19936. Farmers & Exchange Bank (Charleston, SC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
November 22, 1860
Location
Charleston, South Carolina (32.777, -79.931)

Metadata

Model
gpt-5-mini
Short Digest
88126d41

Response Measures

None

Description

Multiple contemporaneous newspapers (Nov 22–24, 1860) report the Farmers' & Exchange Bank of Charleston suspended specie payments (reported Nov 22/23). No articles mention a depositor run, receivership, or permanent closure; suspension is described as a precautionary measure amid widespread bank suspensions following the election of Lincoln and northern suspensions. I classify cause as macro_news (national political/financial crisis). Date chosen 1860-11-22 (some reports say 'yesterday' on Nov 23).

Events (1)

1. November 22, 1860 Suspension
Cause
Macro News
Cause Details
Precautionary suspension amid nationwide bank suspensions and political crisis following Lincoln's election; banks in New York and elsewhere suspending specie payments influenced decision.
Newspaper Excerpt
The Farmers' and Exchange Bank suspended today.
Source
newspapers

Newspaper Articles (10)

Article from The New York Herald, November 23, 1860

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Article Text

BANK SUSPENSION IN CHARLESTON. CHARLESTON, Nov. 22, 1860. The Farmers' and Exchange Bank suspended today. The moment he New York banks suspend, all the others here will follow suit; bus some are strong enough to suetain any rus, and will only suspend from motives of poHcy. Senator Toombe to-day telegraphed that illness prevent bis being here to address the Charlestonians He rays Georgia is moving steadily and firmly in the right direction. There is a large torchlight procession to night, headed by a RECEESION club, with mottoes, "Cotton 18 King;" " We must be brief when traitors brave the field;" "No more Compromises," & Illuminations and fireworks blaze along be route, the ladies waving handkerchiefs from the windows, while at the same time Messrs. Keitt, Hudson, and others, addressed a large crowd in front of the Charleston Hotel.


Article from New-York Daily Tribune, November 24, 1860

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pended, as well as a large cotton house; names not given; this needs confirmation. BOSTON, Friday, Nov. 23, 1860. The Boston bank officers have resolved upon a course similar to that adopted by the banks of New-York. The following dispatches have been received in this city: "BOSTON, Nov. 22, 1860. "Have no fear for Boston SO long as the New-York banks continue to pay. "WILLIAM APPLETON, "FRANKLIN HAVEN." "BOSTON, Nov. 23, 1860. "S. G. WARD, New-York: Our Clearing-House Committee recommends banks to discount their entire receipts, and adoption of a system similar to that of FRANKLIN HAVEN." New-York. Advices from Boston state that the banks of that city are prepared to discount immediately to the extent of $5,000,000. BALTIMORE, Friday, Nov. 23, 1860. Samuel Harris & Sons, bankers, have suspended. It is understood to be only temporary. TRENTON, N. J., Friday, Nov. 23, 1860. Both Trenton banks have suspended. They pay out small amounts to businessmen in the city. PITTSBURGH, Friday, Nov. 23, 1860. The banks of this city, except the old Bank of Pittsburgh, suspended specie payments to-day. The Bank of Pittsburgh paysspecie on all its liabilities as it did in 1857. CHARLESTON, S. C., Friday, Nov. 23, 1860. The Mercury says the Farmers' Exchange Bank (Charleston) suspended yesterday.


