19913. Bank of the State (Charleston, SC)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
8fd1257d

Response Measures

None

Description

Multiple contemporary newspapers report that the Bank of the State (Charleston, S.C.) suspended specie payments on or about Nov 28, 1860. The suspension is described as a coordinated action by directors amid the political crisis (secession). Later coverage (and participation in the new South Carolina loan) suggests the bank continued to operate in some form, so I classify this as a suspension with eventual continuation (suspension_reopening).

Events (1)

1. November 28, 1860 Suspension
Cause
Macro News
Cause Details
Directors resolved to suspend specie payments amid the secession/political crisis in late November 1860; coordinated with other Charleston banks resolving to suspend on Nov. 28, 1860.
Newspaper Excerpt
The Bank of the State of South Carolina ... suspended specie payments to-day.
Source
newspapers

Newspaper Articles (8)

Article from Cincinnati Daily Press, November 15, 1860

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Article Text

than there was last week as to the quality of the Paper taken. The Bankers have as much Paper now as they desire to accept. The market is tending to closeness, and operators in Third-street expect a stringency Alling is season Packing the SU uoos su opened. The rates of Exchange and Coin at the close of the Bank hours yesterday were as annexed: Buying Selling. New York Sight prem. prem. Philadelphia prem. prem. prem. wead * Baltimore. a prem. med New Orleans par 14prem. prem. American Gold %@h used KOK Joseph Elstner, who failed some months ago, was not a member of the suspended firm of Elstner & Fisher, as has been errostated. neously Flour continued dull and in limited request, the only sales being a few small lots at $4 75 for good superfine and $4 90 to $5 25 for extra. hisky was dull but unchanged; 1,300 brls. including wagon, selling at 161/2c. Wheat was dull and unsettled: the difference of 3@5c. between holders and purchasers preventing operations. Corn, Rye and prime Barley remained firm, and Oats dull. Coffee and Sugar were without variation, and Molasses, owing to the decline mentioned in New Orleans, was unsettled, with rates nominal. The Hog market was very much unsettled, and the views of holders lower. There were no buyers of good animals even at $6 40 to $6 50; a lot of 500, averaging 200 pounds, having been offered, for delivery next week, at $6 30, without obtaining a purchaser. Green Meats declined, and mess Pork sold -Inous Baccon '2TS 04 94 91$ 18 ders were in demand to fill orders. The following are the Imports Exports of the various articles during the twentyfour hours ending yesterday noon Imports- Apples, 418 brls.; Barley, 3,598 bushels; Butter, 258 pkgs.; Corn, 6,809 bushels; Cheese, 390 boxes; Coffee, 1,127 bags; Flour, 2,127 brls.; Hay 177 bales; Hogs 5,381 head: Lard barrel and 22 kegs; Malt, 1,166 bush.; Qats, 847 bushels; Pork and Bacon 384 pounds; Potatees 500 barrels; Rye, 1,299 Milish ;usnq 116'2 barrels 289 usnq 099 Exports- Apples, 61 barrels: Barley, 428 bush. Butter, 90 pkgs; Candles. 650 boxes; Cheese, 613 boxes; Corn 493 bushels; Coffee. 462 bags; Flour, 2,036 brls; Lard, 195 brls. 17 kegs: 395 barrels; Malt, 80 bushels; Oats, 241 bushels: Pork and Bacon, 171 hhds, 20 380 barrels and 120 boxes; Potatoes, 868 "II"S spqq 68 usnq 099 Her barrels; Wheat, 671 bush.; Whisky, 1,268 barrels. In regard to Provisions and Hogs on Tuesday, yesterday's Louisville Courier obSEATES There was small inquiry for mess Pork at $18, with but small sales at that price. The stock here during the past week has been greatly liminished, pesoxe you use цело sing pusq uo MOOTS our pus Sujanp peunsuos eq IIIM which JO II" 009 the present week There is a fair demand for Bacon on Southern orders, at 9@9'4c. for Shoulders, 12c. for rib Sides, 13½c. for clear rib and 13Mc. for clear Sides. Hams are quiet at 140. for plain canpurt ou ST There 101 pue en up The market for Hogs remains stagnant, with a few 'SSOH Saveq 20J 1011 92 9@0g 98 18 8011 8101 state but packers are to buy. The only transbeed 001 Jo 401 B SUM Aup-01 JO beand 9.M that action at $6 50 net, on four months time. A large number IIIM Noverber early 103 persuased SSOH Jo arrive during the present week, and most of our packers expect to have a number in pens by Thurspeoneur eq IIIM uoseos eye pus Aup in earnest by the 20th of the present month Part of the packers were in operation day, and some ,530 head slaughtered. Huffman, Duncan Co. killed 800; Hamilton & Brother 300 head, 430 Jo "PO go Richetts Hammiton puw head. The number left over in pens this evening is about 800 Thead, which will be slanghtered to morrow, if the weather should prove favorable In ad200 some suad up of P 'Samplix head em 01 nonip Tuesday's New York papers thus speak of Monday Stock market: The panic in the Stock market