3013. Bank of St. Mary's (Saint Marys, GA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
April 1, 1852*
Location
Saint Marys, Georgia (30.731, -81.546)

Metadata

Model
gpt-5-mini
Short Digest
4409dcf5

Response Measures

Capital injected, Full suspension

Description

An unprecedented run in April 1852, aggravated by a publication about a protested $20,000 draft, forced a temporary suspension on 1852-04-23. Owner John G. Winter pledged personal resources and redeemed large amounts over months but announced intention to wind up and surrender the charter. By Feb 1853 liabilities were nearly extinguished, indicating permanent winding up/closure rather than a normal reopening. OCR corrected minor punctuation and dates; I treat the April 23, 1852 suspension date as reported in several articles.

Events (4)
1. April 1, 1852* Run
Cause
Rumor Or Misinformation
Cause Details
Run triggered and aggravated by a publication (Mobile Tribune) reporting inability of a drawee to pay a $20,000 draft; publicity created panic and heavy withdrawals.
Measures
President John G. Winter pledged his personal fortune to redeem notes, negotiated sales of real estate, accepted bank notes for goods, arranged agencies to redeem small notes, and publicly published statements and condensed balance sheets to reassure creditors.
Newspaper Excerpt
A very heavy and unprecedented run upon the Bank of St. Mary's for the month past, aggravated and brought to a crisis, by an unnecessary and probably vindictive publication in the Mobile Tribune
Source
newspapers
2. April 23, 1852 Suspension
Cause
Rumor Or Misinformation
Cause Details
Temporary suspension of specie payments caused by the heavy run aggravated by the published report (protested draft) leading to loss of confidence.
Newspaper Excerpt
forced her to a temporary suspension of specie payment
Source
newspapers
3. July 13, 1852 Other
Newspaper Excerpt
On the 13th of July, the entire indebtedness ... was $251,115.32; thus exhibiting a redemption, in 80 days, of no less a sum than $334,773.32 ... I renew my assurances ... to redeem the issues of the Bank - and that so far from its being insolvent, it will be able, within a reasonable time, to redeem, at par, its entire liabilities. JOHN G. WINTER.
Source
newspapers
4. February 9, 1853 Other
Newspaper Excerpt
Since the suspension of this Bank, its liabilities have been reduced to four thousand dollars.
Source
newspapers

Newspaper Articles (10)
1. April 28, 1852 The New York Herald New York, NY
Article from The New York Herald, April 28, 1852

