO, Nov. 17, 1860. The people of California are waiting with deep anxiety for the Eastern news showing the disposition of the Southern States on the dissolution question. After learning of Lincoln's election, all political animosities greatly moderated, the Republicans, as well as Democrats, seeming to be fearful of serious trouble from the present nolitical condition of the nanning The Sacramento Standard, organ of the Breckinridge Democracy, assumes that the dissolution of the Union is inevitable, and urges California and Oregon to seriously consider the question of organizing a separate republic on the Pacific coast. The idea seems to obtain little sympathy, and is denounced by a large portion of the press. SUSPENSION OF THE CHARLESTON BANKS. CHARLESTON, Nov. 28, 1860. A meeting of the directors of the several banks of this city was held this morning. The subject of suspention was agitated. Finally the Bank of the State, the B ink of South Carolina, Southwestern Railroad Bank and the State Bank resolved to suspend, and accordingly suspended. The four others-the Bank of Charleston the Union Bank, People's Bank, Planter's and Mechanics'-determined to still hold out. It is generally supposed they will all suspend to-morrow, except the Bank of Charleston. There is great rejoicing among the community at suspension. A rumor that six hundred government troops were coming on the steamer James Adger to man the harbor forthwith, created a feverish excitement throughout the city to-day. Knots were gathered on every corner discussing what should be done. On the receipt of a telegraphic contradiction of the rumor the excitement subsided. The cadets of the Kentucky Military Academy have unanimously tendered their servicest to Governor Gist.


Article from Semi-Weekly Standard, December 1, 1860

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Suspension of ,South-Carolina Banks. CHARLESTON, November 28.-The Bank of SouthCarolina and the Railroad Banks have suspended.The Planters' and Mechanics''Banks will suspend to-morrow.


Article from Nashville Union and American, December 1, 1860

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From Charleston CHARLESTON, Nov. 28.-All South Carolina members of the Federal House of Representatives have determined to go to Washington and resign This course is taken in order to more conveniently confer with the Representatives of the other Southern States. Several candidates of the Convention of South Carolina, over their own signatures, repudiated any free State joning the Southern Confederacy. The State Bank of South Carolina, the Bank of South Corolina, and the Railroad Bank have suspended. The Planters and Merchants Bank will suspend to-morrow.


Article from Fayetteville Observer, December 6, 1860

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Hense of Representatives have determined to go to Washington and resign. This course is taken in order to more conveniently confer with the Representatives of the other Southern States. Several candidates of the Convention of South Carolina, over their own signatures, repudiated any free State joining the Southern Confederney. The State Bank of South Carolina, the Bank of South Carolina, and the Railroad Bank have suspended. The Planters and Merchants Bank will suspend to-morrow. CHARLESTON, Nov. 29.-It is now considered certain here that the ordinance of secession will be passed on the 17th or 18th of December. Our representatives are leaving for Washington. Ordnance and ammunition have lately been landed from a schooner at Fort Moultrie. Some of the army officers say that now Fort Moultrie is almost impregnable. COLUMBIA, S. C., Nov. 30. - The House directed the Military Committee to consider the best method of fortifying the most exposed portions of the coast. MILLEDGEVILLE, Nov. 30.-The Legislature chose Breckinridge Electors. New ORLEANS, Dec. 1.-A committee of citizens of Texas petitioned Governor Houston to convene the Legislature. The Governor responded that viewing the proposed measures as unwise, he could not call the Legislature together, but if is majority of the citizens of the State petition for it, he could not stand in their way. The secession feeling largely predominates. MEMPHIS, Dec. 1. A large and excited assetabløge last night passed resolutions accepting the irrepressible conflict now upon us; calling on the Governor to convene the Legislature, calling a Convention of the State, and also of one of all the Southern States; and pledging Tennessee to stand by the action of a Southern Convention for weal or woe. CLINTON, Mo,, Dec. 1.-- Reports speak of inhabitants along the Missouri border fleeing, to escape from binds of Abolitionists, supposed to be connected with Montgomery, but indicating great alarm. Naw YORK, Dec. 1.- The Washing ton correspondent of the N. Y. Times says the secession feeling is moderate. A conservative compromise measure is being prepared to cover the entire sectional issue. Florida advices say that the Secrssion feeling largely predominates. Louisville,Ky., Dec. 1.--A report from Burksville says that fifteen negrees and one white man were bung for attempted insurrection on the part of the negroes, led on by the white man. No particulars are given.