Article from The New York Herald, November 24, 1860

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livered a few days ago to the Grand Jury in the Circuit Court of that city, referred at some length to the present distracted state of the country, and attributed all 118 present evils to a spirit of lawiessness which of late seems to have grown up among the people. A meeting was held in Goochland county, on the 19th inst., at which resolutions were adopted declaring the election of Lincoln an open and official avowal by a popular majority at the North and of the nation; that the past aggressions of black republicanism are right; that the election of Lincoln is an open declaration on the part of the blacks that aggressions against Southern rights are to be persisted in with great aggravation in the future, and that they do dare to resist aggression and to maintain their rights under the constitution. A resolution was also adopted requesting the Governor to call the Legislature together on the 1st of December, with a view to their issuing a call for a State Convention. The Examiner of to day regrets that the Southern States should adopt the policy of separate State action in preference to united action, as they seemed disposed to do. It still urges Virginia to unite with the other Southern States, and press the necessity and expediency of a Southern Conference. It is now pretty certain that Virginia has gone for Bell by about two hundred majority. The democratic vote in Jenkins' Congressional district, which may be said to be beyond the range of civilization, was very small. There are counties in that district which it takes two weeks to hear from. The South Carolina students at the University of Virginia have formally tendered their services to their native State, whenever they shall beneeded, to thrash Uncle Sam. BANK SUSPENSIONS IN PITTSBURG. PITTSBURG, Nov. 23, 1860 The banks of this city, except the old Bank of Pittsburg, suspended specie payments to-day. The Bank of Pittsburg pays specie on all its liabilities, as it did in 1857. GOV. WISE AND THE SECESSION MOVEMENT. NORFOLK, Vs., Nov 23, 1860 Gov. Wise has offered his services to Gov. Glat, of South Carolina, in case of an emergency, and if not roquired by Virginia. BANK SUSPENSIONS AT CHARLESTON. CHARLESTON, S. C., Nov. 23, 1860. The Mercury says the Farmers' Exchange Bank, Charleston, suspended yesterday. SUSPENSION OF A BALTIMORE BANKING HOUSE. BALTIMORE, Nov. 23, 1860 Samuel Harris & Sons, bankers, have suspended. It is understood to be only temporary. SUSPENSION OF THE TRENTON BANKS. TRENTON, N. J., Nov. 23, 1860 Both Trenton banks have suspended. They pay out small amounts to business men in the city. THE SUSPENSION OF THE NORTH CAROLINA BANKS LEGALIZED. RALEIGH, N. C,, Nov. 23, 1860. The suspension of the North Carolina banks was legal. ized by the Legislature to.day. The proceedings were without special interest. SUSPENSIONS AT AUGUSTA AND CHARLES. TON. AUGUSTA, Ga., Nov. 22, 1860. It is rumored in bank circles here to-day that Governor Brown will veto any law sanctioning suspensions of banks unless the State secedes. There are rumors, also, that one or more of the Charleston banks have suspended, as well as a large cotton house; names not given. This needs confirmation.


Article from The New York Herald, November 24, 1860

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BANK SUSPENSIONS AT CHARLESTON. CHARLESTON, S. C., Nov. 23, 1860. The Mercury says the Farmers' Exchange Bank, Charleston, suspended yesterday.


Article from Worcester Daily Spy, November 24, 1860

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Bank Suspensions. Philadelphia, Nov 23.-The suspension of specie payment by the banks is regarded favorably by the community, it having been done as a precautionary measure to enable the banks to expand more freely. An immediate meeting of the legislature is suggested to relieve the banks from the operation of the banking laws, and to consider the legislation on the fugitive slave law. The Bank of Chester County will suspend to-day. All the country. banks will probably follow suit. There was more discounting yesterday than on any day for two weeks. There were no failures. Specie unsettled, at about 3 and 5 per cent. BALTIMORE, Nov. 22.-The banks discounted nearly a million to day, greatly to the re. lief of the merchants. There is no urgent demand for specie. Stocks slightly improved. Augusta, Ga., Nov. 23.-It is stated that the governor will veto any law sanctioning a suspension of specie payment by the banks un. less the state secedes from the Union. CHARLESTON, Nov. 22. The Farmers' and Exchange Bank suspended specie payment to day. BALTIMORE, Nov. 23. - Harris & Sons, bankers, have suspended.


Article from Evening Star, November 24, 1860

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From Charleston. CHARLESTON, Nov. 23. - The Farmers' Exchange Bank suspended specie payment yesterday. Heavy eastern orders for cotton were countermanded. The steamship Nashville took out nearly 100 steerage passengers. About 300 more will be shipped this week. They came from the North, and will be sent back at the expense of the Steamship Company by order of the Mayor. Cotton is still lower. Prices are irregular, and favor cash buyers half a cent. Moderate men think the suspension of the northern banks will have an important and favorable effect against secession. There has been a torchlight procession to-night, with transparencies, and the motto, "The South must govern the South." There were also music and fireworks.


