19988. Bank of Chester (Chester, SC)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
October 18, 1857
Location
Chester, South Carolina (34.705, -81.214)

Metadata

Model
gpt-5-mini
Short Digest
08662fcf

Response Measures

Full suspension

Other: Listed among statewide suspended banks in official circulars; directors pledged private fortunes to reassure public.

Description

Contemporary articles (Oct–Jan 1857–58) describe heavy distrust/withdrawal pressure on the Bank of Chester (directors pledged private fortunes) and report its bills being refused by other banks. By Jan 1858 the Comptroller General lists the Bank of Chester among Bills of Suspended Banks, indicating it was suspended by that date. There is no clear newspaper item here describing a reopening or formal receivership, so I classify as run -> suspension with uncertain final disposition.

Events (2)
1. October 18, 1857 Run
Cause
Local Banks
Cause Details
Other local banks (Augusta banks) refused to accept Bank of Chester notes, prompting distrust and heavy withdrawals; directors publicly pledged private fortunes to redeem bills.
Measures
Directors published a card pledging their private fortunes for the redemption of the bank's bills; public assurances given.
Newspaper Excerpt
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 board of Directors have come out in a card pledging their several private fortunes for the redemption of the bills of the said bank.
Source
newspapers
2. October 20, 1857 Suspension
Cause
Macro News
Cause Details
Part of the widespread 1857 money panic and coordinated suspensions of specie payments by banks in the region/state; Bank of Chester's notes were distrusted and by Jan 1858 were listed among suspended banks.
Newspaper Excerpt
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. ... The Bank of Chester ... (mentioned among banks affected).
Source
newspapers

Newspaper Articles (7)
1. October 20, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 20, 1857

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The amount of money in the Treasury subject to draft is $12,806,831, a reduction from the previous week of upwards of $2,500,009, The receipts of the week amount to about $796,000. A dispatch, dated Boston, Oct 17th says The result of the Bank Directors' meeting to day authorizes an increase of loans to the Amount of about three millions, which will probably ease the pressure somewhat next week. In stocks prices are better, and more orders for investments were coming in. The N. Y. Commercial Advertiser, of Saturday evening, says: We do not find much change in the aspect of the street this morning. We think that things generally are working toward improvement. The embargo on trade isgradually waxing less severe. From the West we learn, in well informed quarters, that produce is being forwarded in large quantities. Parties with some means are on the spot making the necessary advances, and shipping it for the seaboard.Agents from some of our mercantile firms arealso receivingithe amounts due in grain,and forwarding it to the market, and will thus probably expedite materially a realization of a portion of the indebtedness to them. The Directors of the Bank of Chester, S. C., have published a card, pledging their private fortunes for the redemption of the Bank's bills. Their united property is estimated at $500,000 to $1,000,000. The Bank of Charleston, 8. C., has issued the following bulletin: This Bank will continue specie payments. All Bank Notes current in the city will be received in payment and on deposit, by this Bank, and depositors are requested to draw their checks payable in current funds. Checks on New York will be furnished at par for the Bills of this Bank. Depositors may, at their option. receive Certificates for Deposits now at their credit, bearing interest at the rate of seven per cent. per annum, redeemable in coin, at not less than three nor more than six months. For the protection of the public, this Bank will receive Current Funds for the payment of debts due the Bank. add for all Collection Paper received from other Banks, and will furnish similar funds only for payments to other Banks. This (says the Charleston Courier) represents practically and 8 tisfactorily the course and policy adopted by the Union Bank and the State Bank of this city-these being the three Banks that continue in the full exercise of their functions. NORTHERN MARKETS. NEW YORK, Oct. 19.-Flour has declined State $4.75@4 85; Ohio 15@5.75; Southern $5.50@5.85 Wheat sadvanced White 30@1.40. Corn dull andquotations nominal. Stocks generally higher. Virginia 6's 81. BALTIMORE, Oct. 19.-Flour firmer; Ohio and Howand street advanced 12 cents. Wheat active, at an advance of 5 to 10 cents: white $1.20@1.35, red $1.10 @1.15. Corn steady; white 64@68 cents, yellow 66(a) 70 cents. RICHMOND MARKETS, OCT. 19. There is little doing in our market. The revulsion has locked up things, and time will be necessavy for their release. We observe at last a slight movement in Flour for the North, on account of the millers-no sales having been made here as yet. The high price of Exchange en New York-now 8@10 per cent. premium-it appears, should stimulate shipments, as a means of making remittances. The money market is depressed, but has experienced considerable relief since the suspension, from the reception by the Banks of those Virginia Bank notes that they had for some time refused to take on deposit We think the pressure has reached its lowest point, and we may hope for a gradual restoration of contidence and of trade to its former activity and prosperity. TOBACCO-The receipts of Tobaccoare very small, also the breaks, for the last two days. There have been no hhds. offered for sale; also, some few parcels of new primings, with some few lots of Leaf The sales of hads. on Friday last, showed some little improvement in prices. We quote inferior Lugs at $1.50@5; good 25@5.75. Inferior Leaf $6.25@7; good $7.50@8.50@9.50; fine $10.50@12. No fine shipping in market. FLOUR.-No sales to quote. We note that there are some limited shipments on owners' Account to New York-the high price of Exchange affording inacements that will likely give a forward movement to Flour and produce generally. WHEAT.-There is no change in our quotations. but the market is ver! buoyant. Good to prime Red $1.15@1.20: do. White $1.25@1.30. CORN-Market steady at 85c. OATS-30@35c. per bushel. BACON.-There is no change in the Bacon market. The stock on hand is very light, and the little that arrives is stiff at former quotations: Shoulders 14½ 15c.; Sides 17½@18c.; Hams 16@18c., for plain and fancy-nominal, since there are hardly any in first hands. SUGARS-Have declined a little. We quote Cuba 8 to 9½c; Loaf 13@13½c.; Crush d and Pow dered 12 @12½c; C. Coffee He.; B. Coff 11½c; A; Coffee 12c Nochange in Coffee or any other article in the aro-

