19919. Banks in Charleston (Charleston, SC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
November 2, 1839
Location
Charleston, South Carolina (32.777, -79.931)

Metadata

Model
gpt-5-mini
Short Digest
e7ba87a8

Response Measures

None

Description

Articles refer collectively to the Banks in Charleston rather than a single named bank. Article 1 (1839-11-02) reports the suspension reaching Charleston following the Philadelphia suspension (systemic news). Article 2 (1840-09-05) reports that after resumption the Charleston banks curtailed circulation by 20%. No run is described; sequence is suspension then reopening/resumption.

Events (2)
1. November 2, 1839 Suspension
Cause
Macro News
Cause Details
Suspension spread to Charleston following news of the suspension at Philadelphia (systemic contagion from another city's banking suspension).
Newspaper Excerpt
The Suspension has extended, at the last accounts, as far South as Charleston, and West to Pittsburgh ; indeed, wherever, in those directions, news of the suspension at Philadelphia has been received.
Source
newspapers
2. September 5, 1840 Reopening
Newspaper Excerpt
The Southern Patriot says, the Banks in Charleston, lately known as the suspended, have since resumption, curtailed their circulation 20 per cent. If this is not a mistake, it is an outrage upon even decency.
Source
newspapers

Newspaper Articles (2)
1. November 2, 1839 The Voice of Freedom Montpelier, Brandon, VT
Article from The Voice of Freedom, November 2, 1839

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Article Text

The Money Market. We quote the following from the Journal of Commerce of Thursday morning, as exhibiting the state of the market at that date. "Bills on England have fallen to 8 1-2, at which rate, those of undoubled streugth are passed upon the market. Specie is coming in from all directions. and has declined, so that it is scarcely an object to keep it out of the Banks. Half dole lars will not command more than one half per cent; gold one quarter Mexican dollars wanted for Canton keep up to 1 1-2 a 2 prem. Drafts on Philadelphia are not SO well. The rate stands at 3 P. M. at 10 a 11 dis. : Baltimore, 13 ; Providence at 7 a 8 discount. Money is exceedingly scarce, more scarce than specie." The Suspension has extended, at the last accounts, as far South as Charleston, and West to Pittsburgh ; indeed, wherever, in those directions, news of the suspension at Philadelphia has been received. The Providence Banks will probably soon resume, as there is now no fear of the suspension of the New York or Boston Banks.

2. September 5, 1840 The Camden Journal Camden, SC
Article from The Camden Journal, September 5, 1840

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Article Text

The Southern Patriot says, "the Banks in Charleston, lately known as the suspen-ded, have since resumption, curtailed their circulation 20 per cent." If this is not a mistake, it is an outrage upon even decency. Resumption was an implied pledge, that they could redeem their notes according to law, and continue the accommodations granted, while in a state of suspension. This pledge is forfeited, and the Banks purchase a restoration to credit, at the cost of the community. These things require looking into, and if the Legislature will but boldly lift the curtain, and examine the minutes of the several Boards, some singular revelations will be made-or we will be greatly mistaken. We cannot understand why, the whole State should be put into "vises and screws" that the stockholders of the Banks may not receive smaller dividends. Why sacrifices should be all on one side, is above our comprehension, but we hope it is not beyond that of the congregated wisdom of the State-the Legislature.-Georgetown American.