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to dealers and colliers ; and they are considered to accure fair remuneration to all parties concerned in mining and transporting coal. The orders for Lehigh coal. we are told, are larger than they were at this time last year. All the indications are of an advance in prices After the first of May, no notes of foreign banks CAN be passed in Delaware under the denomination of five dollars, under a penalty of ten dollars. The inhabitants of the two lower counties of Delaware, Kent and Suasex, are moving earnestly in favor of the proposed Delaware railroad. The number of shares required to secure the charter and organize the company is 5,000, of $25 each, or $125,000. Up to Friday last, 4,700 shares had been secured, and on the following day it was confidently expected that the remaining 300 shares would be secured at Milford-- meeting having been called there for that purpose. The length of the road projected from Dona, on the Delaware. to Seaord. is 43 miles. with n branch to Milford of 5 miles. making the total length 48 miles. The highest estimated cost of this road is only $7,250 per mile, which would make the cost of the main line $311,000. and the branch $37.000. The charter granted by the State is very liberal in its provisions, and ad dition thereto the State has granted a donation of $50,000 and a subscription to its stock of $130,000. payable out of a fund which will be realized at the rate of $6,500 per annum The charter is perpetual. and exempts the property of the company from taxation for fifty years In addition the local traffic of the road, it is confidently ex. pected by the projectors that a fair portion of the traffic and travel between Philadelphia and Norfolk, and points fur. ther south, will seek this route as a more economic and shorter one. This route would reduce the distance between the two principal points named to 250 miles, viz.: from Philadelphia to Dona. by steamboat. 70 milea; by railroad to Seaford. 43 miles, and steamboat to Norfolk, 137 milea. The annexed statement from the owner of the Bank St. Mary's Georgia. will explain the cause and effect . the temporary suspension of that institution :To THE PUBLIC.-A very heavy and unprecedented run upon the Bank of St. Mary's for the month past, aggravated and brought to a crisis, by an unnecessary and probably vindictive publication in the Mobile Tribune, and copied in the Montgomery Advertiser without comment, of the inability of a drawee to pay the bank's draft for 20.000 dollars has, I am pained to say, forced her to n temporary suspension of specie payment. It affords me, however, pleasure to assure the public that the institution is abundantly solvent. and requires only a little time to marshal her assets. In addition to her own means, I will bring to her aid my own ample fortune, until not a note shall be left in circulation. The means will be in a few days provided to pay all her depositors; and the outstanding checks upon the several points drawn will be honored on presentation. These assurances to the public of the entire solvency of the institution. are not given for the purpose of sustaining its credit. as the bank will be wound up without delay, and her charter surrendered to the power that created it. The small notes of the bank, as weil as my own, will be promptly redeemeed. without intermission. until the last dollar shall have been retired. I will close my financial connection with the public with honor, even should it be neces. sary to part with everything but its good opinion. JOHN G. WINTER. The publication complained of was to the effect that a draft of the bank for a large amount. had been protested in Mobile. on the 15th inst., for non-payment. The subscriptions to the Sunbury and Erie Railroad have, 80 far as reported. been as follows:-

2. April 30, 1852 The Athens Post Athens, TN
Article from The Athens Post, April 30, 1852

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# THE ST. MARY'S BANK.--Intelligence reached us on Saturday evening last that this institution had suspended payment. The Bank has generally been regarded as solvent, and its notes circulated freely in different parts of the country. We learn through a paper that John G. Winter, owner of the Bank, has made a statement declaring his ability and intention to redeem every dollar of his issues. It will be seen by reference to the letter of Messrs. Baker & Wilcox, in another column, that the money is quoted in Augusta at from 20 to 25 cents below par. Since the above paragraph was in type we have received the Charleston Courier, of the 27th, which contains the following on the subject: Bank of St. Mary's.--In the Courier of Saturday last, we published a card from Mr. John G. Winter to the public announcing that in consequence of an unprecedented run upon this bank, and the inability of a drawer to pay the bank's draft for $20,000, the institution had been forced to a temporary suspension of specie payments, and that it was his determination to redeem every dollar of the money of the bank in circulation, to wind up its business, and surrender the charter. We learn from an extra of the Columbus Enquirer, that Mr. Winter purposes "so soon as he can arrange his schedule, to offer at public vendue all of his real estate in Columbus, and a considerable portion of what he owns in Montgomery, and receive the notes of the bank in payment. This will cover fully one third or more of the circulation of the bank, which is $350,000. His flour Mills in Columbus and Montgomery will also receive the notes in payment of flour and meal to small purchasers. This, in connection with the receipts at his Iron Works in Montgomery, will soon reduce the circulation to a very insignificant amount, and enable the bank to resume cash payments at an early day, but he is resolved to close the affairs of the Institution and surrender the charter. To save trouble he will arrange with several of the Agencies here to redeem the small notes of the bank and his own. His estate is an immense one, and with his assurance that he will stand by the bank, the public cannot suffer more than a temporary inconvenience."

