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SOUTH CAROLINA BANKS.-The Charleston Courier, of Friday, adds two more to the list of suspended banks in thatcity, viz: the Planters' and Mechanies' and the Farmers' and Exchange.
19935. Farmers & Exchange Bank (Charleston, SC)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- October 15, 1857
- Location
- Charleston, South Carolina (32.777, -79.931)
Metadata
- Model
- gpt-5-mini
- Short Digest
61efb18d
Response Measures
None
Description
Multiple contemporary newspapers list the Farmers & Exchange Bank of Charleston among banks that suspended payments around Oct 15, 1857. Articles describe a coordinated suspension by Charleston banks during the panic of October 1857. There is no explicit mention in the provided clippings that the Farmers & Exchange Bank reopened, so I classify this as a suspension that resulted in closure (or at least remained suspended in coverage). Bank charter type is not explicit in the clippings so set to unknown.
Events (1)
1.
October 15, 1857
Suspension
- Cause
- Macro News
- Cause Details
- Coordinated suspension by Charleston banks amid the wider Panic of 1857 and runs/suspensions elsewhere; banks agreed suspension was necessary to avoid further specie drains and to permit settlement arrangements.
- Newspaper Excerpt
- CHARLESTON, Oct. 15.-The Planters and Mechanies, and the Farmers and Exchange Bank suspended this morning.
- Source
- newspapers
Newspaper Articles (10)
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LIST OF SUSPENDED BANKS. IN GEORGIA. Georgia Railroad and Banking Company, at Augusta. Union Bank, at Augusta. Manufacturers' Bank, at Macon. All the Banks in Savannah. SUSPENDED BANKS IN SOUTH CAROLINA. Bank of the State of South Carolina, at Charleston, with branches at Columbia and Camden. Bank of South Carolina, at Charleston. Bank of Hamburg, at Hamburg. Planters' and Mechanics' Bank, at Charlestsn. Farmers' and Exchange Bank, at Charleston. People's Bank, at Charleston. South-western Railroad Bank, at Charleston. This bank, we believe, has an agency at Tallahassee, Florida.
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that any of the other Banks in Charleston would SO soon follow them. But our anticipations have not been realized. Yesterday the run of the previous day was followed up, and just as the tide commeneed, the Peoples' Bank was compelled to yield to the pressure and suspend. The immediate cause was a draft upon it by the Bank of Newberry for $22,000 in specie. The former Bank was the Charleston agent of the latter, and the balance in favor of the Newberry Bank was the above amount. As the People's Bank had received no intimation that the Bank of Newberry intended to draw its balance in specie-that was not one of the contingencies calculated on in the effort to stand up against the city run upon it. Finding itself unable to meet this sudden demand and also the constant daily demand which was present and pressing, it immediately suspended, and the balance to the Bank of Newberry remained unpaid. After this, the run upon the other Banks continued they paying every demand for specie, and keeping open for that purpose until a late hour in the afternoon. [Charleston Standard. CHARLESTON, Oct. 15.-The Planters and Mechanies, and the Farmers and Exchange Bank suspended this morning. Savannah, Oct. 15.-The Presidents of the Banks here met last night and held a consultation on the propriety of a general suspension, which was unanimously recommended. All the Banks have positively suspended this morning in Savannah, and the citizens are agreed thereto. NEW YORK, Oct. 15.-All the Banks of this city, after a thorough consultation decided upon suspension, which measure was carried into effect syešterday. Sterling exchange has advanced to 1111. CHARLESTON, Oct. 15.-Sales of cotton tru-day, 1,500 bales at 101 to 12. A "BLEEDING" PHILANTHROPIST.