Bank of Hamburg - Hamburg, SC

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: September 1, 1838
Location: Hamburg, South Carolina (33.480, -81.958)

Metadata

Model: gpt-5-mini
Short Digest: 70e35248

Response Measures

None

Description

Article (Edgefield Advertiser, 1838-08-16) announces resumption of specie payments Sept 1, 1838, after a prior suspension. No run or depositor panic is described. The suspension likely dates to the general 1837–38 suspension of specie payments (macroeconomic shock), but the article does not give a precise suspension date.

Events (2)

1. September 1, 1838 Reopening

Newspaper Excerpt: We understand the Bank of Hambarg will resume Specie Payments Sept. 1st and also ... will pay out Hamburg Bill- for the purposes of buving the produce of the country as it may be sold in the Hamburg market.
Source: newspapers

2. * Suspension

Cause: Macro News
Cause Details: Refers to the prior general suspension of specie payments (context of 1837-38 financial disturbances) rather than a depositor run or bank-specific scandal
Newspaper Excerpt: since the Suspension, this Bank has never charged over perci. for checks on Charleston
Source: newspapers

Newspaper Articles (1)

1. August 16, 1838 Edgefield Advertiser Edgefield, SC

Article from Edgefield Advertiser, August 16, 1838

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Article Text

Resumption of Specie Payments.-We understand the Bank of Hambarg will resume Specie Payments Sept. 1st and also which is very desirable ) will pay out Hamburg Bill- for the purposes of buving the produce of the country as it may be sold in the Hamburg market. Weaksonnderstand that the Bank is, as usual. check ing on New York and Charleston at a mederate rate of Exchange. 11 affords us pleasure to state that since the Suspension, this Bank has never charged over perci. for checks on Charleston whilst the Banks in Augusta charged 4 per cent. and the rates for Northern funds at the Bank of Hamburg have usually been at the rates charged in Charleston. For an Institution to stand up to its obligations on terms so much more lavorable to the Bill holders in the face of neighboring institutions of much larger Capital, which were flooding the country with their bills, and not redeeming them but at extravagant discounts, shows not only great ability. but a sense of moral obligation which should not be forgotten by the Community. W e may say with some degree of confidence, that the Banks generally of the country, will soon resume. In all quarters the matter is seriously discussed, and in many instances an early day has been already fixed upon. There is no reason we believe, in distrust the soundness of the Institutions of our State. Volumes have been written upon the causes of the suspension, and we suppose