2. 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."

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

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THE KEOWEE COURIER. The Money Panic. THE HERMITAGE.-Gov. Johnson, of TenPennings and Clippings. The condition of monetary affairs are no nessee, reports the purchase for the State of NEW ADVERTISEMENTS-There are a numbetter. The pressure, in fact, has become the Hermitage, and its tender to the Federal ber of new advertisements in our columns general, and many of our own banks have Government. In case the tender is not acIt is this week, to which the attention of the pubbeen forced to suspend specie payment. The cepted, the Governor recommends that the I am f lic is directed. Bank of Charleston, Union Bank, and the property be retained as a residence for the catego State Bank, in Charleston, and the CommerCorron.-This staple is only now bringing future Governors of the State. theref 12 cents por pound in Charleston. But a few cial Bank, in Columbia, the Bank of Chester, GETTING FRIGHTENED.-Gov. Fletcher, of torial = and the Bank of Newberry, continue to reweeks since it reached as high as 16 cents! Vermont, in his recent message to the Legisladeem their bills in gold and silver. The bills THERE'S AN EXAMPLE FOR You.-A numprogre ture expressed the fear that slavery would be of the suspended banks, however, continue ous, al ber of young ladies in Salem, Mass., having introduced into that State. The Boston Post to be taken as heretofore, and are thought to considered the state of the money market and somet] says that the Green Mountains which make be perfectly good. determined not to pay ten or twenty dollars stand up that State, are in winter white as snow, The extravagant speculation of the people, for a winter bonnet, have set about making that p but Gov. Fletcher is an evergreen. bonnets for themselves. suporinduced by the extraordinary expansion are co of our bank currency, has been the prime CHICAGO, Oct. 12 -A destructive fire broke NUMBER OF BANKS IN THE UNITED STATES. velope cause of the pressure, and inflated the price out yesterday morning in State street, desThe number of Banks in the Union, on Janmake of almost everything to an extent perfectly troying the entire block between Monroe and uary 1, 1857, was 1,255, with 143 branches. banner alarming. Revulsions, sometimes periodical, Adams streets. The buildings were mostly Their capital was $443,874,272; loans and are the fruits of such folly, and, disguise it those frame. The loss by the fire is estimated at discounts, $634,783,280; specie, $59,314,063; as we may, we are now in the midst of one, $125,000. there = circulation, $195,747,950; deposits, $212,705, founde whose pent up fury had best be reckoned by THE LAST OF Ir.-We have to announce an662. The amount of capital employed by distric the death-like inactivity and apathy that now other incident in the Burdell murder case, private banking establishments, without char of the prevail in business circles. which has furnished New York with an exters, was estimated at $118,086,000 man, I The recent monthly statement of the banks oitement that endured unprecedentedly long. worke to the Comptroller General is suggestive of THE LIFE OF NATIONS.-The natural life of Mrs. Canningham, who has been undergoing old ma future difficulty and trouble. The circulanations, as well as of individuals, has its fixtrial, failed to appear at Court on Tuesday, things tion of bills of all the banks of the State is ed course and term. It springs forth, grows and her counsel says he has no knowiedge of men., $7,105,170, and the specie in their vaults, for up, reaches its maturity, decays, perishes. her whereabouts. sician, the redemption of these bills, is set down at have a Con. PRESTON.-The friends of Col. Preston HORRIBLE TRAGEDY IN ARKANSAS.-The $999,3991 The times are pregnant with evils a WA will press his claims for the post of U.S. SenBastrop (Texas) Advertiser of the 23d ult. of almost every character, but none can effect should ator before the Legislature this winter. says that on the 14th, Mrs. IIill, a widow, rethe country SO seriously as the present alarmflag h siding near Berlin, Arkansas, and a negro ing condition of monetary affairs. it a lit BOSTON, Oct. 10.-A stranger stopping at