-A parti-colored convention met at Syracuse on Wednesday last, consisting of colored and white politicians of the Gerrit Smith and Freinont school, at which the former géntleman figured. After discussing the policy of compensated emancipation, in which Mr. Smith favored and Frederick Douglas opposed the plan, the question of finance came up and this elicited a discussion, in which the philanthropist of Peterboro' stated that he had paid money for Kansas till he was tired, and he did not know where it had gone, nor what good it had done. He said (according to the Courier's report) he had done "bleeding" to the Society. It had cost him over $5,000, whereas the Society had only raised 81,500. He said it was "riding a free horse to death," and he would no longer stand it; that he had got note after note last full for the purpose of raising funds for Kansas, and he didn't know where it had gone, and he didn't 800 that the Society was any botter for it. He said, in conclusion, he had done. The Society must help themselves, that he was tired, disgusted, and needed sleep, and if there was no other question before the house, he would declare the Convention Atlas. adjourned sine die.-Albany INTEMPERANCE is a habit that is almost certain to result in failure. Evon the mederate use of alcoholic stimulate to the man whose business requires a clear intel lect and constant prudence, is attended with danger. it clouds the perception, and creates a feeling of boldness and recklessness, that may, in a moment, thwart the best laid plan of years. The business man who indulges at all in artificial stimulants. can I
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Suspended Banks. The following is a list of suspended banks in Georgia: Union bank, at Augusta. Manufacturer's bank, at Macon, All the banks in Savannah. The following is a list of suspended banks in South Carolina: Bank of the State of South Carolina, at Charleston, with branches at Columbia and Camden, Bank of South Carolina, at Charleston. Bank of Hamburg, Planters' and Mechanics' bank, at Charleston, Farmers' and Exchange bank, Charles. ton. People's bank, Charleston, South-western Railroad bank, Charleston.
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BANK MEETING. CHARLESTON, Oct. 20, 1857. A meeting was held at the Planters' and Mechanics' Bank, at which the following banks were represented, viz: The Bank of the State of South Carolina, the South-Western Railroad Bank, the People's Bank, the Farmers' and Exchange Bank, the Bank of South Carolina, and the Planters' and Mechanics'. The following preamble and resolutions were submitted to the meeting and adopted-the Bank of South Carolina dissenting: The suspension of the Banks here represented had become a matter of the greatest expediency, as well as of necessity. as the only means by which they could extend to their customers and the community that aid which was necessary to save them from the certain results of a further effort to maintain specie payments. That as a means by which we may be able to discount busi11882 paper and purchase produce exchange, a proper arrangement for the settlement of balances between the suspended banks is now essential; therefore, Resolved, That all the non-specie paying banks agree to take in payments for all dues to them and on deposit from their customers the issues of each other. Resolved, That settlements shall be made on the Wednesday morning of each week. Each Bank shall send in by that time all bills or checks which they may hold; that after such an exchange, any balance arising in favor of either to the extent of $5,000, shall lie over until the following Wednesday; that any balance over $5,000 shall be settled by credit in a book, payable the following Wednesday, and bearing interest at the rate of 5 P cent P annum. 2d. And will also receive, for dues to them and on deposit from customers, the issues of such of the country Banks of the State as shall be redeemable in city notes. on demand, at some place in this city. And also the issues of such of the Banks of Augusta and Savannah, Georgia, as may, from time to time, be considered satisfactory. Sd. And should it, at any time hereafter, be deemed inexpedient by any one or more of the Banks to take on deposit and receive, as aforesaid, the issues of any of the Banks, then notice shall be at once given to all the Banks that have assented to this arrangement. Resolved, That the Banks here represented pledge themselves to abide by the article in the Charter of the Planters' and Mechanics' Bank, which says: SECTION 5. It shall not be lawful for the said Bank, except in settlements with other Banks, to pay or deliver out in pay. ment, or satisfaction of any demand upon it, or by way of loan or discount, any bill, note, check, or other paper of any other Bank. And for each and every violation of this section, the said Bank shall be subject to the payment of one hundred dollas, to be recovered by action of debt at the suit of the State, and appropriate one half to the use of the State, and the other half to the informer."
