19947. Peoples Bank (Charleston, SC)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
October 20, 1857
Location
Charleston, South Carolina (32.777, -79.931)

Metadata

Model
gpt-5-mini
Short Digest
7850e8cf

Response Measures

Full suspension

Description

Multiple contemporary papers (Oct 1857) list the People's Bank of Charleston among banks that suspended specie payments during the 1857 money panic. Several reports describe runs on Charleston banks and coordinated suspensions (meetings on Oct 20); no clear contemporaneous report in these clippings states a permanent closure, receivership, or later reopening for this specific bank, so I classify as a run leading to suspension with outcome unsure.

Events (2)
1. October 20, 1857 Suspension
Cause
Macro News
Cause Details
Coordinated suspension of specie payments by Charleston banks in response to the nationwide financial crisis and runs; meetings of bank presidents recommended suspension as necessary to prevent further damage and to arrange settlements between suspended banks.
Newspaper Excerpt
The Peoples' Bank at Charleston, has also suspended.
Source
newspapers
2. October 24, 1857 Run
Cause
Macro News
Cause Details
Part of the wider Panic of 1857: runs and widespread suspensions among banks in New York, Savannah and Charleston created depositor panic and heavy withdrawals locally.
Measures
Banks arranged to keep counters open later in the day and to meet demands; banking presidents met and agreed to suspend specie payments and to settle interbank balances weekly.
Newspaper Excerpt
the banks, became terribly frightened... One or two immediately began the run upon the other... the People's Bank, under this arrangement, until about five o'clock... the run continued until three o'clock, four o'clock
Source
newspapers

Newspaper Articles (11)
1. October 20, 1857 The Western Democrat Charlotte, NC
Article from The Western Democrat, October 20, 1857

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The Columbia Carolinian says: In relation to the suspension of the Bank of the State, which will cause no loss to any of its bill holders, the Charleston Courier very properly recommends: "As we have before stated. the notes of the Bank of the State are secure beyond all question. Having the whole credit and the power of taxation of the State to sustain them. they are better secured than the notes of those banks in New York and else where, which have deposited dollar for dollar in stocks to secure their redemption -those stocks have to be sold at the market depreciation in order to redeem the notes, so far as the proceeds will go. Having. then, the fullest confidence in the ultimate convertibility of these notes, we would recommend them to the community as a circulation which would answer all the local purposes of trade." The Peoples' Bank at Charleston, has also suspended. Also, the Bank of Hamburg, S. C. SAVANHAH, October 15.-A meeting of the Presidents of the banks in this city was held last night, at which it was unanimously recommended to suspend specie payments. In consequence of which all the banks suspended this morning. NEW YORK, October 18.-All the banks in this city suspended specie payment yesterday. Sterling exchange is quoted at 1111. The Augusta (Ga.) Banks refused last week to take the bills of the Exchange bank of Columbia, Planters' Bank of Fairfield, and Bank of Chester, S.C. The Chester Standard says that in order to make assurance doubly sure and place the bills of the Bank of Chester above the slightest semblance of cause for doubt, the board of Directors have come out in a card pledging their several private fortunes for the redemption of the bills of the said bank."

2. October 20, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 20, 1857

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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.

