CORNELL UNIVERSITY LIBRARY GIFT OF Estate of Philip Comick -4 \^ ill yCM< mtLU lu clLuJ, ^JmJ. muul M^Y^^ ^ Cornell University Library m The original of tiiis book is in tine Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924007830460 THE HISTORY OF THE BANKING INSTITUTIONS ORGANIZED IN SOUTH CAROLINA Prior to 1860 By W. A. CLARK Chairman of the Historical Commission of Sootb Carolina Printed for THE HISTORICAL COMMISSION OF SOUTH CAROLINA By The State Gomiiany. Golnmbia, S. C. i922 CONTENTS Preface - . _ _ 1 Introduction 4 Chapter I. From the Establishment of Banks to their Chartering by the State - 37 Chapter II. From the first State Charters in 1801 to the Panic of 1837 45 Chapter III. Commercial Crisis^ of 1837 ; its Causes and Its Effects 145 Chapter IV. From the Panic of 1837 to the Close of the Confederate War 160 Chapter V. The Financial Crisis of 1857 214 Chapter VI. The War of Secession, 1860-1865, and its Eesults - - 239 Chapter VII. Reconstruction - 245 Chapter VIII. Conclusion 279 Appendix. Description of BiUs - 293 ^Misprinted "Crises" in the chapter heading. Ill ILLUSTRATIONS Page Bill for six shillings, three pence, currency of the province of South Carolina, 1723 34 Bill for twenty pounds, currency of the province of South Carolina, 1770 31 Bill for twenty pounds, currency of the Provincial Congress of South Carolina, 1775 facing 33 Bill for fifty pounds, currency of the Provincial Congress of South Carolina, 1775, between 33 and 33 Bill for fifteen pounds, currency of the Provincial Congress of South Carolina, 1776 between 32 and 33 Bill for two Spanish milled dollars, currency of the State of South Carolina facing 33 Bill for four Spanish milled dollars, currency of the State of South Carolina facing 34 Bill for five Spanish milled dollars, currency of the State of South Carolina between 34 and 35 Bill for eight Spanish milled dollars, currency of the State of South Carolina between 34 and 35 Bill for thirty dollars, currency of the State of South Carolina between 34 and 35 Bills for five and ten shillings, currency of the State of South Caro- lina between 34 and 35 Bill for seventy dollars, currency of the State of South Carolina between 34 and 35 Bill for fifty dollars, face and back, currency of the State of South Carolina between 34 and 35 Bill for ninety dollars, currency of the State of South Carolina. ... 36 First home of the Charleston branch of the Bank of the United States facing 40 Second home of the Charleston branch 'of the Bank of the United States facing 41 Third home of the Charleston branch of the Bank of the United States, later the State Bank of South Carolina, and still later the city hall of Charleston 44 Fourth home of the Charleston branch of the Bank of the United States, later the Bank of Charleston facing 46 The Bank of South Carolina, 1801-1835 facing 54 The Bank of South Carolina, 1835-1868 56 The Planters's and Mechanics's Bank facing 72 The Bank of the State of South Carolina, 1817-1838, the South- western Rail Eoad Bank, 1838-1873, later The News and Courier building facing 96 The Bank of the State of South Carolina, 1838-1868 facing 97 The State Bank of South Carolina, 1853-1868 facing 170 Group of banking houses. East Bay, Charleston, 1857 facing 171 Twenty dollar bill. The Bank of South Carolina 333 Ten dollar bill. The Bank of South Carolina 334 V Page Five dollar bill, The Bank of South Carolina 335 One hundred dollar bill, The State Bank 336 Fifty dollar bill, The State Bank 337 Back of fifty dollar bill, The State Bank 338 Fifty dollar bill. The State Bank 339 Twenty dollar bill. The State Bank 340 Ten dollar bill, The State Bank 341 Ten dollar bill. The State Bank 342 Five dollar bill. The State Bank 343 Five dollar bill, The State Bank 344 Ten dollar bill, The Union Bank 345 Five dollar bill, The Union Bank 346 Back of five dollar bill. The Union Bank 347 Five dollar bill, The Union Bank 348 Ten dollar bill. The Planters's and Mechanics's Bank 349 Back of ten dollar bill. The Planters's and Mechanics's Bank 350 Five dollar bill. The Planters's and Mechanics's Bank 351 Five dollar bill. The Planters's and Mechanics's Bank 352 One hundred dollar bill. Bank of the State of South Carolina 353 Tvi^enty dollar bill. Bank of the State of South Carolina 354 Ten. dollar bill. Bank of the State of South Carolina 355 Ten dollar bill, Bank of the State of South Carolina 356 Five dollar bill. Bank of the State of South Carolina 357 Five dollar bill. Bank of the State of South Carolina 358 Five dollar bill, Bank of the State of South Carolina 359 Four dollar bill. Bank of the State of South Carolina 360 Tvyo dollar bill, Bank of the State of South Carolina 361 Two dollar bill, Bank of the State of South Carolina 362 Two dollar bill. Bank of the State of South Carolina 363 Two dollar bill. Bank of the State of South Carolina 364 One dollar bill. Bank of the State of South Carolina 365 One dollar bill, Bank of the State of South Carolina 366 One dollar bill. Bank of the State of South Carolina 367 One dollar bill. Bank of the State of South Carolina 368 Bill for seventy-five cents, Bank of the State of South Carolina .... 369 Bill for fifty cents. Bank of the State of South Carolina 369 Bill for twenty-five cents. Bank of the State of South Carolina .... 370 Bill for fifteen cents. Bank of the State of South Carolina 370 Bill for ten cents. Bank of the State of South Carolina 371 Bill for five cents. Bank of the State of South Carolina 371 One hundred dollar bill. Bank of Charleston 372 Fifty dollar bill. Bank of Charleston 373 Twenty dollar bill. Bank of Charleston 374 Ten dollar bill. Bank of Charleston 375 Ten dollar bill. Bank of Charleston 376 Eight dollar bill, Bank of Charleston 377 Seven dollar bill. Bank of Charleston 378 Six dollar bill. Bank of Charleston 379 Five dollar bill. Bank of Charleston 380 VI Page One hundred dollar bill, The South-Western Rail Eoad Bank 381 Twenty dollar bill, The South-Western Rail Road Bank 383 Ten dollar bill. The South-Western Rail Eoad Bank 383 Five dollar bill, The South-Western Rail Road Bank 384 One hundred dollar bill. The Farmers' & Exchang-e Bank 385 Twenty dollar bill. The Farmers' & Exchange Bank 386 Ten dollar bill, The Farmers' & Exchange Bank 387 Five dollar bill, The Farmers' & Exchange Bank 388 Ten dollar bill. The People's Bank of South Carolina 389 Five dollar bill, The People's Bank of South Carolina 390 Ten dollar bill, The Bank of Cheraw 391 Twenty dollar bill, The Merchants' Bank of South Carolina at Cheraw 392 Ten dollar bill. The Merchants' Bank of South Carolina at Cheraw 393 Ten dollar bill, The Merchants' Bank of South Carolina at Cheraw 394 Five dollar bill. The Merchants' Bank of South Carolina at Cheraw 395 One hundred dollar bill. The Bank of Hamburg 396 One hundred dollar bill. The Bank of Hamburg 397 Fifty dollar bill. The Bank of Hamburg 398 Fifty dollar bill. The Bank of Hamburg 399 Twenty dollar bill, The Bank of Hamburg 400 Ten dollar bill, The Bank of Hamburg 401 Ten dollar bill. The Bank of Hamburg 402 Ten dollar bill. The Bank of Hamburg 403 Five dollar bill. The Bank of Hamburg 404 Five dollar bill, The Bank of Hamburg 405 Five dollar bill. The Bank of Hamburg 406 One hundred dollar bill. The Commercial Bapk of Columbia 407 Fifty dollar bill, The Commercial Bank of Columbia 408 Twenty dollar bill. The Commercial Bank of Columbia 409 Ten dollar bill, The Commercial Bank of Columbia 410 Ten dollar bill, The Commercial Bank of Columbia 411 Five dollar bill. The Commercial Bank of Columbia 412 Five dollar bill. The Commercial Bank of Columbia 413 Twenty dollar bill, The Exchange Bank of Columbia 414 Ten dollar bill, The Exchange Bank of Columbia 415 Five dollar bill. The Exchange Bank of Columbia 416 Twenty dollar bill. The Bank of Camden 417 Ten dollar bill. The Bank of Camden 418 Ten dollar bill. The Bank of Camden 419 Five dollar bill. The Bank of Camden 420 Five dollar bill, The Bank of Camden 421 Twenty dollar bill. The Bank of Georgetown 422 Twenty dollar bill. The Bank of Georgetown 433 Ten dollar bill, The Bank of Georgetown 424 Ten dollar bill. The Bank of Georgetown 425 Five dollar bill, The Bank of Georgetown 426 Five dollar bill, The Bank of Georgetown 427 Five dollar bill. The Bank of Georgetown 428 VII Page One hundred dollar bill, The Planters' Bank of Fairfield 429 Fifty dollar bill, The Planters' Bank of Fairfield 430 Twenty-five dollar bill. The Planters' Bank of Fairfield 431 Twenty dollar bill, The Planters' Bank of Fairfield 432 Ten dollar bill. The Planters' Bank of Fairfield 433 Five dollar bill. The Planters' Bank of Fairfield 434 Twenty dollar bill. The Bank of Newberry 435 Five dollar bill, The Bank of Newberry 436 Twenty dollar bill. The Bank of Chester 437 Ten dollar bill, The Bank of Chester 438 Five dollar bill, The Bank of Chester 439 VIII PKEFACE. My connection with the banking institutions of this State for well nigh a half century past, during which time legislators and bankers have been busying themselves studying the National Banking System and seeking some method of making the circu- lation used under those laws elastic, and, in fact, endeavoring to engraft upon that system some form of currency based upon assets; the result of which a few years ago crystalized into the system under which we now operate, known as The Federal Re- serve System, has caused me to study the systems of banking which were in operation in the various States of the Union prior to 1861-1865. In my study of these questions I found it necessary to ex- amine the laws under which the banks of this State had been in- corporated in days prior to that time, which proved to be nothing less than a currency based upon assets hedged around by certain safe-guards which, when honestly applied with due regard to economy, afforded not only an elastic currency, but that which would best meet the wants of a new and rapidly growing com- munity. The principles which were the controlling features of the several Acts of incorporation cannot be said to have had their origin wholly within this state, because we find like principles in- cluded in charters granted by other states at about the same time, but this much may be said to the credit of our statesmen who at that time were the controlling factors in the legislature : that the Acts whereby the banks were chartered and authorized to do business were most carefully drawn and, while allowing the stock- holders most liberal terms, they were so safeguarded as to render the creditor and bill holder most ample protection. That is made to appear by a casual reading of the Acts themselves, but, as further illustration of what I have here stated, only a single bank chartered by this State prior to 1860 found it necessary to go into liquidation; nor did any creditor or bill holder suffer loss save by and until the devastation wrought by the war of the 60's, which brought wreck and ruin upon all. For several years past I have been a collector of the bills which were issued by the various banks of this state and have succeeded in collecting one or more specimens of the various bills which were issued by each of these banks. As already stated, all of these banks, with one exception, by reason of the loss incurred during the war, found it necessary, after repeated eiforts to resume business, to liquidate their af- fairs. The exception referred to is the Bank of Charleston, which resumed its business at its old stand in 1866 and by most strenu- ous efforts and considerable sacrifice succeeding in redeeming its bills and continued operation as a State bank until 1873, when it became nationalized under the name of Bank of Charleston, National Banking Association. This bank is now one of the strong-holds of the city of Charleston and its present success is largely due to the conservative management of its officers, and among these to none is credit more due than to the late Ernest H. Pringle, who for twenty years or more was president of that institution. The bills of this bank, as already stated, have been redeemed whenever presented and I have therefore found it diflBicult to procure a perfect specimen of any one of the bills issued by this bank under its state charter. The bills in my collection of other banks in this state are all in practically perfect condition. About one year ago the editor of The Nwmismatist, a maga- zine devoted more especially to coins and stamps, but of late years giving much attention to the study of bills of broken banks, requested that I prepare for publication in that work a description of the bills of ante-bellum banks of this state. That request did not anticipate a history of the banks, but only a description of the bills. When, however, I mentioned my purpose to some members of the Historical Commission, the suggestion was then made to enlarge the scope of that work and prepare a history of the ante-bellum banks of the state, together with a description of the bills issued by each, accompanied with illustrations of the bills, and that the work should be that of the Historical Commission of South Carolina, since such an under- taking would necessarily contain much matter of historical in- terest. In compliance with that request, I have undertaken, amid my other exacting duties, to perform this work. More than a half century has passed since these bills were put in circulation and with the exception of the one bank herein- before referred to all others have passed out of existence. Since one portion of this work contemplated a description of these various biirs, I have found it, because of the lapse of time, a difficult matter to identify with certainty the individuals whose pictui'es appear upon the bills. It is, however, surprising that after this long lapse of time I have been enabled to secure the full descriptions of the essential features of so large a propor- tion of these bills. Of course, in doing this, I have found it necessary to call to my aid others who are closely identified with the history of the state. In solving these difficulties which have arisen I have been greatly helped by Mr. A. S. Salley, Jr., Secre- tary of the Historical Commission of South Carolina; Prof. Yates Snowden, Professor of History of the University of South Carolina, Mr. AVilliam G. Mazyck, of Charleston, and Miss Mabel L Webber, Secretary of the South Carolina Historical Society, and to their efforts not only I, but the community, owe a debt of gratitude. The books upon which I have largely relied in preparing this work are: Statutes at Large of South Carolina, Ramsay's History of South Carolina, The Compilation of the Banking Laws of the State, published in 1848; The Bank Case, containing a report of the proceedings against the Bank of South Carolina and the Bank of Charleston upon Scire Facias to vacate their charters for the suspending of specie payment, the South Caro- lina Reports, A Review of the Banking Laws of South Caro- lina, by Geo. W. Williams, A History of Currency in the United States, by A. B. Hepburn; The Descriptive Registry of Genuine Bank Notes, published by Gwynne & Day, Bankers No. 12 Wall St., New York, 1859, and Hodge's American Bank Note Safe- guard, published by Edward M. Hodge in New York in 1862. INTEODUCTION. Section XI of the first charter from Charles II to the Lords Proprietors of the province of Carolina, March 24, 1663, provided that the Lords Proprietors, "their Heirs and Assigns, may from time to time for ever, have and Enjoy the Customs and Subsidies in the Ports, Harbours, Creeks and other places within the Prov- ince aforesaid, payable for Goods, Merchandizes and Wares there laded, or to be laded or unladed, the said Customs to be reasonably assessed upon any Occasion by themselves, and by and with the Consent of the free People there, or the greater part of them as aforesaid; to whome We give Power by these Presents, for us, our Heirs and Successors upon just Cause and in a due Proportion to assess and impose the Same."^ In the concessions and agreement of the Lords Proprietors and the "Adventurers" of Barbadoes, England, New England, Caribbee Islands, and Bermuda to Carolina provision was made in the 4th paragraph of the section relating to powers of assem- blies as follows : 4. Item by Act as afores" to ley equall taxes and assessments equally to rayse moneyes or goods upon all ye Lands (excepting ye Lands of vs the Lords Propryato" before setling) or persons w^in the severall pre- cincts Hundreds Parishes Manors or w'soever other divisions shall here- aff be made and established in the s" Countyes as oft as necessity shall require and in such maner as to them shall seeme most equall & easye for ye Inhabitants in order to ye bette' supporting of ye publicke Charge of the said Gouerment and for ye mutuall safety & security' of ye said Countyes.'' In the section relating to security of the property of the inhab- itants the 1st paragraph provides: 1. Item- They are not to Impose nor suffer to be imposed any tax Custonie Subsidy Tallage Assesment or any other duty w'soever vpon any culler or p'tence vpon ye s'* County or Countyes & ye Inhabitants thereof other then what shalbe Imposed by ye authority & consent of ye Generall Assembly and then on-lj' in maner as aforesaid.' In the earliest compilation of the laws of South Carolina, the compiler (Nicholas Trott, a former chief-justice) states that he had begun "with the most ancient Laws" he could find; "which are those passed in the Government of Joseph West Esq; the Second time of his being Governour."* Governor West began his ^MS. of a compilation entitled The Laws of the Province of South Caro- lina, bj' Nicholas Trott, xiii. 'Collections of the South Carolina Historical Society. Vol. V, 37. ^Collections of the South Carolina Historical Society. Vd. V, p. 41. *MS. of Trott's compilation (office of Historical Commission), iii. second term as governor August 13, 1674, when he was elected by the Council to succeed -Governor Yeamans, who had just died, and served to October, 1682, when he was succeeded by Joseph Morton, but Trott's compilation contains no Act, or title of Act, ratified earlier than May 26, 1682, which was the latter part of West's second administration, so that we have no Acts for raising revenues at an earlier date. Just how the expenses of the government prior to 1682, were raised, apart from the quit rents collected for the Lords Pro- prietors from the grantees of the lands of the province and from the licence fees collected on the sales of liquors, beers and wines, our available records are uninforming. The salaries paid by the Lords Proprietors to their public officers were very small, but each of them was allowed liberal fees for all work done for the citizens. The earliest title of a revenue Act to be found in Trott's collection is of one that was ratified June 8, 1682, and is as fol- lows: An Act for raising^ a Tax of Four Hundred Pounds or the value thereof for defraying the Publick Charges of this Province.^ Ratified June, y'' S'". 1683. Expired. As the Act had expired before Trott's day, he gave only its title. The following Acts of this character were ratified at neces- sary intervals in the succeeding years: An Act for the Eaising a Tax of 500'*^ Sterling for the defraying the publick Charges of this Province.^ Ratified September y« 25'". 1683. Obsolete. An Act for the raising of five Hundred and Twenty Pounds Sterling, be- sides the Assessors particular Assessments for defraying of the Publick Charge of this Province." Ratified April y" 11". 1685. Obsolete. An Act of Parliament Entituled an Act to Levie and Impress Men, Armes &c°. for the Defence of the Government and for Assessing five Hundred Pounds &c°. Ratified October y» 15". 1686. Repealed by the Act N° 44.* An Act for raiseing Three hundred Pounds for building Gallies and pro- videing Store of Provision for the same, for the Defence of the Country." ^MS. of Trott's compilation (office of Historical Commission), page 2, No. 5. ^MS. of Trott's compilation (office of Historical Commission), page 3, No. 13. "MS. of Trott's compilation (office of Historical Commission) , page 5, No. 21. 'MS. of Trott's compilation (office of Historical Commission), page 10, No. 30. The full title is given In Statutes at Large of South Carolina, II, 15-18. "MS. of Trott's compilation (office of Historical Commission), page 14, Ratified February y' SB". 1686/7. for Twenty three Months. Eepealed by the Act N° 44. ■ -u -a a a An Act Entituled an Act for the Levieing and assessing eight Hundred Pounds. Ratified July y'= SS^. 1687. The Acts N° 30. & N» 35. Repealed.' Obsolete. .... . An Act for the raiseing of a Fund of money for the maintaining ot a Watch at Sullivans Island. Ratified December y" 22". 1690. Obsolete. Repealed by the Lords Proprietors See N" 68.^ An Act for Raising a Tax.' Ratified May j' 1". 1691. Expired. An' Act for Laying a Tax or duty on Skins and Furrs, for the Publick use of this Province, and Regulateing the Indian Trade. Ratified September y" 26'". 1691. Obsolete- The Acts N° 62 & N» 63. Repealed/ An Act for Raiseing Money for the Several Uses within Mentioned. Ratified May y= 20"". 1693. Obsolete." An Act to raise money to be disposed of for the Encouragement of the Production and Manufacturing of divers Sorts of Provisions and Com- modities of the Growth of this Province." Ratified June y" 20"'. 1694. for T^vo Years. Eepealed. See N» 175. §. 14. An Additional Act for the better Collecting and Receiving the Duties and Rates upon Liquors Tobacco and Provisions, Imported into this part of this Province. Ratified July y" 16'^ 1695. Explained by the Act N" 148. Eepealed. See N» 175. §. 14.' An Act for Laying an Imposition upon Skins and Furrs for the Defence and Publick use of this Country. No. 35. TTie full text of this Act is given in Statutes at Large of South Carolina, IT, 23-25. 'MS. of Trott's compilation (olfice of Historical Commission), page 16, No. 44. The full text is given in Statutes at Large of South Carolina, II, 36-37. 'MS. of Trott's compilation (office of Historical Commission) , page 20, No. 51. The full text is given in Statutes at Large of South Carolina, II, 40-42. "MS. of Trott's compilation (office of Historical Commission), page 24, No 68. 'MS. of Trott's compilation (office of Historical Commission), page 25, No. 73. Acts No. 62 and No. 63 related to the regulation of the Indian trade. The full text is given in Statutes at Large of South Carolina, II, 64-68. 'MS. of Trott's compilation (office of Historical Commission), page 42, No. 96. "MS. of Trott's compilation (office of Historical Commission), page 50, No. 113. See also The Introduction of Rice Culture into South Carolina {Bulletin No. 6 of the Historical Commission of South Carolina), by A. S. Salley, Jr., page 17. 'MS. of Trott's compilation (office of Historical Commission), pao-e 61 No. 121. Ratified March y 16">. 1695/6. For Three Years: Continued by the Act N° 169. Further continued by the Act N» 175. §. 15. for Two Years, and by the Act N" 199. §. 2. Repealed See N° 304. §. 24.' An Act to appropriate the Moneys raised and to be raised by an Imposi- tion on Liquors i&c". Imported into, and Skins and Furrs Exported out of this part of the Province to a Fortification in Charles Town. I. II. III. IV. Obsolete.^ « * * •» * * * * * Read three times and Ratified in Open Assembly March the le'". 1695/6. An Act to Lay an Imposition on Liquors and Goods Imported into this part of the Province for the Defence and Support of this Govern- ment Ratified November y« 16'". 1700. for Two Years XIV The Acts N° 112. & N" 121. Repealed. XV The Act N» 129. Continued for two Years. This Act Continued to the 16*". of November 1703. See N" 199. §. 1. Repealed See N" 204. §. 23.= An Additional Act, to an Act for Laying an Imposition on Liquors Ac". Ratified March y" 1". 1700/1. To Continue in force until Novemb' y" 16". 1702. Continued to the 16"> of November 1703. See N° 199. §. 1. Repealed. See JN" 204. §. 4.-' An Act for raising money for the publick use and Defence of this Province. Ratified August y= gS'". 1701. Obsolete.^ An Act for Raising the Sum of two Thousand Pounds of and from the Real and Personal Estates and of and from the Profits and Revenues of the Inhabitants of this Province for the Carrying on this present Expedition against S'. Augustine and for appointing the Number of men and Ships to be made use of, and the manner and method of going against the said place. Ratified September y lO'". 1703. Obsolete. & Expired." 'MS. of Trott's compilation (oflSce of Historical Commission), page 84, No. 129. The original Act is also in the ofBce of the Historical Commission in a volume entitled "Governor Archdale's Lawes." The full text of it is printed in Statutes at Large of South Carolina, II, 110-112. ^MS. of Trott's compilation (office of Historical Commission), page 86, No. 133. Section V of the Act relates to protection afforded the shipping in the harbor and penalties inflicted for violations of regulations governing and method of collecting the fines and forfeitures. The full text is given in Statutes at Large of South Carolina, VII, 111. "MS. of Trott's compilation {office of Historical Commission), page 168, No. 175. *MS. of Trott's compilation (office of Historical Commission), page 175, No. 183. The full text is given in Statutes at Large of South Caro- lina, II, 177-178.- ^MS. of Trott's compilation (office of Historical Commission), page 177, No. 191. The full text of the Act is given in Statutes at Large of South Carolina, II, 182-185. "MS. of Trott's compilation (office of Historical Commission), page 187, No. 198. An Act for the Laying an Imposition on Furrs Skins, Liquors and other Goods and Merchandize Imported into and Exported out of this part of this Province for the Raisins' of a Fund of Money towards the defraying of Publick Charges and Expences of this Province and Pay- ing the Debts due for the Expedition against S'. Augustine. Head three Times and Katified in Open Assembly May the 6'". 1703. Repealed See N" 360. §. 34. Excepting Paragr. 2''. relating to the Duties upon Skins and Fiirrs. lb. §. 35. & see N° 395. §. 31.^ When the province became involved in an expedition against the Spaniards at St. Augustine and in wars against the neighbor- ing Indians, it was found necessary to resort to other methods of meeting these extraordinary demands. To lessen the burdens resulting from these extraordinary and unforeseen ex- penses, the General Assembly in 1703 resorted to the issuance of "Bills of Credit" to meet these demands, while still meeting ordinary expenses in the usual manner. Emergencies continued from time to time during the life of the province, and more especially during the Revolution. A review, there- fore, of the fiscal methods of the province and state from the year 1703 to the year 1783, when South Carolina became an in- dependent sovereign state, will prove an appropriate introduction to our theme. Bills of credit were first authorized to be issued by an Act of the General Assembly ratified May 8, 1703, entitled: An Act for raising the Sum of four Thousand Pounds on the Real and Personal Estates and of and from the ProiSts and revenues of the Inhabitants of this Province and Establishing of Bills of Creditt for Satis- fying the Debts due by the Publick on Account ot the Late Expedition against S*. Augustine.