continued to day, and cash stock came out freely under the "scare .ep the em 10 dn Sujen the pus cline to-day was due rather to the sudden stringency in the Money market than to the political disorders, as, if any thing, the alarm in regard to the results of the action of the South has decreased rather than increased. The difficulty, however, of carrying Stocks on call is much greater than it was last week, as lenders appear disposed to watch the 'spunj their 02 uo play pussent изло 10 -JO JO sunome Fair U have sesnoq commission eur ders for cash, and could have much larger on time difference faji B IV eq printo stooks em J! There was but little disposition shown by the bears 1941 pesoddns s! 11 puv options their ino and 01 nearly all the prominent bears have covered their *01 1"IT our 10 Jeanure V Lous day is the large proportion of shares sold for cash, indicating the calling in of loans and the difficulty parties hav ing Stocks falling due on contracts find -Jeul the Boards one Between dn them Supply ket was dull and generally lower; and at the Sec. peq euros 411M market our Board puo puopes out Jeffe $100.18 the uI required euros equal session, there was better feeling in some descriptions; it was everish and excited. In regard to last week's New York Bankstatement, the principal changes in which have been telegraphed to the PRESS, the Tribune speaks as follows: The Bank statement of weekly averages is unfaB THE suvor 10 uu SHOMOUS su Address 000'009$ puu greete 10 000'000'15 nearly JO of Deposits. The increase in Loans is doubtless mainly accom extended to Southern cor respondents. The Bank vaults contain to-day less 41008 one 01 цтар the III feroads 10 000 000 035 are last week, instead of being 000,000, as reported, MeN 04 quem 000 009 which Jo 000'000'E$ ледо SUM Or leans; and $500,000 to Charleston. The decrease Speete up one sq cansed SUM to of Southern balances. The statement is as follows: Nov. Nov 10 Loans $125 584 $125,636,715 Inc. $402,131 E99'696 Dec 22.184,98 Circulation ou 689'811 Deposits...... 79,679,416 79,025,296 Dec. 654,120 Tuesday's Tribune says in regard to Monday Monetary affairs The drain of Gold to the South continues, and we 01 Aup-01 ques 000'002$ JO hear B JOAO 10 us Suryem states half sent in last ten days. The Money OM SW computed ours the yonut up st Aup-01 market described on Saturday but more activity in WIP олош yonin puy pue 'suvol puvemop enlty in supply ing their wants The Banks are generally declining to lend, and accomm their the "I dessible SB SW propers houses, the negotiating of Paper is for the present -1113,, JO amounts Hame pue us 18 Prectically edged were sold or taken by the promissors at 7603 per cent but 9@10 per cent. is the quotation for what a month ago were considered first-class Sig. Ilums 001 0.111 eqL B make 04 Meantime, some weak parties, carrying Paper on пецм puodser 03 alb been you bave subort Bank called upon. Demand Loans are per cent on the carly em us SEAL Johns used part of the day that the Bank the State South Carolina had suspended, but dispatch received in mousts RUM 1.100.1 on 1847 stated HOOU our foundation Charleston Bank notes are discredited by the Uncurrent Money Brokers, and are nomi ot and 1000 nally quanosip The mark for Foreign Bills has been rather more active, but at a concession in rates. Leading puv ZOI 18 prosueed seq 18 104.1000 auf JO dos equal si 101101 eq: a prominent drawer placed £70 000. The best Commercial ignatures are 101@106% and Document 18 paysodure eq use PIOD 'g01 RB MOI 88 PIOS RUB JO 18 [10s used Bunders RU 8001 88 mq '54901 eps Jequo eq1 moj - PIOD MBap you IIM элода 81 queg greumos JO Alddns OUI MON to The our no emos 1003 she piti 18 peionb pus oste ere south BILL 6% In Baltimore, Money is very close and the market still unsettled; prime Paper going Banks the pus has Jed 18924 se ST 1nq Surpuajxa In Philadelphia Capital is plenty, but the


Article from New Orleans Daily Crescent, November 29, 1860

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DOMESTIC INTELLIGENCE. Bank Suspensions in Charleston. CHARLESTON, Nov. -The State Bank of South Carolina, the Bank of the State of South Carolina and the Railroad Bank, all suspended specie payments to-day. The Planters' and Mechanics' Bank will surely suspend to-morrow. New York Money Market. NEW YORK, Nov. 28.-The money market is lightening up, and transactions are carried on with more energy. Sterling exchange ruled firm to-day at 105, the asking price for bankers' bills. Sterling Bxchange. NEW YORK, Nov. 27.-Sterling rules steady, with a fair demand. Bunkers' bills are selling at 103@ 104, and commercial do. at 101@102. Action of the Georgia Brokers. AUGUSTA, GA., Nov. 27.-The money brokers here refuse to buy bills on all banks outside the State of Georgia. Bank Suspension in Macon, Ga. MACON, GA., Nov. 27.-The Manufacturers' Bank of Macon has suspended specie payment, and will probably wind up.


