19905. Bank of Charleston (Charleston, SC)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: April 10, 1861
Location: Charleston, South Carolina (32.777, -79.931)

Metadata

Model: gpt-5-mini
Short Digest: 37db872c

Response Measures

None

Description

Articles report the Bank of Charleston suspended specie payments on April 10, 1861 (Civil War era). Later litigation in 1866-67 sought receivers; a U.S. receiver was appointed in Aug 1867 only to recover specific funds, but the bank continued operating and shows an operating condition statement in Nov 1869. No discrete depositor run is described in the provided pieces.

Events (6)

1. April 10, 1861 Suspension

Cause: Macro News
Cause Details: Suspension of specie payments at the outbreak of the Civil War / military occupation and related disruptions (bank ceased specie payment April 10, 1861).
Newspaper Excerpt: The Bank suspended payment of gold and silver on said notes and bills issued in accordance with its charter on the 10th of April, 1861, and since have refused to pay specie for said currency and deposits.
Source: newspapers

2. November 1, 1866* Other

Newspaper Excerpt: Bill for Injunction, Discovery and Relief... The Bill alleges... the Bank of Charleston... The Bill craves relief, and also the appointment of receivers... We understand that this 3080 cannot be heard until the fourth Monday in November next at Columbia, S.C., unless a special Circuit Court shall be convened to hear equity cases.
Source: newspapers

3. January 4, 1867 Other

Newspaper Excerpt: At the opening yesterday a motion was made to fix a day for the appointment of a receiver; but the indications are that the Bank will not be interfered with and that the present officers connected with the Institution will be allowed to retain the managing ent of its affairs.
Source: newspapers

4. August 7, 1867 Other

Newspaper Excerpt: It is ordered, that the Bank of Charleston and James Tupper... do respectively, forthwith pay over and refund the sums by them respectively, as received in specie, into the hands of A. J. Willard... and the said A. J. Willard is hereby designated and appointed receiver thereof for the United States.
Source: newspapers

5. November 30, 1869 Other

Newspaper Excerpt: The condition of the bank on the day of January, 1866... The condition of the bank to-day is showning the following statement... The condition of the bank to-day is showning the following statement.
Source: newspapers

6. November 30, 1869 Reopening

Newspaper Excerpt: The condition of the bank to-day is showning the following statement... securities have been valued... The Legislature... passed an act to enable the banks of this State to re-
Source: newspapers

Newspaper Articles (7)