3. October 24, 1857 Keowee Courier Walhalla, Pickens, SC
Article from Keowee Courier, October 24, 1857

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The Money Crisis in mingled gloom Yesterday was a time of circles of and Charleston. excitement The in run the on money the caused Bank its of sus- the State, on Saturday, the which foreshadowing of had the pension, was only On Sunday it approaching pressure. Some that had money none in time to gather. and some that had little or and the banks, became terribly frightened, the subject of were anywhere, by no means Of course silent the ou panic spread were at once. their fears. of One as or weak, two of immediately the banks began that run upon yesterday spoken morning to prepare coin for a of the other them. for They their demanded balances or a considerable togethbanks Under this demand, of an part thereof. the unmistakeable indications Bank of South er with upon them, the were comout door run and the Railroad Bauk hour in the Carolina suspend at an early tend to lespelled to of course, did not it day. This, excite ient on the contrary Large besen the to all the Banks. were and came small general, depositors the as coin, and instead. bill-holders, In this, ineager to have which still stood, were Every quite dethe banks accommodate them. presenclined to promptly met as soon as of accommand was only did this spirit ordinary busted, and not continue during the for closing modation hours but as the usual bulletins hours were postiness approached, conspienous that they each bank, announcing demand upon cil before open to meet any afternoon, and would until five keep n'clock in the until halfthem, of the People's Bank, the in the case Under this arrangement, until about past continued five. pretty freely entirely ceasrun when it almost was three o'clock, four o'clock everything banks ed. Before and the officers of the or various about the quiet, their counters wait for remained doors, having at nothing to do, but the to day and a chance closed customer. quietly, Finally all the banks which having susthe run except the two the whole stood firmly, early in the day. Upon were much pended and the run substance. the exeitement in appearance than in from all the greater amount of specie drawn $100,000, The not probably reach the banks banks did of that was drawn by remains to and part other, so that it yet made. meet from each further demands, if any are as to how not for us to speculate if all the It is of the banks can stand, make depositors long any and bill holders would it resolve be proper to for their suspend, this nor or that Bank as able can and be us to indicate meet all demands that that still resolved to Thus far, all of their and stand, presented. seem confident of their ability determination to do so. long the pressure. and panic were shall How tell. If there were any last, no cause one for cau them, or if the cause no capital good had no crop and known, if we to pay our debts-if the country somewherewith bankrupt now and depended solvency, on were in the future to restore her opinion thing we might form some definite bc. Bat as then what that future would when we as to expect to see the time now, it we never solvent than we are and shall is be more to tell when the pressure panic shall Dublin QUEENS OF FRANCE. The upon THE Magazine, commenting wives University of the royal and Imperial thirtena of the France, lives states that there are whose but memory seventy-seven on of sin. out of dark stain of sorrow statement or there An exchange, is no in snimming up the says the others, eleven were divorced nine died Of died by the executioner; widowed two seven were soon three were very young were cruelly traduced; different deexiles; three thirteen evil; the were prisoners bad in and remainder.- the heart grees of broken made up the Deins heart who buried at St denied since the Twenty time of Charlemagne, were dragthe of the grave; their remains were the insults rest from the tomb, exposed to and then ged revolutionary populace, lime. flung of the into a trouch and covered with quickLove OF Gold.--This master late pas- Ceo THE terrible illustrated in the survivsion America was disaster. One of went the to the tral bottom ors says, with "several In rolls another poor of sto!en fellows place gold he remarks: around their waists I" sorrow to say it that to M-- play I believe of his friends went below of and some there they went into the presence hands. and their Maker with cards in their arglinian.

4. October 24, 1857 The Winchester Home Journal Winchester, TN
Article from The Winchester Home Journal, October 24, 1857

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Article Text

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.

5. October 27, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 27, 1857

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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."

6. October 29, 1857 Fayetteville Observer Fayetteville, TN
Article from Fayetteville Observer, October 29, 1857

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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.

7. November 4, 1857 Edgefield Advertiser Edgefield, SC
Article from Edgefield Advertiser, November 4, 1857

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BANKS IN SOUTH CAROLINA. We copy the following from the Columbia South Carolinian, of the 30th instant: COMPTROLLER GENERAL'S OFFICE, } Columbia, Oct. 28th, 1857. Messrs Editors: Allow me the use of your columns to answer the numerous inquiries made of me as to the banks in this State that have suspended specie payments, and those that still continue to pay coin for their bills, viz: 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 Mechanics' Bank, Bank of South Carolina, 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, Planters Bank of Fairfield, Merchants' Bank of Cheraw, Bank of Chester, Bank of Camden, Bank of Georgetown. Eleven of our banks have suspended. Nine of them still continue to redeem their notes in specie. Many mis-statements have been made. The above is reliable as reported to this office. Other papers will perhaps do the public a service by giving this communication an insertion in their columns. As tothe solvency of our Banks, there is not one of them but have assets abundantly sufficient to meet their liabilities. Very respectfully, your obedient servant, J. D. ASHMORE, Comptroller General.,

8. November 5, 1857 Yorkville Enquirer York, SC
Article from Yorkville Enquirer, November 5, 1857

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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

9. November 7, 1857 Keowee Courier Walhalla, Pickens, SC
Article from Keowee Courier, November 7, 1857

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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.

10. November 10, 1857 Arkansas True Democrat Little Rock, AR
Article from Arkansas True Democrat, November 10, 1857

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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.

11. November 19, 1857 Fayetteville Observer Fayetteville, TN
Article from Fayetteville Observer, November 19, 1857

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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