3051. Southern Bank (Savannah, GA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
September 25, 1873
Location
Savannah, Georgia (32.084, -81.100)

Metadata

Model
gpt-5-mini
Short Digest
359c2085

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous dispatches (Sept 25–26, 1873) report an early-morning run on the savings department of the Southern Bank of Georgia in Savannah. Articles state the banks were paying dollar for dollar and do not report a suspension, receivership, or permanent closure for this bank in these items. The run appears driven by the wider financial panic (news of failures and suspension elsewhere, e.g., Jay Cooke & Co., Memphis suspensions), so classified as macro_news.

Events (1)
1. September 25, 1873 Run
Cause
Macro News
Cause Details
Run occurred amid the nationwide financial panic of Sept. 1873 (failures and suspensions elsewhere, e.g., Jay Cooke & Co., Memphis), producing heavy withdrawals in Savannah.
Measures
Paying dollar for dollar (continued to meet withdrawals); no suspension reported.
Newspaper Excerpt
A run commenced early this morning on the savings department of the Savannah Bank and Trust Company and the Southern Bank of Georgia. Large crowds are congregated. The banks are paying dollar for dollar. Business is at a complete stand-still for want of currency.
Source
newspapers

Newspaper Articles (8)
1. September 25, 1873 The Daily State Journal Richmond, Alexandria, VA
Article from The Daily State Journal, September 25, 1873

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Purchase of Government Bonds Saspended-7-40 Bonds not to be Antici pated-More SuspensionsDry Goods Merchants Sound-A Run on the Savannah Banks-They Hold Out NEW YORK, September 25.-Mr. Hillhouse says he has exhausted the orders to purchase bonds, and will await further orders. A portion of the registered European mail, per the City of Montreal, was badly damaged by the breaking of a large bottle of iodine, which escaped the notice of the mailing clerk. A large number of letters containing checks, bonds, &c., are stained a deep brown, and the writing is rendered unintelligible. The dry goods merchants report trade dull but sound. The rumors of failures among them are groundless. The morning journals take a very hopeful view of the financial situation this morning, and it is the general impression that the panic is over. The members of the firm of Jay Cooke, & Co. meet daily, and have decided not to sacrifice their securities in order to meet their obligations, but to wait the restoration of public confidence. Mr. Howes, of Howes & Macy, say they have the best securities, but don't propose to sacrifice them at current rates. There is no stock board to-day. The following notice is on the door of the sub-treasury: "Purchases of bonds at this office are for the present suspended." In an answer to enquiries the sub-treasurer states that he cannot say whether any purchases will be made to-day, until he is advised from Washington. WASHINGTON, September 25.-It IS stated that Secretary Richardson declines anticipating the 7-40 bonds, which mature in December and January. The Washington City savings bank, known as J. R. Ruff's, after five days run, has posted the sixty days' notice clause. MEMPHIS, September 25.--The - First national bank of Memphis has suspended. SAVANNAH, GEORGIA, September 25.-A run commenced early this morning on the savings departments of the Savannah bank and trust company and the Southern bank of Georgia. They are paying dollar for dollar. Business is at a complete stand-still for lack of currency. Large crowds are congregated about the banks. BALTIMORE, September -Brown, Lancaster & Co., well-known bankers of this city, and agents of the Chesapeake and Ohio railroad, having branch houses in New York and Richmond, suspended yesterday afternoon.