Article from Worcester Daily Spy, November 29, 1860

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Failure of the South Carolina Banks-Free States "Repudiated." CHARLESTON, S. C., Nov. 23 -The Bank of the State of South Carolina and the Railroad Bank have suspended. The Planters and Mechanics Bank will suspend to morrow. Several candidates to the disunion convention, over their signatures, repudiate any free state joining the southern confederacy.


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 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 Daily Democrat and News, December 31, 1860

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Charleston Convention. CHARLESTON, Deo 29. The Convention reassembled this morning. The proceedings were opened with prayer. The President then read a communication from W. F. Colcock, Collector of the port of Charleston, informing the Convention that all the officers of the Customs had entered the service of the State, and he had commenced receiving Cuties and transacting other business. Mr. Dancan said there was an act of Congrees in relation to specie for duties. The Legielature has recently permitted the Bank of the State to suspend epecie pryments. Specie is now 4 per cent. premium, and it ie unfair to ask payment of duties in specie when taxes are paid in bank notes, Mr. Dunklin offered a resolution that the Collector of the State receive the payment of duties in any bills of any bank in the State. Mr. Ma-sey- necessary, the bank can in. crease their circulation, and embarrasement will then be impossible. The motion in reference to commercial relatione was then lost. The President read a communication from the Governor through F. Watis, in relation to Charleston Harbor. The Convention then went into secret session. It is understood the military bill is under consideration.


Article from The Mountaineer, January 5, 1861

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11 Misrellaneous BANK SESPENSIONS.-Charleston (S.C.) news of the 28th state that the State Bank of South Carolina, the bauk of the State of South Carelina, and the Railroad bank, have suspended. The Plauters' and Mechanics' banks will tomorrow, (20th ) All the bauks of the city of St. Louis, except the Mechanics' which withstood the pressure of 1857, suspended specie payment on the 28th. The Espana, of Madrid, complains that the circulation of Protestant Bibles is allowed to continue. According to judicial statistics lately printed, the police and constabulary force in Eng. land and Wates consists of 20,697 men, of which 102 are "detectives. The total cost last year was £1,485,629 Is. 10d., or £72 2a. per man. In the law regulating the sale of ardent spi rits in Netitaska is the following punishment for violation: The Justice shall render judgment for the whole amount of fine and costs and be committed to the common jail until all is paid. Ii is only a quarter of a century since the first steamer crossed the ocean, and now the annual eastern and western trips of steamers connecting Europe with America are said by a New York paper to be 585 is number, We shall soon have a daily arrival. The Prussian Garde says that 400 persons have died in Southern Russia and Kieve from the puncture of a description of poisonous fly. which made its way from Asia. About 00 of 70 years ago a great number of persons died from a similar cause. A WISHFALL -A much named Joseph Burnham, who removed some years since from Middletét, in Butland county, Vermont, to Wisconsin, has recently been discovered to be heir to an inmense property in England. It seems that an agent of the English government has been over to investigate the matter, and the result is the finding of the heir, a son of the brother of the testator, by whose will the windfall comes, in the person of Mr. B. A married daughter of the fortunate man resides in Rutland, The estate amounts to the round sum # 4 200. A lying been made by the English to Garibiddi for permission to purchase a piece of ground to build a Protestant Church in Naples, the Dictator, with complimentary weads, granted the degree.


Article from The Union and Journal, January 11, 1861

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# The Finances of the New Nation. The first and so far the only financial measure of the new nation of South Carolina, was to decree a loan of $400,000, of which the eighth part was taken by the suspended Bank of the State. The balance, being the bulk of this loan, after being hawked about in Wall street, where everybody laughed at it, has been taken by an apportionment among the citizens of Charleston, who have any pecuniary means left. Those who declined to take being denounced as disaffected, the whole thing is nothing, more, or less, than a forced loan, and it is only the beginning of a series of such measures. Men who have anything to lose, which they can remove, or can convert into movable property, will fly from South Carolina, and from any other State which enters upon the same career of revolution.