4. December 26, 1857 Keowee Courier Walhalla, Pickens, SC
Article from Keowee Courier, December 26, 1857

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Districts. 38. An Act to raise supplies for the year commencing in October, one thousand eight hundred and fifty-seven. 39. An Act to make appropriations for the year commencing in October, one thousand eight hundred and fifty-seven. # An Act For the suspension of Certain Sections of Certain Acts, and for other purposes. 1. Be it enacted by the Senate and House of Representatives now met and sitting in General Assembly, That the operation of the second section of an Act, entitled "An Act to provide against the suspension of specie payments by the Banks of this State," ratified on the 18th day of December, 1840, be, and the same is hereby suspended until the 1st day of January, 1859, on the express condition that no execution issued upon judgments already obtained or hereafter to be obtained by any of the non-specie-paying banks, shall be enforced until such bank shall resume specie payments; Provided, nevertheless, That each debtor against whom the banks may have obtained judgment and issued execution thereon, shall pay to the banks by whom they may be so indebted, interest upon the whole amount of the judgment recovered, at the expiration of every sixty days, from the passage of this Act, at the rate of seven per cent. per annum; and any debtor neglecting or refusing so to do, shall be deprived of the benefits of this Act: Provided, That if the property of the debtor be sold under an execution or executions of other creditors, the execution of the bank shall be entitled to the same lien and payment as now provided by law. 2. That the operation of the 5th section of an Act, entitled "An Act to regulate the Planter's and Mechanic's Bank of South Carolina, the Union Bank of South Carolina, the Commercial Bank of Columbia, South Carolina, and to incorporate the Exchange Bank of Columbia, the Farmer's and Exchange Bank, the People's Bank of Charleston, the Bank of Newberry, the Bank of Chester, the Bank of Sumterville, the Planter's Bank of Fairfield, and the Western Bank of South Carolina, at Anderson," ratified on the 16th day of December, 1852; and all clauses and sections of Acts re-enacting the provisions of the said section, and applying the provisions thereof to all or any of the Banks of this State, incorporated since the aforesaid Act, be and the same are hereby suspended until the 1st day of January, 1859. 3. That from and after the 1st day of January, A. D. 1860, if the bank notes issued by any bank, and in circulation or out of possession of the bank, shall at any time exceed, for more than thirty successive days, three times the amount of the gold and silver coin and bullion in possession of the bank as its property, and its banking house, such bank shall forfeit five hundred dollars for each and every successive day during which such excess shall continue, to be recovered by action of debt at the suit of the State; and in order that such excess, when it exists may be apparent, it shall be the duty of the President and Cashier of every bank of issue on Monday of every week, to transmit to the Comptroller General an account of the amount of bank notes of such bank in circulation or out of possession of the bank, on each and every day during the week ending on the next preceding Saturday, and also an account of the amount of gold and silver coin and bullion in the possession of the bank, as its own property, and at its banking house, on each and every day of the same week; which account shall be certified by the oath of the President and Cashier, taken before and certified by any Magistrate duly authorized to administer oaths; and any person swearing falsely to any such account shall be deemed guilty of perjury, and shall be subject to the pains and penalties thereof; and the Comptroller General shall, at least once in every month, collect the accounts of the daily state of their circulation and specie rendered by the several banks of issue, in conformity herewith, and publish the same, so collected, in some newspaper, in the following form: Daily state of circulation and specie of banks of issue in South Carolina, from the day of to the day of eighteen hundred and Name of Bank Name of Bank