1. September 8, 1866 Keowee Courier Walhalla, Pickens, SC

Article from Keowee Courier, September 8, 1866

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Circuit Court of the United States. IN EQUITY. Hugh McRea, James Bankhead, and George Learight. citizeus of Nashville, Tennessee, VS. Bank of Charleston, South Carolina, Charles T. Lowudes, George A. Trenholm, Heury Gourdin, Alexander Robertson and Win. Thayer, citizens of Charleston, South Carolina. Bill for Injunction, Discovery and Relief. Brewster And Spratt, Solicitors for Complainants. The above Bill has been filed in behalf of Complainants and all others not citizens of South Carolina who are creditors of the Bank of Charleston. The Bill alleges that the Bank of Charleston was incorporated with a capital of two million dollars, with leave to increase the same two millions more, and afterwards modified by an Act ratified ou the 20th December, 1853, to be continued until the year 1877. The bank, it is alleged, has currency out to the amount of two million dollars and two million more on deposit for which certificates of deposit have been given. The Bank suspended payment of gold and silver on said notes and bills issued in accordance with its charter on the 10th of April, 1861, and since have refused to pay specie for said currency and deposits. The Bill further says that the purpose of South Carolina in granting the charter was to furnish to the citizens of the State its promissory notes and bills of credit in the nature of a circulating medium, and its certificates the representatives of and silver current coin, gold for funds deposited and that the nocomplishment of this policy and public purpose constituted the trust and condition of the charter; that the Bank having failed to redoem its promises. the assets are in the hands of the officers and directors as a trust fund. Various other allegations are made of breach of charter, and that the officers have continued to keep up the semblance of a banking corporation. It is further alleged that they extend to the stockholders information as to the condition of their assets, which they carefully cxclude from the complainants. It is further alleged that these parties hold what remained of the assets, consisting of coin to the value of thirty thousand dollars, real estate, notes, bonds, stock and domestic and foreign exchange, to the value of seven bundred thousand dollars, which assets, it is alleged, are withheld from the creditors, and applied to the uses of the stockholders. Another allegation in the Bill is, that the stockholders at the date of the failure, and those who were so within twelve months prior thereto, are liable to the creditors, by the provisions of the charter, for a sum not exceeding twice the amount of their shares. The Bill alleges that many of the Stockholders have transferred their shares to irresponsible persons, and hope, through such transfer, to escape liability. The Bill craves relief, and also the appointment of receivers, also to make the stockholders liable. As this is a matter of great public interest, we propose publishing a copy of the Bill.Governor Orr has convened a special meeting of the Legislature, and it may bc important that that body should take action on the subject. It is believed by our ablest lawyers that the clause of the charter making stockholders liable is a penalty, and does not create liability to creditors. For the support of this position the fact is relied upon that the clause above alluded to does not say expressly to whom the stockholders are liable in case of failure. At the last session of the Legislature a Bill for the relief of stockholders was brought forward in the Senato by Henry Buist. It was then thought by the stockholders the Bill would have been passed, and ought to have been passed, as it WHB evidently the design of the Act of Incorporation to make stockholders liable only in case of improper conduct on the part of the directors. If the Legislature does not interfere and repeal the penalty, or the Court should decide that the clause is not a penalty, but in the nature of a contract with billholdors and depositors, the change of property consequent in either of such cases will be such as to involve in ruin those who have saved some remnant of property from the dovustation of the civil war and convulsion through which the State has passed since 1860. We understand that this 3080 cannot be heard until the fourth Monday in November next at Columbia, S.C., unless a special Cirouit Court shall be convened to hear equity cases. If the case is no: heard in November

