20025. Exchange Bank (Columbia, SC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 12, 1857
Location
Columbia, South Carolina (34.001, -81.035)

Metadata

Model
gpt-5-mini
Short Digest
5d8a70fd

Response Measures

None

Description

Multiple contemporaneous newspaper reports (Oct–Nov 1857) list the Exchange Bank of Columbia among banks that have suspended specie payments during the Panic of 1857. No article in the provided set reports a reopening. Cause is attributed to the broader financial panic/news of bank suspensions (news from New York and regional contagion). Date of suspension taken as 1857-10-12 where early reports list it; Comptroller's official list dated Oct 28 confirms suspension. If more records show later resumption, classification may need updating.

Events (1)
1. October 12, 1857 Suspension
Cause
Macro News
Cause Details
Suspension occurred amid the widespread financial panic of October 1857 — reports of multiple New York bank suspensions and general loss of confidence led to banks in South Carolina suspending specie payments.
Newspaper Excerpt
CHARLESTON, Oct. 12.-The S. W. R. R. Bank and Bank of South Carolina have suspended. Exchange Bank of Columbia, and Planters Bank of Fairfield notes not taken on deposit.
Source
newspapers

Newspaper Articles (8)
1. October 14, 1857 Daily Nashville Patriot Nashville, TN
Article from Daily Nashville Patriot, October 14, 1857

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Article Text

BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] NEW YORK, Oct. 12.-Cotton quiet. Flour dull. Wheat firm. Corn and lard heavy. Mess pork $22 30. Whisky 20a21. NEW YORK, Oct. 12.-Edward N. Archibald is appointed British Consul here. The sailing of the Atlantic is postponed to the 24th. WASHINGTON, Oct. 12-U. S. Stocks redeemed at the Treasury to day amount to three quarters of & million. The Bowery and Savings Banks of New York received $607,000. The entire amount redeemed is three millions. A half million is now out. NEW YORK, Oct. 12-The Bank statement shows an increase of specie $76,000. Decrease in loans four millions and eighteen thousand. Decrease in circulation 392,000. Decrease in deposits four millions six hundred and seventy-seven thousand. Sr. LOUIS. Oct. 13 -Gen'l Smith convenes a Court Martial at Fort Leavenworth on the first of November, for the trial of Col. Summer. The charges are not stated. The Legislature of Missouri meets Monday. There is confidence that provision will be made to pay the interest on the State debt January next. NEW YORK, Oct. 13 -The Steamer Empire Ciiy hence to Fall river, Massachusetts, struck the rocks at Hell Gate, and returned leaking. Her passsengers, freight and baggage, were saved. The Steamers Commodore and Matamoras collided on the Hudson river. The latter sunk; all but eight passengers saved. NRW YORK, Oct. 13.-Nothing doing in freight or exchange. Business unsettled. Money tighter. Affairs gloomy. RICHMOND, Va., Oct. 13-The Custom-house here was entered by robbers and $15,000 in double eagles stolen. The robbers left 46,000 dollars behind. NEW York, Oct. 13.-The following banks of this city suspended this morning: The Marine, Pacific, Irving, Merchants' Exchange, North River, New York Exchange, Citizens, and Ocean Bankeight in all. E. Fisher & Co., and Brown & Cain have suspended. The Cheatham and Bullheads banks have suspended. CHARLESTON, Oct. 12.-The S. W. R. R. Bank and Bank of South Carolina have suspended. Exchange Bank of Columbia, and Panters Bank of Fairfield notes not taken on deposit. NEW ORLEANS, Oct. 13.-The Granada with Havana dates of the 10th has arrived. The Northern Light takes a million and a quar ter. The Granada experienced a gale on the 3d and 4th. She alterwards saw & wreck, but the name was undiscernable. CALIFORNIA-Wellers majority over both candidates is eleven thousand. The Legislature is largely Democratic. Bates, the ex-treasurer, and Rowe, bis clerk, have both been committed to jail in default of bail. Chief Justice Murray is dead. Col. Casey, of Tennessee, was killed in a duel with Mr. Blair. The overland mail from San Antonia, Texas, reached San Diego on the 31st of August. All well. A report of the assassination of Alvarez, at Colina, Mexico, reached San Francisco. Disturbances occurednear the boundary of Lower Colifornia, between the Americans and the Authorities. A company is fitting out at San Diego, to assist the Americans. It is considered a fillibuster movement. It is reported that Gov. Castro, of Cower California is fearing a revolution. His own people having joined the Americans. Slight shocks of an earthquake was felt near San Francisco. The Constitutional Convention of Oregon was in session. Slavery was slightly agitated. California markets dull. Accounts from the Mines are good. PERU-The English and French fleets have left Chincha Islands, placing them on the mercy of Vivanco. The murderer of Sullivan has been discovered to be a hired bravado. He has not been arrested: His employers are yet unknown. Nothing important from Central America. NEW ORLEANS, 13.-The Louisiana Savings Bank has closed. It was a small affair. A meeting of the marchants is being held tonight. Co ton-Sales $,000 bales. Still lower, at 91a10. Stock 108,000 bales. Decrease in receipts 88,000 bales. Decrease at all ports 130,000 bales. No movement in exchange. Affairs are gloomy and depressed. The news of suspensions in New York caused an uneasy feeling. Gen. Heningsen arrived to-day. Gen. Walker's movements will probably be determined on in a day or two. NEW YORK, Oct. 18-Additional bank suspensions: Market, St. Nicholas, Tradesmans, Artizans, Butchers and Drovers, and the Bank of New York. It is feared that a general suspension is inevitable. Several of the old Banks announce their ability and determination to pay specio, BOSTON, Oct. 13.-George T. & W. Lyman, China Merchants have suspended. HARRISBURG, Oct. 13.-The relief bill as passed by the House fixes the third of April next for redemption. NEW YORK, Oct. 18.-Cotton quiet; Flour 4 25 a4 55; Wheat, white 1 20a1 35, red 1 10a1 20; Corn heavy; Mess Pork 22 25; Lard advanced c; Whisky 20; Tobacco 8 to 17c. CINCINNATI, Oct. 13.-Flour exchanged; Oate 30; Whisky 14a144. Business is neglected on account of the news from New York.

