20011. Bank of the State (Columbia, SC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 1, 1870*
Location
Columbia, South Carolina (34.001, -81.035)

Metadata

Model
gpt-5-mini
Short Digest
359ca129

Response Measures

None

Description

Articles (Dec 1870) report the Bank of the State's assets 'now in the hands of the receiver' and ongoing court litigation over claims. No article describes depositor runs; the bank is in receivership, indicating it suspended and remained closed/under receiver. Cause categorized as government_action because a receiver has been appointed and assets are in receivership.

Events (2)

1. December 1, 1870* Suspension
Cause
Government Action
Cause Details
Bank's operations were halted and assets placed in a receiver's hands amid litigation over claims (Dabney, Morgan & Co. v. president and directors of the Bank of the State).
Newspaper Excerpt
the assets of the bank now in the hands of the receiver
Source
newspapers
2. December 6, 1870 Receivership
Newspaper Excerpt
the assets of the bank now in the hands of the receiver. They are claimed ... by the depositors of the bank, represented by Messrs. McCrady & Son . . . The argument in the case of Dabney, Morgan & Co., against the president and directors of the Bank of the State, was continued to-day ... the assets of the bank now in the hands of the receiver . . . the amount involved is about one million dollars, being the assets of the bank now in the hands of the receiver. (Charleston Daily News, Dec 7, 1870; telegraphed from Columbia, Dec 6.) }
Source
newspapers

Newspaper Articles (2)

Article from The Charleston Daily News, December 7, 1870

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Article Text

THE STATE CAPITAL. THE SENATORIAL CONTEST. M. C. Butler the Conservative Candidate -Robertson Likely to be ElectedDabney, Morgan & Co., vs. Bank of the State-$20,000 More Tax for Charleston County. [SPECIAL TELEGRAM TO THE NEWS.] COLUMBIA, December 6. SENATORIAL ELECTION. The election for senator commenced in the House and Senate ac 12 o'clock to-day. But little interest seemed to be manifested, the ballotting being or an informal nature. In the Senate nine ballots were taken, no one gettinga majority. First ballot : Robertson, 7; M. C. Butler, 8; Cardozo, 5; Chamberlain, 5; Moses, 1; Delaney, 1. Ninth ballot: Chamberlain, 4; Butler,7; Cardozo, 6; Robertson, 8; Moses, 1; Montgomery, 1. As decided in cancus last night, the Conservative members cast their vote solld for General Butler. A caucus is being held to-night to decide upon the candidate to receive the Conservative vote. In the House, many speeches were made. Whipper withdrew, as he said, on account of inAgences he was not able to cope with. Two ballots were taken. First ballot: Robertson, 37: Moses, 31; Butler, 17; Cardozo, 27; Delaney, 4; Chamberlain. 2; the latter was' withdrawn. Second ballot: Robertson, 40; Moses, 34; Butler, 22; Cardozo, 20; Delaney, 3; Chamberlain, 1. Robertson and Moses are now the prominent candidates. The friends of Pearce will, doubtless, bring him out to-morrow. Great interest is manifested in the Conservative vote. It is stated by responsible parties to-night that Cardozo has withdrawn in favor of Moses, LOUSE A bill was introduced by Henderson amending the general election law so that votes must be counted at the close of elections, and the result announced by the county canvassers in four days. Notice was given of a bill to authorize the Charleston county commissioners to levy 8 tax of twenty thousand dollars. SENATE. Hayes introduced a bill to repeal the bastardy laws. A concurrent resolution, fixing Saturday, the 10th instant, for the election of an associate justice and a judge of the First Circuit, was passed. A resolution was passed authorizing the attorney-general to call to his assistance two solicitors to aid him in the preparation of legislative papers during the session. SUPREME COURT. The argument in the great case of Dabney, Morgan & Co, vs. the president and directors of the Bank of the State, win commence to-morrow before the Supreme Court. The amount involved is about one million dollars, being the assets of the bank now in the hands of the receiver. They are chaimed, 1st, by the billholders, represented by Messrs. A. G. Magrath and William Whaley; 2d, by Baring Brothers & Co., sterling bondholders, represented by Messrs. J. B. Campbell and I. W. Hayne; 3d, by the fire loan stockholders in America, represented by Messrs. Henry Buist and Thomas Y. Simons; 4th, by the depositors of the bank, represented by Messrs. McCrady & Scn. Indictments against the Laurensville prisoners were given to the grand jury to-day. No action has been taken.


Article from The Charleston Daily News, December 22, 1870

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Article Text

THE FIRE LOAN DEBT. A MOVEMENT TO ENJOIN ITS PAYMENT. Action of the House-The Excitement in Columbia. SPECIAL TELEGRAM TO THE NEWS.] COLUMBIA, December 2R. The argument in the case of Dabney, Morgan & Co., against the president and directors of the Bank or the State, was continued to-day by Measra. I. W. Hayne and J. B. Campbell. The court took the briefs of the argument of the Hon. Thomas Y. Simons and Mr. Buist. The only question now is whether the State will pay the fire loan debt or repudia.e it. The House of Representatives, to-day, passed a resolution reenhing that the committee of ways and means take proper steps to enjoin the payment by the stock until the case now pending before the court be decided. This action creates great excitement here. The House resolution was referred to the committee on finance in the Senate. The Senate will, without doubt, decide adversely to the resoJution, upon the ground that as the financial board of the State has ordered the payment of the fire loan debt, it will be paid by the State. The action of the House in suspending the payment is a striking movement. The legislative appropria ion bill has been ratified-but the Governor refuses to sign it, and the sharpers will have a chance to make commissions on the pay accounts. The following 18 the resolution regarding the fire loan debt adopted by the House: Resolved, That the committee of ways and means be instructed to take such legal proceedings as they may think necessary to prevent the payment of the fire loan stock, should any attempt be made by any financial agent of the State to pay them. In the House, a bill was introduced to grant the people generally the right to dig phosphates; resohation by Reedish, that the land commissioner be requested to report his transactions to the House by the 6th of January, or be dealt with according to law. Notice of bills: Andell, to empower the school commissioner of Charleston County to build school-houses; Logan, to provide for the rural poor of Charleston County; Henderson, protecting minors and orphans.