^ The preamble and enacting words of the Act are as follows: WE the representatives of the people of this Province, being highly sensible how much it concerns us for the support of this Collony to keep the publick faith and credit, and knowing it to be our duty for the honour and justice of this Collony, to satisfy the debts now due for the late expedition against St. Augustin, do give and grant unto His Ex- cellency John Granville, Esq. Palatine, and the rest of the true and absolute Lords and Proprietors of the Province of Carolina, the sums 'MS. of Trott's compilation (office of Historical Commission;, page 195, No. 204. Trott gives sections II and XXV of the Act with the signatures of Governor Johnson and five deputies. The full text is given in Statutes at Large of South Carolina, II, 200-206. ^MS. of Trott's compilation (office of Historical Commission') nae-e 196, No. 205. '' ^^ 9 hereafter mentioned and for the uses herein after mentioned, and for the better effecting' thereof we pray that it may be enacted, And he it enacted, by his Excellency John Granville, Esq. Pala- tine, and the rest of the true and absolute Lords and Proprietors of the Province of Carolina, by and with the advice and consent of the rest of the members of the General Assembly, now met at Charlestown for the South-west part of this Province, and it is enacted by the authority of the same, That the sum of Four Thousand Pounds shall be equally and indifferently imposed and levied upon the estates, stockes and abilli- ties of all and singular the inhabitants, merchants, and other persons re- sideing and liveing within that part of the Province of Carolina which lyes south and west of Cape Fear, at such times and after such manner and forme and by such, persons as is herein after mentioned and directed : That is to say, two thousand pounds on or before the first day of Febru- ary next, and two thousand pounds on the first day of February which shall be in the year of our Lord one thousand seven hundred and four.' The section providing for bills of credits is as follows: XI. And whereas the said tax of four thousand pounds, herein mentioned, is raised to defray and satisfy such persons from whom any goods, provisions, ammunitions or vessells were taken up for the late ex- pedition against St. Augustin, and to satisfy the debts now owing by the publick, which could not be done presently without pressing too hard upon the inhabitants of the Collony, and that it would also be hard upon the persons who have trusted the country to be so long without a due payment of their debts : For remedy thereof, and following the ex- amples of many great and rich countries who have helpt themselves in their exigencies with funds of credit, which have fully answered the ends of money, and given the people besides a quick circulation of their trade and cash, &e it enacted by the authority aforesaid, that it shall and may be lawfull to and for the Publick TJeceiver, together with the assist- ance of Colonel James Moore, Alexander Parris, Esq., and James Serurier als Smith, Commissioners thereunto appointed, to make or cause to be made a certain number of Bills of Credit, the lowest beginning at fifty shillings and the highest not above twenty pounds, amounting in all to the sum of Six Thousand Pounds ; which said bills shall by the said Receiver be given in payment unto such persons unto whom the country is indebted, viz. to every one so many bills as makes the payment of his debts, the which debts shall be certified to him in a schedule under the hand of the Speaker of the House of Commons and delivered unto the said Receiver for his governance therein.^ The following are titles of Acts respecting "Bills of Credit" which were passed from time to time during the succeeding four years : An Act for raising the Sum of four Thousand Pounds on the Eeal and Personal Estates, and of and from the Profitts and Revenues of the In- 'This was old style. The actual date would have been 1705. See Statutes at Large of South Carolina, II, 206-207. 'Statutes at Large of South Carolina, II, 210. "On Thursday morning died of a lingering Sickness, Mr. Joseph Massey of this Town Gunsmith, he was Captain, of one of the Foot Companies, and was the first that engraved and printed the Paper Currency of this Province, a Man universally beloved and esteemed for his Ingenuity, mildness of Temper and prudent Conduct." — The South-Carolina Gazette, Saturday, May 15, 1736. ' 10 habitants of this Province, to pay and Cancel the Bills of Credit now Outstanding. Ratified November v" 4'". 1704. Confirmed by the Lords Proprietors. See N° 244. Obsolete & Expired. ' An Explanatory Act to an Act, Entitnled, an Act for the Raising the Sum of four Thousand Pounds, on the Real and Personal Estates and of and from the profits and revenues of the Inhabitants of this Province, to pay and Cancel the Bills of Creditt now outstanding, Ratified in Open Assembly the fourth day of November one Thousand Seven hundred and four. Ratified February y« 17""- 1704/5. Obsolete & Expired. ^ An Act for the Sooner and more Secure payment of Debts owemg by the Publick, and for continuing Currency of the Bills of Creditt, commonly Called Country Bills. Ratified April y" 9'"- 1706. As to that part of this Act relating to the Currency of the Bills. Re- pealed. See N° 362. §. 18. And the other Parts of the Act Obsolete & Expired.' An Act to make and Establish Bills of Credit for Raising the Sum of Eight Thousand Pounds for Satisfying the Debts due by the Publick on Account of the Late Invasion for finishing the Fortifications about Charles Towoi to Revive the Several Acts within mentioned and to call in the former Bills of Credit. Ratified July y" 5«^ 1707. For Two Years. Repealed. See N" 360. §. 34. & N° 395. §. 31.* The full text of the foregoing Act is given in Statutes at Large of South Carolina, Volume II., pages 302-307. The pream- ble thereof is as follows: WHEREAS, it highly concerns us, the representatives of the people of this Province, to keep up the publick faith and credit, and knowing it to be our duty, in honour and justice, to satisfy the publick debts, as also being convinced of the necessity of eompleteing and finishing the Fortifications about Charlestown, in order, therefore, to perform the same, and that all former bills of credit may be called in and cancelled, and others made and established in their rooms for the paynnent of the said debts, The sections relating to the bills of credit are as follows: I. Be it enacted by his Excellency, John Lord Granville. Palatine, and the rest of the true and absolute Lords and Proprietors of the Province of Carolina, by and with the advice and consent of the rest of the mem- bers of the General Assembly, now met at Charlestown for the south- west part of the said Province, and by the authority of the same. That immediately from and after the ratification of this Act, it shall and may 'MS. of Trott's compilation (office of Historical Commission), page 242, No. 240. °MS. of Trott's compilation (oilice of Historical Commission), page 252, No. 244. The full text is given in Statutes at Large of South Caro- lina, II, 263-264. 'MS. of Trott's compilation .(office of Historical Commission), page 271, No. 252. The full text is given in Statutes at Large of SotUli Caro- lina, II, 274-277. ■■MS. of Trott's compilation (office of Historical Commission), page 313, No. 262. 11 be lawful to and for the Honourable Colonel Thomas Broughton, Land- grave Thomas Smith, Captain Thomas Neirn, William Smith and Eichard Beresford, Esqrs., Commissioners thereunto appointed, who are hereby required to undertake and perform the same, to make or cause to be made, a certain number of new bills of credit, to the value of eight thousand pounds, the lowest thereof to be one pound, and then two pound, four pound, six povuid, ten pound, and twenty pound bills, and no higher, to say four hundred twenty shilling bills, three hundred fourty shilling bills, four hundred four pound bills, three hundred six pound bills, one hundred and eighty ten pound bills, and ninety twenty pound bills, which said bills shall by the Deceiver hereinafter named, and by the Ee- ceiver for the time being, be given in payment, and to such person and persons to whom the country is indebted, on account of the late invasion, or upon any former or later account whatsoever, that is to say, to every one so many bills as will make the payment of his debt, which debts shall be certified to the Commissioners aforesaid, in a schedule under the hand of the present Speaker of the House of commons, and delivered unto them for their guidance and direction ; and the Eeceiver aforesaid, and the Eeceiver for the time being, is required to make pavment by and with the said new bills, of all debts that hereafter shall become due from the publick for and upon the account of finishing and repairing the fortifications ■ about Charlestown, governing himself e therein by the or- ders that the Commissioners for that work appointed, shall from time to time draw on him, not exceeding the sum of six hundred pounds. V. And Tie it further enacted by the authority aforesaid. That the Eeceiver herein after named, and the Eeceiver for the time being, shall receive and talte, and he is hereby obliged and required to receive and take any of the said new bills, in payment of any dues, duties, imposi- tions or taxes coming to the publick, the which, when he hath in his possession, he shall every two months cancell and put on a file in the presence of the Commissioners hereinafter, named, to be presented to the Assembly at their next meeting ; and if the said Eeceiver, or the Eeceiver for the time being, by reason of receiving several small sums of money under the value of any of the said bills, shall happen to have any pub- lick money in specie, then and in such case, he shall taKe of any person possessed of said bills, so many bills as the said money amounts to, an'^ shall in lieu thereof pay them money for the same. In all young communities, large sums of money are found necessary for development, and the province of South Carolina was no exception to this rule. In fact the imports into the prov- ince for the purpose of development were as a rule largely in excess of the exports, so that all of the specie whether in the form of gold or silver had to be sent out in order to meet the expenses of these importations ; and not only so but at this time a large number of African slaves were introduced into the prov- ince, who had to be paid for in coin, and so the community was constantly drained of that kind of money and the necessity of resorting to a circulation in the form of credit to meet home demands grew greater from time to time. The purchasing power, therefore, of paper thus issued suffered rapid deprecia- tion. Upon that point Dr. Eamsay speaks as follows : 12 In Carolina, as a British province, sterling was tlie legal money of the country; but unfortunately there was very little of it in the prov- ince or in any of the British colonies. Judge Brevard, in his introduction of his Digest of the Laws of South Carolina^ speaks as follows : Proclamation Money, which is also frequently mentioned in our acts of assembly, acquired that denomination from a proclamation of queen Anne, in the sixth year of her reign, (about the year 1708) the object of which was, to establish a common measure of value for the paper currencies of the colonies. The same species of coins, which were equally rated in all the colonies, and passed at the same value as sterl- ing money, were variously rated, and of different values, in relation to the paper currencies of the several colonies. In some of them the silver dollar passed at eight shillings, in others, at seven shillings and six pence, and six shillings, according to the quantities of paper money thrown into circulation. The standard fixed by the proclamation was, one hundred and thirty three pounds, six shillings and eight pence paper currency, for one hundred pounds sterling. The nominal value of currency was established at one fourth below the value of sterling. The dollar passed at six shillings and three pence, although not quite equal to six shillings and two pence three farthings, proclamation money.' As the business of the province with the outer world increased, the tendency of which was to draw away sterling, it was found necessary from time to time to make further use of "Bills of Credit" to meet other contingencies as well as the demands of home consumption, as shown by the following titles of Acts : An Act for the better Enabling the Eight Honourable the Governour or the Governour for the time being, to raise a Force against our Publick Enemies and to raise moneys to Defray the Charges of the Same, by Establishing new Bills of Credit. Ratified February y» 14". 1707/8. Repealed. See N° 277. §. 14J' An Act for Raising the Sum of five Thousand Pounds. Ratified April y" 24". 1708. Repealed. See N» 360. §. 34. & N° 395. I. 31.= An Act for raising the Sum of Three Thousand Pounds in Small Bills for the Sinking One Thousand Pounds of the former Bills and two Thousand Pounds for and towards the Payment of the Bebts due from the Publick and to appoint a fund for the Same. Ratified March y' 1". 1710/11. Repealed. See N" 360 §. 34. & 395. §. 31.* \iii Alphalietioal Digest of the Public Statute Laio of South Caro- lina, I, xii. ''MS. of Trott's compilation (oflSce of Historical Commission), page 332, No. 375. The full text is given in Statutes at Large of South Caro- lina, II, 330-333. ^S. of Trott's compilation (office of Historical Commission), page 333, No. 277. The full text of this Act is given in Statutes at Large of South Carolina, "Volume II, pages 334-337. Section VII thereof provides for the issuing of £5000. in bills of credit of the value of 20s and 40s. 'MS. of Trott's compilation (ofBce of Historical Commission), page 384, No. 297. The full text is given in Statutes at Large of South Caro- lina, II, 352-354. The original Act is on file in the office of the Histori- cal Commission. 13 An Act for the raising the Sum of Four Thousand Pounds Currant Money by Laying Sundry Additional duties on Liquors and other Goods and Jlerchandize for the carrying on an Expedition against the Northern Indians, Enemies to the Crown of Great Britain and for the aiding and assisting the Inhabitants of North Carolina who are now actually Invaded by Sundry of the said Indians. Eatiiied November y" 10*\ 1711. Paragraph 14. Eelating to the Additional Duties. Repealed. See N» 360. §. 34. And all the other Paragraphs Obsolete.' On June 7, 1712, the General Assembly adopted a still more advanced policy of commercial and industrial development by the passing of an Act to issue bills of credit to be loaned out on mortgages on real estate, with a requirement that a portion of the principal be retired each year. These bills were known as "Bank Bills" and the bank itself was known as The Land Bank. So far as available records show, this was the first land bank for the purpose of issuing currency to be loaned out on lands, to be established in America. The following is the Act : An Act for raising the Sum of Fifty Two Thousand Pounds by Stamp- ing and establishing new Bills of Credit and putting the Same out to Interest in Order to call in and Sink the former Bills of Credit and thereby give a farther Encouragement to Trade and Commerce. Whereas the Publick Debts occasioned by the Vast Charges to which this Province for these Several Years past hath been Subject and Liable (that is to Say) by the Late Expedition against S'. Augustine the Fortifying Charles Town, and Building Johnsons Fort the Invasion by the French and Spaniards in the Year One Thousand Seaven Hundred and Six and the Assistance Lately given to the Inhabitants of North Carolina are become at least So great Burthensome and Considerable that there is no hopes or Probability the Same can be discharged in any Tolerable time by the Publick Duties and Incomes of this Prov- ince, And that it is also impracticable (especially at this time) to discharge and defray the same by the Ordinary method of imposeing a Tax on the Estates, Stocks and abilities of the Inhabitants of this Prov- ince without Pressing too hard upon them. Therefore on so Extraordinary an Occasion and following the Example of many great and Rich Countries who have helped themselves in the like Streights and Exigencies with funds of Credit which have Effectually answered the Ends of money and thereby given a Quick Circulation and Encouragement to Trade and Com- merce, Be it Enacted by his Excellency the Palatine and the rest of the true and absolute Lords and Proprietors of the Province of Carolina, by and with the advice and Consent of the rest of the Members of the Gen- eral Assembly, now mett at Charles Town, for the South west part of the said Province and by the authority of the Same, That from and immedi- ately after the Ratification of this Act, it shall and may be Lawful to and for CoH. Thomas Broughton, Arthur Middleton Esq; Richard Berres- f ord Esq ; Coll. William Rhett, CoU. George Logan Landgrave Joseph ilorton, Captain Peter Slann, M'. Benjamin Godin and Captain Chris- topher Wilkinson Commissioners thereunto appointed, who are hereby required and Impowered to Choose a President, and- then to under- take and Perform the Same to make or Cause to be made a certain "MS. of Trott's compilation (office of Historical Commission), page 407, No. 305. 14 Number of Bills of Creditt, the Lowest beginning at five Shillings and the Highest not Exceeding Twenty Pounds, amounting in all to the Sum of Fifty two Thousand Pounds, which Said Bills when Stampt, Signed and Sealed Shall by the Commissioners aforesaid or any five of them be made use of as follow's (That is to say) with the Sum of Sixteen Thousand Pounds they Shall call in and Cancel and put on a file all the former Bills of Creditt (Except) the Last Bills that were Stampt for Carrying on the Expedition against the Northern Indians, by an Act Ratified in Open Assembly the Tenth day of November, One Thousand Seaven Hundred and Eleven amounting to four Thousand Pounds, and the Funds of the Said Bills Called in and Cancelled and filed are hereby ordered and Declared to be Disposed of, for and towards the Sinking the Bills hereby Established and Ordered to be given in Exchange for the Same Old Bills, and on no other account Whatsoever. II Be it further Enacted by the authority aforesaid, that thirty Two Thousand Pounds Shall by the Commissioners aforesaid, or any five of them be lett out to Interest to Such Person or Persons as hereafter shall be directed and appointed. III And be it further Enacted by the Authority aforesaid, that it shall and may be Lawful to and for the Said Commissioners and they or any five of them are hereby directed and Impowered to lend and put out to Interest the said Sum of Thirty two Thousand Pounds to Such Person or Persons as are willing to take up the Same at the Interest and on the Term's hereafter in this Act Particularly set forth and Expressed and not otherwise. IV And be it further Enacted by the authority aforesaid, that the Said Commissioners or any five of them shall not Lend or put out to Interest to any One Person before the Expiration of Seaven Months after all the Said Bills are Stampt and begun to be given out any Num- ber of the Said Bills under the Sum of One Hundred Pounds nor Ex- ceeding the Sum of Three Hundred Pounds. V And be it further Enacted that each Person who is desirous to take up onely the Sum of One Hundred Pounds, and So in Proportion Shall before he Eeceives the same first apply himself e to the said Commissioners or any five of them and Offer his Security, and if the Said Person and his Security be approved of by them, or any five of them, who are Judges thereof and to whose discretion the same is hereby wholly referred, the said Commissioners takeing care that the Person Offering himself to be Security as aforesaid be worth DoTible the monev taken up by himselfe and for which he becomes Security for another as aforesaid, he shall then enter into Bond with Such Security Joyntly and Severally, Proportionable to the Sum taken up in the Penalty of Two Hundred Pounds Currant money. Payable to the Commissioners afore- said or any five of them for the time being, for the use of the Publick Conditioned for the true Payment of One Ilundrerl and Fiftv Pounds like Currant money, and So Proportionable for a Greater or Lesser sum in Twelve years next Succeeding the date of the said Bond to the Commissioners aforesaid or any five of them for the use of the Publick, the Siim of Twelve Pounds Ten Shillings P'. Annum by even and equal Payments, and so in Proportion for any greater Sum, or if the Said Commissioners Shall think fitt, they may insist upon haveing the Negroes and Land of such Person takeing up monies Mortgaged to them or any five of them in Double the Value of the Sum taken up for the Use of the Publick by which means the Principle Sum of One Hundred Pounds will not only be Eepaid into the Publick Treasury at the Expiration of the Term aforesaid, but there will be a gain of Fifty Pounds made to the Advantage of the Publick on each Hundred Pounds So lent out as aforesaid. VI And be it further Enacted by the authority aforesaid, that the Commissioners aforesaid, or any five of them haveing taken Bond or Mortgage, after the manner aforesaid for any sum not Exceeding 15 three Hundred Pounds as aforesaid, they Shall lend the Said Sum to the Persons whose Bonds or Mortgages they have taken Shall by the Secretary be Entered the said Loan in a Book kept for that Purpose, which entry shall be Looked upon to be as good and Arm a Eecord as if the same were entred at Large in any Books of Eecords in this Province, any Law Custom or usage to the Contrary Notwith- standing. VII And be it further Enacted by the authority aforesaid, that in case the sum of Twelve Pounds Ten shillings, which which is the Sum Yearly to be Paid for each hundred Pounds so taken up as aforesaid remaine behind and unpaid to the Commissioners aforesaid, or any five of them by the time and space of Ten days after the Expiration of each year dureing the Twelve years aforesaid, it shall then be Law- ful for the Chief Justice at the Request of the Commissioners or any five of them who are hereby Ordered and appointed to make Such re- quest, to Issue out an Execution for the said Sum of Twelve Pounds ^' Annum, and so Toties Quoties as the Said Twelve Pounds Ten Shil- lings shall become due and Payable, and the Chief Justice aforesaid, upon Such request is hereby Impowered, required and Commanded to Grant the Same, and the Said Execution so Granted Shall be as Effectual to all Intents and Purposes in the Law without any other Previous Proceedings as if the Term of Twelve years aforesaid was Elapsed and Expired. VIII And be it further Enacted by the authority aforesaid, that if the aforesaid Sum of Thirty two Thousand Pounds Shall not be taken up at Interest within the Space of Seven Months and in manner above directed that it shall then be Lawful for the Commissioners afore- said or any five of them to lett out the remaining part of the said Bills in Such Proportions and to such Person or Persons who shall take the same and give Security by Bond or Mortgage as is afore directed not Exceeding five Hundred Pounds to any Person whatsoever in the whole. IX And be it further Enacted by the authority aforesaid, that the Commissioners aforesaid or any five of them are hereby required by the Secretary to keep an Exact and Distinct account of all Such Sums of money as they Yearly Shall from time to time receive or Eecover by Virtue of the Bonds or Mortgages aforesaid, and the Same Shall from time to time be Compared with the Counterparts Cancelled and put on a File to be kept for that Purpose and a Particular ac- count thereof Shall Render to the Commons House of Assembly when and as often as they Shall be by them thereunto Returned. X And be it further Enacted that in Case any Person haveing taken up any of the Said Bills of Credit on the Condition and according to the Terms aforesaid, and being afterwards to return the Same into the Hands of the Commissioners aforesaid or any five of them at any time before the Expiration of the said Term of Twelve Years, It Shall be Lawful for such Person so to do making a Just allowance for the time he was Possesed of the Publick money, according to the Proportion aforesaid, he finding one other Person to make a Mort- gage or Enter into Bond with Such Sufiicient Security to the Com- missioners aforesaid, or any five of them as is above directed by this Act for the remaining part of the said Sum which he was obliged to Pay as aforesaid, according to the Conditions and Terms aforesaid, then the Commissioners aforesaid or any five of them are hereby re- quired to Cancel, make Void and deliver up the other Bond, Mort- gage or Security by such Person entred into as aforesaid, any thing in this Act or the Condition of Such Bond to the Contrary Notwith- standing. XI And be it further Enacted by the authority aforesaid, that in ease the Person that becomes Security for any One as is before di- rected by this Act Shall depart this Province at any time before the 16 Expiration of the Term of years Limmitted in the Bond wherein he becomes security the Principal Person and his security shall before tho departure of such security procure and ofEer to the Commissioners aforesaid such other security as they or any five of them shall ap- prove of in the Room of the first Security so Intending to go ofE and depart as aforesaid. XII And be it further Enacted by the authority aforesaid, that in Case any of the Commissioners appointed by this Act Shall happen to Die, goe off or refuse to Transact the Business of this Act, it Shall be L.awful for the remaining Commissioners and they or any five of them are hereby appointed and Impowered to Choose another Commissioner or Commissioners in the room of such Commissioner or Commissioners as shall so die, goe off or Eefuse to Act as aforesaid, and the Person or Persons so Chosen Commissioner or Commissioners as aforesaid shall have the same Power and authority for Transacting the Business ol this Act, as if they were Named in the Body of the same, and shall be under the same Oaths, Penalties and forfeitures as the Commis- sioners Named in this Act are Liable and subject to and so shall Continue untill removed by a Vote of the House of Commons. XIII And to Prevent the Counterfiting the said Bills by ill disposed Persons Be it Enacted by the authority aforesaid, that if any Person or Persons shall Counterfit any of the said Bills or knowing any of them to be false or Counterfit shall oflier the same in Payment then and in such Case the Counterfiters or any one aiding or assisting him or them in disposeing of the said Bill or Bills being thereof duly convicted Shall be Punished as guilty of Felony and SuSer as a Felon without benefit of Clergy. XIV And the better to Prevent the Counterfiting of the said Bills, Be it Enacted by the authority aforesaid, that all the Bills of Credit to be made, appointed and Established by this Act shall be Indented •and a Counterpart of the Indenture kept fairly bound in a Book by the Commissioners aforesaid, or any five of them, and alsoe the Bills shall each of them be Numbered and the Counterpart of the Indenture Shall have the same Number as the Bills that if any Person do Sus- pect or Question any of the said Bills to be faulty or Counterfeited they may Compare them with the Counterpart of the Indenture, and the Commissioners aforesaid are hereby Ordered and required to have the said Book allways in Charles Town to remain with the Secretary for Transacting the Business of this Act ready to produce to all Per- sons requireing the same to Compare his or their Bill or Bills without any fEee or Eeward, and besides the said Indenture and Number on the said Bills and Counterparts the said Bills and every of them shall be signed and sealed by the Commissioners aforesaid or any five of them, and a Different Stamp to be fixed by a screw to every Bill of a Distinct Denomination and all necessary means used to make the same Screw from Counterfitting before any of them are Issued out in Pay- ment according to the Discretion of the Commissioners or any five of them. XV And be it further Enacted by the authority aforesaid, that the Commissioners herein before Nominated and every of them Shall before they Signe and make the said Bills or any of them take the following Oath (Viz) You Shall sincerely Promise and Swear that you will well and truly Execute the Powers and Authorities given yoa by an Act Entituled an Act for Raising the sum of Fifty Two Thousand Pounds &c. that you will Postpone no Person nor his Business for Malice nor. give any undue PrefEerence for Favour, Affection or any other Consideration whatsoever. XVI And be it further Enacted that if any of the said Commissioners haveing taken his Oath as aforesaid shall afterwards Eefuse or Neglect to Performe his Duty in the Execution of this Act or any part thereof without some Eeasonable excuse to be approved by the rest of the said 17 Commissioners or any iive of them, every Commission'', so Neglecting . or Eefuseing Shall forfeit the Sum of Five Pounds for every such Neglect or refusal, to be recovered by Bill, Plaint or Information in any Court of Record within this Province, wherein no Protection, In- junction, Priviledge or Wager of Law shall be allowed or admitted, one Mojety thereof to be Paid into the Hands of the Publick Keceiver for the use of the Publick and the other Mojety to him or them that shall Inform and sue for the same. XVII And be it further Enacted by the authority aforesaid, that the said Commissioners or any iive of them are hereby Impowered and authorized to draw upon the Publick Eeceiver, for such Sum and Sums of money as the Charges of Stamping and finishing the said Bills Shall amount to, who is hereby Impowered and Required to Pay the same. XVIII And be it further Enacted by the authority aforesaid, that all and every the Bills of Credit made and established by this Act shall be Currant for the sums of money therein mentioned, and Shall be taken after the Ratification of this Act to be a good Payment and Tender in Law and may so be Pleaded in any Court in this Province or before any Justice of the Peace for any Sum tander Forty shillings, and any Person who shall refuse to take and Receive the same in Payment, he, she or they so Eefuseing shall forfeit Double the Value of the Bill or Bills so Refused, One Halfe to such Person or Persons if above Forty Shillings who will Sue for the Same, by Bill, Plaint or Infornaation, in any Court of Record ^vithin this Province wherein no Essoign Pro- tection or Wager of Law Shall be allowed, the other half to the Vestry of Charles Town for the use of the Poor, and if the said Forfeiture shall be under Forty Shillings Shall be Recovered as in the Act for the Tryal of Small and mean Causes, is directed. XIX And be it further Enacted by the authority aforesaid, that if the Commissioners aforesaid or any five of them Shall have Reason to Question or suspect the Title of any Person or Persons who are willing to take up any sum or sums of money according to the mean- ing of this Act to any Lands or Negroes which he or they Shall offer for the security of the sum which he or they Intend to take up that then and in such Case such Person or Persons if required by the Commissioners or any five of them shall bring down their Plotts, Grants and other Writings Eelateing to the Title of the said Lands, as also make appear the right and Property he or they have to the Negro's or slaves and answers all such Questions upon Oath to be Administred by the Commission''', or any five of them, which they or any five of them are Eequired to Administer, concerning their Titles of their Lands and Slaves, and upon any false Oath made to Such Questions, the Person making Such Oath Shall be Prosecuted as in Cases of Perjury by any Statute or Common Law in force in the Kingdom of England or in this Province. XX And be it further Enacted by the authority aforesaid, that if any Person or Persons, he or they having taken up the Publicks moneys aforesaid, and having Mortgaged any Slaves and Lands to the Com- missioners aforesaid, or any five of them, for the security of the Pay- ment of such Sum so taken up. Shall after haveing soe done make any other or further Mortgage of the Said Lands and slaves that then and in Such Case Such latter Mortgage or Sale or other Conveyance or alienation whatsoever shall be Void and of none ESect in Respect of any Private Person or Persons as shall have bought or Purchased or to whom the Sale has been made over, and the Mortgage for the Publick Security shall be good and Valid to all Intents and Purposes, any Law Custom or usage to the Contrary in any wise Notwithstand- ing. XXI And be it further Enacted by the authority aforesaid, that Henry Wigington Esq; is hereby Nominated and appointed secretary for Transacting the Business of this Act who at his Admission into 18 the said Office shall take an Oath before any one Justice of the Peace, for the faithful Executing his said Office in manner following (Viz) You do sincerely Promise and swear that you will well and truly Execute and Performe the Duty and Office of secretary, according to the Trust reposed in you, by an Act Entituled an Act for the Eais- ing the sum of fifty two Thousand Pounds &c?