2. January 4, 1867 The Charleston Daily News Charleston, SC

Article from The Charleston Daily News, January 4, 1867

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LOCAL MATTERS. To OUR SUBSCRIBER We would call the attention of those who are indebted tous throughout the country, that the old year is closing and their accounts are not vet settled. The price of subscription is not large, and will not be missed from their plethoric pockets. The first of January has long been celebrated as day set apart for closing old accounts and we would not have our friends depart from this -honored custom. Money is the motive power of every enterprise, and newspapers are no exception, and we respectfully ask our country subscr bers to cash up and commence the new year with clear record. TELEGI We give the most important dis patches only in our tele graphic column to day We have endeavored to save our readers the trouble of winnowing the chaff from the wheat; not an easy matter. when the dispatches arrive as late as to 4 o'clock A. M PAINFUL ACCIDENT We are informed that young lady of this city was seriously and painfully burnt yesterday morning by her clothes taking fire from the grate. She was standing with her back to the fire at the time. and the draft drew her frock into the blaze Becoming alarmed she ran from the room into the kitchen and if her screams had not brought assistance, would have been burnt to death overal gent emon hearing her cries rce ed in and succee thering the flamos in time to save her life but the action of the fire had already burnt her terribly RING OUT THE OLD, ring in the now," says TENNYSON and by way of carrying out this injunction the United States 6th Infantry Band started out from their quarters about midni the dividing and tour line screnading between their friends in different parts of the city Band was fine tune: which indeed case. We came up to the Charlesto: Hotel just Serena was forth sending as SCHUBERT' dulcet notes Our friend MIXER. never found nap gracefully ping, was wide awake attentive the host. The forming the duties of most hospitable style young year was re by the merry party at the Charles BETTER LATE THAN NEVER. Wo had occasion a few dave since to speak of the Charleston Alms House and remark red that we had found th inmates in unblissful ignor respect to all that ST. NICK Christmas pertain said, feast the that learn now passed them off pristmas came only been postponed The New Year's Day incited by the noble example them by our thoughtful City Registrar our remarks THE DAILY NEWS, or prompted by own generous impulses the inmates Alms House fine dinner Tuesday, the 1st of January Several of the Comm went to great trouble about it, determined the DOOR creatures should have good dinner for The Mater and lives. their in the Matron deserve groat deal of credit the satisfactory manner in which was prepared, and the very pleasant style in which it was served Tax STREET RAILWAY CARS. As our people have had an opportunity of observing for some time past the conveni of this imp oved style of city travelling, and in all the we which to had of changes well all are 80 arently endure as and please ap with the introduction of the railway among us. throw that should our little seems mite we of praise the President and Direct for the very able manner in which thing has been carrie out with the whole and that should. the same time say, that in their selection of conductors for both lines. they have employed gentlemen whose attention and politeness all passeng is worthy of high commendation and whose efforts to please must still more the popularity of this accommodating line MAYOR'S COURT. January 3 -The docket this morning was very light. although wet night like the last is usually selocted by bummers and others for soaking eve" (on the counter irritation principle). to keep off the outside damp. and as the bar keepers, when closing up. generally put customers these the sleeping part of where they will receive attention from the police and be carried to the Guard House to dry. still on the present there were none even of this class for us to note. Two men. white black, who were drunk $5 fined were and each. noisy, An individual who had gone into bar-room to take drink but made a mistake and took ten dollar bill from the counter was sent to magis trate discuss the matter and expla in how the error occurred UNITED STATES CIRCUIT COURT Hon. G. S BRYAN presiding Judge The case of HUGH Mc CREA Jos. BANKHEAD JNO C SEAGRIGHT and others, of Tennessce. The Bank of Charlest CHAS LOWNDES GEO. A TRENHOLM. HENRY GOURDIN and others. was taken up on a bill for inquisition, recovery and re lief. Mesars. BREWSTER & SPRATT appeared as complainant's olicitors. Hon. B. CAMPRE Hon. A. G. MOGRATE and contra CONNER Gen The Bill was read by Mr SPRATT. also the affidavit of JAS. BURKE and oth er notices making demand on the Corpora and Stockholders for pay ment of bank bills which will amount to about $7500. Upon this Mr. SPRATT read an order for an inquisition, and also one for the appointment of receiver which he craved the Court grant. read Gen CONNER on the part of the defence. the affidavits of Mr LOWNDES the other and defendants. asto the faithful management of the funds of the Corpors tion for the benefit of the billholders also going to show that the funds sacredly kept and admin towards the payment of the bank and also that the collections of debts due the bank and payments of the same would bill better to made and at infinitely less cost than could be done bv ceiver set forth by the affiday its presented on the opposite side. Mr. SPRATT ed time for the consideration and mination of affidavit and notices read, and the case was ccordingly postposed for further hearing until 11 o'clock this morning SCOTT'S MONTHLY M AGAZINE. for January, 1867, has made its appearance, very much improvedbetter paper and better typography, A splendid copper plate likeness of Gen. LEE graces the present number. The following well-furnished table of contents is rich and appetizing Field and Camp. By an Office Night Thoughs. Rosalio By Mrs. Adelia C. the Doom of Graves; By O. S. Dod. Jr My Baby in the Skies. By Ruth Tropes of the Bible. By Means D.D. LL Arcadie. Tale of the Eighteenth Centur of the Secret Marri or the Sin and Expiation Helen Grey A Story of Life. By Mrs. the By Warfield; On Living in Perspect Halifax 'John of (Fraser's zine. Ambition By J. R. Barricl What By Vienna. of Mystery; By Archer Gurney (McMillan's Magazine The Mission of the Waters. Charles M. Pinckney N A Poem Misso of ;Cenotaph Fame sthumous John Living and I son and his Cotemporaries B Sibyl Grey; Which Treats of Old Bachelors. By Maria Lou Auld Clay Biggin By A. it Watson: Our Tripod Robert E Lee- Revolution The Old and the New Year: Salmagundi; Monthly Gleanings; Reviews, Notices, etc. THE WEATHER Cold. damp, wet. dismal raw. disagreeable and decidedly muddy SQ fair charac. teristic of the present weather That the fountains of the great deep are broken up and the windows of heaven opened few can doubt, for the results are painfully evident in the inky flood that fill the streets and appears the timid like the blackness and darknes despair. The rush of many waters has been heard for days. and though we not addicted to freshets in this vicinity yet the flood of mud that has be enddenly turned loose upon us bids fairto submerge the community unless the clerk of the weather would take compassion on our woes hold his hand. We are no longer surprised when we of the result of NOAR'S ship carpentering for if the present deluge continues there be many who will regret not having learned that trade Blinded by the rain and floundering through the mnd. the business comm unity dolefully took their morning tramp, ho ping and trusting that better days were in store for them: but as day after day brought nothing but confir the same down-pouring their patience was hausted and they prayed for reprieve. Our sister cities have been afflicted with the same watery visitation. which led Memphia muse. whose harr was hung on the willows of the Mississippi, to vent his misty feelings in the following lugubrious