2. September 25, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 25, 1873

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TELEGRAPH. [SPECIAL DISPATCHES TO THE GAZETTE.] # FINANCIAL AFFAIRS. WASHINGTON, Sept. 25. The City Savings Bank of this city has given notice requiring sixty days before deposits will be paid. They do this as a matter of precaution. Matters in this city are very quiet, and there seems no trouble here with any of the other banks. NEW YORK, Sept. 25.--The morning journals take a very hopeful view of the financial situation this morning, and it is the general impression that the panic is over. NEW YORK, Sept. 25. The members of the Jay Cooke firm meet daily, and have decided not to sacrifice their securities in order to meet obligations, but to await the restoration of public confidence. NEW YORK, Sept. 25. Mr. Howes, of Howes & Macy, said yesterday that they had been paying out between $50,000 and $100,000 a day since the suspension of Jay Cooke & Co. They continued to pay out funds as fast as called for until their cash balance was exhausted, and they stopped. They had not borrowed a dollar and did not intend to borrow one. They have the best of securities but do not propose to sacrifice them at current rates. The depositors of the firm are about evenly divided between the city and country. The cashier of the bank through which Howes & Macy cleared, says they have not attempted to overdraw their account, but on the contrary have a balance there. The list of their correspondents embraces eleven National and State Banks, and 140 private financial institutions. LOUISVILLE, Sept. 25. There is some excitement here on account of the depressed condition of affairs in New York, but the banks are uniformly in good condition. No alarm whatever exists among depositors and there is no anticipation of a panic. SALT LAKE, Sept. 24. The financial crisis in New York has not affected the situation here. In view of possibilities several English companies have offered assistance, NEW YORK, Sept. 25--10:30 a. m. The governing committee of the Stock Exchange decided not to open the board to-day. Notice is pasted at the Sub-Treasury "that purchases of bonds at this office are for the present, suspended." In answer to inquiries the Sub-Treasurer states he cannot say whether any purchases will be made to-day until advised from Washington. NEW YORK, September 25-11 a. m.-Wall street has resumed something like its normal appearance. The panic is rapidly subsiding. There have been rumors of suspensions this morning, but there is no truth in them. The Stock Exchange being closed a pretty active business for cash is being transacted on the street NEW YORK, Sept. 25--11.15 a. m. Affairs on the street continue quiet. The market mostly confines itself to bids and offers, transactions being few and far between, so far this morning that no sales are reported. The quotations are: Central, bid 89; offered, 901; Union Pacific, 19a191; Lake Shore, 74a76; Ohio and Mississippi, 27a29; Pacific Mail, 28a 30; North Western, 39a40; Rock Island, 86 blank; Western Union, 58a59; Harlem, 1024a 105; Wabash, 39a41; Hannibal and St. Joseph, 21 blank; C. C. & J. C., 20 blank. NEW YORK, Sept. 25. The government gold sales advertised by the government will not take place to-day. The banks and brokers keenly complain of unfounded statements, and often malicious, sent out from the city, by responsible parties, which not only do great personal injury, but add full to the excitement. SAVANNAH, GA., Sept. 25. A run commenced early this morning on the savings departments of the Savannah Bank and Trust Company and Southern Bank of Georgia. Large crowds are congregated. The banks are paying dollar for dollar. Business is at a complete standstill for lack of currency. LONDON, Sept. 25. The Daily News believes that the financial panic in New York will lead to the resumption of specie payment. The meeting called by Mr. Watson to consider the affairs of the Erie Railroad Company took place to-day and was attended by one thousand persons. The meeting is described as stormy. A resolution o"thanks to Mr. Watson was unanimously adopted. The names of Bischoffshein & Henry were greeted with a storm of mingled hisses and cheers. Mr. Watson in the explanation of the affairs of the company said there was some apparent dubiousness about accounts, but he believed they were correct. They wanted $30,000,000 immediately to finish improvements already commenced and to lay a third rail. The meeting was attended by many Americans. MEMPHIS, Sept. 25. The First National Bank of Memphis has suspended. NEW YORK, Sept. 25.-A Washington special says Secretary Richardson declines to anticipate the 1874 bonds which comes due on December and January. LONDON, Sept. 25.--One hundred and eighty-five thousand pounds of bullion was shipped from Liverpool for New York to-day. The steamship City of Brussels took £150,000, and the Adriatic £35,000. NEW YORK, Sept. 25. All stocks advised for sale at auction to-day have been withdrawn. Three thousand of prime sterlin sold at 105. PHILADELPHIA, Sept. 25. There is a more hopeful feeling among merchants, and the prices of goods continue very steady. Third street is quiet. All the National Banks, Savings Banks, and such of the State Banks as did not suspend pursue business in the usual manner. The Board of Brokers continue in session and adopted the following resolution: Resolved, That until otherwise ordered, certified checks or due bills on any of the associated banks will be received in settlement of contracts between the members of the Board. CINCINNATTI, Sept. 25. The Cinciunati Clearing House Association has just adopted the following resolution: Resolved, That for the protection of our commercial interests and for the purpose of preventing a drain of currency from the banks and bankers of this city, we do hereby agree to adopt substantially the plan adopted in New York, viz: They will not pay out currency on checks except for small sums to be optional with the banks upon whom they are drawn, but they will certify checks drawn on balances in their hands payable through the Clearing House only. CHICAGO, Sept. 25. The Clearing House Association held an important meeting last night to consider the financial situation. After an animated discussion, which lasted till near one o'clock this morning, the following resolution was adopted: Resolved, That until further action and in view of the disturbed condition of affairs in