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List of Suspended Banks. IN GEORGIA. Georgia Railroad and Banking Company, at Augusta. Union Bank, at Augusta. Manufacturers' Bank, at Macon. All the Banks in Savannah. SUSPENDED BANKS IN SOUTH CAROLINA. Bank of the State of South Carolina, at Charleston, with branches at Columbia and Camden. Bank of South Carolina, at Charles. ton. Bank of Hamburg, at Hamburg Planters' and Mechanics' Bank, at Charleston. Farmers' and Exchange Bank, at Charleston. People's Bank, at Charleston. South-western Railroad Bank, at Charleston. This bank, We believe, has an agency at Tallabassee, Florida. A CANDID ACKNOWLEDGMENT OF AN UNDOUBTED TRUTH-At a meeting of the proprietors and managers of the Western Railroads, held a few days ago in Columbus, Ohio, a debate arose concerning the affairs of the roads, when one of the members remarked "that the milroads of the country never could repay, if they were disposed, the debt due to the newspaper press for its powerful aid when the idea of a. railway had to be explained and popularized-the public benefitsshown, and the people induced to come forward and associate for the purpose of accemplishing the great works that now need no advocate." The same gentleman, in concluding a speech on the subject, said, "he could not forget the amount of unpaid labor performed in the infancy of railway building by the only men who could reach the popular ear and the popular heart in the most effective manner." We believe, (with the Alexandria Gazette,) that in regard to many of the railroads of the country, they owe their inception, progress, and completion, mainly to the exertions of the newspaper.
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Scraps & Facts. A singular marriage lately took place in Wilkes county, N. C. A man named Holloway married his step mother, the second wife, the widow of his own father ! She had six children, three of them by his father, and three by himself; and having nine children of his own, the couple set up housekeeping with 15 children. The Carolinian in a paragraph in regard to the Methodist College, says This edifice is nearly completed. It will furnish, educational facilities which many, no doubt, will immediately avail themselve of. Under the patronage of the large and influential body of Methodists, it must succeed as an institution of learning. It is stated, "by authority," that a new fashion is about to be introduced by the ladies of Buffalo-no less in fact than an immense calash, which is to be attached to the waists of the dear creatures, to be raised and lowered at pleasure, like the top of a buggy. Buffalopapers frantically ask, "what next ?" The Carolinian says that the work on the State House is progressing with all possible rapidity under its present efficient management. The basement story is nearly completed, and makes a beautiful appearance. The masonry within-the bricks being. very fine-is unusually firm and substantial in appearance. When completed, it will be a most imposing structure. - L. F. Fowler, who was recently tried at Union Court, on a charge of negro stealing, and acquitted, and also charged with felony in Georgia, made his escape from Mr. Washington, who had him in charge on way to Georgia, on the 12th ult., by jumping out of the car window, at Lewisville, on the S. C. Rail Road, leaving his handcuffs and chain in the car. The band-bill states that it is believed he received assistance in Columbia which enabled him to escape. The Postmaster General has made an order that all Postmasters whose compensation exceeds twelve dollars and fifty cents per quarters shall be supplied with wrapping paper, twine and sealing wax for the use of their offices by the Post Offices Department, and the rule adopted March 12, 1855, has been repealed. All Postmasters whose com pensation is less than twelve dollars and fifty cents per quarter can purchase, for the use of their offices, a reasonable amount of these articles, provided the net proceeds is not less than twenty dollars per year. We have a few further particulars of Brigham Young's threat. Capt. Van Vlieat, Government Agent at Palmetto, Kansas, has just returned from Salt Lake. He reports that the Mormons refused to permit the United States troops to enter the city, and that Gov. Young publicly declares that he will burn the prairies, and thus deprive the animals of the expedition of subsistence, and burn his own city, if necessary, before he will submit to demand of the government. The report of the murder of surveying companies by Indians are contradicted.