- : to the utmost of your Skill and Knowledge, and that you will not take any Fee or Keward whatsoever, for Procureing any sum or sums of money out of the said sum of Fifty two Thousand Pounds for any Person or Persons whatsoever, and the said Secretary Shall Lawfully have and Receive for his Pains and Trouble in doing the Business of this Act, the sum of Ten shillings to be Paid by each Person who takes up any sum of money by Virtue of this Act for every security by Bond or Mort- gage, or both which he Shall Write for the sure Payment of the Publick money aforesaid, and Shall Continue secretary till Removed or displaced by a Vote of the House of Commons. XXII And be it further Enacted by the authoritv aforesaid, that the Commissioners aforesaid, or any five of them Shall deliver to the Publick Receiver for the use of the Publick the sum of Four Thousand Pounds out of the Sum of Fifty two Thousand Pounds to Answer the Contingent Charges and Expences of the Publick. XXIII And be it further Enacted by the authority aforesaid, that in Six ilonths after the said sum of Fifty Two Thousand Pounds are Stampt and Delivered to the Commission", aforesaid, or any five of them for the uses and Purposes herein before sett forth and declared all and every other Act or Acts of the General Assembly, which con- cern any Bills of Credit (Except) as before in this Act is Excepted) are hereby declared Null and Void, Repealed and made of none Effect to all intents and Purposes whatsoever, any thing in the same or any of them Contained to the Contrary hereof in any wise Notwithstanding. XXIV And be it further Enacted by the authority aforesaid, tliat the Commissioners and Secretary before Named Shall each of them have and Receive out of the Publick Treasury the Sum of Ten shillings for every day they shall Sett to Transact the Business of this Act, and that their Order on the Publick Receiver for the same shall be paid by the said Receiver, and he is hereby Ordered and Required to Pay the same. XXV And be it further Enacted that the Commissioners aforesaid, or any five of them appointed by this Act, to Transact the Business thereof Shall meet together at Some certain House in Charles Town within Ten Days next after the Ratification of this Act, in order to agree with some fltt Person or Persons for Stamping the said Bills, which Bills being Stampt, signed and Sealed the Commission", afore- said, or any five of them shall give Publick Notice thereof, and of the times in which they Intend to sit and give out the Same. XXVI And be it further Enacted that the Commissioners above Named, or any five of them Shall first meet to give out the Bills oi Credit and to take the Securities above mentioned the first day of November next, and shall sitt not exceeding the Space of sixteen days, and shall meet the second time upon the first day of February next, and shall sitt to Lend out the Bills and take the securities aforesaid not Exceeding the space of ten Days, and shall meet the third time for the Purposes aforementioned the first day of May next and shall sitt not exceeding Ten days, and shall meet the foiirth time upon the first Day of August next for the Purpose aforesaid, and shall sitt not Exceeding Ten days. XXVII And be it further Enacted that all the Bonds or Mortgages taken for the Bills of Creditt given out in any of the Months afore- said, Shall bear date the first Tuesday of that Month in which they were given out. 19 XXVIII And be it further Enacted that after the Expiration of the first four Quarterly meeting above mentioned, it Shall then be Law- ful for the Commission"'' aforesaid, or any five of them to hold four Quarterly meetings in the year, at each whereof they Shall Sitt three days to Transact the Business of this Act, and that the first Tuesday in November, the first Tuesday in February, the first Tuesday of May and the first Tuesday of August shall be the days upon which the said Quarterly meetings shall begin to be held after the first four meetings are held as above directed. XXIX Be it further Enacted by the authority aforesaid, that if any of the Commissioners aforementioned shall Borrow any of the said Bills of Creditt, he shall withdraw himself from sitting at the Board dureing the time that any afEair relateing to himselfe is under Consideration and shall give Bond and Security for Such sum as he shall So Borrow to the remaining Commissioners or any five of them after the same manner as all other Persons are directed to do by this Act. XXX Be it further Enacted by the Authority aforesa,id, that as Soon as the Commissioners aforemention'd or any five of them Shall have Seen the Sum of Fifty two Thousand Pounds in Bills of Credit Stampt, signed and Sealed after the manner above directed, they shall order the Plates, stamps and seals to be Defaced in their Presence and such spare Bills as are not signed to be Burned. Read three times and 1 Tho : Broughton (*) Charles Craven (seal) Ratified in Open Assembly ^ Rich" : Beresford (*) Char: Hart (*) June the 7"'. 1712 j Saml : Eveleigh (*) Ar : Middleton (*)' For many years the agricultural industry of our country had been hammering at the doors of Congress for a land bank to help the agricultural interest of the country, which has grown to im- mense proportions, and not until recent years has the purpose crystalized and taken the form of a land bank. Unlike the land bank of the days of the province, however, this latter Act re- quired a congressional delegation, accompanied by an efficient secretary, to tour the agricultural countries of Europe at a cost of not less than $50,000 to the government in order to get a clear idea of the essential features of a land bank. The comparison is interesting and, as already shown, was accomplished by states- men of the province making no claims as experts in finance. Six months later the following Act was passed, by provisions of which the machinery of the Land Bank Act was set in motion : All Act to ascertain a fund for Cancelling the Sum of Seaven Thousand five Hundred Sixty and Six Pounds four Shillings and eight Pence halfe Penny in Bills of Credit (that is to Say) the Sum of £3566,, 4„ 8J. the remaining Bills uncancelled of the £4000. made by Act of Assembly, tor the carrying on the Northern Expedition against the Tusquerorus, and the Sum of £4000. more being So much Directed to be Paid to the Publick Receiver, by an Act Entituled an Act for the making the ^JMS. of Trott's compilation (office of Historical Commission), Second Part, pages 51-65, No- 10. 20 Sum of £52000. &c. for which there has not been as yett any Fund appointed as also to Nominate another Commissioner of the Fortifi- cations and Magazine in Charles Town, and for the more Speedy Re- covery of Small Duties. Ratified December y IS'". 1712. The first Eig-ht Paragraphs Repealed See N" 360. §. 34. & W 395 § 31. and Paragr. 9", lO", & 11">. Obsolete.' Additional Acts for stamping bills of credit were as follows : An Act to Raise Forces to Prosecute the Warr against our Indian Enemies and to Stamp Bills of Credit for Payment of the Army and Defraying the Charges of the Warr and to ascertain a. fund for Can- celling the Same Bills and to appoint Courts Martial and to Prohibit the Exportation of all European Goods and Corn and Pease and Raw Hides and Tannd Leather and Negroe Slaves. Ratified August y' 27«". 1715. To Continue till March y» 28". 1716. Expired. See N° 361. §. 8.= An Act for Raising Forces to Prosecute the Warr against our Indian Enemies, and to Stamp Bills of Credit, for Payment of arrears due to the Soldiers Enlisted in the Army by the Late Act, Ratified the 27'". of August last^ and to Prohibit the Exportation of Corn and Pease. Ratified March y= 24'". 1715/6. To Continue till y» 20'"- of Novemb'. 1716. Expired.* An Act to continue the Currency of Thirty Thousand Pounds in Bills of Credit Stampt and made by Virtue of an Act of the late General Assembly of this Province Entituled an Act to Raise Forces to Prose- cute the Warr against our Indian Enemies, and to Stamp Bills of Credit for the Payment of the Army and Defraying the Charges of the Warr and to ascertain a Fund for Cancelling the Same Bills (fee". Ratified in open Assembly the Twenty Seventh Day of August One Thousand Seven Hundred and Fifteen, as alsoe to continue the currency of Five Thousand Pounds in Bills of Credit made by Virtue of an Act of this Present General Assembly Ratified the Twenty fourth bay of March, One Thousand Seven Hundred and Fifteen, Entitled an Act for raising Forces to Prosecute the Warr against our Indian Enemies and to Stamp Bills of Credit for Payment of Arrears due to the Soldiers Enlisted in the Army &ca : as alsoe to Stamp the Sum of Fifteen Thousand Pounds in Bills of Credit for Supporting and Carry- ing on the present Warr against our Indian Enemies and defraying the Charges of the Same, and also to Raise and Levy the Sum of Ninety five Thousand Pounds (That is to Say) Thirty Five Thousand Pounds for this present Year, One Thousand Seven Hundred and Sixteen, and the Sum of Thirty Thousand Pounds ?"■.. Ann : for the Two Succeeding Years ofE and from the Lands and Negroes of the Inhabitants of This Province for the Paying off and Discharging the Publick Debts already Contracted or to be Contracted by reason of "^MS. of Trott's compilation (office of Historical Commission) , page 605, No. 330. ''ilS. of Trott's compilation (office of Historical Commission), page 661, No. 354. ^See MS. of Trott's compilation (office of Historical Commission), page 662, No. 355, for title. The full text is given in Statutes at Large of South Carolina, II, 627-633. ''MS. of Trott's compilation (office of Historical Commission), page 662, No. 356. The full text is given in Statutes at Large of South Caro- lina, II, 634-641. 21 the Present Indian Warr or otherwise and in Order to Sink the said Several Sums of Thirty Thousand Pounds, Five Thousand Pounds and Fifteen Thousand Pounds Stamped and to be Stamped in Bills of Credit as aforesaid, and for other the Purposes hereinafter mentioned, and for apportioning the Sum of Sixteen Thousand Pounds part of the aforesaid Tax on the Merchants and other Inhabitants Living and Residing within the Limits of the Town Plott of Charles Town. Eatifled June y' 30"'. 1716. Repealed See TA. N" 24. §. 37} An Act to Impower the Commissioners appointed to Stamp Fifteen Thousand Pounds in Bills of Credit to Pay for Thirty Two Wliite Servants Purchased by the Honourable the Governour to be Employed in Defending this Province against our Enemies, as also to Pay for their Maintenance before thej"- were Delivered into the Governoiirs Possession. Ratified August y« 4'". 1716. Obsolete.^ An Additional Act to an Act Entituled an Act to continue the Cur- rency of Thirty Thousand Pounds in Bills of Credit Stamped and made by Vertue of an Act of the late General Assembly of this Province, Entituled an Act to Raise Forces to prosecute the War against onr Indian Enemies, and to Stamp Bills of Credit, for the payment of the Army and defraying the charges of the War, and to ascertain a Fund for cancelling the Same Bills &C'-. : Ratified in open Assembly the Twenty Seventh day of August 1715. as also to continue the cnr- rancy of Five Thousand Pounds in Bills of Credit, made by Virtue of an Act of this present General Assembly Ratified the Twenty fourth day of March 1715/6. Entituled an Act for raising Forces to prosecute the War against our Indian Enemies, and to Stamp Bills of Credit for payment of arrears due to the Soldiers inlisted in the Army ifec" : as also to Stamp the Sum of Fifteen Thousand Pounds in Bills of Credit for Supporting and carrying on the present War against our Indian Enemies, and defraying the Charges of the Same, and also to Raise and levy the Sum of Ninety five Thousand Pounds (That is to Say) Thirty five Thousand Pounds for this present Year, One Thousand Seven Himdred and sixteen ; and the Sum of Thirty Thousand Pounds P'. Annum, for the Two Succeeding Years, of and from the Lands and Negroes of the Inhabitants of this Province, for the Paying of and discharging the Publick debts already contracted, by reason of the present Indian War or otherwise ; and in Order to Sink the Several Sums of Thirty Thousand Pounds, Five Thousand Pounds, and Fifteen Thousand Pounds Stamped, and to be Stamped in Bills of Credit, as aforesaid, and for other the Purposes herein after men- tioned and for apportioning the Sum of Sixteen Thousand Pounds, part of the aforesaid Tax, on the Merch'^. and other Inhabitants living and residing within the Limits of the Town Plat of Charles Town, Ratified the Thirtieth day of June 1716. Ratified December y" 11". 1717.' Repealed. See TA.' N° 24. §. 37.'' 'MS. of Trott's compilation (office of Historical Commission), pages 664-665, No. 361. "TA." is for "Temporary Acts," a division of Trott's compilation. The full text is given in Statutes at Large of South Caro- lina, II, 663-676. ^MS. of Trott's compilation (office of Historical Commission), page 666, No. 364. The full text is given in Statutes at Large of South Caro- lina, II, 682-683. 'MS. of Trott's compilation (office of Historical Commission), pages 720-721, No. 387. The full text is given in Statutes at Large of South Carolina, III, 34-38. 22 AN ACT for raising the Sum of Seventy Thousand Pounds, on Lands and Negroes, for defraying the Publick Debts, sinking the Publick Orders, and for the calling in, cancelling and sinking the Sum of Thirty Thousand Pounds, which is now standing out in Bills of Credit, over and beside the Bank Bills.' On February 23, 1722, the following Act for calling in old bills of credit then current and for issuing additional bills was ratified by the General Assembly: AN ACT for the Reprinting the present Current Paper Bills of Credit, and for printing the additional Sum of Forty Thousand Pounds in Bills of Credit, for paying off the Publick Debts, defraying the contin- gent charges and other emergencies of the Government, to the five and twentieth Day of September next. WHEREAS, it is very uncertain what quantity of Bills of Credit are now current in this Province, many of them being counterfeited, and they being now so old that it is absolutely necessary that they should be called in and reprinted ; and whereas, by reason of the late great floods, many of the inhabitants have lost their crops, and most have suffered so much by the same that they are rendered uncapable to pay the yearly tax necessary to be raised for the support of the Gov- ernment of this Province ; therefore, in order for the reprinting of the Bills of Credit now in this Province, and paying off the publick debts and providing for the contingent charges of the Government, unto the twenty-fifth day of September next, we pray your most sacred Majesty that it may be enacted, I. And 6e it enacted by his Excellency Francis Nicholson, Esq. Governour, by and with tlie advice and consent of his Majesty's honourable Council and of the Commons House of Assembly, That Capt. William Dry, Major Thomas Hepworth and Henry Howser, be and they are hereby appointed commissioners to put in execution the several powers and authorities herein after mentioned, in such manner as by this Act is herein after directed and declared, and shall be called by the name of the Commissioners for reprinting the Paper Credit of this Prov- ince. II. And Tie it further enacted. That the said commissioners shall have power, and they are hereby authorized, to print the sum. of one hundred and twenty thousand pounds in bills of credit, the lowest bill to be five shillings and the highest twenty pounds, to be used and disposed of in manner as is herein after directed. IV. And he it further enacted. That all and every the aforesaid bills of credit, to be printed and issued out by virtue of this Act, shall be current in all payments for the sum of money therein men- tioned, and shall be taken and deemed a good tender in law ; and in case any person shall refuse to accept any of the said bills, being tendered in payment, that the person who shall have tendered the same may on any action brought for the sum so tendered, give such tender, refusal, and this Act, in evidence, on the general issue pleaded, which shall be taken and deemed as an absolute discharge of the said debt, and shall perpetually bar the plaintiff from recovering such sum so tendered as aforesaid. ********* VP. And he it further enacted, That the said com.missioners shall, on or before the first day of December next, call in all the bills 'Ratified February 20, 1718/19. Statutes at Large of South Caro- lina, III, 69-84. ^Section III specified how the bills were to be indented and numbered. "Section V provided the uenalty for counterfeiting. 23 no^v outstanding, and appoint so many days in every weelc for the calling in the same; that they enter in a book to be kept for that purpose the name of the person bring-ing in any bills, the sort, number and value of the bills delivered, in the presence of the party bringing the same, and that they put the bills so brought in on a file or bundle ; and the said commissioners are hereby impowered to deliver unto the proprietor of the old bills, new bills, in value equal to the old bills, and shall in like manner enter the same in the presence of the party to whom they shall be delivered.^ \Statutcii at Large of South Carolina, III, 18S-193. Section VII pro- vided for the burning of the redeemed bills ; VIII gave directions as to cancelling the new emission ; IX provided for the disposition of the funds to be raised ; X provided for the dispo.sition of the £40,000 by the Treasurer ; XI prescribed the duty and pay of the Public Treasurer ; XII g-ave directions for printing the bills, reciting that Joseph Massey had been "agreed with bj- the General Assembly to print" the bills ; XIII directed the commissioners to "constantly attend the printing of the said bills from day to day" ; XTV required the commissioners and Massey to give bond ; XV provided for the raising of eight general taxes to raise £40,000 ; XVI provided compensation for the commission- ers ; XVII provided for the filling of vacancies among the commissioners. 24 ■HMHAl .^^ iM^S- ^-^li^^; This bill IS to pals currentfor SIX SHILLlNGSandTHRK PtNCE mall pay ments accordiii| to Law Six SniLLiWG:5f V Threepence A bill issued under tie terms of the foregoing act. It is signed by T. Hepworth. and William Dry, two of tbe commissioners. 25 Bills of credit thus put in circulation had become so mutilated by reason of use that it was found necessary to make further provision, and, therefore, on August 20, 1731, a further Act was passed entitled: AN ACT for calling- in, reprinting and exchanging the Paper Bills of Credit. WHEREAS, the x^resent paper bills of credit current in this Province are now become old. and. by passing from man to man, obliterated, torn and defaced, so that their denominations are very difficult to be distinguished, to the great obstructing of their currency and the pred- judice of the possessors of them ; we most humbly pray your most sacred Majesty that it may be enacted, ********* II. And he it further enacted by the authority aforesaid, That the said commissioners shall have power, and they are hereby author- ized, to reprint the sum of one hundred and six thousand iive hundred pounds, in bills of credit, and with such devices and stamps as they the said comimissioners shall be appointed and directed by his Ex- cellency the Gouvernour, by and with the advice of his Majesty's Council ; and they, the said commissioners, are hereby directed to prepare and lay a scheme accordingly before them for their appro- bation ; the lowest bill to be five shillings, and the highest twenty pounds, to be iised and disposed of in manner as is herein after di- rected.' It will be observed that the volume of bills of credit was in- creased to meet emergencies, as from time to time occasion re- quired. Business and various industries of the province increased so rapidly that the demand for a more enlarged circulating medium became so imperative that on May 29, 1736, to meet emergencies, a further issue of bills of credit was directed by the following Act: AN ACT for stamping, emitting and making current the sum of two hundred and ten thousand pounds in Paper Bills of Credit, and for ^Statutes at Large of South Carolina, III, 305-307. Section I named Francis Yonge, Roger Saunders and Othniel Beale as commissioners ; Section III specified how the bills were to be indented and numbered ; IV made the new bills legal tender ; V made counterfeiting of the bills a felony ; VI directed the commissioners to call in the old bills and exchange new ones for them ; VII directed that the old bills be burnt ; VIII provided that any excess of new bills over old received for exchange be turned over to the Public Treasurer ; IX provided com- pensation for the commissioners. Previously to the passage of this Act (on February 15, 1733) the General Assembly had passed "An Act for calling in and sinking the Paper Bills" known as Rice Bills, taken in under the terms of an Act of September 30, 1721, and other bills taken in under the terms of the Act of February 33, 1733. By the preamble of an Act passed September 33, 1733, it is recited that during the absence of Francis Yonge, one of the commissioners, the Gov- ernor commissioned John Hammerton to act in his stead and that he signed some of the bills ; but left the province, because of ill health, before all the bills were signed or exchanged. The Act then validated the bills signed by Hammerton and authorized the Governor to fill any vacancy that might occur among the commissioners. 26 ascertaining and preserving the future value thereof, to be let out at interest, on good securities, at eight pounds per centum per annum, and for applying the said interest to the purposes hereinafter mentioned ; and for exchanging the Paper Bills of Credit in this Province, and making them less subject to be counterfeited ;* and also encourage the importa- tion of Silver and Gold into this Province. FOEASJIUCH as it is absolutely necessary that In all countries and places wherein is carried on any considerable trade and commerce, there should be a suiticient currency or medium of trade therein, tor the better negotiating thereof ; and whereas, through the great want of other currency, it has been found necessary for thirty years past to stamp and emit paper bills of credit in this Province, for the better support of the Government, as well as for a medium of trade therein, and for carrying on the commerce thereof, and which by long experience have been found to answer the encis aforesaid ; and whereas, the trade of this Province hath for these twelve years last past been very greatly increasing, insomuch that the sum in paper bills of credit, which so many years ago was sufficient to answer all the exigencies and demands in trade, is now altogether insufficient for that purpose, by reason wheroef, and the extreme scarcity of money, the trade of this Province becomes greatly obstructed, the affairs of the Government Very much hindered, and the payment of debts retarded, and in great measure rendered impracticable ; for reinedy whereof, and for the better support of the Government, and that a medium in commerce may be by law established in this Province, and made current, by being put on a sure, equitable and lasting foundation, we humbly pray your most sacred Majesty that it may be enacted, I. And lie it enacted, by the Honourable Thomas Broughton, Esq. his Jlajesty's Lieutenant Governour and Commander-in-chief in and over his Majesty's Province of South Carolina, by and with the advice and consent of his Majesty's honourable Council, and the Com- mons House of Assembly of this Province, and by the authority of the same. That from and immediately after the confirmation or approba- tion of this Act by his most sacred ilajesty, there shall be imprinted, stamped, signed and issued by the commissioners in this Act nomi- nated and appointed, the sum of two hundred and ten thousand pounds in paper bills of credit in this Province, which is about equal to the sum of thirty thousand pounds sterling money of Great Britain, and which said bills shall bear the denomination from five shillings bills to twenty pound bills inclusive, and not bear either a higher or lower denomination ; and when the said sum of two hundred and ten thousand pounds in paper bills of credit shall be imprinted, stamped, signed and issued, according to the directions of this Act, the same shall be, and they are hereby declared and enacted to be, to all intents, construc- tions and purposes \vhatsoever, the lawfiil and current money of this Province of South Carolina, and as such shall be taken, paid and re- ceived, in all payments whatsoever in discharge of all and all manner of debts whatsoever, due or hereafter to be due, owing or payable in this 'On June 7, 1735, the General Assembly had passed "An Act for the more effectual preventing the Counterfeiting the Bills of Credit of this Province, and for calling in and reissuing such of the denomi- nations of the Current Bills of this Province, as are or shall be sup- posed to be counterfeited.' {,Statute.f at Large of South Vuroliiia III 411-413.) 