3. September 26, 1873 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, September 26, 1873

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in Business at a Stand Still Savannah. Action of the Bankers of New Orleans. Bank Failure in Memphis. NEW YORK, September 25. There Stock on the door of states that the In Treasury notice Board to-day. of present. purchase the Subbonds is suspended for the answer to inquiries, the Treasurer whether stated that he could not say purchases will be made to-day, until any he has advises from Washington. that Secretary Richardson telegraphs his duties require him in Washington, he cannot meet the clearinghouse and committee in New York at 8 o'clock. The feeling continues to improve. Bank The on the Jersey City Savings The Pull censed. Gold closed at 111). Superintendent of the clearinghous new states that about three million The loan certificates committee have been of issued. the Stock governing Exchange met to-day for the clearing purpose devising some plan for of A committee of seven was stock. appointed, and brokers requested to in their statements. send The following resolutions were passby the Produce Exchange: ed Whereas, The critical condition of commercial interests of the COURS the requires immediate relief by the removal try of the block in negotiating be it Resolved, foreign Exchange, That we therefore respectfully sugto the Secretary of the Treasury this grest the following plans for relief immedi- in emergency that currency be upon ately issued to Banks or Bankers has been antisfactory evidence that gold Bank placed on special deposit in the in England by their correspondents United of the credit of the London to be to used solely in purchasing States commercial bills of Exchage, Resolved, That the President and Sécretary of the Treasury are immed respect at requested to order the loan fully of the outstanding 1, propayments frithe United States, due January 1874. NEW ORLEVNS, September 25. The the following address was issued by Banks to-day The undersigned incorporated desire Banks Bankers of New Orleans motives inform and the community of the susactuated them in partially Owing that payment of currency. currency pending the partial suspension of Banks by the associated cities, New payments York and other nothern western the consequent refusal of checks and other Banks to receive settleNew and York, in regular course made of here for ment account. of collections It is agcertained currency that very made upon their large remittances of peremptory this have within been the past five days. To orders such an extent, at the indeed, same rate has only a pre- few vailed must that elapse before our vaults been and days community would have tirely the depleted of the means of essential trade. the ordinary movements foreign exto present moment York, At the is unsaleable on New our change derive from this source and as we of currency, we are thus restormain supply of our only means shipment of to deprived amounts lost by have, ing the west and the interior. We means the taken this step as the of our therefore, self-protecti for the benefit inof agricultural as well as commercial through and as the only manner moved, terests, which incoming crops can be prices. sacritices in without The ruinous duration of this protective thirty 16 limited to the period are of contipolicy days, during W hich time of we coiton and W sugar dent the ill daily afford receipts us prompt, ready market. relief this seek and currency will Citizens' bank, Union Signed by the Germania National National Second bank, National bank, bank Bank of of bank, State National Lafayette, National Banking Associa- AmeriAmerica, Mutual National bank of & Co., tion, ca, Peoples' bank, Pike Brother the bankers. Clearinghouse certificates, the at dollar, rate of seventy-fiv certificates cents on deposited be issuedion Clearwill banks and certified checks. be used by certificates will Inghouse of currency. Merchants banks genupon. erally Instead approve of the course It the is understood have a determined meeting of theCotton Exchange approve be called to-morrow to in will action. Nothing done their exchange. No unusual excitement about the banks. September, The Nanonal MEMPHIS pank of Meniphts has 808 pended. PARIS, September, 5.5The increased specie in the Bank of France has 2,000,000 franes. WASHINGTON, September 25. Secrerefuses to anticipate 1874, tary Richardson payment of the bonds of Januwhich the fall due in December and of ary. City Savings bank, after a days run The five days, posted the sixty police on the Moors Ga. and September closed. 26.SAVANNAH, commenced early this morning.on Savannah run the Savings Deposit, the and the bank and Trust company, There Southern bank of Georgin. The crowds congregated. were large are paying dollar for dollar. of banks Business Is at a stand-still for lack currency. MEMPPIS. Suptember 25. The to bank reaattributed to inability York. failures upon securities in New lize National bank and Kelsoe's ran bank First have saspended, There is a 80 others September 26.- The just CINCINNATI, association have following That for the the of adopted the clearinghouse Resolv ved, interests, resolution: protection and for our commercial the drain of curof preventing of purpose reney from the banks and agree bankers to adopt this eity, we do hereby in New York, namely: will the plan adopted not pay out currency on