Article from The Daily Dispatch, December 15, 1860

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SECESSION MOVEMENT AT THE The GovFortificat our at Charleston , be in Move The Strengthening View at th. South erument A Northern Southern ments Wrongs. &c., & &c. Bank of Charleston, S O., resumed spe Mercury The the 12th inst and the cie payment its example on will shortly be followed Perry, by of thinks the other Bank> of the city. Charleston (tov. The S Florida, is at present in Columbia, has created panic at would small pox it was thought the Legislature vesterC. and to Charleston, probably, of Comadjourn In the North Carolina House adopted that day. resolution has been sign mone, branches a of the Legislature Legislature shall and both send to the South Carolina would confer with a paper asking if that body Southern States, North Carolina, and all the of the order that an honorable adjustment may in difficulties be tween the States Union preserved. be present effected, and a The constitutional Columbia (S C.) palate. thus in be noticing this action, say at too Norfolk, pers, leading men of all parties to call The requested the Mayor designated Va. public meeting. having he has done so, Ready and Men Norfolk held meeting 'hursday night next. The this week, and enlis be dito one hundred men companies, more. The four force of is bas which rented are vided into eight to be uniformed The organization to be five hundred at strong next their a drill room, and meeting expect At their meetresolutions expressive attachment ing the other to night the Union and the South were adopted. FORTIFICATIONAL OF ARLESTON HAR THE BOB-ACT VITY THEREIN a descrip forti in The Charleston casions Mercury of the harbor them. and the some tion of the of what enclosed is going on water battery, Moultrie is an south, or water side, u about having frout feet, and depth of ab and sides, of It is buil with is admirably adapted party on all either from the attack The are and walls inner defence, or by regular app brick. capped with and in eart filled The in in cleanir the saud the of fort walls ditching around and unterence, in up the closing past instead cutting entire circ the postern gates sally on and utheast west walls, and strong works in which hown which lead into southwest angles. will pounder guns sweep twelve enabling the garrison grape and placed, sides with has on three angle of the fort sustain The lengthened nor by a basi which command has weight of heavy gun the Island The and trauce cut the main street also been better the door On and the north side, been have placed gether wooden the lade, of as possibly battery many good men guns the ing ugly and thick, feet three of wD the from the walls A the we one been has them The is solid of formed pleted ther, the subs has plank been Against this wooden B placed. the In by that every obser guls are this time, and that the very certain hopes sider, mind with make his and ceremony the vancing which Adies upon the tal of Empire Celestial Jul. ago Gardner, R July the war, Hawk Gene of rank B be ember made On and his gallant lino del Rey. other Major the battle of Abuer Doubleda Capt Sevmour N fficers are Captain Lieu Talbot, Lieu Lieut G Foster Capt. Davis, Artillery Engineer Surgeon Assistan Lieut.G Regimen W Soyder S. of W. Crawford, of Staff of consist gentlemen, Medical under these companies the two not fall, The force, of Artillery The compri abou only men, short bind the ag time cluding but were expected, it now and the for at be least, present ibe id of work masonry, the of row double port and the on south guns, the stands middle land side, holed for musketry of the ship channel, loop harbor, on the edge proof he be bomb garrison. There and s eaid any regular one hun. without of wordbox all-busily employed large and force fifty in and otherwise order dred the guns in mounting strategic point consists this great Fort Sumter formidable many which The armament of them being the throw eigher shot inch which guns, Coll umbiada, have a tearful range shell, few of and these are yet in this catibre Only aunting pieces irily slow one. There also the casema work necess of artillery stores and 40,000 the large amount lbs. of wder, shell and of about quality of shot proportionate here sleep int regular workmen gaged the want any side. and every The night, owing with the city The of whart 10 8 cross exposed communication landing south fire from all the openings the southern on Castle that side. Pinckney is located slip on of marsh land, Hog excremily of narrow northerly direction side the which xtends in To the harbor thas Island Channel cular front. roximi as a fortress called Castle considered presents of much conseq y to ine im portance, never been although its properly armed observation would give it From basty mount garr Frisoned about fitteen guns them are flud and that there are the majority of Some on the parapewenty-four pounders. within the walls. eighteen and are, howe powder, shot -Columb blads' supplies of garrison the There are also there is no two watchAt present are one light shell only residents of the harbor post the have charge day laborers are em Some repairing the men, who thirty or forty cisterns and putting the place ployed generally in ATEMENT order. OF SOUTHERN GRIEV A NORTHERN BT ANCES Me Union.) For twenty [F from five the years Bankor the pulpit, the school.