Article from Nashville Union and American, November 25, 1860

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COMMERCIAL. # Monetary and Financiai. The topic of conversation in business circles yesterday, as for several days previous, was the subject of Bank suspensions. At an early hour the contents of a private dispatch were made public announcing the suspension of specie payments by the Farmers' and Exchange Bank of Charleston, and subsequently a dispatch was received stating that the Legislature of North Carolina had removed the restriction against a suspension of specie payments by the Banks of that State. These facts, of course, had their influence upon the advocates of a suspension by our own Banks, and during the day the subject took the shape of a call upon the Supervisor of Banks, Col. WM. A QUARLES, which was being numerously signed by our leading business men, for hi opinion in regard to a suspension. Col QUARLES' response wil be looked for with interest, as it will embrace an authoritative exposition of the strength of our Banks and of their ability to meet their liabilities in any emergency that may occur, as well as of the propriety of a suspension. In New York on the 21st the Stock market opered dull and heavy, and all descriptions fell off from the previous day's prices. Tennessee Bonds declined 36c, and $75,000 sold at 750. Missouri closed at 68%@68%e, and Virginias at 78@80. The telegraph reports sales of Tennessee Bonds on the 23d at 80c, being an advance of 5c in two days. This wi'l be very agreeable news to the Free Bankers in this State. Missouris sold at 71c and Virginias at 903. We could hear of no improvement in uncurrent Money yesterday, while there is very little disposition on the part of Brokers to purchase, some absolutely refusing. The quotations in our Bank Note Table for uncurrent Money may be regarded as wholly nominal for most descriptions, for the reason that there are no purchasers. A telegraphic dispatch from Cincinnati, dated the evening of the 23d, says the market was very much unsettled for Eastern Exchange, and Bankers are supplying their customers sparingly at 1 pc premium, and paying ½ pc for New York and Boston checks, but are not buying Philadelphia or Baltimore. Paper of suspended Philadelphia Banks was at 3@5 @c discount for Pittsburg and Philadelphia, and 10 for interior Banks. Money was very tight, though the demand was limited. The news from New York made things look better and more hopeful, but that from Philadelphia counteracted it to a great extent. At Louisville the pressure is growing more severe. The Banks are not disposed to operate any further, and some of them have actually refused to do anything, owing to the financial crisis which is now raging throughout the country. The discount on uncurrent Southern Money was 10@35. The telegraph reports several heavy failures in New Orleans. The Picayune of the evening of the 21st says: The demand for Money is very pressing, and the Banks are unable to respond to the numerous applications. A good deal of discounted "aper is in part renewed, and in this respect every reasonable facility is afforded. But the liability to move Cotton and other produce freely is bearing heavily on the very best people, and makes it inconvenient to meet the collection paper which has to be paid in full. It will therefore be a matter or no reproach and no surprise should partial default occur in this respect. On the street the talk is much plainer than we care to repeat.


Article from Nashville Union and American, November 25, 1860

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CHARLESTON, Nov. 24. -The Farmers' and Exchange Bank has suspended. From Raleigh.


Article from Holmes County Republican, November 29, 1860

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The Panic. BOSTON, Nov. 23. The Banks hold a meeting to-morrow. Financial matters are easier. CHARLESTON, Nov. 23. The Farmers' Exchange Bank has suspended. RALEIGH, N. C., Nov. 23. The suspension of the Banks has been legalized by the Legislature. NEW Yory, Nov. 24. Our Banks yesterday discounted from $6,000,000 to $8,000,000. BOSTON, Nov. 23. The Clearing House Committee recommends the Banks to discount their receipts, and the adoption of a system similar to that of New York.


