19960. Planters & Mechanics Bank (Charleston, SC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
November 29, 1860
Location
Charleston, South Carolina (32.777, -79.931)

Metadata

Model
gpt-5-mini
Short Digest
087a6fa8

Response Measures

None

Description

Contemporary reports (Nov 1860) state the Planters & Mechanics Bank 'will suspend to-morrow' as part of multiple South Carolina banks suspending specie payments. The articles mention suspension but give no information on runs, receivership, or permanent closure. Outcome (reopening vs permanent closure) is not stated; I classify as suspension_reopening as a working choice because only a suspension is reported and there is no evidence of receivership or permanent failure in the provided texts. Bank type set to 'private' because name contains no 'State', 'National', or 'Trust' and predates the National Bank Act (1863).

Events (1)
1. November 29, 1860 Suspension
Cause
Macro News
Cause Details
Part of a wave of suspensions by multiple South Carolina banks suspending specie payments in late November 1860 (wider political/financial crisis).
Newspaper Excerpt
The Planters' and Mechanics' Bank will surely suspend to-morrow.
Source
newspapers

Newspaper Articles (2)
1. November 29, 1860 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, November 29, 1860

Click image to open full size in new tab

Article Text

DOMESTIC INTELLIGENCE. Bank Suspensions in Charleston. CHARLESTON, Nov. -The State Bank of South Carolina, the Bank of the State of South Carolina and the Railroad Bank, all suspended specie payments to-day. The Planters' and Mechanics' Bank will surely suspend to-morrow. New York Money Market. NEW YORK, Nov. 28.-The money market is lightening up, and transactions are carried on with more energy. Sterling exchange ruled firm to-day at 105, the asking price for bankers' bills. Sterling Bxchange. NEW YORK, Nov. 27.-Sterling rules steady, with a fair demand. Bunkers' bills are selling at 103@ 104, and commercial do. at 101@102. Action of the Georgia Brokers. AUGUSTA, GA., Nov. 27.-The money brokers here refuse to buy bills on all banks outside the State of Georgia. Bank Suspension in Macon, Ga. MACON, GA., Nov. 27.-The Manufacturers' Bank of Macon has suspended specie payment, and will probably wind up.

2. November 29, 1860 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, November 29, 1860

Click image to open full size in new tab

Article Text

Failure of the South Carolina Banks-Free States "Repudiated." CHARLESTON, S. C., Nov. 23 -The Bank of the State of South Carolina and the Railroad Bank have suspended. The Planters and Mechanics Bank will suspend to morrow. Several candidates to the disunion convention, over their signatures, repudiate any free state joining the southern confederacy.