-Charleston Standard. We learn from the Charleston papers, that the following only are the suspended Banks. Bank of the State of South Carolina, Branch Bank of the State at Columbia, Planters' Bank of Fairfield, Branch Bank of the State at Camden, South Western Rail Road Bank, Planters' and Mechanics' Bank, Bank of South Carolina, Farmers' and Exchange Bank of Charleston, Bank of Hamburg, Bank of Newberry, Exchange Bank of Columbia, Peoples' Bank of Charleston. And we learn from the same source that the following are the Banks paying specie: Union Bank of Charleston, State Bank of South Carolina, Bank of Charleston, Commercial Bank of Columbia, Merchants' Bank of Cheraw, Bank of Chester, Bank of Camden, Bank of Georgetown. The steamer Baltic brought from Liverpool £72,000, (363,465.) The day before the Baltic sailed, it had been ascertained that £270,000 more, (1,350,000,) just received by the Red Jacket, from Australia, had been taken up for the United States. This amount has, it is said, arrived by the Persia. The California steamer now due will add $1,500,000, making the large aggregate of $3,213,495. When the hoarders, large and small, perceive that English capitalists are sending gold in large amounts to be invested in our low-priced, well secured, paying stocks, and in the purchase of our equally depressed produce, the firmness of their grasp on their money bags will become relaxed, and they will hasten to place their hoarded treasure again in the keeping of the Charleston Evening News. We saw yesterday a letter from the eminent house of Cuddy, Brown and Co., of New Orleans, to one of their correspondents in this county, proposing to send a cargo of cotton direct to Liverpool, for account of the producers. We understand that Mr. Shepherd Brown, the head of the house, proposes to go to Liverpool himself for the
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The Banks. Col. J. D. ASHMORE, the Comptroller General, gives, in his official capacity, the condition of the banks of this State, as follows: SUSPENDED BANKS.-Bank of the State of South Carolina, Branch Bank of the State at Columbia, Branch Bank of the State at Camden, South Western Railroad Bank, Planters and Mechanics' Bank, Bank of South Carolina, Farmers' and Exchange Bank of Charleston, Bank of Hamburg, Bank of Newberry, Exchange Bank of Columbia, People's Bank of Charleston, Planters' Bank of Fairfield. BANKS PAYING SPECIE.-Union Bank of Charleston, Strte Bank of South Carolina, Bank of Charleston, Commercial Bank of Columbia, Merchants' Bank of Cheraw, Bank of town. Chester, Bank of Camdon, Bank of GeorgeThe bills of the suspended banks are as current as those of the others, and are just as good.
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NO. 5. List of Suspended Banks. IN GEORGIA. Georgia Railroad and Banking Company, at Augusta. Union Bank, at Augusta. Manufacturers' Bank, at Macon. All the Banks in Savannah. SUSPENDED BANKS IN SOUTH CAROLINA. Bank of the State of South Carolina, at Charleston, with branches at Columbia and Camden. Bank of South Carolina, at Charleston. Bank of Hamburg, at Hamburg. Planters' and Mechanics' Bank, at Charleston. Farmers' and Exchange Bank, at Charleston. People's Bank, at Charleston. South-western Railroad Bank, at Charleston. This bank, we believe, has an agency at Tallahassee, Florida.
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South Carolina Banks. SUSPENDED BANKS.-Bank of the State of South Carolina, Branch Bank of the State at Columbia, Branch Bank of the State at Camden, Southwestern Railroad Bank, Planters and Mechanic's Bank, Bank of South Carolina, Farmer's and Exchange Bank of Charleston, Bank of Hamburg, Bank of Newberry, Exchange Bank of Columbia, People's Bank of Charleston. BANKS PAYING SPECIE.-Union Bank of Charleston, State Bank of South Carolina, Bank of Charleston, Commercial Bank of Columbia, Planter's Bank of Fairfield, Merchant's Bank of Cheraw, Bank of Chester, Bank of Camden, Bank ofGeorgetown