3. May 6, 1852 Fayetteville Observer Fayetteville, TN
Article from Fayetteville Observer, May 6, 1852

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Bank of St. Mary's, Georgia, Broke! This institution, as it will be seen from the subjoined card, received by telegraph yesterday, says the Charleston Courier, by one of the most influential business men in this city, has been forced to a temporary suspension of specie payments.The paragraph alluded to in it from the Mobile Tribune is, we presume, the following, which appeared in that journal on Tuesday last: "Bank of St. Mary's.-There as a good deal of excitement in town yesterday in regard to the issues of this bank. For several months the bills have passed in ordinary transactions at par, and as they were redeemed on demand at the counter of a respectable merchant, almost every one had confidence in the solvency of the institution. The present distrust, we understand, grew out of the fact that a draft of the bank, for a large amount was protested here on the 15th instant, for non payment."

4. May 7, 1852 The New York Herald New York, NY
Article from The New York Herald, May 7, 1852

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was also paid to the end of the same month, $26,832 to the School Fund, which, together with a charge of unpaid taxes of $646 65, make a total expenditure of $137,326 18. The receipts for the same period, including the balance in the treasury, of $26,266 22, the 31st of March, 1851, amount to the sum of $176,456 21, leaving a balance to be carried to the account for the present year, of $39,130 03. The greater available means for meeting the expenses of the State, which the revised tax law and others afforded, enabled the Legislature, at the session of 1851, to reduce the State tax a quarter of a cent. The probability is, a tax of three-fourths of a cent on a dollar of the Grand List will be amply sufficient, with other sources of revenue, to defray the expenses of the State government, and still leave, at the close of the present year, a surplus not far from $30,000, to be carried to the account for 1853. In the card of Mr. Winter, announcing the suspension of the Bank of St. Mary's, complaint was made of a publication in the Mobile Tribune, and copied into the Montgomery Advertiser, to the influence of which the failure of the institution was attributed. The Mobile paper thus explains the circumstances under which the paragraph was written and inserted :- On the 5th of the present month, (April) $20.000, in the notes of the Bank of St. Mary's were sent from a house in Montgomery to its agent in Columbus, with directions to draw coin and send it to Mobile. The agent was induced by Mr. Winter to depart from his instruc- tions and receive a draft payable the 12th inst., on a merchant in Mobile, who, by his connection with Winter and the bank, accepted it. At the expiration of the time. including three days grace, claimed by the ac- ceptor, the draft was protested for non-payment, he at the time declaring that he had no funds or assets of the bank, and that subsequently to the drawing of the said draft. Winter & Co. had withdrawn all their means. This state of facts very naturally gave rise to serious apprehensions of the solvency of the bank; and the agent at Columbus was at once directed to procure secu- rity from the institution. On the 16th the agent at that place replied that the bank would not give security until the draft was returned. On the morning of the 19th, the Columbus agent had the protested draft in hand, and at 9 P. M., he telegraph- ed in these words---" Draft neither paid nor arranged." On the 21st inst., suit was instituted. Winter accepting service of writ, to prevent its going on record. The stockholders of the joint companies of New Jersey at their meeting last week, passed a resolution in favor of subscribing $100,000 to the Jamesburg Railroad, $75,000 to the Flemington road, and $500,000 to the Belvidere road. There are now about sixteen miles of the Belvidere road, above Lambertville, under contract, part of which is graded, and which will be completed as soon as practica- ble. The above subscription, it is supposed, will enable the company to put the remainder of the road under contract forthwith. The Tioga Railroad Company have contracted with Messrs. Strong & Bradley for the relaying of their road with a heavy H rail, of the same pattern as the New York and Erie road to Blossburg. The contractors have pur- chased the iron of Davis, Brooks & Co. The iron, ties chairs and spikes are in process of delivery, and the work of relaying the track will be commenced next week, and is to be completed by the first day of August next. The road will be relaid with a six feet gauge to Blossburg, and the parties have made arrangements to extend the road to Williamsport, under the charter of the Tioga road, with the same gauge. This will supersede the ne- cessity of building the Williamsport and Elmira road, as the Tioga road will strike the Erie road within the same distance from Williamsport, and at a point twenty-five miles west of Elmira, at the terminus of the Buffalo and Corning road. The Philadelphia Ledger gives the annexed table of capital, par and market value of stock. per cent, and amount of dividends of certain banks in that city, according to re- cent official returns :--- BANKS OF PHILADELPHIA---DIVIDENDS, &C., 1852.

