20118. Bank of Hamburg (Hamburg, SC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 14, 1857
Location
Hamburg, South Carolina (33.480, -81.958)

Metadata

Model
gpt-5-mini
Short Digest
e50cd0d5

Response Measures

None

Description

Multiple contemporary newspapers report the Bank of Hamburg (Hamburg, SC) suspended specie payments during the general panic of October 1857 and then quietly resumed specie payment on June 4, 1858. No discrete depositor run on this specific bank is described in the articles; the suspension was part of a widespread, general suspension by many banks in the state (Panic of 1857). Bank type not explicit in sources.

Events (2)

1. October 14, 1857 Suspension
Cause
Macro News
Cause Details
General monetary panic of October 1857; coordinated suspension of specie payments by many banks in South Carolina and elsewhere.
Newspaper Excerpt
BANK OF HAMBURG, S. C., SUSPENDED.-This Bank suspended on Wednesday last, just before the close of banking hours.
Source
newspapers
2. June 4, 1858 Reopening
Newspaper Excerpt
The Bank of Hamburg resumed specie payment on the same day. It has, we understand, been prepared to resume for some time, but was awaiting the action of the other suspended Banks.
Source
newspapers

Newspaper Articles (13)

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."


Article from Nashville Union and American, October 20, 1857

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LIST OF SUSPENDED BANKS. IN GEORGIA. Georgia Railroad and Banking Company, at Augusta. Union Bank, at Augusta. Manufacturers' Bank, at Macon. All the Banks in Savannah. SUSPENDED BANKS IN SOUTH CAROLINA. Bank of the State of South Carolina, at Charleston, with branches at Columbia and Camden. Bank of South Carolina, at Charleston. Bank of Hamburg, at Hamburg. Planters' and Mechanics' Bank, at Charlestsn. Farmers' and Exchange Bank, at Charleston. People's Bank, at Charleston. South-western Railroad Bank, at Charleston. This bank, we believe, has an agency at Tallahassee, Florida.


Article from Edgefield Advertiser, October 21, 1857

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THE MONETARY PANIC. BANK OF HAMBURG, S. C., SUSPENDED.-This Bank suspended on Wednesday last, just before the close of banking hours. It has always stood high in the public confidence, and we doubt not its ultimate solvency. NEW YORK, October 14.-Agreeably to the resolutions passed last night by the banks, all those that held out yesterday suspended specie payment this morning. Thus, general suspension exists. What will be done, or how the banks will escape the restrictive clause of the State Constitution, and avoid going into liquidation, is not yet known. Matters at present, as regards exchanges, currency, &c., are very much unsettied. The money market, however, is considered easier, and it is thought the crisis has passed. Stocks on the street are affected at lower rates, and with greater ease. No failures of moment reported to-day. Business is improving-some time must elapse before they will become settled. BOSTON, October 14.-The banks of this city have all agreed to suspend specie payments. It is believed suspension will be general, not only throughout Massachusetts but the entire New England States. There is more case in the money market; confidence is being restored, and business improving. TRENTON, N. J., October 14.-The banks here have all suspended. There is no excitement. ALBANY, October 14.-The banks of this city have all resolved on an immediate suspension. They will take the notes of all the country banks at par. THE SUSPENSION IN New YORK.-A private despatch received in Charleston says that evething in New York is better for the suspension, and another despateh says that the banks are continuing their business as usual.


Article from Wilmington Journal, October 23, 1857

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We see by the papers from the South by this m orning's mail, that several of the Banks of Georgia have followed in the wake of a large number of other Southern Banks. Those mentioned are, the "Union Bank" of Augusta, the "Manufacturers' Bank" in Macon. Public meetings had been held in Augusta and Savannah, requesting the banks to suspend. The Bank of Hamburg, (S. C.,) has also suspended. In the Northern and Western States'the suspensions are so numerous that we had as well sum them all up in a lump. Everything in the shape of a bank seems to be in a state of suspension. So we go-one day up-next day down. This is a great age. The Bank of Louisiana has suspended. It is no use in mentioning names any longer-we had as well give up the ship at once, and tell the truth as we verily believe it is. The whole country is in a state of suspension We have a strong notion of following suit, and don't know but we would do so, were it not that our customers will keep poking the paper bullets. at us. We can't help taking them. Somehow we have a sort of propensity to take anything and everything we can get that will pay as we go. Bring the nasty things ni, gentlemen--don't stop because the Banks have set the example. We have not concluded to suspend receipting our bills to our customers for any Bank bills that are not counterfeit. Bring them to us-we want them at par-we are not afraid.-Daily Journal, 16th inst.


Article from The Winchester Home Journal, October 24, 1857

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Suspended Banks. The following is a list of suspended banks in Georgia: Union bank, at Augusta. Manufacturer's bank, at Macon, All the banks in Savannah. The following is a list of suspended banks in South Carolina: Bank of the State of South Carolina, at Charleston, with branches at Columbia and Camden, Bank of South Carolina, at Charleston. Bank of Hamburg, Planters' and Mechanics' bank, at Charleston, Farmers' and Exchange bank, Charles. ton. People's bank, Charleston, South-western Railroad bank, Charleston.