27 Province; any law, statute, iisage or custom to the contrary in any wise notwithstanding.' This Act, however, was not passed without objection, as shown by the following protest from three of the most prominent citizens of the province:^ The joint and several ijrotests of Arthur Middleton, James Kinlock," and Joseph Wragg, esqrs. three of the members of his majesty's council, against the bill for stamping, emitting and making current the sum of two hundred and ten thousand pounds in paper bills of credit, &c. 1st. The said Arthur Jiliddleton, James Kinlock, and Joseph Wragg, do hereby jointly and severally protest against passing the said bill ; for that there is no present nece=sity for enlarging the said paper credit, because it is notorioiisly evident that the course of exchange between sterling- money and the present paper credit, within this two years last past, hath advanced in proportion from seven to ten shil- lings Carolina moneys on every twenty shillings sterling, to the great prejudice not only of all persons concerned in trade in this province, but to all the merchants in Great-Britain trading here, who have very large debts outstanding in this province. 2dly, For that it appears by the bill itoelf that the bills of credit now proposed to be issued by this bill bear no manner of proportion to sterling or proclamation money ; for that by the said bill it is de- clared that the said sum of two h^indred and ten thousand pounds of the said bills is but equal to about thirty thousand pounds sterling. 3dly, For that no means is provided by the said bill for ascertaining the value of the bills thereby intended to be emitted, nor any provision made how the proprietors of such bills shall receive any recompense or satisfaction for the same. 4thly, For that notwithstanding there is no value annexed to the said bills, nor any method prescribed for ascertaining the value of the same whilst in the hands of the possessors, and consequently the value of such bills must be always fluctuating and uncertain, yet they are ^Statutes at Large of South Carolina, Vol. Ill, 423-430. Section II provided for the tenor of the bills ; III prescribed that the commissioners .should also be trustees for lending out the bills of credit; IV directed that £100,000 of the new bills be exchanged for the same amount of earlier bills ; V directed the trustees to ascertain the value of the lands offered in mortgage ; VI directed that the deeds of mortgage be "in a short, concise and substantial form" ; VI directed the Publick Treasurer to allow 10% discount on duties which which should be paid into Treasury in silver or gold ; VIII directed that five eighths of the coin received be put out at interest ; IX required the trustees to keep an ofBce in Charles Town ; X made the bills legal tender ; Xt provided for an annual audit by a committee of the General Assembh' ; XII provided a remedy in case of nonpayment ; XIIT directed that, in case the proceeds of sale of mortgaged premises brought more than enough to satisfy the mortgage and pay costs, the trustees pay to mortgagor the excess ; XIV provided remedy for defective title ; XV provided for releases and discharges ; XVI named John Fenwicke, Gabriel Manieault. Charles Pinckney, Othniel Beale and Thomas Lamboll as commissioners ; XVII provided that the commissioners might be removed by the General Assem- bly; XVIII provided the penalty for coimterf citing ; XIX indemnified the commissioners against suits ; XX provided that the Act should become effective upon its approval by the Crown. ^'Ramsay: Histori/ of South Carolina, Vol. II, 166-167. ^Kinloch. 28 made a tender, and forced in payment, on the king's subjects, of all debts, past, present, and to come, contrary to all reason and justice. 5thly, For that as it has been found by constant experience that the continued increase of this sort of paper currency has from time to time depreciated the value of the paper credit, wrought up the course of exchange to what it now is, seven hundred and forty pounds, and upwards, of the now current bills for one hundred pounds sterl- ing ; so by enlarging the present currency the same will diminish its value, increase the price of commodities of the country, raise the course of exchange, and be highly detrimental to saeh of the trading interest both here and in Great-Britain, who have now debts outstanding iri this colony to a very great value. Lastly, For that the said bills are made to be a perpetual bank, and are to be perpetually current ; which is expressly contrary to the intent of the twenty-first article of his majesty's royal instructions, which recites the great inconveniences that have heretofore happened in South-Carolina from the issuing of large sums of paper money, without sufficient funds for the gradual repaying and cancelling the same : for all which reasons we do protest against the passing of the said bill, and pray that this our protest may be forthwith entered and recorded in the journals of the council in assembly. ilay 29th, 1736. The continued and rapid groAvth of the province, and its growing trade with other countries, still further required n greater volume of circulating medium and so we find that in 1746' a further Act was passed, entitled: AN ACT for stamping, emitting, and making current the sum of two hundred and ten thousand Pounds in paper Bills of credit, and for ascertaining and preserving the future value thereof, to be let out at interest on good securitys, at eight per centum per annum, and for applying the said interest to the purposes thereinafter mentioned, and for exchanging the paper Bills of credit in this Province, and making them less subject to be counterfeited. FORASMUCH as it is absolutely necessary that in all countrys and places where is carried on any considerable trade and commerce, there should be a sufficient currency or medium of trade therein, for the better negotiating thereof; and whereas, through the great want of other currency, it has been found necessary for many years past to stamp and emit paper bills of credit In this Province for the better support of the government, as well as for a medium of trade therein, and for carrying on the commerce thereof, and which by long ex- perience have been found to answer the ends aforesaid ; and whereas, the trade of this Province hath for many years past, greatly increased, insomuch that the sum in paper bills of credit, which some years ago was sufficient to answer all the exigencies and demands in trade, is now altogether insufficient for that purpose, by reason whereof, and the extreme scarcity of money, the trade of this Province becomes greatly obstructed, the affairs of the government very much hindered, and the payment of debts retarded, and in great measure rendered impracticable ; for remedy whereof, and for the better support of the government, that a medium in commerce may be by law established in this Province, and made current by being put on a sure, equitable ^Acts of itarch 5, 1736/7, April 5, 1740, and September 19, 1740, named commissioners to stamp and sign orders that were in the nature of bills of credit to meet extraordinary demands. (See Statutes at Large of South Carolina, III, pages 461-464, 546-553, 577-579.) 29 and lasting foundation, we humbly pray your most sacred Majesty that it may be enacted, I. And he it enacted, by his Excellency James Glen, Esquire, Gov- ernour-in-chief and Captain-General, in and over this his Majesty's Province of South Carolina, by and with the advice and consent of his Majesty's honourable Council and the Commons House of Assem- bly of this Province, and by the authority of the same. That from and immediately after the confirmation or approbation of this Act by his most sacred Majesty, there shall be imprinted, stamped, signed and issued by the commissioners in this Act nominated and appointed, the sum of two hundred and ten thousand pounds, in paper bills of credit in this Province, which is about equal to the sum of thirty thousand pounds sterling money of Great Britain, and which said bills shall bear denominations from two shillings and six pence bills to twenty pound bills, inclusive, and not bear either a higher or lower denomi- nation ; and when the said sum of two hundred and ten thousand pounds in paper bills of credit shall be imprinted, stamped, signed and issued, according to the directions ol this Act, the same shall be, and they are hereby declared and enacted to be, to all intents, con- structions and purposes whatsoever, the lawful and current money of this Province of South Carolina, and as such shall be taken, paid and received in all payments whatsoever, in discharge of all and all man- ner of debts whatsoever, due or hereafter to be due, owing or payable in this Province ; any law, statute, usage or custom to the contrary in any wise notwithstanding.^ On August 13, 1769' an Act was passed entitled: "AX ACT for stamping and issuing the sum of one hundred and six thousand and five hundred pounds, being the amount of the present lawful paper bills of credit of this Province, and for calling in and exchanging the paper bills of credit now outstanding, which are a tender by law in all payments. '■Statutes at Large of South Carolina, III, 671-677. Section 11 pre- scribed the - form of the bills ; III provided that the commissioners Should act as trustees for lending out the bills of credit; IV directed that the new bills be exchanged for old ones ; V provided that loans should not exceed half of the value of the property loaned on ; VI directed that the mortgage deed be in concise form ; VII directed that five eighths of the coin received be put out at interest; VIII provided the time of repayment ; IX directed that an office be kept in Charles Town ; X made the bills legal tender ; XI directed the accounts to be audited ; XII provided for foreclosing ; XIII directed overplus to be returned to mortgagee; XIV provided for entering, up judgment; XV named Edmond Atkin, Charles Pinckney, William Bull, Jr., Othniel Beale and Isaac Mazyck as the commissioners ; XVI provided for their re- moval ; XVII provided penalties for forging or counterfeiting ; XVIII indemnified the trustees ; XIX provided that the Act become effective upon approval by the Crown. =0n May 16, 17.i2. the General Assembly ratified "AN ACT for ap- pointing Commissioners to stamp and sign the sum of Twenty Thou- sand Pounds in Paper Bills of Credit, to be exchanged for such of the Bills of Credit as were lately stamped upon bad paper, and are become obliterated, torn and defaced." The commissioners named in the Act were Alexander Vander Dussen, Edward Penwick, Thomas Smith, Jor- dan Roche, George Saxby, Eawlins Lowndes and Eobert Pringle. The full te^t of the Act is given in Statutes at Large of South Carolina, III, 77.5-77G. 30 WHEREAS, the preseat lawful paper bills of credit in this Province, amounting to the sum of one hundred and six thousand and five hundred pounds, now outstanding, are become old, and, by passing through many hands, oDliterated, torn and defaced, so that their denominations are very difficult to be distinguished ; we humbly pray your most sacred Majesty that it may be enacted, I. And be it enacted, by the Honorable William Bull, Esq., Lieu- tenant Governor and Commander-in-chief of the Province of South Carolina, by and with the advice and consent of his Majesty's honorable Council and the Commons House of Assembly of this Province, and by the authority of the same. That Benjamin Dart, John Lloyd, John Parker, Thomas Evance Daniel Horry, Benjamin Waring and Thomas Bee, Esqs. be, and are hereby appointed, commissioners to put in ex- ecution the several powers and authorities hereinafter mentioned. II. And be it further enacted by the authority aforesaid. That the said commissioners shall have power, and they are hereby author- ized, to stamp the sum of one hundred and six thousand and five hundred pounds, in bills of credit, and with such devices and sig- natures as they shall think fit, of the following denominations, (that is to say,) one thousand and seventy bills of the denomination of twenty pounds, two thousand and seven hundred bills of the denomina- tion of ten pounds, two thousand three hundred and fifty-five bills of the denomination of five pounds, three thousand bills of the denomi- nation of two pounds, twelve thousand five hundred and eight bills ot the denomination of one pound, twelve thousand five hundred and nine bills of the denomination of ten shillings, fifteen thousand bills of the denomination of seven shillings and six pence, fifteen thousand bills lyf the denomination of six shillings and three pence, thirty thousand bills of the denomination of five shillings, and thirty thou- sand bills of the denomination of two shillings and six pence ; which bills, according to their respective denominations, from twenty pounds down to two pounds, inclusive, shall be of the following tenor, that is to say: "South Carolina. (No ) Pounds. "This bill shall pass current in this Province for the sum of ■ pounds, and shall be a, tender in law in all payments for that sum. Dated the day of , in the year of his Majesty's reign, Anno Domini 17 ." And the bills from one pound to two shillings and six pence inclusive, according to their respective denominations, shall be of the following tenor, that is to say : May 20, 1748, the General Assembly ratified "AN ACT for stamp- ing and issuing the sum of one hundred and six thousand and five hundred pounds, being the amount of the present lawful paper bills of credit in this Province, and for calling in and exchanging the paper bills of credit now outstanding which are a tender by law in all payments." The commissioners named in the Act were : William Bull, Jr., William Cattell, Jr., David Hext, BranfiU Evance, Isaac Mazyek, John Dart and William Pinckney. The full text of the Act is given in Statutes at Large of South Carolina, III, 703-704. See also Volume IV, ■ pp. v-vi, viii. No. 866 ; 114, Section I ; 146, Sections VIII, IX. X, XI and XIL July 25, 1761, the General Assembly ratified "AN ACT appointinef Commissioners to stamp and sign the sum of twenty thousand pounds in lawful paper Bills of Credit, for exchanging such lawful paper Bills of Credit as are now outstanding, and are become obliterated, torn and defaced." The commissioners named were: Thomas Smith, John Savage, John Wragg, Ebenezer Simmons, Jr., William. Williamson, Jacob Motte, Jr., and John Eutledge. The full text of the Act is given in Statutes at Large of South Carolina, IV, 154-155. 31 '■Sdlltll (^'tliolillll (Xo.- (lav HIS BILL intitUs. the %\ x\z TBeajer to reahe jour i^pavU!, milled ^^im\%M or the yelut thereof in Gcjd or iiWcT, Vi^ anariing ta an Aii af the <3cnsiai aiVcmilf M'? t5\ ?/ X)cccmb«, i/yi. - ^ I I III! WH , 1 Mi mt iBi ^ ^>:si35!»S8>>a5^;ffi55ti:f!;:»x> 2S ■a ■^Cs «f o * « O (,1 o til ■8.a so, a fa ?; CO i' l3!S3««S*i^;Kfel>;K»SH8S#5«,?5JS^ Face and reverse of bill fcir four Spanish milled dollars issued under the terms of the Act of December 23, 1776. Face and reverse fif liill fcjr five Spanish milled dollars issued under the terms of the Act of December 2'^, 1776. O z^. S ft- 2. ^' T> JO o W'ir/'^y/ir'yyy (TV^ %yA^ Bill for £15. currency issued in accordance witli a resolution of tlie Provincial Congress of South Carolina, March 6, 1776. Endorsed by Jacob Motte, Elias Horry, Jr., and John Hug'er. thereof t Face and reverse of bill for five Spanish milled dollars issued under the terms of the Act t Back of bill for fifty dollars issued pursuant to the Ordinance of February 8, 1779. 35 loan, for the use of this State, any sum not exceeding four millions of dollars, at the rate of thirty-two shillings and six pence currency each, or the value thereof, in any money current In this State, from any person or persons, company or body corporate, willing to lend the same on interest, at the rate of seven pounds per centum for every year, so long as the same shall remain at interest therein; for the re-pay- ment of which, with the above mentioned interest, the public treasury shall be liable, and the faith of the State is hereby pledged; and for each sum of money lent to the public upon this Ordinance, the said commissioners shall give to the lender a certificate, in manner and form as is directed by an Act of the General Assembly of this State, passed the twenty-third day of December, one thousand seven hundred and seventy-six. By the provisions of this Act the bills so issued were made a legal tender.^ The war of American Independence was then at its height. The United States, as then organized, had no permanent funA.i ti:. ... /\.,/.yf,..,^.. 7 f. t^, yj^^.-iJ^^- i fegi^^^ffiMMM?^^ Face and reverse of a 1)111 for ninety dollars issued pursuant to the Ordinance of February 8, 1779. Engraved by Thomas Coram, of Charles Town. Face and reverse of bill for ei<^ht Spanish milled dollars issued under the terms of the Act of December 23, 1776. Face and reverse of bill for thirty dollars issued under the terms of the Ordinance of February 14, 1777. T'.ill for five shilliiifi's issued A])ril lu, 1778. Bill for ten shilling's issued April 10, 1778. SOUTH CAROLINA. ^^ ht^iSe^^M/esde91a/Tr^j:S:VS7V7yi)C>ZZJ/iS^ orC) ^Wj(//mif(^/jj€v/7^k//^^^ /77n:\ @%i^ -%>>.r.: ^fi ?-ii^^-^£^^>^:^irn'^^^ ._;fr:^ Face and reverse of a bill for seventy dollars issned pursuant to the Ordinance of February 8, 1 779. Engraved by Thomas Coram, of Ciharles Town. CHAPTER I. From the Establishment of Banks to their Chartering by THE State. The result of the American Revohition was successful in be- half of the colonies and put the province of South Carolina upon the map as an independent sovereign state. For over seven years, it had been the battle ground of contending forces. South Carolina seemed to have been the special object of the king and that which seemed to be his greatest desire to retain. There were manifest reasons for this. South Carolina wa^ not onl}' one of the most promising of the English possessions, but had among its people some who were most loyal to the crown. It was in a most flourisliing condition, conducted an extensive trade with Great Britain and the West Indies, and had little or no reason for complaint against the mother country, except that which the people regarded as an invasion of their rights. There were a few — both in the Low-Country and in the Up-Country — ■ greatly attached to the crown and opposed to separation. These facts rendered the Revolution in this province the more trying, and in fact, in some instances, even families were divided. As already shown, during the days of the province, it had been called upon, in order to promote private interests, to issue large sums in bills of credit, and during the Revolution, in order to aid the cause, to issue still larger amounts. As a result of the war, these bills of credit, which had already, because of the large issue, become greatly depreciated, became worthless. During the Revo- lution South Carolina had been raided and ravished by the British army from the mountains to the seacoast. Industries had been destroyed; homes and factories had been burned, and live stock and farm implements either destroyed or stolen. At the close of the war, therefore, the people found themselves bank- rupt and their resources exhausted. The state was then without a banking system of any kind and suffering the evils of an enforced inflated currency, which, as the result of the war, had become worthless. It was without money and without a medium for the exchange of products of the soil. Cut off also from those avenues of trade which had been established between its ports and those of Great Britain it 38 had to seek other markets and make other commerical connec- tions. For a few years there was a struggle against these ad- verse conditions and, having no banking facilities, the task encoun- tered was most difficult. After several years of toil, however, trade rallied and as early as 1783 an effort was made by the merchants of Charleston^ to organize a bank with a capital of $100,000, but the effort failed for the lack of subscribers.' Our people had suffered the ill effects of a redundant paper money, and doubtless losses resulting from the depreciation of bills of credit issued both by the province and by the Continental Congress, causing them to hesitate to become parties to this new and untried organization. The truth is that throughout the United States there existed a question as to the propriety of paper currency, and that was largely attributable to previous experience. That doubt prevailing in the minds of most of our people proved an obstacle to the organization of banks of issue until the following provision of the constitution of 1787 became effective in 1789, and allayed their fears: Article 1. Sec. 8. The Congress shall have power to borrow money on the credit of the United States, to coin money, regulate the value thereof, and of foreign coin. ***** * Art. 1. See. 10. No state shall coin money, emit bills of credit, make anything but gold and silver coin a tender in payment of debts, pass any ...... law impairing the obligation of contracts. Up to this time three banks had been organized and put in operation. The first incorporated was the Bank of North Ameri- ca and that was accomplished only under the influence of Robert Morris, who had rendered to the Congress such efficient aid in promoting the finances of the government during the Revolution. Congress, therefore, authorized in 1781 the establishment of the Bank of North America, giving to it a perpetual charter. That bank is still in operation in Philadelphia, now under a national charter, but known as the Bank of North America. In 1784 two other banks were chartered; one in the city of New York by the efforts of Alexander Hamilton, Secretary of the Treasury under President Washington, known as the Bank of New York. That bank too is still in operation, having ^As the city was now called, a legislative Act of August, 1783, having so changed it from Charles Town. "Eamsay : History of South Carolina, II, 106. 39 survived all of the vicissitudes of the past, and is still a control- ling factor in the finances of that great city. The third bank referred to was chartered by the state of Massachusetts, was located in Boston, and known as the Mas- sachusetts Bank. That bank also survives and is still in opera- tion as the First National Bank of Boston, having some years past merged with a bank of that name and assumed its name. These three banks were the only ones put in operation prior to the establishment of the Bank of the United States. In 1790 Mr. Hamilton submitted to the Congress of the United States a plan for the establishment of a bank similar in its pro- visions to the Bank of England. The bill was passed, despite the opposition of many of the most prominent members of Congress, who opposed it, not only upon constitutional grounds but upon other grounds, and was approved by President Washington, February 25, 1791. The opposition which appeared during the discussion was largely between the Federalists and Democrats, or Kepublicans, as then known, or, in other words, between the parties advocating a strong central government and those advo- cating State Eights. There were many who opposed the bank issuing paper money, because of the result of the issue of bills of credit by the states and the Continental Congress. Despite thtese oppositions, however, the bill prevailed. The charter was exclusive for twenty years. The capital was fixed at $10,000,000 divided into shares of $400. each and the government took one- fifth of the stock issued. The bank was opened for business in Philadelphia and shortly thereafter opened branches in New York, Boston, Baltimore, Washington, Norfolk, Charleston, Savannah and New Orleans. It was successfully managed and proved very profitable to the government. Tlie charter expired in 1811. In 1808 a peti- tion was presented to the Congress for the extension of the charter for twenty years further. Much opposition to the extension of the charter developed, however, and this opposition was based upon many grounds, among them the constitutional objection was again urged, but the main objection was based upon the fact that $7,200,000. of its $10,000,000. capital was owned abroad. In 1810, however, just a year before the charter expired, a bill was introduced for the renewal and like opposition was presented. In the House the bill was defeated by a close vote of 65 to 64. 40 In the Senate the vote upon the bill was 17 to 17 and the Vice- President, George Clinton, casting vote against the bill, defeat- ed it and thereby put it in liquidation. The war of 1812, which followed, put the government in great straights and financial embarrassment, and so in 1816 John C. Calhoun introduced a bill to charter the second Bank of the United States. This bill passed the house March 4, 1816 by vote of 80 to 71 ; was passed by the Senate in April and approved by President Madison on thfe 10th day of the month. This second bank opened for business January 17, 1817. The second bank's charter was drawn largely on the lines devised by Mr. Hamilton for that of the first bank. The charter was limited to twenty years and expired, therefore, in 1836. Several years prior to that date, on account of the mismanagement of the Baltimore branch, much opposition arose to the renewal. President Jackson, who was a law unto himself, in 1833 withdrew the government deposits and brought disaster upon the institution. Congress refused to renew the charter and the bank was put in liquidation, which proved very disastrous to the stockholders, they losing every dollar invested in the stock. We are unable to fix with any degree of certainty the date upon which the branch bank of the United States was opened in Charleston, but it was certainly at some time prior to April, 1792 It is listed in The South Carolina and Georgia Almanac, pub- lished in Charleston, for 1794, as then operating under the name of Office of Discount and Deposit. The location of this bank at that time, according to Charles Fraser, in his Reminiscences of Charleston,^ was in a brick house at the southeast corner of Church and Elliott streets, but it was afterwards removed to the building at the comer of Court House Square and Broad Street, "now owned by the Hebrew Benevolent Society." The official force at that time, as set forth in the above named Almanac, was : Daniel DeSaussure, president ; Nathaniel Russell, John Woddrop, Thomas Morris, Edward Eutledge, Adam Tunno, David Eamsay, John F. Grimke, Robert Hazlehurst, Aaron Loocock, Edward Darrell, Adam Gilchrist and Arnoldus Vander Horst, directors; Josiah Smith, cashier; Samuel Smith, teller; William Graham, bookkeeper; James Blair, clerk of discount; ^Charleston, 1854, p. 17. The second home of the branch of the Bank of the United States, northwest corner of Broad Street and Court House Square. Since June 4, IS'.y.i. property of the Hebrew Orphan Society. 41 William Eoach, assistant clerk; Thomas Foster, outdoor clerk; Charles Bouchonneau, porter. Regulations for conducting the Business at the Office of Discount and Deposit. April , 1792. RESOLVED, That the following' acts and resolutions be published for the information of such as may have to transact business with the office of discount and deposit. That the office shall be open on every day (Sundays, public fasts, thanksgiving days, the 4th of July and Christmas days excepted) from the hours of ten in the morning, and remain open until one o'clock in the afternoon, and shall again be opened at three and remain open until five o'clock, P. M. That the office shall receive and pay all specie coins according to the rates and value that have been, or shall be established by congress. That no gold, silver or copper, coined within the United States, other than such as is or shall be authorized by congress, shall be received. That the said office will take charge of the specie of those who chuse to place it there (free of expence) and shall keep it subject to their order, payable at sight ; and will receive deposits of ingots of gold, bars of silver, wrought plate and other valuable articles of small bulk, in the same manner, and return them on demand of the depositor. That payments made at the office shall be examined at the time, and no error suggested afterwartJs, shall be corrected. That discounts shall be m.ade for the present upon personal security only, with at least two responsible names (one of which must be a resi- dent of Charleston) for any term not exceeding sixty days; that three days of grace be allow^ed on all bills, notes or acceptances, payable at the office, and that the discount be taken from the same. That discounts shall be made at the rate of six per cent, per annum, and such notes, bills or acceptances, as are offered for discount, shall be delivered under sealed cover, directed to the cashier of the office of discount and deposit, on Mondays and Thursdays ; and laid before the directors the following day, when the discount shall be settled and made known. That bills or notes left with the office, shall be presented for ac- ceptance, and the money collected or demanded free of expence ; pro- vided nevertheless, that in case of non-payment and protest, the charge of protest shall be paid by the person lodging the note. That on failure of payment before shutting of the office on the last day of grace, the note, bill or acceptance shall be protested. That the non-payment of any bill, note or acceptance, when presented to an indorser under protest, shall equally effect his credit at the office, with that of the acceptor or payee of said bill, note or acceptance so protested. That notes or bills deposited at any time before the commencement of the days of grace, shall, as to notice, demand and protest, be pro- ceeded with as notes or bills discounted, unless the person depositing the same shall direct otherwise in writing. The office of discount and deposit will receive transfers of any of the public debt, in trust for such persons as may require the same. That in all cases, when thereunto required, the office will accept of powers of attorney for receiving interest due, or to grow due, upon any of the public debt ; and to hold the same, at the order of the proprietor, free of all charge. August 2Sth, 1792. Resolved, That after office hours on the third day of grace, the notes or bills not paid, be protested, and notice given on that day to the indorsers. 