19916. Bank of the State (Charleston, SC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 2, 1873
Location
Charleston, South Carolina (32.777, -79.931)

Metadata

Model
gpt-5-mini
Short Digest
da48aa8e

Response Measures

None

Description

Articles describe the Bank of the State of South Carolina being placed in the hands of court-appointed receivers and assets turned over to receivers/ clerk following litigation. No run or depositor panic is described. This is a court-ordered receivership/suspension that appears permanent (receivers and asset disposition), so classified as suspension_closure.

Events (2)
1. August 2, 1873 Suspension
Cause
Government Action
Cause Details
Court suit (Dabcer, Morgan & Co. vs. President and Directors) resulted in appointment of a receiver and court custody of assets.
Newspaper Excerpt
On motion of the Attorney General ... it is ordered that William J. Gayer, Esq, referee and receiver in this cause, do, on or before the 1st day of December next, file ... a just and true inventory of the real and personal estate committed to his care as referee and receiver in this cause
Source
newspapers
2. February 15, 1874 Receivership
Newspaper Excerpt
It is ordered, that C. C. Puffer, Esq., be appointed receiver, in the place and stead of W. J. Gayer ... thereupon the assets now in the hands of the Clerk of this Court be turned over to said C. C. Puffer as receiver. R. F. GRAHAM.
Source
newspapers

Newspaper Articles (4)
1. August 2, 1873 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, August 2, 1873

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Article Text

THE BANK OF THE STATE.-The State of South Carolina, Charlestou County, iu the Common Pleas-Daboer, Morgan & Co. vs. the President and Directors of the Bank of the State of South Carolina et al. -Bill for account, injunction and relief. On motion of the Attorney General of the said State, it is ordered that William J. Gayer, Esq, referee and receiver in this cause, do, on or before the 1st day of December next, tite, in the office of the clerk of this court. under outh, a just and true inventory of the real and personal estate committed to his care as referee and receiver in this cause-tXhibiting clearly and fully: 1 What portion of the real and personal estate turned over to him by Wun. C. Courtney. E-q., the former 1. reiver, remains unsold, or unchange.1 as to its character or condition-stating partied larly each item thereof. 2. What portion of said estate EO as aforesaid, or in any other manner, received by him has been sold or disposed of-stating the date. terms and conditions of such sale or disposition and under what authority. 3. What changes of investments have been made, the reason and consideration thereof, and under what authority- - ineluding changes, if any, in the securities taken as collaterals for investments, loads or deposits, and under what authority. 4 What amounts have been received by him as cash. or otherwise, as interest, rents, protits or income--when, from whom and from what source derived. 5. What amount of interest, profits, rents or other income is due and unpaid-when due, by whom and on what account. 6. The total amount of cash received from all sources-showing each item and whether derived from sales, rents, interest. dividends or otherwise. 7. The total amount of cash expended or paid out by him, to whom, or what account, and by what authority. S. The totalamount of cash loaned out, invested or deposited-to whom loaned, how invested or with whom depositedwhen, upon what terms, how secured and by what authority he made such loan, investment or deposit. 9. The total amount of cash on hand at the date of the filing of such inventory and report-where deposited and to whose credit.

2. February 1, 1874 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, February 1, 1874

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Article Text

THE BANK OF THE STATE. - An importaut step was taken in Charleston, on Friday, by Messrs. Hayne & Son, who represent Messrs. Baring Brothers & Co., in the Bank of the State case. Having learned that Judge Graham had ordered Receiver Gayer to turn over the assets of the bank in his possession to Jacob Williman, Esq, Clerk of the Court, and the Clerk to audit the said receiver's accounts, which way done, and a report thereon filed, Mesers. Hayne & Son notified Mr. Williman, on Friday, that as a transfer of the assets had been made without any notice to them, and, further. as it was alleged that Mr. C. C. Poffer had been appointed receiver in a similar way, if be (Clerk Williman) made any transfer of the assets put in his hands by the late receiver, Gayer, without their having an opportunity to judge of the fitness of any receiver who may be appointed, and of the character of his sareties, they would hold his (the clerk's) sureties responsible for any injuries their clients might sustain by reasou of such transfer.

3. February 5, 1874 Port Royal Commercial and Beaufort County Republican Port Royal, SC
Article from Port Royal Commercial and Beaufort County Republican, February 5, 1874