5. May 11, 1852 The Sumter Banner Sumter, SC
Article from The Sumter Banner, May 11, 1852

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BEG Ga., Sentinel of ready notice last, LIIG of bus, ult., has the following 30th supension of the Bank, and specu- to lations the as to its probable ability meet all its engagements: Bank of St. Mary's.-A clap not The thunder from a clear sky could of have produced a greater consternation last, the announcement, on Friday St. Mary's Bank The public ear to rumors ed than that payments. the callous unfavorable had suspend commu- had be- to come institution, and the entire unshaken the had learned to repose of nity confidence in the financial ability the President of the Institution. causes which led to the suspenThe have been laid before the public Col. sion circular from the hand of in a Winter. We see no reason in any particular to and feel John of his doubt statements, G. the until bound accuracy some to them full credence, discredgive are developed which will heard of facts it them. As yet we have none. Weare informed by reliable authorithere eighty thousand out of ninety been ty thousand dollars deposits have liquidated All bills under five dollars have been promptly paid on presentation; will and we are informed that they continue to be redeemed, We are further informed that nine- Col. Winter is negotiating the sale of thousand dollars worth of it private before property, ty at prices fixed upon take St. the suspension, and offers to Mary's bills in payment. The liabilities of the Bank are but little over three hundred thousand dollars. Col. Winter's property is estimated has one million dollars; and he liaat pledged over it all in liquidation of the bilities of the Bank. These facts clearly indicate that is really no danger of ultimate eredthere if Col. Winter is entitled to no loss; for integrity. And we can For see ten it to question his honor. relied reason years the community have up. and suffered no have taken pains to of the of the as to the ultimate on We it opinions business loss. solvency ascertain men of There is some of opinion on the subject, sity the the city institution. dollar but diver- will the prévailing one is that every be ultimately redeemed. In the face of these facts the bills have continued steadily to decline.On Saturday they commanded ninety cents on the dollar; on Monday they fell to seventy-five cents; on Tuesday to 50 cents. to sixty cents; and on Wednesday Having given this full statement leave of condition of the Bank, we the readers to form their own conciu sions. our They would do well to hold on their small bills, and if they are to we incline to think they will not in the end if they the large ones. rifice able, suffer refuse This to is But sae- the we intended to pursue. man ought to act on in course every judgement such cases. received his own for The large bills are now goods in any of our stores for any inventity of merchandize.

6. August 25, 1852 The Lancaster Ledger Lancaster, SC
Article from The Lancaster Ledger, August 25, 1852

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# Bank of St. Mary's. We find in the Montgomery Journal the following card of the President of the Bank of St. Mary's which we publish for the benefit of those holding or being interested in the Bills of that institution: For the information of the creditors of the Bank of St. Mary's, I subjoin a condensed statement of its condition on the 23d of April last, when it suspended payment, and of its condition on the 13th July about 80 days subsequent thereto. On the 23d of April, its entire indebtedness, including circulation, deposits, outstanding checks, &c., was $585,888 64. On the 13th of July, the entire indebtedness (embracing every form of liability) was $251,115 32; thus exhibiting a redemption, in 80 days, of no less a sum than $334,773 32—which does not include nearly $100,000 of my own small change bills that have been promptly redeemed in that period, as presented. I embrace this opportunity of renewing my assurances to the public, that my efforts shall continue unremitted to redeem the issues of the Bank—and that so far from its being insolvent, it will be able, within a reasonable time, to redeem, at par, its entire liabilities, her good assets amounting to more than double the present indebtedness! It is hoped that this notice will secure the attention of all such editors as may be disposed to guard the people against the sacrifice of the notes of the Bank of St. Mary's. JOHN G. WINTER.