42 That bills at sight, and notes payable on demand, when left with the hank for collection, have no days of grace" allowed ; and, if not paid within the office hours of the day presenting the same, shall then be protested and returned to the owner. That notes issued by the South-Carolina Bank, be received in deposit and payments due at this office. December 7th, 1793. liesolved. That the Cashier of this office be authorized to cause any base gold or silver coin offered in payment, deposit, or for change at this office, to be cut in such manner as to render it notorious and impassable, and to be returned to the person offering the same. April 9th, 1793. Resolved, That on and after Tuesday, the 23rd instant, no renevval of discount will be admitted for more than three-fourths of the bill or note to be taken up at this office. May 10th, 1793. Resolved, That in future, notes intended for collection at this office, must be lodged at least one day before the same becomes due. June nth, 1793. Resolved, That no notes shall be received in the bank for collection, of a less sum than one hundred dollars. July 5th, 1793. Resolved, That no notes or bills drawn within this state, dated on or after the fifteenth day of June last, specifying a payment in pounds, shall be received in this office for discount or collecction. D. DESAUSSURE, President. Attest. JosiAH Smith, Cashier. While the Bank of South Carolina was not chartered by the state until 1801/ it was organized and engaged in the banking business as a private corporation so early as 1792.'' The South Carolina and Georgia Almanac of 1794, lists it as a banking institution of Charleston. The officers of the bank at that time were as follows : Thomas Jones, president ; George Forrest, Edward Penman, John Lloyd, John Splatt Cripps, Sims White, Eobert Dewar, William Somersall, John Williamson, John Edwards, James Gregorie, Thomas Stewart and David Alexander, directors; Thomas W. Bacot, cashier; George Reid, teller; John M. Davis, bookkeeper; John Nowell, clerk of dis- count and transfer; Thomas M. Woodbridge, outdoor clerk; Jonas Beard, porter. Regulations for conducting Business at the Bank of South-Carolina. The bank is open for transacting business every day (Sundays, public fasts, thanksgiving days, Christmas day, and the fourth of July, ex- cepted) from nine in the morning till two in the afternoon. ^Statutes at Large of South Carolina, VIII, 1-6. ^Ramsay : History of South Carolina, II, 106 ; George W. Williams : History of the Banks of South Carolina. 43 The bank will receive deposits in specie, and the paper medium of this state, and pay the same on demand, free of expence. And will also take charge of gold and silver bullion, wrought plate, and any other valuable articles of small bulk, and deliver them, in like manner, to the order of the depositor. The depositors of paper medium shall draw for the same in. pounds. Bills, notes, or acceptances, left at the bank, under cover, mention- ing the depositor, and directed to the out-door clerk, at any time pre- vious to the day on which they become due, will be presented, collected or demanded, free of expence : but, on failure of payment on the last day of grace, they will be protested ; unless it shall be otherwise directed in writing by the depositor. And, in ease of protest, the party lodging the note shall pay the charge thereof. And notes for a less sum than fourteen pounds, or where the party lodging the same will not agree to receive payment in the paper medium, or of which the payer has been protested in the bank, shall not be received for collection. The bank will receive transfers of the public debt in trust, or accept of powers of attorney for receiving the interest thereon, and hold the same to the order of the constituent, free of expence. Bills, notes or acceptances, dated or accepted subsequent to the 30th of April, 1792, payable in dollars and cents ; or accepted subsequent to the 1st of January, 1793, in other paper medium, with at least two approved names thereon, and one of them being a known resident of Charleston, will be discounted at the rate of six per cent, per annum, for any time not exceeding sixty days ; and three days of grace shall be allowed, and the discount taken accordingly. All applications for discounts must be made under cover, addressed to the cashier ; those for specie must be lodged at the bank before two o'clock on Wednesdays, which will be considered by the directors, and answers thereto returned, on the day following, after one o'clock; and those for paper medium must be lodged at the bank on Saturdays before tvvo o'clock. The directors will consider them on Monday, and answers will be returned thereto on Tuesday morning, after nine o'clock, But no note, &c. will be laid before the directors for consideration, that is not sent in before two o'clock on the offering day. Payers of notes, &c. who shall neglect to take up their notes before two o'clock on the last day of grace, the same will be protested and the credit of the parties with the bank stopped ; and indorsers, to whom bills, notes or acceptances shall be presented under protest, in case of non-payment before the shutting up of the bank on the day following the day of payment, will be equally affected in their credit at the bank with the principal. In the receipt and payment of all specie coins at the bank, the rate and value thereof will be ascertained by the laws of the United States. All pajrments and receipts at the bank will be considered as correct, unless the error be discovered and made known before the parties leave the ofSce. THOMAS JONES, President. Attest, T. W. Bacot, Cashier. It appears from the rules adopted for the management of the OiRce of Discount and Deposit, August 28, 1792, that the Bank of South Carolina had before that date been in existence and had issued bills, since among these rules we find the following provision : That notes issued by the South-Carolina Bank, be received in deposit and payment due at this ofEce. 44 Fraser states in his Reminiscences of Charleston that the branch bank of the United States was established about the same time as the Bank of South Carolina, and that the latter was at first located on the south side of Broad Street, "under the residence of Mr. Bacot, its cashier, (nearly opposite the State Bank.)" These banks alone afforded the banking facilities of Charles- ton and to a large extent the state at large until the year 1801 ; except wherein other parties may have, in the meantime, like the Bank of South Carolina, organized themselves as unincor- porated banking institutions. That seems to have been the case of the State Bank and probably the Union Bank, hereafter dis- cussed. It is probable that in each of these cases private parties may have, without charter, organized themselves into private banking institutions for the purpose of doing a banking busi- ness, but we shall refer to these more at length hereafter. BEANCH OF THE BANK OF THE UNITED STATES, 1800-1811. STATE BANK OP SOUTH CAROLINA. City Hall of C^harleston, 1818 to the present. Northeast corner of Broad and ileetini;' streets. CHAPTER II. From the first State Charters in 1801 to the Panic of 1837. The state was by the beginning of the nineteenth century re- covering from the devastating effect of war. Business, both agri- cultural and commercial, was prospering; the demand for a more ample supply of currency and other banking facilities was grow- ing ; confidence had been restored, and so between the years 1801 and 1836 the banks mentioned below were incorporated under Acts of the General Assembly of South Carolina and to each of these a most liberal charter was granted : The Bank of South Carolina, December 19, 1801. The State Bank of South Carolina, December 19, 1801. Union Bank of South Carolina, December 20, 1810. The Planters's and Mechanics's Bank of South Carolina, Decem- ber 20, 1810. The Bank of the State of South Carolina, December 19, 1812. Bank of Cheraw, December 18, 1822. The Bank of Hamburg, South Carolina, December 21, 1822. The Commercial Bank of Columbia, December 17, 1831. The Merchants's Bank of South Carolina, at Cheraw, December 19, 1833. The Bank of Charleston, South Carolina, December 17, 1834. The Bank of Camden, South Carolina, December 19, 1835. The Bank of Hamburg, South Carolina, December 19, 1835. The Bank of Georgetown, South Carolina, December 21, 1836. The South- Western Eailroad Bank, December 21, 1836. The branch bank of the United States located at Charleston, doing business under the name of Office of Discount and Deposit, was still in active operation in 1801. The present City Hall of Charleston was built for the banking house of this bank. The beef market of the city had occupied the site until destroyed by fire in 1796. In 1800 the branch bank bought the lot and began the erection of the building. The corner stone thereof was laid November 8, 1800 by Robert Hazlehurst, chairman of the building committee. Gabriel Manigault was the architect. In 1811, when the Bank of the United States was forced out of business, because of the refusal of Congress to renew its charter, 46 this building was conveyed to trustees for purposes of liquida- tion. After the reestablishment of the Bank of the United States in 1816, the branch in Charleston purchased the I6t at the northeast corner of Broad and State streets and there erected a building which it occupied until it went into liquida- tion. This building was afterwards purchased by the Bank of Charleston and has been occupied by that bank to the present day. The officers of the bank in 1802 were: Adam Gilchrist, presi- dent; Josiah Smith, cashier; Richard Yeadon and William Freeman, tellers; Isaac Neufville, bookkeeper; Francis Thomas, clerk of discount ; James Eeid and John Martin, assistant clerks ; Thomas Foster, outdoor clerk; Charles Bouchonneau, porter; Nathaniel Russell, Edwin Gairdner, Robert Hazlehurst, Thomas Simons, Adam Tunno, John Ward, William Blacklock, John Woddrop, William Muir, William Crafts, J. M. Hopkins and William Milligan, directors.^ In 1819 the officers of the bank were: Joseph Johnson, presi- dent ; Peter Bacot, cashier ; Robert Berney and William H. Sass, tellers; Christian McKinney, clerk of the Loan Office depart- ment; C. P. Gordon and Joseph Galluchat, bookkeepers; Francis Thomas, discount clerk; William V. Howard, collection clerk; William G. Rout, outdoor clerk ; A. G. Rose and Charles Lining, assistant clerks; Archibald B. Lord, porter; Thomas Morris, notary; Robert Y. Hayne, solicitor, and William Turpin, John Potter, John M. Hopkins, Stephen Bulkley, Hugh Smith, Robert Y. Hayne, Simon Magwood, Duke Goodman, C. W. Bulow, Thomas Milliken, William Purvis and Jonathan Coit, directors. "Offering day, for discount, on Monday, answers returned on Thursday — All Transfers of Stock made at Philadelphia at the Parent Bank."' Miller's Planters' & Merchants' Ahnanac for 1821 shows that Christian McKinney was then a teller and W. H. Sass a boolc- keeper ; that A. G. Rose was clerk of the Loan Office department and C. P. Gordon, discount clerk; that Charles Lining was collection clerk and L. Raid and Robert Stewart, Jr., assistant clerks ; Francis Thomas and William V. Howard were no longer of the bank's force and Turpin, Bulkley, Hayne, Goodman, C. W. ^Palladium of Knowledge: or, The Carolina and Georgia Almanac for 1802. The same Almanac for 1803 shows the same ofBoers for the bank. 'The Planters' d Merchants' Almanac for 1819. ■t --rT JjRA.NCH OF THE T!A^•K (IF THE r.NITEII STATES. 1S17-IS:15. JiA.NK OF ClIAKI.ESTOX. ISoli. TO THE PRESENT. .\"orthp;i.^t comer of ISroad and State streets. 47 Bulow, Milliken, Potter, Hopkins and Purvis had been succeeded as directors by Frederick Kohne, Isaac Motte Dart, Charles Kershaw, John J. Bulow, John Fraser, James E. Pringle, Wil- liam Broadfoot, Thomas Flemming and Richard Carnochan. The only change shown in, 1822 was that Smith, Magwood, Coit and Flemming had been replaced as directors by Goodman, Bulkley, Samuel Patterson and another then unselected.' The changes shown in 1824 were: R. Eobinson had succeeded Berney as a teller; Lining had succeeded Galluchat as a book- keeper; Stewart had succeeded Lining as collection clerk; A. Winthrop and S. Bonneau had succeeded Stewart and Eeid as assistant clerks, and John Potter, William Aiken, John E. Bonneau, James Hamilton, Jr., Jonathan Coit, John Gadsden, John Lewis, Samuel McNeill and two then unselected had suc- ceeded all of the directors of 1822 save Carnochan and Patterson. A new provision as to transfers of stock was given, adding after Parent Bank "or the Offices at Charleston, New- York and Bos- ton."^ In 1825 the following changes appeared: Eobert L. Stewart had succeeded Sass as a bookkeeper, S. Bonneau had succeeded Stewart as collection clerk, E. Blake had succeeded Bonneau as one of the assistant clerks, Thomas S. Grimke had succeeded Eobert Y. Hayne as solicitor, and John Fraser, Ker Boyce, James E. Pringle, John J. Bulow, Simon Magwood, George Y. Diavis, Andrew Milne and H. A. DeSaussure had succeeded Potter, Patterson, Coit, Aiken, Bonneau, and Hamilton as direc- tors, The following additional rules were also published in 1825. Days for transfer of U. S. Bank Stock at Charleston — Monday and Thursday in each week. Dividends payable simi-annually and declared at the Bank in Philadelphia, on the first Monday in January and July of each year. Books closed thirty days previous to the expiration of each half year. United States Loan Office. — Transfer of United States funded debt Stock, every day. Interest payable quarterly, viz : on the first day of January, April, July and October, of each quarter.^ The only changes noted in 1830 were that William E. Hayne had supplanted Morris as notary and that James Adger, John E. Bonneau, William Aiken, Joseph A. Winthrop and Edward Laffan were directors with Boyce, Pringle, Magwood, Carnochan, 'Miller's Planters' & Merchants' Almanac for 1823. "Ibid. 1824. 'Miller's Planters' £ Merchants' Almanac, 1825. 48 Bulow and DeSaussure of the board of 1825, while Lewis, Gads- den, McNeill, Eraser, Davis and Milne were not then on the board.' The changes noted in 1835 were that A. Winthrop had re- placed Bonneau as collection clerk; that H. Trescot and B. F. Pepoon had replaced Winthrop and Blake as assistant clerks and that H. A. DeSaussure had replaced Thomas S. Grimke as solicitor. The directors were Pringle, Boyce, Bulow, DeSaussure, Carnochan, Adger, Magwood, Bonneau and Winthrop of the board of 1830 and D. Alexander and John Fraser.^ As has already been stated the charter of the Bank of the United States expired in 1836. It was well known that President Jackson was opposed to the Bank and his message to Congress at the close of his first administration, shows his opposition to the renewal of its charter: The charter of the Bank of the United States expires in 1836, and its stockholders will most probably apply for a renewal of their privileges. In order to avoid the evils resulting from precipitancy in a measure involving such important principles and such deep pecuniary interests, I feel that I cannot, in justice to the parties interested, too soon present it to the deliberate consideration of the legislature and the people. Both the constitutionality and the expediency of the law creating this bank are well questioned by a large portion of our fellow-citizens and it must be admitted. by all, that it has failed in the great end of establishing a uniform and sound currency. Under these circumstances, if such an institution is deemed essential to the fiscal operations of the government, I submit to the wisdom of the legislature whether a national one, founded upon, the credit of the government and its revenvies might not be devised which would avoid all constitutional difBculties, and at the same time secure all the ad- vantages to the government and country that were expected to result from the present bank.' Both houses of Congress referred the message to their respec- tive committees. The report of the committee of the House was very voluminous and Mr. McDufRe, of South Carolina, chairman of the committee, after a complete presentation of the facts, de- fended the Bank's policy. He reviewed the question of its con- stitutionality and its utility, as well as the expediency of Jack- son's recommendation of a "national Bank" founded on the credit of the government. Upon the first point he recalled that most of the leading opponents, both in the legislative and in the execu- tive departments of the government, taught by the very brief but fatal experience of 1811-1816, yielded their views, and that the 'Miller's Planters' & Merchants' Almanac, 1830. ''Miller's Planters' & Merchants' Almanac, 1835. 'Messages of the Presidents, Vol. II. 49 judicial department had unanimously decided the question of the constitutionality of the charter. He forcibly and conclusively controverted Jackson's assertion that the Bank had failed to serve the purpose for which it was established and demonstrated that paper currency had been made both uniform and sound. A bill for the extension of the charter was reported in the Senate from a committee headed by G. M. Dallas (son of the former Secretary) and Mr. Webster, and in the House by the committee of Ways and Means of which Mr. MdDuffie was chair- man. In the Senate the bill passed by a vote of twenty-eight to twenty and in the House by a vote of one hundred and seven to eighty five. President Jackson vetoed the bill and it failed to command the necessary two thirds to pass it over his veto. Jackson's veto caused great excitement and was used to aid • him in his campaign for re-election in 1832. The friends of the Bank were equally active, and meetings were held at which Jackson was denounced in unmeasured terms. In 1832 the Presi- dent directed a special examination of the Bank and its branches which the "Kitchen Cabinet" expected would prove it to be insolvent. To their disappointment the examiner reported that the Bank had upward of $42,000,000. in excess of its liabilities, hence more than $7,000,000. in excess of its stock obligations. Soon after the re-inauguration of President Jackson plans were devised to use the provisions of law authorizing the Secretary of the Treasury to place the government monies elsewhere, as the first measure in the renewed warfare. The means adopted to reach his purpose was not to remove the deposits from the Bank, but to place the revenue of the government as received, in state banks, in the meantime drawing on the Bank for all disbursements, and later deposits were actu- ally transferred. This act on the part of the President defeated the renewal of the charter and practically cost the life of the Bank. It, there- fore, expired in 1836 and the authorities thereof took definite steps towards its liquidation, disposing of its branches and con- verting its resources into short time paper and increasing its cash. The Charleston branch was listed for the last time in Miller's Almanac for 1835. Thus passed out of existence this wonderful financial organization. 50 During its existence it issued a large volume of bank bills, but at no time was the volume of these bills in excess of the provi- sions allovifed by law. In the prosecution of this work the writer has been unable to locate any of the bills issued by the parent bank, but the branch banks, from time to time, in the course of their business, issued paper in the form of drafts, which circu- lated as currency, and he has located only one of those issued by the branch bank in Charleston, which reads as follows: Cashier of the Bank of the United States pay to A. G. Rose or order, TEN DOLLARS. Office of Certificate & Deposit, City of Charleston. 4th day of June 1S32. Peter Bacot — Cashier Jos. Johnson — Pres. The following is a description of the bill: TEX DOLLARS : VIGNETTTE : Eagle with outstretched wings ; arrow in right claw ; olive branch in the left ; standing over a shield below which is a scroll upon which is engraved E PLURIBUS UNIUM. The figure 10 in medal- lion in left corner, X in medallion in right corner ; Ten across each end of the bill; color white and steel grey; number E 10369 on both right and left hand corners. Engravers : Freeman-Draper-Underwood & Com- pany. Signed Joseph Johnson, President — Peter Bacot, Cashier. The Bank of South Carolina, which had been organized and engaged in the banking business for about ten years previously, was incorporated under the laws of the state of South Carolina, December 19, 1801. It appears, however, as heretofore shown, that before becoming incorporated it issued bills and placed them in circulation. To what extent this was done available records do not show with any degree of certainty. Thereafter it enjoyed all of the rights and privileges conferred by the Act of incorpora- tion.^ The title of the Act under which this bank was incorporated, "xVX ACT to incorporate the South Carolina and State Bank", indicates that but one bank was incorporated by the bill, whereas in the body of the bill it appears that two banks were thereby incorporated. Attention will be confined to those provisions of the bill which refer more especially to the Bank of South Caro- lina, leaving out for the present those provisions having reference to the State Bank. The Act is here quoted at length to show that at that early date our legislators had a well defined idea of the duties and responsibilities of banking institutions and of the ^Statutes at Large of South Carolina, VIII, 1-6. 51 ofScers upon M'hom were imposed the management thereof. The preamble reads : WHEREAS, Thomas Jones, as president of the Bank of South Carolina, with the directors of the said banlc. hath petitioned the Legislature, that they, and- the stockholders of the said bank, may be incorporated, under the name of the Bank of South Carolina. And whereas, John Blake, president of the State Bank, hath presented another petition, praying that the said John Blake, with the directors and stockholders in the said bank, may also be incorporated. And whereas, it is deemed expedient that the said companies be incorporated, under proper re- strictions : therefore, I. Be it enacted by the Honorable the Senate and House of Bepre- sentatives, now met and sitting in General Assembly, and by the authority of the same, That Thomas Jones, president, Alexander Edwards, John Williamson, Keating Simons, Christopher Fitzsimons, John Brownlee, William Greenwood, James Lynah, Robert Dewar, William Somersal, Alexander Shirras, and 1*'. J. Folt.^ directors, with all such persons as are now, or may hereafter become, stockholders in the said company, be. and they are hereby, incorporated and made a '■orporation and body politic by the name and style of "The Bank of South Carolina," III. And lie it further enacted by the authority aforesaid, That the said companies, respectively, shall continue incorporated until the first day of January, one thousand eight hundred and twenty-three ; and by their respective names aforesaid, shall be, and they and each of the said corporations are hereby made, capable in law, to have, purchase, receive, possess, enjoy and retain, to them and their successors, lands, rents, tenements, hereditaments, goods, chattels and effects, of what kind, nature or quality soever, to an amount not exceeding, in the whole, one million five hundred thousand dollars, including the amount of the capital stock aforesaid, and the same to sell, alien, or dispose of ; to sue and be sued, plead and be pleaded, answer and be answered, defend and be defended, in courts of record, or any other place whatsoever: and also to make, have, and use a common seal, and the same to break, alter and renew, at their pleasure : and also to ordain, establish, and put in execution, such by-laws, ordinances and regulations as shall seem necessary and convenient for the government of the said corpora- tion, not being contrary to law, or to the constitution thereof, (for which purpose general meetings of the stockholders shall and may be called by the directors, at such time or times as to them shall be deemed necessary;) and generally to do and execute all and singular such acts, matters and things, which to them it shall or may appertain to do ; subject, nevertheless, to such regulations, restrictions, limitations and provisions, as hereinafter shall be prescribed and declared. IV. Be it further enacted by the authority aforesaid. That there shall be an election by each of the said corporations, of thirteen directors, who shall be chosen annually by the stockholders, from and among themselves, and by plurality of votes actually given ; and in case of the death, resignation or absence from the State, or removal of a director by the stockholders, his place may be filled up by a new choice for the remainder of the year. But should it so happen, that an election of directors should not be made on any day, when, pursuant to the con- stitutions of the said corporations, or either of them, it ought to have been made, the said corporations, or either of them, shall not, for that cause, be deemed to be dissolved ; but it shall be lawful, on any other day, to hold and make an election of directors, in such manner as shall have been regulated by the laws and ordinances of the said corpora- tions, respectively. 'Section II refers to the State Bank. 52 V. And he it further enacted by the authority aforesaid, That the directors for the time being shall have power to appoint snch oificers, clerks and servants under them as shall be necessary for execut- ing the business of the said corporations, respectively, and to allow them such compensation for their services as shall be reasonable ; and shall be capable of exercising such other powers and authorities for the well governing and ordering of the affairs of the said corporations, as shall be described, fixed and determined by the laws and regulations of the respective companies hereby incorporated. VI. And 6e it further enacted by the authority aforesaid, That the following rules, restrictions, limitations and provisions, shall form and be fundamental articles of each of the constitutions of the companies hereby incorporated. 1. That the number of votes to which each stockholder shall be entitled, shall be in such proportions as by each of the said companies, hereby incorporated, shall have been, or may hereafter be, established : Provided always. That no person, co-partnership, or body politic, shall be entitled to a greater number than thirty votes. And no share or shares shall confer a right of suffrage, which shall not have been holden three calendar months previous to the day of election. Stock- holders actually resident within the United States, and none other, may vote in elections by proxy. 2. No more than three-fourths of the directors in oflSce, exclusive of the president, shall be elegible for the next succeeding year. But the direc- tor who shall be president at the time of an election, may always be reelected. 3. No person but a stockholder, being a citizen of the United States, shall be eligible as a director. 4. The lands, tenements and hereditaments, which it shall be lawful for each of the said corporations to hold, shall be only such as shall be requisite for its immediate accommodation, in relation to the con- venient transacting of its business ; and such as have been bona fide mortgaged to it by way of security, for debts previously contracted in the course of its dealings, or purchased at sales upon judgments which shall have been obtained for such debts. 