Article from Fayetteville Observer, October 29, 1857

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List of Suspended Banks. IN GEORGIA. Georgia Railroad and Banking Company, at Augusta. Union Bank, at Augusta. Manufacturers' Bank, at Macon. All the Banks in Savannah. SUSPENDED BANKS IN SOUTH CAROLINA. Bank of the State of South Carolina, at Charleston, with branches at Columbia and Camden. Bank of South Carolina, at Charles. ton. Bank of Hamburg, at Hamburg Planters' and Mechanics' Bank, at Charleston. Farmers' and Exchange Bank, at Charleston. People's Bank, at Charleston. South-western Railroad Bank, at Charleston. This bank, We believe, has an agency at Tallabassee, Florida. A CANDID ACKNOWLEDGMENT OF AN UNDOUBTED TRUTH-At a meeting of the proprietors and managers of the Western Railroads, held a few days ago in Columbus, Ohio, a debate arose concerning the affairs of the roads, when one of the members remarked "that the milroads of the country never could repay, if they were disposed, the debt due to the newspaper press for its powerful aid when the idea of a. railway had to be explained and popularized-the public benefitsshown, and the people induced to come forward and associate for the purpose of accemplishing the great works that now need no advocate." The same gentleman, in concluding a speech on the subject, said, "he could not forget the amount of unpaid labor performed in the infancy of railway building by the only men who could reach the popular ear and the popular heart in the most effective manner." We believe, (with the Alexandria Gazette,) that in regard to many of the railroads of the country, they owe their inception, progress, and completion, mainly to the exertions of the newspaper.


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


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.


Article from Arkansas True Democrat, November 10, 1857

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NO. 5. List of Suspended Banks. IN GEORGIA. Georgia Railroad and Banking Company, at Augusta. Union Bank, at Augusta. Manufacturers' Bank, at Macon. All the Banks in Savannah. SUSPENDED BANKS IN SOUTH CAROLINA. Bank of the State of South Carolina, at Charleston, with branches at Columbia and Camden. Bank of South Carolina, at Charleston. Bank of Hamburg, at Hamburg. Planters' and Mechanics' Bank, at Charleston. Farmers' and Exchange Bank, at Charleston. People's Bank, at Charleston. South-western Railroad Bank, at Charleston. This bank, we believe, has an agency at Tallahassee, Florida.


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


Article from Edgefield Advertiser, June 16, 1858

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RESUMPTION OF THE SOUTH CAROLINA BANKS. "The suspended Banks of this city," says the Charleston Evening News of the 8th inst., "quietly resumed specie payment this morning. "The notos of the suspended country Banks are now and will be redeemed by their correspondent Banks here, which makes the resumption general throughout the State. "This wise anticipatory movement was at the instance of the Bank of the State of South Carolina, the private Banks promptly concurring. "No pressure or run is anticipated. The quantity of specie in the vaults of our Banks never was S0 great, and more is daily expected. The circulation of Bank notes never was in proportion inore limited, and being wanted for currency will not return. In a few days, from present appearances, coin and exchange will be at a drug in our market." The Bank of Hamburg resumed specie payment on the same day. It has, we understand, been prepared to resume for some time, but was awaiting the action of the other suspended Banks.


Article from The Lancaster Ledger, June 16, 1858

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Bank Resumption. We learn from the Charleston Evening News that the banks of that city quietly resumed specie payment on Tuesday 4th inst. The Bank of Hamburg has also resumed. The News says: "The notes of the suspended country banks are now and will be redeemed by their correspondent banks here, which makes the resumption general throughout the State. This wise and anticipatory movement was at the instance of the Bank of the State of South Carolina, the private banks prompts ly concurring. No presaure or run is anticipated. The quantity of specie in the vaults of our banks never was 80 great, and more is daily expeeted. The circulation of bank notes never was in proportion more limited, and be. ing wanted for eurrency will not return.-In a few days, from present appearances, coin and exchange will be at a drug in our market."


Article from The Lancaster Ledger, June 16, 1858

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Bank Resumption. We learn from the Charleston Evening News that the banks of that city quietly resumed specie payment on Tuesday 4th inst. The Bank of Hamburg has also resumed. The News says: "The notes of the suspended country banks are now and will be redeemed by their correspondent banks here, which makes the resumption general throughout the State. This wise and anticipatory mov ement was at the instance of the Bank of the State of South Carolina, the private banks prompts ly concurring. No presaure or run is anticipated. The quantity of specie in the vaults of our banks never was so great, and more is daily expected. The circulation of bank notes never was in proportion more limited, and be. ing wanted for eurrency will not return.-In a few days, from present appearances, coin and exchange will be at a drug in our market."