3. January 6, 1867 The New York Herald New York, NY

Article from The New York Herald, January 6, 1867

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INTERESTING LAW CASE IN CHARLESTON. CHARLESTON. S. C., Jan. 4, 1867. The enit against the Bank of Charleston is now before the United States Circuit Court, Judge Bryan presiding, and has been in progress for over a week. At the opening yesterday a motion was made to fix a day for the appointment of a receiver; but the indications are that the Bank will not be interfered with and that the present officers connected with the Institution will be allowed to retain the manageing ent of its affairs. To-day a further argument will be heard, and it will then probably be deUnitely developed whether the Bank is to go iaw the

4. January 7, 1867 New-York Tribune New York, NY

Article from New-York Tribune, January 7, 1867

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SUIT AGAINST THE BANK OF CHARLESTON. CHARLESTON, Jan. 4.-The suit against the Bank of Charleston is now before the United States Circuit Court, Judge Bryan presiding, and has been in progress for over a week. At the opening yesterday a motion was made to fix a day for the appointment of a receiver, but the indications are that the bank will not be interfered with, and that the present officers connected with the institution will be allowed to retain the management of its affairs. To-day a further argument will be heard, and it will'then probably be definitely developed whether the bank is to go into the hands of a receiver, or not. The bank and its corporators have the best available tralent as counsel in their behalf, including Mr. Campbell, United States Senator-elect; Lieut.-Gov. Porter, Mr. Connor, and Edward McCrosdy. The counsel for the bill-holders are Measrs. Browster, Spratt, and others. The case excites great interest,