5. The total amount of the debts which each of the said corporations shall at any time, respectively, owe, whether by bond, bill, note, or other contract, shall not exceed three times the amount of its capital, (over and above the monies then actually deposited in the bank for safe keeping,) unless the contracting of any greater debt shall have been ■previously authorized by a law of this State. In case of excess, the directors under whose administration it shall happen, shall be liable for the same, in their private capacities ; and an action of debt may, in such case, be brought against them, or any of them, their or any of their heirs, excutors or administrators, in any court in this State having jurisdiction, by any creditor or creditors of the said corpora- tions, respectively, and may be prosecuted to judgment and execution ; any condition, covenant or agreement to the contrary notwithstanding. But this shall not be construed to exempt the said corporations, or the lands, tenements, goods or chattels of the same, from being also liable for, and being chargeable with, the said excess. Such of the said directors who may have been absent when the said excess was con- tracted or created, or who may have dissented from the resolution or act whereby the same was so contracted or created, may, respectively, exonerate themselves from being individually liable, by entering, if present, their dissent on the books of the bank, at the time the debt may be so contracted, and forthwith giving notice of the fact to the stockholders, at a general meeting, which each of the said direc- tors shall have power to call for that purpose. VII. And he it further enacted by the authority aforesaid, That neither of the said corporations shall be permitted to purchase 53 any public debt whatever, (except as may hereinafter be excepted,) nor shall, directly, nor indirectly, deal or trade in anything,- except bills of exchange, gold or silver bullion, or in the sale of goods really and truly pledged for money lent, and not redeemed in due time; or of goods which shall be the produce of its lands, neither shall the said corporations take more than at the rate of six per centum per annum for or upon its loans or discounts. VIII. And he it further enacted by the authority aforesaid. That in ease of failure of the banks, or either of them, each stockholder, co-partnership, or body politic, having a share or shares therein at the time of such failure, or who have been interested therein at any time within twelve months previous to such failure or bankruptcy, shall be liable and held bound for any sum not exceeding twice the amount of his, her or their share or subscription. And that the stock of the said corporations shall be assignable and transferable, according to such rules as shall be instituted in that behalf by the respective laws and regulations of each of the said corporations. And that no loan shall be made by either of the said corporations, to or for the use of any foreign prince, state or government, unless previously authorized by a law of this State. The bills obligatory and of credit under the seal of the said respec- tive corporations, which shall be made to any person or persons, shall be assignable by indorsement thereupon, under the hand or hands of such person or persons, and of his, her or their assignee or assignees, and so as absolutely to transfer and vest the property thereof in each and every assignee or assignees successively, and to enable such as- signee or assignees to bring and maintain an action thereupon, in his, her or their own name or names. And bills or notes which naay be issued by order of the said corporations, respectively, signed by the president, and countersigned by the principal cashier or treasiirer thereof, promising the payment of money to any person or persons, his, her or their order, or to bearer, though not under the seal of the said respective corporations, shall be binding and obligatory unon the cor- poration issuing the same, in like manner, and with the like force and effect, as upon any private person or persons, if issued by him, her or them, in his, her or their private or natural capacity or capacities ; and shall be assignable and negotiable in like manner as if they were so issued by such private person or persons ; that is to say — those which shall be payable to any person or persons, his, her or their order, shall be assignable by indorsement, in like manner and with like effect as foreign bills of exchange now are ; and those which are payable to bearer, shall be negotiable and assignable by delivery only. Dividends shall be made at least once in each year, by the said respec- tive incorporations, of so much of the profits of the bank as shall appear to the directors advisable ; and once in every three years, the directors shall lay before the stockholders, at a general meeting, for their in- formation, the amount of surplus profits, if any, after deducting losses and dividends. IX. And 6e -it further enacted by the authority aforesaid. That if the said respective incorporations, or either of them, or any person or persons, for or to the use of either of the said incorporations, shall deal or trade in buying or selling any goods, wares, merchandize or commodities whatsoever, contrary to the provisions of this Act, all and every person and persons by whom any order or direction for so deal- ing or trading shall have been given, and all and every person and per- sons who shall have been concerned, after the passing of this Act, as parties or agents therein, shall forfeit and lose treble the value of the goods, wares, merchandizes and commodities, in which such dealing and trade shall have been ; one half thereof to the use of the informer, and the other half to the use of this State; to be recovered with costs of s\iit. 54 X. And he it enacted by the authority aforesaid, That the South Carolina Bank, hereby intended 'to be incorporated, shall not be so incorporated, or derive any benefit or advantage from any of the clauses or provisions in this Act contained, until it shall have paid into the public treasury, for the use of the State, the sum of fifteen thousand dollars ; and that, unless it shall pay such sum on or before the first day of March next, this Act shall be held and considered as null and void, in relation to the said Bank; and in consideration of said payment, to be relieved from all taxes during the time for which they are hereby incorporated.^ About a year after the Bank of South Carolina was chartered a most remarkable attempt was made to rob it. The following account of the occurrence appears in The Newsfafer Press of Charleston, S. G., by William L. King:' Co-eval vi'ith the early issues of the Courier, there was brought to light one of the most novel attempts at robbery, ever known in Charles- ton, and which produced much excitement at the time. The circum- stances of the case — known as the "Ground-mole plot" — were familiar to two, now among the most venerable of the citizens of Charleston, who then, with young and eager eyes, witnessed the scene. From notes made by one of them, entitled, "Occurrences of my early Life," the modus operandi of the would-be bank robber is taken and thus related: The gentleman, then an apprentice to a mechanical concern, was at- tracted to the scene by the wide-spread rumor, and informed that there had just been dug out from the earth, a human ground-mole, who was industriously attempting to rob the South Carolina Bank, then located in the building now occupied by the Charleston Library Society, at the North West corner of Broad and Church Streets. The man — ■ Withers, by name — was discovered in the effort, and arrested before he had effected his purpose. He was of middle size, and had, as his accomplice, a youth, who made his escape. Withers was arraigned for this attempt to plunder, but not having accomplished his design, was released from confinement. The examination of this ease showed that he came from the West, and that he had visited the City with a drove of horses, and having disposed of them, unfortunately lost all his proceeds by gaming. Desiring to recover his losses, he conceived the idea of so doing, at the expense of others. A project entertained by him was carried into effect one night in October, 1803, by his entering the drain at the intersection of Broad and Church Streets, which, under the old system of drainage, could be entered by the removal of an iron grating. Once in, he tunneled a passage to within a. short distance of the bank vault. The strangest part of his feat was, that he remained earthed for the space of, at least, three months. The discovery of the plot — through the incautiousness of the youth — defeated one of the boldest and most novel methods -of tapping the strong box of a moneyed institution, ever brought to light. In 1819 the officers of the Bank of South Carolina were: Thomas Jones, president; Thomas Wright Bacot, cashier; James Futerell and Frederick Beard, tellers; George B. Eeid and D. DeSaussure Bacot, bookkeepers; William Miller, collection and ^There are nine more sections to the Act, which relate to the State Bank. ^Charleston, 1873, pp. 94-95. I'.AXK OK Sol'TII CaKcjI.IXA, 1 Sdl-l s:!,"i. Boug'lit l-i}- the Charlestdii Library Society in ls:;5, and occupied tliereby until 1914. Now the h(jine of the Chamber of Commerce. Northwest corner of Broad and Church .streets. 55 transfer clerk; Thomas S. Nowell, discount clerk; William F. StoU, bill bookkeeper and outdoor clerk; James Gilchrist, assis- tant clerk; William Beard, porter; J. Ogden, notary; J. Gadsden, solicitor; and Henry H. Bacot, Charles Kershaw, Keating Simons, John White, Charles Edmondston, Christopher Fitz- Simons, John Black, John Brownlee, William Clarkson, Michael Magrath, Edward Mortimer, and Thomas H. Deas, directors.^ Offering day for discount, on Tuesday, and answers returned on Friday. Transfer of stock every day. In 1821 the same clerical force was in charge of the bank, save that William Miller was no longer collection and transfer clerk, G. B. Eeid, one of the bookkeepers filling that position also, and J. Ogden had given place as notary to T. Gadsden, Jr. ; James Adger and Josiah Taylor had replaced Charles Kershaw and Michael Magrath on the board of directors.^ In 1822 the same officers and clerks were in charge of the bank.' In 1824 we find D. D. Bacot a teller in place of Frederick Beard; George B. Eeid sole bookkeeper and stillfiUing the posi- tion of collection and transfer clerk also, and the position of outdoor clerk vacant. Two of the board of 1822, Simons and Taylor, were not now on the board and in their places were Thomas Milliken and John S. Cogdell.* In 1825 Frederick Beard had succeeded Futerell as a teller, the only change since 1824.° In 1830 J. F. Plumeau was sole teller in place of Beard and Bacot; T. Morris, Jr., was outdoor clerk and porter, taking the places formerly held by StoU and William Beard. Bacot, Cogdell, Deas, Edmondston and White survived of the directors of 1825. The other seven were : D. Paul, Thomas W. Chapman, Robert Brown, Hugh P. Dawes, Alexander Gibson, Samuel Mc- Cartney and Benjamin E. Smith." In 1835 John S. Cogdell had succeeded Jones as president; Thomas Chapman had succeeded Bacot as cashier; Edward Blake had succeeded Plumeau as teller; J. Mitchell was "acting" ^The Planters' & Merchants' Almanac for 1819. ^Miller's Planters' & Merchants' Almanac for 1831. "Miller's Planters' & Merchants' Almanac for 1822. •Miller's Planters' & Merchants' Almanac for 1824. ^Miller's Planters' & Merchants' Almanac for 1835. "Miller's Planters' & Merchants' Almanac for 1830. 5G notai-y in place of T. Gadsden, Jr., and E. B. Gilchrist had succeeded J. Gadsden as solicitor.' CiXK OF South Cakolii\.\, 1S:',,")-1S68. Later iiseil by tlie Cliiiiuber of Coiiiiiierre. being' known as the Rig'pfs Building. Northwest corner of Broad and East Bay streets. By referring to the Act of 1801, under which the State Bank Avas incorporated along with the Bank of South Carolina, it will be observed that great liberalitj' was confered upon this bank by the state of South Carolina. Of the $800,000 of capital stock then authorized, the State agreed to take $300,000 and in other resj)ects not only favored greatly this bank but became the largest stock-holder therein. Other privileges were conceded to this l)ank under the Act, among them being exemption from taxa- tion and its use as dejxisitory for all state funds. For some reason, however, despite these great favors, the officers and directors de(dined to accept the charter, and at the next session of the General Assembly in 1802, set forth in a length!}' memorial their reasons for declining the charter anil expressed the desire that certain limitations and conditions should be attached to the charters granted the banks of the state. 'Aiiiier'.s I'liiiitcJK' & Mcrdiaiits' Alindiiuc for 1835. 57 In 1802 a further Act was passed revoking the charter granted to this bank under the Act of 1801 and granting to it a new charter entitled : AN ACT to incorporate the State Bank, and imposing certain restric- tions on the Directors, Officers and Servants of Banks in this State. This Act embodied many provisions applicable not only to this bank but to banks generally, and we therefore quote some- what at length from the Act of incorporation : WHEREAS, John Blake, president, and David Alexander, John Kirk, Michael Jenkins, Thomas Shiibrick, John Dawson, jr. William Allan, Theodore Gaillard, jr. Wade Hampton, Daniel Doyley, Thomas Ogier, Robert J. Turnbull and Morton Waring, directors of the State Bank in the city of Charleston, have, on behalf of themselves and the other stockholders in the said Bank, set forth, in their memorial to the Legislature, that they cannot accept of the charter heretofore granted unto them, in and by an Act of the Legislature, passed the last session, for the reasons in their said memorial particularly set forth and con- tained ; and whereas, the Legislature, upon due consideration of the said reasons, have deemed the same satisfactory, and have accordingly deemed it expedient to repeal the said Act as far as it relates to the said Bank, and to associate with, and to incorporate the said Bank, upon other terms more advantageous to the members or stockholders of the same. I. Be it therefore enacted by the Honorable the Senate and House of Representatives, now met and sitting in General Assembly, and by the authority of the same. That so much of the said Act, passed on the nineteenth day of December, in the year of our Lord one thousand eight hundred and one, entitled "An Act to incorporate the South Carolina and State Banks," as relates to the said State Bank, be, and the same is hereby, repealed. II. And he it further enacted by the authority aforesaid. That the said John Blake, president, David Alexander, John Kirk, Michael Jenkins, Thomas Shubrick, John Dawson, jr. William Allan, Theodore Gaillard, jr. Wade Hampton, Daniel Doyley, Thomas Ogier, Robert J. Turnbull, and Morton Waring, directors, with all such persons who now are or hereafter may become stockholders in the said company, be, and they are hereby, incorporated and made a. corporation and body politic, by the name and style of "The President, Directors and Company of the State Bank," and so shall continue until the first day of January, one thousand eight hundred and twenty-three ; and by that name shall be and are hereby made, able and capable in law, to have, purchase, receive, possess, enjoy and retain, to them and their successors, lands, rents, tenements, hereditaments, goods, chattels and effects, of what kind, nature or quantity soever, to an amount not exceeding, in the whole, two millions four hundred thousand dollars, including the amount of the capital stock of the said Bank, and the same to sell, grant, demise, alien or dispose of ; to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in courts of record, or any other place whatsoever ; and also, to make, have and use a common seal, and the same to break, alter and renew at their pleasure ; and also to ordain, establish and jjut in execution, such by-laws, ordinances and regulations as shall seem necessary and convenient for the govern- ment of the said corporation, not being contrary to law, or to the constitution thereof, (for which purpose, general meetings of the stock- holders shall and may be called by the directors, at such time or times as to them shall be deemed necessary ; ) and generally to do and execute all and singular such acts, matters and things, which to them it shall 58 or may appertain to do ; subject, nevertheless, to the rules, regulations, restrictions, limitations and provisions, hereinafter prescribed and de- clared. III. And he it further enacted by the authority aforesaid. That for the ■well ordering of the affairs of the said corporation, there shall be fifteen directors, three of vyhom shall be appointed by the Legisla- ture, in the manner hereinafter mentioned, and the remaining tvyelve directors shall be chosen annually, on the second Wednesday in March, in each year, by the private stockholders or proprietors of the capital stock of the said corporation, and by plurality of the votes actually given. And those who shall he duly chosen at any election, shall be capable of serving as directors, by virtue of such choice, until the end or expiration of the Wednesday next annually ensuing the time of such election, and no longer. And the said fifteen directors, at their first meeting after each election, shall choose one of their number as president. And in case of the death, resignation, or absence from the State, or removal of a director by the stockholders, his place may be filled up by a new choice, for the remainder of the year. But should it so happen that an election of directors should not be made on the said second Wednesday in March in each year, or any other day appointed by the stockholders, the said corporation shall not, for that cause, be deemed to be dissolved, bvit it shall be lavyful on any other day, to hold and make an election of directors, in such manner as may be regulated by the laws and ordinances of the said corporation. And in case of the death, resignation, or absence from the State, or removal of all or either of the directors representing the State in said corporation, during the recess of the Legislature, the vacancies shall be filled up by such proper person or persons, as the Governor for the time being shall or may appoint to serve as director or directors of the said corporation, until a new appointment shall or may be made by the Legislature. IV. And be it further enacted by the authority aforesaid. That no person hereafter to be appointed a director of said corporation, shall be authorized to continue and act as such, after he shall be entered up on the books of said Bank under protest, either as drawer or indorser, on any paper which the said Bank may hold, either for discount or col- lection ; unless he shall prove, to the satisfaction of a majority of the other directors, that he hath just reason and legal and sulHcient cause for refusing payment of the demand on which such protest may be founded. V. And he it further enacted, That the following rules, limitations and provisions, shall form and be fundamental articles of the constitu- tion of the said corporation : EuLE 1st. The capital stock of the bank shall consist of eight thou- sand shares of one hundred dollars each, making the sum of eight hundred thousand dollars ; three thousand shares whereof be sub- scribed by the State, as hereinafter directed. Rule 2d. The directors for the time being shall have power to elect and remove the cashier ; and they shall also have power to appoint such ofiicers, clerks and servants under them, as shall be necessary for executing the business of the said corporation, and allow them such compensation for their services as may be reasonable. They shall re- ceive money on deposit, and pay away the same to order, free of expense ; discount bills of exchange accepted and payable in the city of Charleston, and notes with two or more good names thereon, or secured by a deposit of bank or any other public stock, at a rate of interest not exceeding one one per cent, discount for sixty days. Provided, the said bills and notes have not more than sixty days to run. They shall have power to issue notes, signed by the president, and countersigned by the cashier, on behalf of the said corporation, for such sums, and with such devices, as they may deem most expedient and safe. They shall also be capable of exercising such other powers and authorities as may 59 be necessary for the well governing and ordering the affairs of the said corporation, and of promoting its interest and its credit, and of such as shall be authorized by the rules thereof, or by the direction of the Stockholders. Rule 3d. In voting for directors, and all other questions on which the stockholders may be called to give their voices, the number of votes to which each stockholder shall be entitled, shall be according to the number of shares he shall hold, in the proportion following, that is to say: for four shares, one vote; for every four shares above four, and not exceeding twenty, one vote; for every eight shares above twenty, and not exceeding sixty, one vote ; for every twelve shares above sixty, and not exceeding one hundred and twenty, one vote; for every sixteen shares above one hundred and twenty, and not exceeding two hundred, one vote; and for every twenty shares above two hundred, and not exceeding four hundred, one vote. But no person, co-partnership, or body politic, shall be entitled to a greater number than thirty votes ; except the State, who, by the authority of the majority of their directors, shall be entitled to sixty votes ; except in elections for directors representing the private stockholders. The manner, however, of voting for the direc- tors for the private stockholders, and on all other questions relating to the affairs of the said corporation, shall, at any time, be altered by such private stockholders, at any public meeting to be for that purpose called, after two weeks previous notice in two public gazettes. Pro- vided, that at such meeting a majority of all the private shares of the bank are represented, and the holders of two-thirds of such shares concur in such alteration. Rule 4th. No share or shares shall confer a right of suffrage, which shall not have been holden three calendar months previous to the day of election. No other stockholders than stockholders who are citizens of the United States, in the United States or not, shall be allowed to vote by proxy or otherwise, provided such proxy be a stockholder, and a citizen of the United States. Rule 5th. To prevent a division of shares, in order to obtain to the person or persons so dividing them, an undue influence, the managers of elections for directors shall administer to every stockholder offer- ing to vote, the following oath : "You, A B, do swear (or afBrm) that the stock you now represent, is bona fide your property, and that no other person or persons is or are concerned therein ;" and to any person voting by proxy, or for a minor, or in right of, or in trust for, any other person entitled to vote, the following oath : "You, A B, do swear (or affirm) that the stock of C D, whom you now represent, is, to the best of your knowledge and belief, the property of the said C D, and that no other person or persons is or are concerned therein." And any stockholder refusing to take such oath or affirmation, shall not be allowed to vote at such election. Rule 6th. Any person or persons holding or subscribing for stock in the said bank, in the name of or in trust for minors, shall, to all intents and purposes relating to this Act, be viewed and taken as hold- ing or subscribing such stock in the name or names of such person or persons so holding or subscribing ; and in voting at any meeting of the stockholders, such persons shall be entitled to vote in such proportion, only, as if the stock of such minor or minors was the sole and exclu- sive poperty of the person or persons voting. Rule 7th. A fair and correct list of the stockholders shall be made out at least two weeks before any election of directors, to be submitted to the inspection of any stockholder who shall require to see the same, to the end that public information may be given to the parties concerned, of their co-proprietors and stockholders. Rule 8th. No director of any other bank, or co-partner of any such director, shall be eligible as a director of this corporation<; neither shall 60 any stockholder, who is not a citizen of the United States, be eligible as a director. EuLE 9th. Not more than three-fourths of the directors, exclusive of the president and the three appointed by the Legislature, shall be eligi- ble for the next succeeding year. But the director who shall be presi- dent at the time of any election, may always be re-elected. EuLE 10th. No less tljan six directors shall constitute a board for the transaction of business, of whom the president shall always be one ; except in case of sickness or necessary absence ; in which case his place may be supplied by any other director, whom he, by writing under his hand, shall nominate for the purpose ; and in default of such nomination by the president, or in case of the sickness or neces- sary absence of the person so appointed, in either event, the board of directors may, by ballot, appoint a temporary president. EuLE 11th. The directors shall keep fair and regular entries, in a book to be provided for the purpose, of their proceedings ; and on any question where two directors shall require it, the yeas and nays of the directors voting shall be duly inserted on their nainutes, and those minutes be, at all times, on demand, produced to the stockholders when at a general meeting, or to the Legislature or any committee thereof, who shall require the same. EuLE 12th. The stockholders shall allow siich compensation to the president for his services as may appear to them reasonable, not ex- ceeding two thousand five hundred dollars a year. EuLE 13th. Every cashier, before he enters on the execution of his duty, shall give bond, with two or more securities, to the satisfaction of the directors, in a sum not less than twenty thousand dollars, con- ditioned for his good behaviour. EuLE 14th. The president and cashier shall take the following oath, on entering on the duties of their respective offices : "That they will well and faithfully discharge the duties thereof." EuLE 15th. The total amount of the debts which the bank shall at any time owe, including the monies then actually deposited in the bank for safe keeping, whether by bond, bill, note or other contract, shall not exceed, in the aggregate, the sum of two millions four hundred thousand dollars ; unless the contracting of any greater debt shall have been previously authorized by a law of this State. In case of excess, the directors under whose administration it shall happen, shall be liable for the same in their private capacities, and an action of debt may, in such case, be brought against them, or any of them, their or any of their heirs, executors or administrators, in any court of this State having jurisdiction, by any creditor or creditors of the said corporation, and may be prosecuted to judgment and execution : any condition, covenant and agreement to the contrary notwithstanding. But this shall not be construed to exempt the said corporation, or the lands, tenements, goods or chattels of the same, from being also liable and chargeable with the said excess. Such of the said directors who have been absent when the said excess was contracted or created, or who may have dis- sented from the resolution or act whereby the same was so contracted or created, may, respectively, exonerate themselves from being so liable, by forthwith giving notice of the fact, and of their absence or dissent, to the Governor of the State, and to the stockholders at a general meeting, which they shall have power to call for that purpose. EuLB 16th. The lands, tenements and hereditaments which it shall be lawful for the said corporation to hold, shall be only such as shall be requisite for its immediate accommodation, in relation to the con- venient transacting of its business, and such as shall have been bona fide mortgaged to it by way of security, or conveyed to it by way of security, or conveyed to it in satisfaction of debts contracted 01 in the course of its dealings, or purchased at sales upon judg-ments which shall have been obtained for such debts. Rule 17th. The stock of the bank shall be assignable and transfer- able according to such regulations as may be instituted in that behalf by the directors. liULE ISth. A meeting of the stockholders