4. September 26, 1873 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 26, 1873

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EXCITEMENT AND SUSPENSIONS AT MEMPHIS. MEMPHIS, Sept.25.-Thereis great excitement in this city on account of the suspension of banks, caused by their inability to realize on securities in New York. The following named banks have closed up to-day First National Bank, De Soto Bank. It is reported that the Freedmen's Savings Bank and Trust Co. have a heavy run. It is expected that all will resume after the panic subsides. The excitement at present is intense. PAYMENT OF JANUARY INTEREST NOT TO BE ANTICIPATED NEW YORK, Sept. 25.-Secretary Richardson declines to anticipate the payment of the interest on bonds due December and January next. SHIPMENT OF GOLD FROM ENGLAND. LONDON, Sept. 25.-One hundred and eighty-five thousand pounds bullion was shipped from Liverpool for New York to day. The daily News believes the financial panic in New York will possibly lead to resumption of specie payment. The meeting called by President Watson to consider the affairs of the Erie Railroad Company took place o-day and was attended by thousands of persons, many Americans being present. The meeting is described as having been stormy Resolutions of thanks to Watson were adopted, and the names of Bischoftsheim and Henry were greeted with a stream of mingled hisses and cheers Watson, in explanation of the affairs of the Company, said there was some apparent dubiousness about itsaccounts, but he believed they were correct; and that they wanted $30,000,000 immediately to finish the improvements already commenced and lay the third rail. RUN ON BANKS AT BAVANNAH SAVANNAH, Sept. 25.-A run commenced this morning on the savings department of the Savannah Bank and Trust Company and the Southern Bank of Georgia. Large crowds are congregated, and the banks are paying dollar for dollar. Business is at a complete stand still for the want of currency WASHINGTON SAVINGS BANKS. WASHINGTON, Sept. -The Washington City Savings Bank announces that will require sixty days notice for the payment of deposits in accordance with the provision in its charter The Navy Department is paying all of its employes to day in anticipation of the usual pay day, in order to lessen the stringency of themoney market cansed by the scarcity of currency 0 THE STOPPAGE OF BOND PURCHASES. NEW YORK, Sept. 5-The stocks advertised for sale at auction to-day have been withdrawn The Express says "The announcement that the government has stopped buying bonds caused deep disappoinment to-day. No little indignation was expressed against Secretary Richardson for his decision. Yesterday reports were current that the government would stop buying, and we were induced by the Treasury office to denounce the report as malicious. The advance in the Bank of England rate to 4 per cent is the natural result of the shipment of gold this morning. GOLD AND STOCKS. Gold opened firm at 111 owing to the the advance on the Bank of England rate, but afterwards declined to 1111, and still later rallied to 111 when it was announced from Washington that bonds of 1874 would not be anticipated by the Treasury. The rates paid for carrying ranged from flat to 6 per cent The crowd in Broad street shows a material decrease, and few transactions stock have been consummated. Prices are marked up and down, according to the views of parties, and no fair quotations can be obtained. The prices are as nearly as possible to these, current New York Central. 89a91; Cleveland, Co lumbus & Indiana Central, 21a21; Union Pacific, 19a20: Lake Shore, 74a75: Ohio& Mississippi, 22a28; Pacific Mail 29a80: Northwestern, 39a41: Rock Island, 85a 85; Western Union Telegraph, 56a58; Harlem 105, blank; Wabash, 39a4e The governing committee of the Stock Exchange will meet at 7 P. M. STRINGENCY AT CHARLESTON, S. C, INTER FERING WITH TRADE. CHARLESTON. S. C., Sept.; 25.-Money is so stringent here that no obligations are contracted, and all business is limited in amount. There is some demand for cotton at low figures, but there is difficul ty in negotiating. Exchange stops sales, and relief from that source is slow in coming in: Factors would at the moment accept low rates for most articles of produce Paper falling due is renewed in full, or with small credit on account Creditors are disposed to be indulgent No failures have been reported. The banks pay checks as usual, and there has not been the first symptom of a run. MORE HOPEFUL FEELING IN PHILADELPHIA. PHILADELPHIA, Sept 25.-A more hopeful feeling exists among the merchants, and the prices of goods continue very steady. Third street 18 quiet. All the National Banks, Savings Banks, and such of the State Banks as did not sus-pend continue business in the usual manner. The Board of Brokers has adopted a resolution that until otherwise ordered certified checks or due bills in any of the associated banks will be received in settlement of contracts between members of the Board. SUGGESTION-FROM SECRETARY RICHARDSON. NEW YORK, Sept. 25.-A Washington dispatch says Secretary Richardson has stated that it would be a good policy for all banks to suspend further currency payments. EXTRA SESSION OF CONGRESS It is rumored that the President has been advised to call an extra session of Congress. THE COMMERCIAL TONK IN CINCINNATI. CINCINNATI, Sept. -The market everything this morning is entirely nomi-