5. August 9, 1867 The Charleston Daily News Charleston, SC

Article from The Charleston Daily News, August 9, 1867

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DECREE OF THE COURT OF EQUITY DISTRICT, ANNULLED HEADQ'IS. SECOND MILITARY CHARLESTON S. C., August 7, 1867. [SPECIAL ORDERS, NO. 119.] (EXTRACT.) Whereas, upon a bill of complaint filed Caro- in 1. in the Court of Chancery of South Equity by the Bank of Charleston US. James Bank Tupper of lina, the President and Directors of the and State of South Carolina, to which bill the Mor- and the Bank of South Carolina at Cheraw their chants' T. Sloand were afterwards, upon John respective petitions, admitted to made answer and defendants; a decreo was Chancollor of March, entered ns by 11. D. Loseano, a A. D. 1867 said State, and on directing the 5th James day of W. Gray, Master the in thousand Chancery, ordering to pay to the two Bank hundred of Charleston and twontvsum of dollars five ($5223) in specio, and to the Bank the of three and the Bank of Choraw, jointly, Charloston of five hundred and eeventy-four dollars sum in specio, and to Hayno & Son, solicitors, representing ($574) John T. Sloan, and certain of claimants the Conon account of horses the sum sold of for three the thousand use dollars federate thirty army, cents ($3,000 30), after deducting costs and and giving certain directions in respect of suit, and it appearing by the statements above thereof; answers of the parties and Hworn that the monies HO ordered to be distribu- by a named, constituted the balance of a fund created theState ted made by certain banks of of loan South or ndvauco Carolina, in the early part of the year aid the no-called Confederato government forco 1865, to a certain portion of the cavalry milito remount which it was endenvoring to resist the with forces of the United States, which balance, soven tary to the sum of eight thousand ninoty-sevon dollars and in gold at the time of the hundred amounting ($8,797.30) and military thirty time of conts occu- the of the State nforcenid, and at the the Confodorato armics, unthe hands of the Bank of expended pation surrender in of remained the State James of deposited to the credit of of the said State south Tupper, Carolina, Auditor procured to and be it made appear- by ing that and said comminance decree was of James Tupper. of Auditor South consent State and the Bank of the State State Carolina, of the the general fiscal agent of said United further appearing that neither the Carolina and it government nor the State of South submitState in said proceedings in Equity, or of the appeare. their respective right to the determination not ted court-that the United States authorities had aforesaid-that irregular means were employed of the said suit, and of knowledge and notice unusual of the proceedings the existence to States prevent au- of said fund from coming to the United said Chancollor thoritics, of which before it is the alleged court the and their counsel and it further appearing were seven hundred and said the cognizant; sum parties of eight thousand ($8797 30), that and the dollars and thirty cents time ninety-seven of the United States at the was the the proceedings property aforesaid, and that the Chanof jurisdiction or authority to warrant of or interfering in any way his a part of the cellor disposing lind no same being funds with of said the the monies, the Therefore it is ordered, that United deeree States: in Equity be reversed and annulled as a said juriediction, erroneous, irregular, and without fraud the rights of the United States upon further ordered, that the Bank of 1. It is and James Tupper, Porter & Conner. L. Charleston of Choraw, Simonton & Barker, J. the Clautt, Bank Register, Hayno & Son, and other James W, and John T. Sloanc, and such person porGray, or claimants as have received any hunor persons, of the said sum of eight thousand seven tion and ninety-seven dollars and thirty cents the dred ($8,797.30), do respectively, forthwith pay as over received and refund in specio, sums by hands them of A.J. Willard, at the office of the Civil Affairs for the the Charleston; and into District, Bureau the of at Citadel, Second appointed the Military said J. Willard is hereby designated and A. receiver thereof for the United States. It is further ordered, that the said receiver 2. authority to take proofs, and ascertain said and determine have all persons to whom any portion of funds has been paid, whether claiming through that said John T. Stoane or otherwise; and for the to summon witnesses, administer oaths, purpose take depositions; and that he report without and delay any person or persons, or corunnecessary porate body in default for non-compliance with the terms of this order. 3. It is further ordered, that any deficioncy that shall remain of the said sum eight thousand seven hundred and ninetyof dollars and thirty cents ($8,797 30) seven in gold, in consequence of the respectivo distribthereof failing to pay over and refund, as utees shall be made gond and paid by the Bank ordered, State of South Carolina and Jamos Tupper, said receiver. upon the their being notified of said deficiency by And it is further ordered, that the said receiver 4. take proofs as to the means employed by person or persons to conceal from the proper any civil and military officers of the United States, knowledge of the existence of said fund, or of the said suit, or of the decree therein pronounced, of the proceedings under said decree, and or whether the United States have been prejudiced thereby, and what person or persons have render- by ed themselves amenable to the United States reason thereof, and the nature and extent of such responsibility and that said receiver report thereon with all convenient dispatch. By command of Injor-General D. E. SICKLES: J. W. CLOUS, Capt. 33th U. S. Infantry, A. D. C. and A. A. A.G. Official : J. W. CLOUS, Capt. 38th Infantry, A.D. C. and A.A. A. G. THE FAIRIES OUTDONE-The Princess, in the Fairy Tale, dropt poarls from her mouth when sho opened it, but whoever uses that taliaman of science, SOZODONT, will have a mouthful of pearls w12 that will never drop out, darken or decay.