may be called at any time by the president and directors, or by any director who protests against the proceedings of the board, and who wishes the propriety of his dissent to be considered by the stockholders ; or whenever the holders of seven hundred shares, and upwards, shall require the same. Pro- vided, however, that no such meeting shall be deemed regular, unless ten days notice be given of the intention to call the same, in at least two public gazettes. RtJLE 19th. The accounts of the corporation shall be balanced to the last day of June and December, in every year ; and a dividend shall be declared every half year, of so much of the profits as shall appear to the directors advisable ; and at the expiration of every fourth year, from the first day of January next, the directors shall lay before the stockholders at a general meeting, for their information, the amount of surplus profit, if any, after deducting losses and dividends. VI. And oe it further enacted by the authority aforesaid. That the said corporation shall not be permitted to purchase or hold any public debt whatever, except what may be subscribed by the State, as part of the capital, and except such as may be bona fide pledged to the said corporation, on monies loaned by it ; nor shall the said corporation, directly or indirectly, deal or trade iri anv thing, except bills of ex- change, gold or silver bullion, or in the sale of goods and public stock, really and truly pledged for money lent and not redeemed in due time, or of goods which shall be the produce of its lands ; neither shall the said corporation take more than at the rate of one per centum discount for sixty days, for or upon its loans or discounts, except as may herein- after be excepted. VII. And he it further enacted by the authority aforesaid. That the bills obligatory and of credit, under the seal of the saia corporation, which shall be made to any person or persons, shall be assignable by indorsement thereupon, under the hand or hands of such person or persons, and of his, her or their assignee or assignees, and so as abso- lutely to transfer and vest the property thereof in each and every assignee or assignees, successively, and to enable such assignee or assignees to bring and maintain an action thereupon in his, her or their own name or names. And bills or notes which may be issued by order of the said corporation, signed by the president, and ■ countersigned by the principal cashier or treasurer thereof, promising the payment of money to any person or persons, his, her or their order, or to bearer, though, not under the seal of the said corporation, shall be binding and obliga- tory upon the same, in the like manner, and with the like force and effect, as upon any private person or persons, if issued by him, her or them, in his, her or their private or natural capacity or capacities, and shall be assignable and negotiable in like manner as if they were so issued by such private person or persons, that is to say : those which are or shall be payable to any. person or persons, his, her or their order, shall be assignable by indorsement, in like manner and with the like effect as foreign bills of exchange now are ; and those which are or shall be payable to bearer, shall be negotiable and assignable by de- livery only. VIII. And ie it further enacted by the authority aforesaid, That if the said corporation, or any person or persons for or to the use of the same, shall deal or trade, in buying or selling any goods, wares, merchandise or commodities whatsoever, contrary to the provisions of this Act, all and every person and persons by whom any order or direction for so dealing or trading shall have been given, and all and every person and persons who shall have been concerned as parties or agents therein, shall forfeit and lose treble the value of the goods, wares, merchandize and commodities in which such dealing and trade shall have been : one half thereof to the use of the informer, and the other half thereof to the use of the State, to be recovered with costs of suit. IX. And he it further enacted by the authority aforesaid. That no director, officer, clerk or servant of the said corporation, or of any other bank or banks of discount or deposit within this State, shall be con- cerned, either directly or indirectly, in the practice of advancing or loaning out monies at an illegal rate of interest, whether the same be done or effected under the form and color of a purchase or exchange of notes, acceptances, due-bills, checks on banks, acknowledgements, or in any other way or manner whatever. And all and every such director, officer, clerk or servant of this or any other bank, as aforesaid, who shall be concerned, as aforesaid, in such practices, shall, in addition to the usual penalties imposed by law, forfeit and pay, for each offence, the sum of two thousand dollars, to be recovered by action of debt, in any court of record in this State ; one half to the use of the in- former, and the other half to the use of the State, and to be levied on the goods and chattels, and houses, lands, tenements, and other hereditaments and real estates, of the person or persons so offending, if any he or they shall have ; and on failure of any property to answer the said penalty, by a return of nulla bona, the person or persons so offending shall and may be taken upon execution by a capias ad satis- faciendum, and being so taken, shall not be entitled to the benefit of any Act made for the relief of insolvent debtors, until he or they shall have remained and been confined in prison for the term of six months at least. And any such person, being convicted by the verdict of a jury of any of the practices aforesaid, whether he be a director or officer or servant of this or any other bank, as aforesaid, shall, on motion of any director, be dismissed from the service of the said corporations or banks. X. And he it further enacted by the authority aforesaid, That the said corporation and stock thereof, shall be relieved from the payment of all taxes during the time for which it is hereby incorporated. XI. And he it further enacted by the authority aforesaid. That it shall and may be lawful for the comptroller General of finances of this State, or in case of the abolition of his office, or of his death, resigna- tion or absence from the State, for the person or persons who may be hereafter appointed by the Legislature for the purpose, and he or they are hereby authorized and required, to cause a subscription of three hundred thousand dollars to be made to the stock of the said corpora- tion or bank, as part of its capital ; and that the said sum of three hundred thousand dollars, so to be subscribed, be paid to the said Bank, under and by direction of the Comptroller or person or persons herein- before mentioned, as the case may be, in a certificate or certificates, as may be found most convenient, bearing an interest of six per cent per annum, payable quarter yearly from the first of January next ; which certificate or certificates, the president and directors of the said cor- poration shall, if they think proper, sell and dispose of, in part or in whole for the use of the said corporation, whenever they see fit so to do ; and the faith of the State is hereby pledged, together with the debt of the United States due thereto, for the redemption of the interest and principal of the certificate or certificates so to be issued. XII. And he it further enacted by the authority aforesaid. That in case of the death, inability, resignation or absence from the State, of the Comptroller-general, the Governor and Commander-in-chief for the time being, shall be, and is hereby, authorized and required to appoint and commission some fit and proper person to perform the duties en- joined on or entrusted to the Comptroller-general, nnder and in pur- 63 suance of this Act, except as to the duties prescribed and provided for in the preceding- clause. XIII. And he it further enacted by the authority aforesaid, That the Legislature shall, annually, as their directors, appoint, by the joint ballot of both Houses, three persons, citizens of the United States, and not directors of any other Bank, or copartners of directors, and who shall continue in office until the next meeting of the Legislature, and until one month after a new appointment by the Legislature of directors as aforesaid, so long as the connection of the State with "the said cor- poration shall continue to exist. XIV". And he it further enacted by the authority aforesaid. That the Comptroller-general of the finances of this State, shall be furnished annually with statements, (signed by the cashier, and countersigned by the president,) of the amount of the capital stock of the said corpora- tion, and the amount of debts dvie to the same, of the monies deposited therein, of the notes in circulation, and of the cash in hand. And that the said Comptroller-general, or person or persons who may be ap- pointed as hereinbefore directed, shall have a right to inspect such general account in the books of the Bank, as shall relate to the said statements. Provided, that this shall not be construed to imply a right of inspecting the account of any private individual or individuals, or any body politic or corporate, with the Bank. And provided also, such communications be regarded as entirely confidential ; and that the Comptroller-general for the time being, or the person or persons who may be appointed as hereinbefore directed in the eases of his death, inability, resignation or absence from the State, be not a stockholder in any other banking company in the State. And provided always, that nothing in this Act contained shall be con- strued to imply a restriction on the part of the Comptroller-general, or person or persons authorized to receive and inspect such statements, from reporting to the Legislature, from time to time, any violation of the fundamental rules of said corporation ; but on the contrary, it shall, and it is hereby declared to be, his or their duty, faithfully to report all and every violation of said rules, or of this Act, on the part of the said directors or stockholders in said corporation, and also the amount of all debts diie to the said corporation under protest. XV. And he it enacted by the authority aforesaid. That the said corporation shall receive and discount the warrants of the Comp- troller-general for such sum or sums of money as the exigence of the commonwealth may from time to time require him to draw, in substi- tution of the paper medium now in circulation, and intended to be burnt, to any amount not exceeding the sum of one hundred and forty thousand dollars, and that the said corporation be authorized to charge and receive on such warrants respectively, a rate of interest not ex- ceeding seven per cent per annum, from the time when such warrant shall be paid to the said corporation, until the same are redeemed by the funds of the State, together with interest accruing thereon, at the rate aforesaid. Provided ahvays nevertheless, that nothing in this Act contained shall be construed to oblige said corporation to pay, within six months from the passing of this Act, on the warrants aforesaid, a greater sum than seventy thousand dollars. XVI. And he it further enacted. That the bills or notes of the said corporation, originally made payable, or which shall have become pay- able on demand, in gold or silver coin, shall be receivable at the treasury of this State, either at Charleston or Columbia; and by all tax collec- tors, and other public officers, all payments for taxes, or other monies due to the State ; and the public monies of the State, payable at the lower division of the treasury, shall be constantly deposited for safe keeping in the said Bank. XVII. And he it further enacted, That not only the treasurers, but also the tax collectors of the parishes of St. Philip and St. Michael, the 64 .sheriff of Charleston district, the prothonotary of the court of common pleas and general sessions, and the master in equity, shall, weekly or monthly, deposite, for safe keeping, the public monies which they may respectively receive, in the said Bank only ; and on failure thereof, or on such persons' depositing public monies in any other Bank, he or they shall respectively forfeit, for each offence, the sum of one thousand dollars, to be recovered as other penalties by this Act are directed to be recovered. XYIII. And lie it further enacted. That no Bank or banking company, or other persons, shall be permitted to issue or circulate in this State, bank bills or notes of a smaller denomination than five dollars, under the pain and penalty of one hundred dollars for every bill or note so issxied or circulated, to be recovered in manner hereinbefore directed. XIX. And be it enacted by the authority aforesaid. That in case of the failure of the Bank, each stockholder, copartnership or body politic, having a share or shares herein at the time of such failure, or who may have been interested therein at any time within twelve months previous to such failure or bankruptcy, shall be liable and held bound for any sum not exceeding twice the amount of his, her or their share or subscription ; and that no loan shall be made by the said corporation, to or for the use of any foreign Prince, State or Govern- ment, unless previously authorized by a law of this Sta,te. XX. And 6e it further enacted. That from and after the first day of January, one thousand eight hundred and twenty-three, the said corporation shall be, and the same is hereby, dissolved ; and that monies or profits which, on such or other dissolution of the said cor- poration, may at the time be owned or possessed by them, shall be held by the directors of the said corporation, to and tor the use and benefit of all persons holding shares in the said corporation, in average and proportion to the number or amount of said shares. Provided al- ways nevertheless, that at the expiration of every year, from and after the commencement of the operation of this Act. the Legisla- ture shall be free to declare, and may withdraw, by selling out the whole of their stock, or any portion thereof then undisposed of, froni all further connection with said Bank, and may receive the divi- dend aforesaid, to which the State may be entitled. And provided also, that on the State so withdrawing from said Bank, the Legislature shall not be entitled to appoint three directors of said Bank, as herein- before directed. XXI. And 6e it further enacted, That the said corporation shall not, so long as the State is interested therein, give credit to any Bank or Banks, established in any of our sister States, unless thereto authorized by a law of this State.^ In 1803 the officers of the State Bank of South Carolina were : John Blake, president ; Simeon Theus, cashier ; Guilliam Aertsen and William Webb, tellers; John Sabb, bookkeeper; Peter Treze- vant, discount and transfer clerk ; Christopher Jeannerett, medium bookkeeper and collection clerk; William Neil, assistant clerk; Ralph Atmar, outdoor clerk; William Chitty, porter; David Alexander, John Kirk, Thomas Ogier, John Dawson, Jr., E. J. Turnbull, Micah Jenkins, Thomas Shubrick, Daniel D'Oyley, Morton Waring, William Allan, Wade Hampton and Theodore Gaillard, Jr., directors. ^Statutes at Large of South Carolina, VIII, 6-14. 65 The following were the rules of the bank at that time : The Bank is open for transacting business every day (Sundays, public fasts, thanksgiving days, Christmas days, and the fourth of July, excepted) from nine in the morning, till two in the afternoon. Offering day, for discount, on Wednesday, and answers returneJ on Friday. All Transfers of stock made on Tuesday. All payments and receipts at the Bank will be considered as correct, unless the error be discovered and made known before the parties leave the oiRee.' In 1817 Thomas Lee (1769-1839), formerly Comptroller-Gen- eral of South Carolina, was elected president of the State Bank. In 1819 the oiRcers besides Thomas Lee were: John Dawson, cashier; William Lee and Alexander Gillon, tellers; Joshua Lock- wood, Jr., bookkeeper; William S. Ker, discount and transfer clerk; John W. Chitty, collection clerk and porter; T. Gregson, outdoor clerk; Beelonan McCall, assistant clerk; J. Lockwood, notary; William Brisbane, William Blamyer, Jr., Thomas Feraud, Daniel E. Huger, Elias Horry, John Horlbeck, James Jervey, James Legare, James Lamb, James Nicholson and Josiah Taylor, directors." By 1821 Feraud, Nicholson and Taylor of the foregoing board of directors had given place to Eobert J. Turnbull, Thomas Mid- dleton and George Warren Cross." In 1822 the records show that Elias Horry had succeeded Lee as president; that Gillon was sole teller; Gregson, discount and transfer clerk; McCall, outdoor and assistant clerk, and that Legare, Turnbull and Horlbeck had given place on the board of directors to Samuel Prioleau and Micah Jenkins.' The records for 1824 show Samuel Wragg, cashier in place of Dawson; C. P. Dawson, teller in place of Gillon; McCall as as- sistant, collection and outdoor clerk, combining the duties of col- lection clerk, performed by Chitty in 1822, with those of out- door and assistant clerk performed by himself in 1822; Chitty as porter only, and L. Trapmann, Benjamin D. Heriot, J. H. Ladson and William Peronneau as directors in place of William Brisbane, James Lamb and Micah Jenkins." '■Palladium of Knowledge : or, the Carolina and Georgia Almanac for 1803. ^The Planters' & Merchants' Almanac for 1819. "Miller's Planters' & Merchants' Almanac for 1821. ■•jiiller's Planters' & Merchants' Almanac for 1823. •^Miner's Planters' d Merchants' Almanac for 1834. 66 By 1825 J. E. Smith had become assistant clerk, apparently taking over a part of McCall's work, and W. Smith, Joseph A. Winthrop and J. E. Valk had succeeded Middleton, Blamyer and Peronneau as directors/ The records for 1830 show that J. E. Smith had succeeded Dawson as teller; that O. H. Dawson was then collection, out- door and assistant clerk and porter, combining the positions held in 1825 by McCall, Smith and Chitty; that Joshua Lockwood, Jr., was then notary, as well as bookkeeper; that George Warren Cross was solicitor and that J. W. Cheesborough, W. A. Cald- well and Paul S. Lee were on the board of directors instead of Samuel Prioleau, Elias Horry and Joseph A. Winthi-op; that the rules had been so changed as to make Wednesday offering day for discount and answers returnable next day, and every day except Wednesday and Thursday days for transferring stock.^ The records for 1835 show that J. E. Valk had succeeded Gregson as discount and transfer clerk; that O. H. Dawson was assistant and collection clerk; that J. Lawrence Valk was out- door clerk and porter and that S. Chadwick, George Gibbon, Otis Mills, W. J. Vincent and Isaac E. Holmes had succeeded Cross, Huger, Valk, Smith and Lee as directors.^ Up to December, 1810, the state had chartered only the two banks hereinbefore mentioned, which, together with the branch bank of the United States located in Charleston, sufficed to take care of the business of that growing city. In this connection it would be well to say that Charleston was then one of the three largest importing and exporting ports of the country and the largest on the South Atlantic. The business, therefore, had grown to such proportions that another bank was found neces- sary and at that time the Union Bank of South Carolina was incorporated. It would appear from the recital in the preamble of the Act of incorporation that the men therein mentioned had been pre- viously organized and engaged in the banking business as a private corporation. Among the provisions of the Acts hereto- fore passed incorporating banks, certain provisions will be found applicable generally to all banks incorporated in the State. It ^Miller's Planters' & Merchants' Almanac for 1825. ^Miller's Planters' & Merchants' Almanac for 1830. 'Miller's Planters' & Merchan/ts' Almanac for 1835. 67 is, therefore, necessary to quote from the Act incorporating this bank, only such provisions as are of special application. The bank was incorporated under "AN ACT to incorporate the Union Bank of South Carolina" in which we find the following pream- ble and provisions: WHEREAS, Charles B. Cochran, president, and the directors of the said Bank, have petitioned the Legislature, that they, and the stock- holders of said Bank, may be incorporated, under the name of "The Union Bank of South Carolina." And Whereas, it is deemed expedient and proper that the said company be incorporated. I. Be it therefore enacted by the Honorable the Senate and House of Representatives, now met and sitting' in General Assembly, and by the authority of the same. That Charles B. Cochran, president, John J. Bulow, Langdon Cheves, Alexander Henry, John Williamson, Robert Maxwell, J. E. A. Steinmitze, Fidele Boisgerard, William Boyd, William Broadfoot, John Geddes, Richard Cunningham, and William Wightman, directors, with all such persons as now are or may hereafter become stockholders in the said company, be, and they are hereby, incorporated, and made a corporation and body politic, by the name and style of the "Union Bank of South Carolina." ****** V. And 6e it further enacted by the authority aforesaid. That the number of votes to which each stockholder shall be entitled, shall be in such proportion as by the said company shall have been or may hereafter be established. Prodded always, that no person, copartner- ship, or body politic, shall be entitled to a greater number than sixty votes ; and no share or shares shall confer a right of suffrage, which shall not have been holden three calendar months previous to the day of election. Stockholders actually resident within the United States, and without the limits of the parishes of St. Philip's and St. Michael's, and females, whether in or out of said parishes, and none other, may vote in elections, and on all questions on which the stock- holders may be called to give their votes, by proxy, provided the person voting for them be a stockholder. VI. And he it further enacted by the authority aforesaid. That not more than three-fourths of the directors in office, exclusively of the president, shall be eligible for the next succeeding year ; but the director who shall be president at the time of an election, may always be re- elected. No director of any other Bank, or copartner of any such director, shall be eligible as a director of the corporation ; and no person but a stockholder, being a citizen of the United States, shall be eligible as a director. * X- * * * * VIII. And he it further enacted by the authority aforesaid. That the Union Bank hereby intended to be incorporateu, shall not be so incorporated, or derive any benefit or advantage from any of the clauses or provisions in this Act contained, until it shall have paid into the treasury of the lower division the sum of twenty thousand dollars, for the benefit of the State, on or before the first day of September next ; and in case the said Bank shall, on or before the day aforesaid, pay, or cause to be paid, the aforesaid sum of twenty thousand dollars, the said bank shall be, and it is hereby declared to be, exempt from all taxes during the time for which it is hereby intended to be incor- porated. IX. And he it further enacted by the authority aforesaid. That no person hereafter to be appointed a director of said corporation, shall be authorized to continue and act as such, after he shall be entered up on the books of said Bank under protest, either as drawer or endorser on 68 any paper which the said Bank may hold, either for discount or collection, unless he shall prove, to the satisfaction of a majority of the other directors, that he hath just reason and legal and sufficient cause for refusing payment of the demand on which such protest may be founded. ****** XIII. And 6e it further enacted by the authority aforesaid. That the president, cashier, and clerks employed in keeping the books of said Bank, the State and South Carolina Banks, shall, and are hereby de- clared to be, exempted from the performance of ordinary militia duty, and from serving as jurors."^ Other provisions in the said Act applicable to this bank may be summed up as follows : The said company to hold real and per- sonal property; thirteen directors to be annually elected; direc- tors to elect president and other officers ; to receive personal notes and bills of exchange acceptable and payable in Charleston, with two or more good names thereon, or secured by deposit of bank or any other public stock, said bills and notes not to exceed ninety days and always provided that said corporation shall not take more than the rate of six percent per annum on said loans ; that in case of failure, any stockholder of said bank who has been interested therein within any time within twelve months previously to such failure shall be liable and held bound for any sum not exceeding the amount of his subscription; that the bills or notes of said corporation payable on demand in gold or silver coin, shall be receivable at the. treasury of this state either at Charleston or Columbia, and by all tax collectors or other public officers in payment for taxes or other monies due the state dur- ing the term for which said company is hereby incorporated. The ofBcers of the bank in 1819 were: Charles B. Cochran, president; John Nowell, cashier; Richard Brennan, William Broadfoot, John J. Bulow, William Burgoyne, C. H. Faber, John Geddes, Rene Godard, George Macaulay, Sr., Robert Max- well, William Mazyck, Charles S. Mey, Jacob Wultf, directors; Thomas Stevens and George Mason, tellers; S. W. Moore, dis- count and transfer clerk; William B. Wilkie and Robert Y. Livingston, bookkeepers; John M. Ogier, collection clerk; Alexander Moultrie, outdoor clerk; John Pickenpack, porter; Charles Glover, notary ; John Geddes, solicitor. Offering day for discount, Saturday, answers returned on Wednesday. Notes at 90 days considered. Transfer of stock on Monday and Friday." ^Statutes at Large of South Carolina, VIII, 14-17. 'The Planters' & Merchants' Almanac for ]819. 69 The records for 1821 show that William B. Wilkie had suc- ceeded John Newell as cashier; that Thomas Stevens was then sole teller and also notary; that Thomas Price was sole book- keeper instead of Wilkie and Livingston; that George Mason was collection clerk in place of Ogier; that R. Y. Livingston was outdoor clerk and porter instead of Moultrie and Pickenpack; that William Lance was solicitor in place of Geddes; that Charles W. Billow, Stephen Bulklej', John M. Hopkins and Mitchell King had succeeded John J. Biilow, William Broadfoot, George Macauley, Sr., and Jacob Wulff as directors.' The records for 1822 show that Thomas Price was then both bookkeeper and collection clerk; that George Mason was out- door clerk, and that Jonathan Coit was a director in place of Bulkley.' The records for 1824 show no changes in the clerical force of the bank, but show Bulkley back on the board of directors and Coit off and Duke Goodman on and C. H. Faber off." The only changes that took place from 1824 to 1825 were that Charles Banks succeeded S. W. Moore as discount and transfer clerk, and Alexander Brown, James Fife, James Lamb and John Rose succeeded Charles W. Biilow, Stephen Bulkley, John M. Hopkins and Robert Maxwell as directors.' Between 1825 and 1830 Rene Godard succeeded Charles Burn- ham Cochran as president ; A. C. Smith succeeded Charles Banks as discount and transfer clerk, and John Dixon, Henry F. Faber, John Magrath, James Ross, J. C. Burckmyer and J. Leland were directors while Brennan, Geddes, Goodman, Lamb, Mey and Rose of the board of 1825 were no longer so, and there was a vacancy occasioned by the promotion of Godard to the presidency .° Between 1830 and 1835 Thomas Price's work was divided, he having the bookkeeping and George Timmons being added as collection clerk, and Lewis Roux was added to the bank's force as notary, leaving Thomas Stephens the sole position of teller. Henry Gourdin, Thaddeus Street and LeRoy McWillie were directors in 1835 while Burgoyne and King of the directors of 1830 were no longer on the board. 'Miller's Planters' & Merchants' Almanac for 1821. ''Miller's Planters' & Merchants' Almanac for 1833. ^Miller's Planters' & Merchants' Almanac for 1834. 'Miller's Planters' & Merchants' Almanac for 1835. "Miller's Planters' & Merchants' Almanac for 1830. 