5. September 26, 1873 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, September 26, 1873

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ceiver of taxes at Verdan this morning paid the sure claimed. HENRY NLEWS & Co. state that the liabilities which their London house describe as "incurred account for New York house, are largely acceptances under commercial conditions for the account of various merchants in thiscity and elsewhere, to whom the drafts will be returned and who will meet them. being prepared so to do by having goods placed in their possession against which the acceptances were given. The apparent liabilities therefore of the London house will be reduced to the extent to which the acceptances under these conditions are provided for by parties OR whose account they were issued. AT INDIANAPOLIS INDIANAPOLIS, September 25.-Consid erable excitement was caused here this forenoon by the announcement of the precautionary measures adopted by the Chicago and Cincinnati banks, which were at first reported as having totally suspended. This excitement was heightened at noon by the suspension of the private banking house of Woolen. Webb & Co., owing mainly to the return of their drafts on the suspended Trust company of New York, and public confidence became so shaken that there was quite a heavy run on Ritzinger's bank,and on the Indianapolis sayings bank, by a class of generally small depositors. Some few persons have withdrawn their money from other banks. The First National bank, instead of closing at the usual hour. kept open an hour, to give any depositors an opportunity to withdraw their money if they wished, and when it closed, it received more money than it had paid out. The unquestionable solvency of all our banks, together with the fearless way in which they met the excitement, seems to haye sent home the crowds who thronged the streets. AT NEW ORLEANS. New ORLEANS, September 25.-There was a meeting this forenoon of all the bank presidents in the city, except two It was resolved to pay ao checks for more than one hundred dollors, all the larger checks to be certified. This arrangement is to continue for thirty days. This ac. tion they consider precautionary to preventa drain. AT SAVANNAH, GA. SAVANNAH, September 25.-A run commenced early this morning on the savings department of the Savannah Bank, and the Trust company and the Southern Bank of Georgia. Large crowds are congregated. Banks are paying dollar for dollar, and business is at a complete standstill for want of currency. AT WASHINGTON WASHINGTON, September 25.-The navy department is paying all employes to-day in anticipation of usual pay day,in order to lessen the stringency of the money market caused by the scarcity of currency. AT MEMPHIS. MEMPHIS, September 25.-There is great excitement in this city on account of the suspension of the banks, caused by inability to realize on securities in New York. The following named banks have closed to-day First National bank. DeSoto bank, and it is reported the Freed. man's savings bank and the Trust company. There are heavy runs on other banks. I: is expected that all will re. open after the panic subsides. The exeitement at present is intense.