Article from Newbern Weekly Progress, December 25, 1860

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THE BANK OF CHARLESTON.-The Charleston Mercury of the 14th inst. says: "In yesterday's issue it was stated that the Bank of Charleston had resumed specie payments. This announcement, as we have since learned, was premature. The mistake was owning to a current rumor to that effect, bnt which, it seems, had no foundation other than in the fact that the Bank of Charleston, since the day of its suspension, has always been ready to accommodate its customers with specie for the promotion of their business and commerce,"


Article from The Weekly Lancaster Gazette, January 24, 1861

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ju he was glad to know that Holt was coer. b cionist enough to sustain Anderson, astonishes Southern Senators. Crittenden C said the government which dared not use H was worthless. no marrow bones of the ze from He venerable coercion There is when Senator necessary. in the Kentucky. in SIGMA. is all grit. t N The Existing Crisis-Events and Opinions North and South. A Charleston cor respondent of the New York Tribune, writing on the 13th inst., says: The rebels think they can take the fort, are to it. of Fort Sumter idea and of the quite impregnability ready undertake The rests on a sufficient garrison with enough to eat. The Fort should have not less than 200 men; it has now not more than service. How continue 75 that fit number for effective will effective with- long out fuel, others can estimate as well as can. Thus cooped up, Major Anderson and his little garrison are compelled to witness in every the 18 all around going for their hour forward destruction. of the day, Heavy them, preparations guns designed ar le rive, and are transported to the batteries II ranging on the fort every hour. Thus the h weight of metal which decides the breach so ing account is increasing continually. As al yet, I do not believe that the means of breaching Sumter's walls are at hand. re The nearest batteries are a mile distant. it, But the exhaustion which a on on ur as could rison, and ing kept the fort up, would would the produce bombardment general open- garprobably be for many hours, io, would, it is argued, ineapacitate the garas rison for a successful defense at the moV- ment of the assault. WS FLOYD'S INSTRUCTIONS TO MAJ. ANDERSON. ed The last instructions sent to Major An n. to act on ion the say the day after in sive, lutely. derson but require They to maintain him his position the defer- Major resocommand from ng to Sumter. Mr. ers Fort Anderson him Moultrie this transferred Fort his Floyd sent brutal to runor that have riyour guns, your and There is a burned dispatch: you carriages, spiked the moved to Fort Sumter. If so, you have violated your orders. Answer immediby ately. To which the gallant Major Ba it the ia, following reply, substantially: the I did spike my guns, I did burn my remove to eatin the of du rate carriages, Fort Sunter, I did discharge my command my ty. GA. The traiter was thus both circumvent ed and snubbed. 8. HOW MR AIKEN WAS ROBBED OF $40,000 will A brief dispatch has already stated tha the Hon. William Aiken of South Carolna del one of the wealthiest men in the State an lay an opponent of secession, has been com 80. pelled to contribute $40,000 the dis tled cause. Star thu sion. the extortion was Pa. describes ed: union how The Washington to manage UnMr. Aiken was notified that he ob expe ted to advance forty thousand do the end, and his eve. or no:, as he outh did not have the advance ding lars that that he plead might please; money. right resiwas notified void assessed that and that he had been asses had promptly He been then notified promptly amount and that must Sece il af of it raised that under amount penalty and having promptly by pay and f N. colin worth tim Rates, save that from as immediate property much. confiscation To Charleston, sale many utter of de lock raise the amount House ed, it remarked that be better was a asury truction, would and in he paying did if he journeym deman his A. carpenter at the a than plane, at $2 per North day shoving wages, jac 20. South Carolina Millionaire he befo perit was to reduce the und on e a 11e is ugu. military suspected;" essayed despotism. South now was "one the hls course in come soem to be pleased with the sap loan earned him the having paying refusing dangero fore morn reputation of being disaffected to taken cause. Three As an excusa for such robberies, here. traitors plead that their governments ef of costing them $15,000 a day. May. REPUDIATION IN CHARLESTON, A is go There seems no end to repudiation riflas bad faith in South Carolina. The alry the per to the North, and onists to one another. The d all their obligations first debts repudiate Constitution, finally Savir ch un Bank of Charleston has suspended, effect the Trustees, in extenuation of their A v. faith, say they have invested deposits in that of various re. d these securities have s such but, millions bonds, they and of add, stock mortgages, description nearly that so low they cannot dispose of them more cept ruinous rates. They therefore pay the cash her of to for safe propoto give them the worth intrusted cooly fuse to offer their them depositors keeping, They t im. stock at "par." TERRORISM AT AUGUSTA. er,and seceA private letter in the New York isiting says: Federal h ed and We are in a terrible condition In Augusta mob law rules and overr Segur, law and order to such an extent that rginia, to March est men stand in fear, and hesitate of t. with press themselves on the condition GA. country as freemen should. As for not me at a summons to if 20. self, to not receive use it would surprise leave, any they more persuasive language. ere ap heartily tired of living in such a While munity, and can assure you that 11 they not remain a day longer than I can down