2. October 21, 1857 The Lancaster Ledger Lancaster, SC
Article from The Lancaster Ledger, October 21, 1857

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" orst, and you are forced to r: silver by the sacrifice, maybe, operty, we much mistake your e spirit it these monied monopolie made to redeem their liabilitie extent of their means. If : to be submitted to, let at co the assets of those Banks as ! The cotton crop of the South i as a protection to her ag stean and if the Banks all suppose planters are to be p a depreciated paper currency ; eciated to some extent, it must taking the most favorable view cannot give a better illustratio does the following extract opposed to general suspens Charleston News, and with thi will close our remarks for the "Consider the effects of suspens is, an instantaneous and univ eciation of Southern currency and Southern credits. If the be ten per cent, it is a deac deducted from the value of the the South. A man buys coit planter, and ships it to Eng his Sterling Bill upon it, S of the suspended banks. receive eciated paper money which he pa) The Cotton when it reach IS as good as gold, but the which the planter has exchang per cent below gold. This is and the planter with a veng it again. The sterling bills dra suspended quarter, being mere I partake of the depreciation credit of that section. H price which the buyer of the for them. must be made up to pressing to that extent the price of The Banks, to enable thems will make every effort I profits on the safest investme erefore every effort to depress to Bills. And they also know 1 they can keep them, the mor promptly will specie flow he trope to speculate in them-of will hoard as much ns they et their depreciated paper money the office of currency." S.-We learn by Monday's suspensions in this State anters and Mechanics Bank and and Exchange Bank of Charles Exchange Bank of Columbia. in reference to the Planters irfield, is confirmed. We sho ntioned that the Bank of H spended at an early period of la Banks in Charleston-the arleston, the State Bank and th stood firm up to Saturday las embers of the Legislature from held a meeting to consider the and though it seems that it of them, they refused to receipt Banks to suspend. They acte representatives of the people, the consistently advocate a measur benefit a few at the expense For the failures and suspensions we refer to the telegraphic thered from our exchanges, w blish in another column. The No it will be seen, have all gon and at last, though they stood no forced to it ;an example, we thin Banks would have done well lowed, and perhaps the end w not have been reached.

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

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Article Text

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.,

4. 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

5. November 5, 1857 The Abbeville Banner Abbeville, SC
Article from The Abbeville Banner, November 5, 1857

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COMPEROLLER GENERAL'S OFFICE, I Columbia Oct. 18, 1857. 5 Messrs. Editors:-Allow 1:1- 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 Baxs.-Bank of the State of Soath Carolina, Branch Bank of the State at Columbia, Branch Bank of the State at Canden, South-western Railroad Bank, Planters and Mr. chanies' Bank. Bank of South Carolina, Farmers' and Exchange Bank of Charleston, Bank of Ham burg, 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 papers. As to the solveney of our banks, there is not one of them but have assets abundantly sufficient to meet their liabilities. Very respectfully, Your obt seri, J. D. ASHMORE, Compt'r Gen'l. Carolinian

6. 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.

7. 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

8. 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