19921. Banks in Charleston (Charleston, SC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
December 1, 1860
Location
Charleston, South Carolina (32.777, -79.931)

Metadata

Model
gpt-5-mini
Short Digest
70a74045

Response Measures

None

Description

Multiple Charleston banks suspended specie payments in late 1860 amid secession-related crisis and refusal to discount cotton drafts. Articles report a collective suspension (Dec 1860). No mention of receivership or permanent closure in these items; treated as a temporary suspension (likely later reopened though reopening is not explicitly described in the provided clippings).

Events (1)

1. December 1, 1860 Suspension
Cause
Macro News
Cause Details
Suspension of specie payments in Charleston banks in response to secession tensions, refusal to discount cotton drafts and 'troublous times' following Lincoln's election.
Newspaper Excerpt
All the Banks in Charleston, and of the State, we believe, have suspended specie payment.
Source
newspapers

Newspaper Articles (3)

Article from Richmond Daily Whig, October 19, 1860

Click image to open full size in new tab

Article Text

SUSPENDING DiscounT.-The Columbus (S. C.) Guardiao, noticing the suspension of discount by the State Bank of North Carolina, in view of the "troublous times" says that in Charleston, Augusta, and Savannah, some of the Banks have refused to discount cotton drafts on New York, payable after the 1st of November.And adds, "this is the first fruit of the "Irrepresible Conflict."


Article from The Camden Weekly Journal, December 4, 1860

Click image to open full size in new tab

Article Text

Bank Suspension. All the Banks in Charleston, and of the State, we believe, have suspended specie payment. The Bank of Camden, in consequence of the suspension of those in Charleston, where much of its available specie funds were deposited, has been forced to follow suit. This is right, we have no doubt, and trust that now increased facilities will be afforded for the accommodation of the business community.


Article from The New York Herald, March 4, 1861

Click image to open full size in new tab

Article Text

Suspension of Banks Throughout the Country. Seceding Conventions and Extra Legislative Sessions in Southern States. What is the Condition of the Country ? &c. &c., de., Since the 6th of November last--the day on which Abraham Lincoln was elected President-upto this 4th of March, the day which is to witness his inauguration, events of the most startling and momentous character have followed each other in rapid succession. The oonfederacy formed by the wisdom and patriotism of the Fathers of the Revolution has, in the height of its prosperity, been rent asunder, and the country is now threatened with all the digasters of disunion and civil war. We have two confederacies where before there was but one united nation-two confederacies which may ere long be precipitated by the folly or wickedness of the incoming administration into the horrors of a fratricidal conflict, the end of which no man now living may see. The events which have followed the election of Mr. Lincoln are presented as follows in regular chronological order:NOVEMBER, 1860. 6-The election for President and Vice President was held in all the States, and resulted as follows:1,310,907 Total number of votes in Southern States " " Northern States 3,429,075 Whole number of votes in the Union 4,789,982 Vote for Lincoin 1,865,840 Vote against Lipcoin:1,288,043 Douglas received 836.301 Breckinridge Bell 742,747 -2,807,591 Majority in the Union against Lincoln 1,001,751 8-Great excitement in Charloston, S. C., and other Southern cities, over the election of Abraham Lincoln. James Cheanut, of South Carolina, resigned his Beat in the Senate of the United States; A. G. Magrath, Judge of the United States District Court in Charleston, resigned his office, and the court was formally dissolved. 10-Nearly all the government office holders in Charleston, 8. c., resigned. 13-Hon. Jamos H. Hammond resigned his position as United States Senator from South Carolina. 14--The Legislature of South Carolina passed an act for a State Convention to take into consigeration the best mode of dissolving the connection of the State with the federal Union. 15-The extra session of the Legislature of South Carolina adjourned. 17-The excitement in South Carolina in regard to a dissolution of the Union grows alarming. Meetings were held, military and civic parades were proceeded with, cannon were fired, bells were rung and palmetto flags were raised amid the general rejoicings of the people. 20-The Farmers' Bank, of Virginia, suspended specie payments. 22-All the banks in the District of Columbia, and also those in Philadelphia, Baltimore, Wheeling and Norfolk, Va., together with the Farmers' and Exchange Bank in Charleston, S. C., suspended specie payments. 23-The banks of Augusta, Ga., frenton, .J., and Pittabung, Pa., suspended specie payments. 24-the secession movement continued to spread all over the Southern States. 26.-The Legislature of Mississippi convened, and were mostly occupied with affairs of the nation All the principal banks of Tennessee, including the State Bank, suspended specie payments. DECEMBER. 1-The banks in Charleston, 8. C., suspended specie payments. 3-The banks in Augusta, Ga., suspended specie paymenta Both houses of Congress convened at the national capital. 6-In accordance with the resolution of Mr. Boteler, of Virginia, in the United States House of Representatives, to appoint a special committee of one member from each State, to whom that portion of the President's Message relating to the present perilous condition of the country should be referred, the Speaker announced the following named members as constituting said committee:Name Politics States