7. August 26, 1852 The Primitive Republican Columbus, MS
Article from The Primitive Republican, August 26, 1852

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Bank of St. Mary's. We find the following card of the President of the above institution, in the Alabama Journal. BANK OF ST. MARY'S. - For the information of the creditors of the Bank of St. Marys, I subjoin a condensed statement of its condition on the 23d of April last, when it suspended payment, and of its condition on the 13th July, about 80 days subsequent thereto. On the 23rd of April, its entire indebtedness, including circulation, deposits, outstanding checks, &c., was $585,888 64. On the 13th of July, the entire indebtedness (embracing every form of liability) was $251,115 32; thus exhibiting a redemption, in 80 days, of no less a sum than $334,773 32-which does not include nearly $100,000 of my own small change bills that have been promptly redeemed in that period, as presented. I embrace this opportunity of renewing my assurances to the public, that my efforts shall continue unremitted to redeem the issues of the Bank-and that so far from its being insolvent, it will be able, within a reasonable time, to redem at par, its entire liabilities, her good assets, amounting to more than double her present indebtedness! It is hoped that this notice will secure the attention of all such editors as may be disposed to guard the people against the sacrifice of the notes of the Bank of St. Mary's. JOHN G. WINTER.

8. September 8, 1852 Edgefield Advertiser Edgefield, SC
Article from Edgefield Advertiser, September 8, 1852

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ing card of the President of the above institu- tion, in the Alabama Journal: # BANK OF ST. MARY'S. For the information of the creditors of the Bank of St. Mary's, I subjoin a condensed statement of its condition on the 23d of April last, when it suspended payment, and of its condition on the 18th July, about thirty days subsequent thereto. On the 23d of April, its entire indebtedness, including circulation, deposits, outstanding checks, &c., was $585.888.74. On the 13th of July, the entire indebtedness (embracing every form of liability.) was $351,115.32; thus exhibiting a redemption, in 80 days, of no less a sum than $335,773.32—which does not include nearly $100,000 of my own change bills that have promptly been redeemed in that period, as presented. I embrace this opportunity of renewing my assurances to the public, that my efforts shall continue unremitted to redeem the issues of the Bank—and that so far from its being insolvent, it will be able, within a reasonable time to redeem at par, its entire liabilities, her good assets, amounting to more than double her present indebtedness! It is hoped that this notice will secure the attention of all such editors as may be disposed to guard the people against sacri-fice of the notes of the Bank of St. Mary's. JOHN G. WINTER.

9. September 9, 1852 Fayetteville Observer Fayetteville, TN
Article from Fayetteville Observer, September 9, 1852

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BANK OF ST. MARY'S. - We find the following card of the President of the above institution, in the Alabama Journal: "For the information of the cred-itors of the Bank of St. Mary's, I subjoin a condensed statement of its condition on the 23d of April last, when it suspended payment, and of its condition on the 18th July, about 80 days subsequent thereto. "On the 23d April, its entire indebtedness, including circulation, de-posites, outstanding checks, &c, was $585,888 64. On the 13th of July the entire indebtedness was $251,115 32; thus exhibiting a redemption, in 80 days, of no less a sum than $334,773 32—which does not include nearly $100,000 of my own small change bills that have been promptly redeemed in that period, as presented. "I embrace this opportunity of renewing my assurances to the public, that my efforts shall continue unremitted to redeem the issues of the Bank—and that, so far from its being insolvent, it will be able, within a reasonable time, to redeem, at par, its entire liabilities; her good assets, amounting to more than double her present indebtedness! It is hoped that this notice will secure the attention of all such editors as may be disposed to guard the people against the sacrifice of the notes of the Bank of St. Mary's. J. G. WINTER

10. February 9, 1853 The Lancaster Ledger Lancaster, SC
Article from The Lancaster Ledger, February 9, 1853

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Bank of St. Mary's Ga. Since the suspension of this Bank, its liabilities have been reduced to four thousand dollars.