Article from Daily Ohio Statesman, March 6, 1861

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S. C. 10-Nearly all the U. S. Government officers at Charleston, S. C., resigned. ### JAMES H. HAMMOND, of South Carolina, U. S. Senator, resigned. 14-The South Carolina Legislature passed an act calling a State Convention. 23-The Banks in Philadelphia, Baltimore, Wheeling, Norfolk, Augusta, Ga., Trenton, N. J., Pittsburgh, Pa., and in the District of Columbia, together with the Farmers and Exchange Bank in Charleston, S. C., suspended specie payments. 26-All the principal Banks of Tennessee, including the State Bank, suspended specie payments. ### DECEMBER, 1860 6-In accordance with the resolution of Mr. BOTELER, of Virginia, the Speaker of the U. S. House of Representatives appointed the famous Special Committee of Thirty three, consisting of one member from each State, to whom was referred that portion of the President's Message relating to the perilous condition of the country. The people of South Carolina elected delegates to a State Convention. Every delegate chosen was in favor of secession. 10-The Legislature of Louisiana convened and passed an act for a State Convention. U. S. five per cent. stocks sold for eighty-nine cents on the dollar-a lower price than any U. S. stocks had brought since the last war with England. HOWELL COBB, of Georgia, Secretary of the U. S. Treasury, resigned. 11-PHILIP F. THOMAS, of Maryland, (was appointed, by President BUCHANAN, Secretary of the U. S. Treasury. 14-President BUCHANAN issued a proclamation for a National Fast on January 4, 1861. GEN. Cass resigned his position as Secretary of State. 17-South Carolina State Convention met at Columbia and adjourned to Charleston. Attorney General JEREMIAH S. BLACK, of Pa., appointed by the President Secretary of State. 18. EDWIN M. STANTON, of Pa., appointed by the President U. S. Attorney General. 20-South Carolina State Convention passed an ordinance of secession dissolving the connection of that State with the Federal Government. The Vice President of the United States appointed the Senate Committee of thirteen on the perilous condition of the country. 24-The South Carolina members of the U. S. House of Representatives notified the Speaker that the secession of their State dissolved their connection with that body. The South Carolina Convention, in the name of the people of that State, adopted a Declaration of Independence. GOV. PICKENS issued a proclamation declaring South Carolina a sovereign, free and independent State. 26-R. BARNWELL, J. H. ADAMS and JAMES L. ORR, Commissioners to the Federal Government from South Carolina, arrived in Washington. Fort Moultrie, in the harbor of Charleston, S. C., abandoned by Major ANDERSON and his men, who repaired to Fort Sumter. 28-The South Carolina authorities seized Fort Moultrie and Castle Pinckney, in Charleston harbor, and took possession of the U. S. Custom House, Post Office and Arsenal in Charleston. 29-JOHN BUCHANAN FLOYD, U. S. Secretary of War, resigned. ### JANUARY, 1861 2-The Florida State Convention met at Tallahassee. 3-Forts Pulaski and Jackson, in the harbor of Savannah, taken possession of by the Georgia State troops. The South Carolina Commissioners left Washington for home, having accomplished nothing. 4-National Fast-Fort Morgan, in the harbor of Mobile, taken possession of by Alabama State troops, and also the U. S. Arsenal in Mobile. 8-JACOB THOMPSON, of Mississippi, U.S. Secretary of the Interior, resigned. Forts Johnson and Caswell seized by North Carolina State troops. 9-Steamship Star of the West, with troops and supplies for Fort Sumter, fired into from the South Carolina batteries, at the entrance of Charleston harbor, and compelled to retire. The Mississippi State Convention passed an ordinance of immediate secession. 10-Forts St. Phillip and Jackson, on the Mississippi river, and Fort Pike, on Lake Ponchartrain, and the U. S. Arsenal at Baton Rouge, seized by Louisiana State troops. 11-Alabama and Florida State Conventions each passed an ordinance of secession. PHILIP F. THOMAS, U. S. Secretary of the Treasury, resigned, and JOHN A. DIX, of New York, appointed by the President to the vacant office. 12-Fort Barancas and the Navy Yard at Pensacola, Florida, seized by Alabama and Florida troops. The Mississippi members of the U. S. House of Representatives withdrew from that body. 17-The Georgia State Convention adopted an ordinance of secession. 21-Senator Davis, of Mississippi, the Alabama Senators, and the Florida Senators, withdrew from the U. S. Senate, The Alabama members of the U. S. House of Representatives withdrew from that body. 23-The Georgia members of the U. S. House of Representatives withdrew from that body. 26-The Louisiana State Convention passed a Secession Ordinance. 31-U.S. Mint and Custom House at New Orleans seized by the authorities of Louisiana. ### FEBRUARY, 1861 1-The Texas State Convention passed an Ordinance of Secession. 4-A Peace Conference met at Washington, and elected ex-President JOHN TYLER, President. A Congress of the Seceded States met at Montgomery, Ala., and elected HOWELL COBB, President. Delegates elected in Virginia to a State Convention. 5-The Louisiana Senators and members of the House, with the exception of J. F. BOULIGNY, Representative, withdrew from the U. S. Congress. 8-The U. S. Arsenal at Little Rock surrendered to the State authorities of Arkansas. 9-The Southern Congress elected JEFFERSON DAVIS, President, and ALEXANDER H. STEPHENS, Vice President, of the Southern Confederate States, and adopted the United States Constitution, with slight alterations. Tennessee elected delegates to a State Convention.