6. August 9, 1867 The Charleston Daily News Charleston, SC

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QUINN, copies of Orville Colege, by Mrs. HENRY WOOD, author of East Lyme, and The Rebel Chief, by GUSTAVE AIMARD, authorof thr Prairie Flower, and other works. The Rebel Chief is a tale of guerilla life, and will prove interesting to those who have some experience in this mode of warfare. Both of these Books are well gotten up, and from a cursory glance at thoir contents, will well repay the time spent in their perusal. Mr. QUINN has a large and full supply of modern literature at his King Street Stand, and can accommodate his customers with the latest novels and periodicals. DECREE OF THE COURT OF EQUITY ANNULLED. HEADQ'ES. SECOND MILITARY DISTRICT, CHARLESTON, S. C., August 7, 1867. [SPECIAL ORDERS, NO. 119.] (EXTRACT.) 1. Whereas, upon a bill of complaint filed in Equity in the Court of Chancery of South Carolina, by the Bank of Charleston 0S. James Tupper and the President and Directors of the Bank of the State of South Carolina, to which bill the Merchants' Bank of South Carolina at Cheraw and John T. Sloane were afterwards, upon their respective petitions, admitted to answer as defendants; a decree was made and entered by H. D. Lesesne, a Chancellor or said State, on the 5th day of March, A. D. 1867 ordering and directing James W. Gray, Master in Chancery, to pay to the Bank of Charleston the sum of five thousand two hundred and twentythree dollars ($5223) in specie, and to the Bank of Charleston and the Bank of Cheraw, jointly, the sum of five hundred and seventy-four dollars ($574) in specie, and to Hayne & Son, solicitors, representing John T. Sloan, and certain claimants on account of horses sold for the use of the Confederate army, the sum of three thousand dollars and thirty cents ($3,000 after deducting costs of suit, and giving certain directions in respect thereof; and it appearing by the statements and sworn answers of the parties above named, that the monies so ordered to be distributed constituted the balance of a fund created by a loan or advance made by certain banks of the State of South Carolina, in the early part of the year 1865, to aid the so-called Confederate government to remount a certain portion of the cavalry force with which it was endeavoring to resist the military forces of the United States, which balance, amounting to the sum of eight thousand seven hundred and ninety-seven dollars and thirty cents ($8,797 30) in gold at the time of the military occupation of the State aforesaid, and at the time of the surrender of the Confederate armies, remained unexpended in the hands of the Bank of the State of South Carolina, deposited to the credit of James Tupper, Auditor of the said State and it appearing that said decree was procured to be made by consent and connivance of James Tupper, Auditor of the State and the Bank of the State of South Carolina, the general fiscal agent of said State and it further appearing that neither the United State government nor the State of South Carolina appeared in said proceedings in Equity, or submittedtheirrespectiveright to the determination of the court-that the United States authorities had not notice of the proceedings aforesaid- that irregular and unusual means were employed to prevent knowledge of the said suit, and of the existence of said fund from coming to the United States authorities, of which it is alleged the said Chancellor and the parties before the court and their counsel were cognizant; and it further appearing that the said sum of eight thousand seven hundred and ninety-seven dollars and thirty cents ($8797 30), was the property of the United States at the time of the proceedings aforesaid, and that the Chancellor had no jurisdiction or authority to warrant his disposing of or interfering in any way with said monies, the same being a part of the funds of the United States: Therefore it is ordered, that the said decree in Equity be reversed and annulled as without jurisdiction, erroneous, irregular, and a fraud upon the rights of the United States. 1. It is further ordered, that the Bank of Charleston and James Tupper, Porter & Conner. the Bank of Cheraw, Simonton & Barker, J. L. Gantt, Register, Hayne & Son, and James W, Gray, and John T. Sloane, and such other person or persons, or claimants as have received any portion of the said sum of eight thousand seven hundred and ninety-seven dollars and thirty cents ($8,797.30), do forthwith pay over and refund the sums by them respectively, as received in specie, into the hands of A. J. Willard, at the office of the Bureau of Civil Affairs for the Second Military District, at the Citadel, Charleston; and the said A. J. Willard is hereby designated and appointed receiver thereof for the United States. 2. It is further ordered, that the said receiver have authority to take proofs, and ascertain and determine all persons to whom any portion of said funds has been paid, whether claiming through the said John T. Sloane or otherwise; and for that purpose to summon witnesses, administer oaths, and take. depositions; and that he report without unnecessary delay any person or persons, or corporate body in default for non-compliance with the terms of this order. 3. It is further ordered, that any deficiency that shall remain of the said sum of eight thousand seven hundred and ninetyseven dollars and thirty cents ($8,797 30) in gold, in consequence of the respective distributees thereof failing to pay over and refund, as ordered, shall be made good and paid by the Bank of the State of South Carolina and James Tupper, upon their being notified of said deficiency by said receiver. 4. And it is further ordered, that the said receiver take proofs as to the means employed by any person or persons to conceal from the proper civil and military officers of the United States, knowledge of the existence of said fund, or of the said suit, or of the decree therein pronounced, or of the proceedings under said decree, and whether the United States have been prejudiced thereby, and what person or persons have rendered themselves amenable to the United States by reason thereof, and the nature and extent of such responsibility and that said receiver report thereon with all convenient dispatch. By command of Major-General D. E. SICKLES J. W. CLOUS, Capt. 38th U. S. Infantry, A. D. C. and A. A. A. G. Official J. W. CLOUS, Capt. 38th Infantry, A. D. C. and A.A. A. G. THE FAIRIES OUTDONE.-The Princess, in the Fairy Tale, dropt pearls from her mouth when she opened it, but whoever uses that tajisman of science, SOZODONT, will have a mouthful of pearls wf2 that will never drop out, darken or decay.