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OUR COLUMBIA LETTER. COLUMBIA, Jan. 31. The resolution introduced by Mackey to-day, and its adoption by the 1.0 ISC, may give the quietus to the printing ring It appoints a committee of five to investigate the charges made that certain members of the house had received a part of the large appropriations for printing. The clerks in making their sly allusion to "the other cause to which we do not think it necessary to call to the attention of your honorable bodies," doubtless thought that no investigation was likely to be ordered by either house into the fact which is SO generally known but which it would be rather difficult to prove without the assistance of that little memorandum book of Oakes Ames Wood uff. Let a committee be appointed to ex amine the vouchers upon which the printing bills have been paid. There would be something practical in such information. The dodge of appointing committees to prevent investigation is about played out. Chief Justice Moses was re-elected in joint Assembly on Friday by a vote of one hundred and twenty-three to four. There was no one to oppose him. The committee appointed to investigate the charge against Judge Carpenter for discriminating on account of color in the discharge of a jury, made a majority and a minority report, the former i, n ed by Minort, Boston, Adamson and P. Simpkins, all colored, and the latter by Tim Hurley. The former was rather condemnatory of Judge Carpenter's action, the latter entirely exonerated him. The former wax adopted as the sense of the House, and leaves the whole matter open for the further consideration of the Hou e. The Governor approved the following acts, viz: To amend the joint resolution authorizing the county commissioners' of Beaufort County to levy a special tax; to charter the Boatman's Phosphate River Mining Company, and to empower coroners to punish for contempt. In the Senate the bill to regulate the sale of inebriating liquors was passed and sent to the House. Mr. Hope's resolution relative to the report of the expenditures of the contingent fund of the executive department was adopted. The House adjourned until Tuesday evening at seven o'clock, with a view, it is said, of giving the committee appointed for that purpose time to go to Charleston and investigate the affairs of the Bank of the State. (The result of the investigation was the appointment of one of the committee as receiver of the bank, but no report.) The Senate meets to-morrow as usual. The young colored men of Richland County have been holding a convention in Columbia, and after several sessions have prepared and presented the following memorial to the Legislature: We, the young men of Richland County, in convention assembled, do memorialize your honorable body to consider the matters herein mentioned. We respectfully urge such legislative action as may be necessary to secure a just and fair valuation of the taxable property of the State; tha t the appropriations for the current expenses of the government be curtailed to the limit of the present tax levy; that the disbursing officers of the State be held to a strict accountability for he expenditures of the money under their CO trol; that the taxes for the next fiscal year be reduced to a reasonable extent; that the present printing laws be repealed, and the printmg be to the lowest bidder, who will do the work at a cost of not more than $50,000, and employ workmen irrespective of color. The committee to investigate the transactions of the sinking fund commission made a report, accompanying which was a joint resolution calling upon the attorney-general to institute legal proceedings to recover the property of the State alleged to have been made away with by the commission. The enacting clause was striken out of the bill to provide for the election of county auditors and treasurers, the vote

4. February 15, 1874 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, February 15, 1874

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Article Text

THE BANK OF THE STATE.-The foilowing order, appointing C. C. Pufler to be the receiver of the Bank of the State, was filed on Wednesday: Dabney, Morgan & Co. vs. the President and Directors of the Bank of the State of South Carolina and others.In the Common Pleas, Charleston County. It is ordered, that C. C. Puffer, Esq., be appointed receiver, in the place and atead of W. J. Gayer, upon his entering into bond, with sureties to be approved by this Court, in the sum of $30,000, conditioned for the faithful performance of his trusts; that thereupon the assets now in the hands of the Clerk of this Court be turned over to said C. C. Puffer as receiver. R. F. GRAHAM. Messrs. Hayne & Son thereupon gave the following notice to Attorney-General Melton: SIR: Take notice, that the undersigned will move before the Court, at 10 o'clock A. M., on Monday, the 16th instant, or as SOOD thereufter BH counsel can heard, to have the order herein, dated the 9th instant and filed the 11th in"tant, appointing C. C. Puffer, Esq, receiver, in the place and stead of Wm. J. Gayer, Esq., resciuded and set aside, upon the following grounds: 1. Because said order was passed without notice to the undersigned, and would have been opposed had such notice been given. 2. Becanse a final hearing of this cause has been had before the Supreme Court of the United States, and a decision may be expected on the first Monday of March next; and until such decision shall have been rendered, it is unnecessary to make any change in the custody of the fund, all the creditors of the bank, they being the parties entitled to the whole fund, being entirely satisfied that it should continue in the possession of the Clerk, in whose possession it now is. 3. Because the appointment of a new receiver will again charge the fund with additional and unnecessary commissions and expenses. 4. Because W. J. Gayer, Esq., the former receiver, still continues in office, and has not accounted or been discharged. I 5. Because the amount of the bond ) required of C.C. Puffer, Esq., is utterly inadequate to protect the fund. THE SCIENCE OF HEALING.-The ) Greeks believed that the nearest approach to the Divinity was a successful I physician, and they apotheosized Esculapius and Applionius, of Tyann, for e their cures. The more scientific mo. a derns testify their appreciation of skill in the healing art rather by patronizing the living than deifying the dead; and 8 this explains the crowd of patients who have sought the office of Dr. Jones, at , the Wheeler House, in this city, often y coming hundreds of miles for his treat. I ment and operations, and returning t cured and rejoicing. And owing to this y great and increasing domand for his 1 skill, the doctor has been induced to remain until the 25th instant. A TERRIBLE VISITATION.-The village I of South Windham, Conn., is undergoing a torrible affliction in the ravages of small-pox. The disease has attacked k every house in the village, and several 5 deaths have occurred. Business is sus. pended; the trains on the New London 8 Northern Railroad are rushed by witha out stopping, and no communication from the outside is allowed. g A money erder office is to be established at Due West.