6. September 26, 1873 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 26, 1873

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SAVANNAH, GA, September 25.-A run commenced early this morning on the sayings departments of the Savannahi Bank and Trust Company and: the Southern Bank of Georgia. They are paying dollar for dollar. Business is ut a complete e standstill for lack of allergic erranda are convent d bank The run TO the Signaturate Bank and Trust

7. September 26, 1873 The Daily Phoenix Columbia, SC
Article from The Daily Phoenix, September 26, 1873

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stated Richardson deblines anticipating the '74 bonde, which mature December and January. The City Savings Bank. known as J. Ruff's, after five days' ran, posted the R. sixty days' notice clause. The President and Secretary of the Treasury, in conference this evening, out decided that the Treasury will pay no more corrency. excent for ordinary disbursements. $2,000,000 in currency remain Richard- in the for current purposes. draw on the Treasury will only 40,000,000 Governson for necessities of the serve He has helped the banks by issuing ment. $12,000,000 for bonds and they must now take care of themselves. CHARLESTON, September 25.-There run on the banka. The Freed- days' is men's no Savings Bank exacts sixty usual. notice; the other banks pay as SELMA, AIA, September 25.-The Selma Savings Bank has suspended; assets believed ample. SAVANNAH, GA., September 25.-A on commenced early this morning, Savanrun departments of the and Trust Company, nah the savings Bank and and large the Southern Bank of Georgia, crowds are congregated. The banks is are at dollar for dollar. Business a stand-still, for paying rency. complete 25.-The lack of cur- run SAVANNAH, September Cowthe Savannah Bank and Trust on cased at noon, but continued the OD pany Southern Bank of Georgia to close. the The Chamber of Commerce is considering the matter. AUGESTA, September 25.-The and Na. tional Exchange Bank, Merchants' Planters' National Bank of Augusta, and Planters' Loan and Savings banks Bank have suspended. The run on the has been heavy, especially this morning. Cotton is coming in freely, but there Na 18 to move it. The Bauk paid out us usual, to be no serious run on tional no money First but it; there the 11 will pay as long as appears President vaults, there and is of currency in the that it will The snspended dollar the there storm. is confidence banks weather dollar have ample assets, and will meet every off. liabilities when the pressure eases of Commercial circles are hopeful, and amoug A meeting of men. there areno large suspensions merchants business com- at the Exchange rooms appointed a the mittee to wait upon the directors of Railroad and Banking Com and other bank', issue some medium Georgia pany, them to and of exchange request The to bridge over the present crisis. banking house of John J. Cohen & euepended; their assets are but bonds and stocks as there is no market ample, Sons sold, has for cannot the best be securities, even at a sacrifice. ATLANTA, Septembe. 25.-The Dollar Savings Bank has suspended; ample curities. NEW ORLEANS, September 23.-A of all the bank presidents exresolved to pay 110 over meeting cept two certified. obecks This $100; larger checks to be lasts thirty days. MEMPHIS, September 25.-The First National Bank of Memphis suspended. DETROIT, September 25.-Two bank ers have failed. CHICAGO, September --The Chi Clearing House has resolved, until and in view of affairs in cago turbed further condition action, the of New difficulty the York disand in other cities. and in converting balauces in currency, and advice of the Bank Examiner, our on members be recommended and authorized to suspend currency payments on large demands made upon them, any either from country banks or over their counters. ST. LOUIS, September 25.-It was decided at a meeting of the brokers, held last night, to suspend payments of checks or drafts, either in currency or exchange, until the excitement in the East subsides, and a firm condition in the market is restored. MEMPHIS, September 25.-The bank failures are attributed to inability to realize upon securities in New York. The First National and Kelso Banks have suspended; there is 8 run on the others. CINCINNATI, September 25.-The Cincinnati Clearing House Association has just a resolution, ofsour protection adopted commercial that interests, for the and for the purpose of preventing a drain of currency from the banks and bankers of this city. we do hereby agree to adopt substantially the plan adopted in New York, viz: They will not pay out currency on checks except for stanli sams, to be optional with the banks whom they are drawn; but they will checks drawn on in their hands, payable upon certify through balances the Clearing House only.

8. September 26, 1873 The New York Herald New York, NY
Article from The New York Herald, September 26, 1873

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A Run on Banks at Savannah. SAVANNAH, Ga., Sept 25, 1873. A run commenced early this morning on the savings department of the Savannah Bank and Trust Company and the Southern Bank of Georgia. Large crowds are congregated. The banks are paying dollar for dollar. Business is at a complete standstill for want of currency.