7. November 30, 1869 The Charleston Daily News Charleston, SC

Article from The Charleston Daily News, November 30, 1869

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condition of the bank on the day of January, 1866 INDEBTEDNESS $582,230 GO Circulation 29,169 70 Other indebtedness $611,399 70 ASSETS Valued by Mr. 11.11. DeLeop Bonds $106,125.00 7,221 (ID) Coupons Stocks 64,060 00 $177,106.00 $433,933 Excess of liabilities over assets or these assets no part was paying any Dividend. its discount notes could not be coitected because of the absolute dearth of mouey. The bill+ in circuiation, which had been reduced during the Hrst few months of the war to the small sun comparatively of $100,000, had been increased by the call of the Confederate Government to the large sum of $600,000. These bitte were scattered over every part of the country, and soon became the objec. of large and eager speculation. They rose rapidly in value, were brought forward constantly, and daily presented for redemption, and as this, in the depressed condition of the bank, was impossible, suits were threatened. and every means used to force a settlement. In the meautime the board. exercising rigid economy, had reduced the expenses U! the bank to the lowest possible limit. Only three officers-the president, cashier and solicitor--were kept on duty, and the salaries diminished. opportunity for of nursed, were largely every The the assets purchase embraced, were the bills at the lowest rates WRS and soon a marked diminution in the outstanding circulation was effected. They comrates in the in was much advance manded high price greatertha market, and shown their in the bonds and stocks which formed NO large a part of our assets. Sensible of this, and satisfied that although our stocks would ultimately bring very high prices, yet a sale of their at that time would involve a ruinous sacrifice, and possibly bring on the insolvency of the bank, the board coaceived the project of selling the real estate owned by the bank. This. after great deliberation and full discussion. and after many and free conferences with the solicitor of the bank. was effected for $15,000 cash, and the proceeds at once invested in our bills, at it large dis count. The bill-holders being still pressing 111 their and suits to the commenced, demands, looking the having payment been actually of funds of the bank into court, the appointment of a receiver and the forced sale of the assets, with distribution among creditors, the board make Instructed the solicitor of the bank to application to the Court of Equity for instruct tions upon the many embarrassing questions presented for their decision, and for an injunction against all creditors suchn their claims at law. This measure was completely successful, and a marked advantage was obtained as well in the settlement of claimer against the bank. and the more slow and profitable disposition of its assets. It would prove tedious to No into minute tails of every operation. The death of our president, D. 1. McKay deprived us of his valuable aid and financial abilities. Immediately upon Mis death, and the election of the present president, the efforts to reduce the outstanding circulation were renewed, and a policy of more rapid liquidation of the circulation was imagerated Any bill which could be bought was purchased, and the circulation, which in 1865 wax $582,735 was soon reduced to $66,995. The condition of the bank to-day is showning the following statement. The securities have i been valued by Messrs. 11. i!. DeLeon and 1102 shares South Carolina Railroad $44,080 00 Company, at $40 1002 half shares South Carolina Rail13,287 00 road Company, at $18 25 2500 shares People's Bank stock at $5 14,000 00 $10,050 State of South Carolina bonds, at percent 6,633 00 $16,010 bonds of Greenville and Columbla Railroad, State guaran9,60G 00 tec, at GO percent $2,000 Spartanburg and Union Railroad bonds, State guarantee, at 960 00 48 per cent $16,000 Charleston and Savannah Railroad per cent. bonds, State 9,280 00 guarantee, at 58 per cent. $23,800 Savannah and Charleston Railroad 7 per cent. bonds, State 14,756 00 guarantee, at 62 per cent $33,000 Mississippi and Tennessee Railroad bonds, first mortgage, at 80 per cent 400 00 $15,500 Mississippi and Temporary consolidated bonds, 8 per cent., at 70 per cent 10,850 00 $31,200 Pensacola and Georgin Railroad bonds and coupons, at -per cent 20,100 00 Total $174,952 00 The Legislature, at its Inst session, passed an act to enable the banks of this State to re-