5. January 14, 1858 Yorkville Enquirer York, SC
Article from Yorkville Enquirer, January 14, 1858

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Circular. OFFICE COMPTROLLER GENERAL, Columbia, January 12, 1858. To the several Tax Collectors of the several Districts and Parishes of the State of South Carolina: According to the provisions of the laws of this State, in such case made and provided, the Bills of Suspended Banks are not "receivable by the Treasurers, Tax Collectors and other public officors in payment for taxes and other moneys due to the State." You will therefore give at least thirty days notice through the public journal of your District, or otherwise, to the Tax Payers of your District or Parish, that the bills of the following Banks will only be received in payment of Taxes due the State, viz: The Commercial Bank of Columbia. The Bank of Charleston. The Union Bank of Charleston. The State Bank of Charleston. The Bank of Georgetown. The Merchants' Bank of Cheraw. The Bank of Camden. The Bank of Chester. You will also receive the Taxes, or any other dues to the State, in the Bills of the Bank of the State of South Carolina. Should any Tax Collector in the State refuse to obey the foregoing instructions, or present at the Treasury any Bills on other Banks than those above named, he will be dealt with according to law. J. D. ASHMORE, Comptroller General.

6. January 27, 1858 The Lancaster Ledger Lancaster, SC
Article from The Lancaster Ledger, January 27, 1858

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Circular. OFFICE COMPTROLLER GENERAL COLUMBIA, January 12, 1858. T the several Tax Collectors of the sev. Dictricts and Parishes of the State of South Carolina. According to the provisions of the laws of this State, in such case made and provided, the Bills of Suspended Banks are not "receivable by the Treasurers, Tax Collectors and other public officers in payment for taxes and other moneys due to the State." You will therefore give at least thirty days notice through the public journal of your District or Parish. that the bills of the following Banks will only be received in payment for Taxes due the State, viz : The Commercial Bank of Columbia. The Bank of Charleston. The Union Bank of Charleston. The State Bank of Charleston. The Bank of Georgetown. The Merchants' Bank of Cheraw. The Bank of Camden. The Bank of Chester. You will also receive the Taxes, or any other dyes to the State, in the Bills of the Bank of the State of South Carolina Should any Tax Collector in the State refuse to obey the foregoing instructions, or present at the Treasury any Bills on other Banks than those above named, he will be dealt with according to law. J. D. ASHMORE. Comptroller General. January 12, 1858. 50-4t.

7. February 3, 1858 The Lancaster Ledger Lancaster, SC
Article from The Lancaster Ledger, February 3, 1858

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Circular. OFFICE COMPTROLLER GENERAL, COLUMBIA, January 12, 1858. T eral several Tax Collectors of the seve Dictricts and Parishes of the State of South Caroli a. According to the provisions of the laws of this State, in such case made and provided. the Bills of Suspended Banks are not "receivable by the Treasurers, Tax Collec. tors and other public officers in payment for taxes and other moneys due to the State." You will therefore give at least thirty days notice through the public journal of your District or Parish. that the bills of the following Banks will only be received in payment for Taxes due the State, viz : The Commercial Bank of Columbia. The Bank of Charleston. The Union Bank of Charleston. The State Bank of Charleston. The Back of Georgetown. The Merchants' Bank of Cheraw. The Bar k of Camden. The Bank of Chester. You will 51so receive the Taxes, or any other dues to the State, in the Bills of the Bank of the State of South CarolinaShould any Tax Collector in the State refuse to obey the foregoing instructions, or present at the Treasury any Bills on other Banks than those above named, he will be dealt with according to law. J. D. ASHMORE. Comptroller General. 50-4t. January 12, 1858.