70 The Planters 's & Mechanics's Bank of South Carolina waa chartered in 1810. From the title one would infer that it dif- ferentiated itself from banks previously chartered; that its pur- pose was to deal with the agricultural communities and to offer banking facilities to mechanics and wage earners. It would also appear from the preamble and first enacting clause of the Act incorporating it that the purpose was to authorize certain individuals to associate themselves to solicit subscriptions to the stock of the bank and not to charter an institution already organized and officered for the purpose of doing a banking business. The bank was chartered under an Act entitled "AN ACT to incorporate the Planters's and Me- chanics's Bank of South Carolina." The preamble reads : "IT is deemed beneficial to the citizens of this State, a Bank under the name of the Planters's and Me- chanics's Bank, should be established in the city of Charleston, which shall also be authorized to establish branches in different parts of this State." To organize this bank commissioners were appointed from various parts of the state; twelve from Charleston; five from Georgetown; five from Beaufort; five from Columbia and five from Camden, to whom power and authority were given to open stock subscription, giving notice thereof for four weeks in the daily papers of the cities of Charleston, George- town and Columbia. The Act further gave the bank, when so organized, all of the powers and authority vested in banks previously chartered. The capital of the bank was fixed at one million dollars, or forty thousand shares at the par value of twenty-five dollars per share, of which five dollars was to be paid on each share at the time of subscribing and the re- maining twenty dollars due on each share to be paid in four equal installments on the first Mondays of June, September, December and March. Another feature of the Act which would indicate its purpose to serve the agricultural communities was the authority to estab- lish branches at Columbia, Camden, or any other town or place within the state, upon a vote of the majority of the stockholders. Another feature peculiar to this Act of incorporation was that of the forty-eight thousand shares of stock authorized to be issued, eight hundred shares were to be transfered to the treasurer 71 of the Lower Division for the benefit of the state, and that until such transfer should be made the bank should not be duly incorporated or derive any benefit or advantage from any of the clauses or provisions of the Act. And it was further provided that, in case of failure, the state should not be liable or held bound to any portion or part of the sum of the stock so transferred, on account of such failure of the bank. And it further provided that on account of the interest so held in the bank by the state, that the bank would be exempt from the pay ment of all taxes for and during the time of its incorporation. Under the fifth section of the Act of incorporation the follow- ing rules, restrictions, limitations and provisions were made, to form the fundamental articles of the constitution of the com- pany thereby incorporated: 1. That the number of votes to which each stockholder shall be en- titled, shall be in the following proportion, that is to say: for four shares, one vote ; for every four shares above four, and not exceeding tvrenty, one vote ; for every eight shares above twenty, and not exceed ing sixty, one vote ; for every twelve shares above sixty, and not ex- ceeding one hundred and twenty, one vote ; for every sixteen shares above one hundred and twenty, and not exceeding two hundred, one vote ; and for every twenty shares above two hundred, one vote : Pro- vided always, that no person, co-partnership, or body politic, shall be entitled to a greater number than sixty votes, and no share or shares shall confer a right of suffrage which shall not have been holden three calendar months previous to the day of election. Stock- holders actually resident within the United States, and none others, may vote in the elections by proxy. 2. No person but a stockholder, being a citizen of the United States, shall be eligible as a director. 3. The lands, tenements and hereditaments which it shall be lawful for the said corporation to hold, shall be only such as shall be requisite for its immediate accommodation, in relation to the convenient trans- acting of its business, and such as have been bona fide mortgaged to it by way of security for debts previously contracted in the course of its dealings, or purchased at sales upon judgments vs^hich shall have been obtained. 4. The total amount of the debts which the said corporation shall at any time owe, whether by bond, bill, note or contract, shall not exceed three times the amount of its capital, over and above the monies then actually deposited in the bank for safe keeping, unless the con- tracting of any greater shall have been previously authorized by a law of this State. In case of excess, the directors under whose adminis- tration it shall happen, shall be liable for the same in their private capacities, and an action of debt may, in such case, be brought against them, or any of them, their, or any of their heirs, executors or adminis- trators, in any court in this State having jurisdiction, by any creditor or creditors of the said corporation, and may be prosecuted to judg- ment and execution ; any condition, covenant and agreement to the contrary notwithstanding'. But this shall not be construed to exempt the said corporation, or the lands, tenements, goods or chattels of the same, from being also liable for, and being chargeable with, the said excess. Such of the said directors as may have been absent when said 72 excess was contraoted or created, or who may have dissented from the resolution or act whereby the same was contracted or created, may, respectively, exonerate themselves from being individually liable, by entering, if present, their dissent on the books of the bank, at the time the debt may be so contracted, and forthwith giving notice of the fact to the stockholders, at a general meeting, which each of the said directors shall have power to call for that purpose.^ At the next session of the General Assembly an Act was passed, December 21, 1811, entitled, "AN ACT for amending the Charter of the Planters's and Mechanics's Bank of South Carolina; and for other purposes therein mentioned." The preamble and perti- nent parts of this Act are as follows : "WHEREAS, at the time of incorporating the Planters's and Me- chanics's Bank of South Carolina, several clavises and provisions em- braced in the charters of other banks in this State, were omitted ; for remedy whereof, I. Be it enacted by the honorable the Senate and House of Repre- sentatives, now met and sitting in General Assembly, and by the authority of the same, That no director of any other bank, or copartner of any director, shall, at the same time, be a director of the said Planters's and Mechanics's Bank. That no person hereafter elected a, director of the said Planters's and Mechanics's Bank, shall continiie so to act as such after he shall have been entered up on the books of said bank, under protest, either as drawer or endorser, on any paper which the said bank miay hold, either for discount or collection, unless he shall prove, to the satisfaction of a majority of the other directors, that he hath just reason, and legal and sufficient cause, for refusing payment of the demand on which such protest may be founded. IV. And 6e it further enacted by the authority aforesaid, That the bills or notes of said Planters's and Mechanics's Bank, originally made payable, or which shall have become payable, on demand in gold or silver coin, shall be receivable at the treasury of this State, either at Charleston or at Columbia, and by all tax collectors, and other public officers, in all payments for taxes, or other monies due to the State, during the term for which the said company is incorporated. V. And he it further enacted by the authority aforesaid, That the president, cashier and clerks, employed in keeping the books of said Planters's and Mechanics's Bank, shall, and are hereby declared to, be exempted from the performance of ordinary militia duty, and from serving as jurors. VI Be it therefore enacted by the authority aforesaid. That the directors of the said Union Bank, and Planters's and Me- chanics's Bank, of the city of Charleston, may, and they are hereby authorized, whenever they shall see fit so to do, discount all inland bills of exchange, which may be offered them, at the ordinary rates of exchange among merchants ; any law, custom or usage to the contrary notwithstanding. The oflficers of the Planters's and Mechanics's Bank for the year 1819 were: Thomas Blackwood, president; John Lukens, cashier; John Glen and Nash Roach, tellers; Thomas Malcom and '^Statutes at Large of South Carolina, VIII, 18-32. I'r.ANTERS'S AMI >f ECU A MCS's RANK. First NATioNAr. ]*,amiv, ISTT) to the Pkewent. No. 133 East Bay Street, ('harlestoii. 73 John Cart, Jr., bookkeepers; John A. Steele, discount clerk; James Badger, Jr., assistant and outdoor clerk; M. G. Gibbs, collection clerk; John Prince, transfer clerk and porter; John H. Mitchell, notary; Joseph Bennett, solicitor; John C. Prioleau, John Eobinson, Isaac Motte Dart, John Kirkpatrick, George Gibbs, Joseph S. Barker, Thomas Flemming, William Aiken, Thomas Napier, John Johnson, Jr., Patrick Duncan and Lewis Groning, directors. The following rule was in operation at that time : Notes can be Offered every day for discount (except Saturday) and answers given on Monday. Transfer of stock on Wednesday.^ From 1819 to 1821 the following changes in the officers of the bank were made: Daniel Eavenel became teller in place of Nasb Roach; John Cart, Jr., was classed as bookkeeper, while Thomas Malcom, formerly classed as bookkeeper, was now called assistant clerk ; Archibald Spears became collection clerk in place of M. G. Gibbs; James Badger, Jr., became known as bill bookkeeper and outdoor clerk instead of assistant and outdoor clerk as formerly, and Eobert Martin, Lewis A. Pitray, Joseph Bennett, Duke Goodman and John Paul became directors in place of Dart. Barker, Flemming, Aiken and Groning.'' From 1821 to 1822 there were no changes in the clerical force of the bank, and the only change in the board of directors was that Thomas Flemming succeeded Duke Goodman.^ The directory of Charleston banks for 1824 shows that between 1822 and 1824 the following changes had occurred: Daniel Ravenel had become cashier in place of Lukens ; John F. Walker had succeeded Eavenel as a teller; Thomas Malcom had ceased to be assistant clerk and that position was no longer listed as an office of the bank. The directors listed in 1822 were all still listed as directors.* From 1824 to 1825 the only change in the bank's officers was that John Ravenel become a director in place of John C. Prio- leau." From 1826 to 1830 several changes took place. William Miller succeeded Walker as a teller, A. S. Willington became a director, '^The Planters' & Merchants' Almanac for 1819. ''Miller's Planters' & Merchants' Ahnannc for 1821. ^Miller's Planters' & Merchants' Almanac for 1822. •Miller's Planters' & Merchants' Almanac for 1824. ■^Miller's Planters' & Merchants' Almanac for 1825. 74 George Gibbs and John Paul ceased to be directors and there was one vacancy on the board/ From 1830 to 1835 the following changes occurred: Thomas J. Horsey succeeded Miller as a teller, Henry Morris succeeded Prince as transfer clerk and porter, C. G. Memminger succeeded Bennett as solicitor, and C. G. Memminger, William Aiken, Wil- liam Bell, Andrew McDowell, William Ravenel and A. Y. Walton succeeded Napier, John Ravenel, Duncan, Bennett and Johnson and filled the vacancy on the board of directors.^ The Bank of the State of South Carolina was mcorporated December 19, 1812, under an Act of the General Assembly en- titled : "AN ACT to Establish a Bank, on Behalf of and for the benefit of the State", under the corporate name of "The President and Directors of the Bank of the State of South Carolina." Prior to that time the state had granted charters to four banks with an aggregate capital of four million dollars. These banks were located in Charleston and, with the exception of the Plan- ters's and Mechanics's Bank, their business seemed to be almost purely commercial, and, although they may have included among their customers planters of the seacoast and mechanics of the city, there is no evidence whatsoever that they promoted the agricultural industries of the state. Their business seemed to have been confined to the port city. As alreadj' shown, the Planters's and Mechanics's Bank from the very terms of its charter seemed to have contemplated a wider scope of activity, and was intended to respond to the growing wants of the planters of the country and the mechanics of the city. That seems clear from the terms of the charter. As early as the year 1801 the state seemed to have appreciated the importance — if not the necessity — of banking facilities, and it became a stockholder in the State Bank, which was then incor- porated, to the extent of three hundred thousand dollars. In the ensuing ten years the country seemed to be more fully aroused as to the necessity of a more extended banking system to respond to the rapidly growing demands of both the agri- cultural and commercial interests. Just one centurj' prior to that time the law makers of the province, appreciating the necessity of financial aid to the agri- ^Miller's Planters' & Merchants' Almanac for 1830. ^Miller's Pkniters' d Merchants' Almanac for 1835. 75 cultural industries of the then growing community, incorporated what was then known as the "Land Bank", with authority to issue bills of credit and lend money upon the mortgage of real property. That Act contained the essential principles of the land banks that have been created in these latter years by our national Congress. The idea of extending financial aid to the agricultural industries is a growing one. It interests not only the law makers, but is discussed in our daily papers, yet it is no new one. Two hundred years ago, in the early days of the pro- vince, it demanded the attention of the law makers of South Carolina, and one hundred years thereafter it again demanded the attention of the law-making power of the state. To a very large extent this idea crystalized in the incorporation' of the Bank of the State of South Carolina, one principle of which was to lend money to farmers upon liberal terms and for long periods of time, upon the security of land. That, however, was not the only, nor the most prominent, feature of the Act. The bank was, by the terms of the Act, constituted the fiscal agent of the state and was to receive the deposits and pay out the monies thereof under proper authority. Its relations to the state of South Carolina were like those of the Bank of England to the United Kingdom. It proved a great help to the state until ruined by the devasting hand of war and, even more, by the currupt methods of state officials. This will be more largely referred to hereafter. For a half century this bank, managed as it was by our best citizens, who were annually elected, proved so profitable to the state that it required but little supervision from the General Assembly, except that year after year committees would be ap- pointed, consisting of members of both the Senate and the House, to investigate its board and report to the General Assembly. These reports rendered from year to year showed such consistent and successful management that when, at one time, the propo- sition was made to discontinue the bank, the motion was over- whelmingly defeated. The high handed act of President Jackson, in withdraw- ing the deposit from the Bank of the United State, tended to disturb the confidence in banks and contributed largely to the panic which ensued. The panic of 1837, which convulsed finan- cial affairs from New England to the Gulf and made it neces- 76 sary that the banks should suspend specie payment, tended to increase the lack of confidence in the banks of the country, and so caused our General Assembly not only to pass a bill impos- ing penalties upon banks for failure to redeem their bills in current coin but, in the year ISiO, to call upon the president of the Bank of the State of South Carolina to compile and publish in pamphlet form all Acts and resolutions adopted by the General Assembly in regard to this bank. This work was accomplished in a masterly manner by the officers of the bank, and, in the form of a report to the General Assembly, gave the entire his- tory of the bank up to that time. That work was accqmplished at a time when records were at their disposal; when the bank was in full operation and when persons then living were fully acquainted with the operations and work of the bank. It was not then a difficult, 'though a laborious, task to get at the facts connected with the bank. Now that more than half a century has passed since this bank passed out of existence and all persons connected with the management have passed away, it is a difficult task to do more than unearth the records within our reach and draw conclusions therefrom. No method of study or investigation could add much light to that which that report throws upon this bank. We must rely so largely upon the information derived from that report that it were best to quote at length therefrom : By a resolution of the Legislature, passed the 18th December, 1840, "the President of the Bank of the State of South-Carolina, was directed to have compiled and published, in Pamphlet form, all Acts and Clauses of Acts and all Resolutions passed and adopted by the Legislature in relation to the said Bank, and Branches thereof, and that he do cause a sufficient number of copies to be placed on the tables of the Members at the beginning of the next session." In obedience to this Kesolution, the President compiled and caused to be published, the Acts, Clauses of Acts and Resolutions referred to, and in addition thereto, collected and published every Report of the President and Directors, and of the several Investigating Committees which could be procured, with such parts of the Reports of the several Comptroller Generals and Messages of the Governors, as related to the Bank. The copies required for the Members of the Legislature were placed on their tables, at the Session of 1841, but a considerable number, intended for the Library, were unfortunately consumed by a fire, which destroyed the office of A. H. Pembeeton, Esq., the State-Printer, after the adjournment, and before they were completed and delivered. Although the compilation did not include the Reports of the President and Directors for 1824, 1825, 1828 and 1829, and also the very full and able report of the Investigating Committee of the mother Bank, made in December, 1827, by the Hon. Thomas S. Grimke, which have not yet been recovered, it was found to contain so much that was indispensable to a proper knowledge of the history and operations of the Bank, that the Legislature, at its next session in December 1842, 77 ordered a new edition. That edition is now presented, enlarged by subse- quent Eeports, and also by all the Ordinances of the City Council of Charleston, and the Regulations of the Bank, in regard to the Fire Loans. These latter documents have so important a bearing on the transac- tions of the Bank, and will be so very useful for understanding the operations of the Fire Loan, that it has been considered best to include them.^ The documentary history of this Institution cannot be perfect with- out some account of ils origin. It is well-known from its charter, that it was created by the Legislature in December, 1812; but the proceed- ings out of which it sprung, were only published in the papers of the day, 'have gone out of print, and are now only to be found in the Journals of the two Houses, and one Eeport, not recorded in the Journal, but filed away amongst the archives of the House of Kepresentatives. As it was believed that the account which they presented of this im- portant measure would not be without interest and value, and within the views of the Legislature in ordering this publication, the Journals of the two Houses were carefully examined, and the following extracts taken ; which, with the copy of the Report made by the Chairman of the Committee of the House of Itepresentatives, also inserted at its proper place, will present the legislative history of the transaction in its true and regular order. It is well-known that the idea of a Bank grew out of the peculiar difficulties of that period. England and France were at war with each other, and by their repeated invasions of the rights of the United States, as a neutral power had caused the imposition of the embargo and non- intercourse Acts of 1807 and 1809. A policy so restrictive had so cut off all foreign trade, since December, 1807, that the agricultural pro- ductions of South-Carolina, the source of the income of most of her citizens, had continued to accumulate on their hands, at home or at the sea-ports, and had become so depreciated, as to be unsaleable, and with- out value. Money had almost ceased to circulate amongst the people, either in the form of Specie or Bank notes ; for although there were then four Banks in the State, they were all located in Charleston, and conducted on principals purely commercial, so that they afforded no relief to the Agricultural and other suffering- classes in the country. These classes were laboring under most distressing embarrassments. An unexampled prosperity had, for many years preceding the adoption of the embargo policy, rewarded the enterprise and industry of the people. The sudden revulsion produced by those measures, closed at once the sources of their prosperity, and paralyzed their energies. Year after year of its continuance brought them no alleviation, and only plunged them in deeper and deeper. To add to their difficulties, war was de- clared, in June, 1812, against Great-Britain, and to support its opera- tions, the taxes, both of the State and Federal Governments, were greatly increased. In this condition of things, when specie had almost disap- peared, when no substitute for it was in reach of the people, when debts and taxes had to be paid, when property had lost immensely in its value, ^In 1848 a third edition of this report was published and following this paragraph is the following : "The whole edition of 1843 having been exhausted, the Legislature, at December Session of 1846, ordered the President to prepare a new one. — To render it as complete as possible, great efforts have been made to re- cover the documents not included in preceding editions ; and from private libraries, as well as by overhauling the journals and archives of J;he two Houses, valuable and interesting additions have been secured for this volume. To these also are added such Reports, Resolutions and Acts of the Legislature, the President and Directors, and other public function- aries, as have been made since 1843 to the close of December, 1847. 78 and most fearful sacrifices were impending, the idea was suggested of a, system of public loans, based on public credit on the one hand, and on the property of the people borrowing' on the other, to restore the prostrated energy of the State, and revive the hopes of its despondent citizens. With whom this measure of relief originated, it is not, perhaps, now possible to decide with certainity. What we do know, however is, that the first tangible movement came from the Hon. Joseph Black, then a Representative from Abbeville, and for many j'ears after known as a diligent and faithful member of Senate, from the same District, The Resolution below was introduced in the flouse of Representatives by him, on the 25th Nov., 1812, and was immediately passed, and sent to the Senate. That body concurred the next day, and the Joint Com- mittee, raised under the Resolution commenced their deliberations. These resulted in a Report to the Senate of the Bill chartering this Bank, made by the Hon. Stephen Elliott, afterwards its first and most able Presi- dent. No written statement of the views of the Committee accompanied the Bill. A written Report was made by Mr. Black to the House of Representatives, which is introduced below in its proper place, in the proceedings of the two Houses. In the House op Representatives, Nov. 25, 1812. [See Journal, p. 21.] Capt. Black submitted the following Resolution, which was agreed to, viz. : Resolved, that a message be sent to the Senate, informing them that this. House have appointed a Committee of Capt. Bl.\ck, Mr. D. E. HUGEE, Mr. Yancey, Maj. Feldee and Col. Lowey, to meet a Committee of the Senate, to inquire into the expediency of authorising a loan, or some other measure, that may have a tendency to supply the wants of the circulation of Specie, and to request their concurrence therein, and that the said Joint Committee have leave to report by bill or otherwise." The following message was sent accordingly : In the Hoose of Repbesentativbs, Nov. 25, 1812. "Mr. President and Gentlemen of Senate: This House have appointed Capt. Black, Mr. D. E. Hugeb, Mr. Yancey, Maj. Feedee and Col. Lowey, a, Committee to inquire into the expediency of authorising a loan, or some other measure, that may have a tendency to supply the want of the circulation of Specie ; and request that your House will appoint a Committee to confer with the Committee ef the House on the practicability and expediency of such a measure, and that they have leave to report by Bill x)r otherwise. JOHN GEDDES, Speaker. In the Senate, Nov. 26, 1812 [See Journal, pp. 34-5.] The foregoing Message being received. Ordered, that the following message be signed by the President and sent to the House of Represen- tatives, viz : In the Senate, Nov. 26, 1813. Mr. Speaker and Gentlemen: Agreeably to your Message just received, this House have appointed Col. Mitchell, Mr. Lipscomb, Mr. Elliott, Maj. Savage Smith, and Col. Wm. Smith, a Committee to join the Committee of your House, in order to inquire into the expediency of authorising a loan, or any other measure that may have a tendency to supply the want of the circulation of Specie. This House also grant, leave to report by Bill or otherwise. By Order of the Senate. The Joint Committee having met and considered the subject referred to them, agreed on a Bill to establish a Bank for the State. In the Senate, Mr. Elliott, from the Joint Committee of both Houses, "on the 79 expediency of a loan, &c., to supply the want of the nsual circulation of Specie," reports a Bill entitled a Bill to establish a Bank in behalf of and for the benefit of the State. [See Journal, p. 183.] Eead the Bill a first time. Ordered, That the Bill be read a second time to-morrow. On motion, Ordered, That 200 copies of the Bill be printed for the use of the Senate. In the House of Representatives. [iSee Journal, p. 96.] Mr. Black from the Joint Committee, submitted the following Beport : The Committee appointed by this House to meet a Committee of the Senate to consider of the expediency of a loan or some other means to supply the want of circulating specie, Report : That they have met the Committee of the Senate in free conference, and that they have duly considered the same, and are of opinion that the cash in hand and the funds belonging to the State would form a sufficient capital to enable the State to form a Bank, with a firm persuasion that the interest of the State would be greatly benefited thereby. We, your Committee, therefore respectfully recommend that an Act do pass, so vesting the cash in hand and other funds, in a State Bank, with a power to loan on real security and personal, at an interest of seven per cent., the interest being paid in advance annually, and renewable for years; being fully persuaded that such an institution would be greatly advantageous to the State, as well as many of the individuals who now labor under great difficulties from the want of circulating Specie. Your Committee further believe, that with the cash in your Treasury, and the disposable funds of the State, a capital might be formed, amounting to nearly One Million Dollars. All which is respectfully submitted by your Committee. JOS. BLACK, Chairman. The Bill having undergone the discussion which its importance de- manded, and passed a second reading in the Senate, was sent to the House of Eepresentatives. Here it had in due course two readings, and back to the Senate. The following entry in the Journals, shows the fi^nal action of that body. iSee Journal, pp. 245-6.] : "The House of Eepresentatives having read a second time and returned to this House, the Bill entitled a Bill to establish a Bank in behalf, and for the benefit of the State. This House then read the Bill a, third time. The question was taken, that the Bill do pass, when the Yeas and Nays were called by two members, and were as follows, viz : "Yeas : — Saml. Warren, President ; Messrs. Saml. J. Alston, Wm. Alston, Jos. Bellinger, Jacob Belser, Jas. Campbell, E. Cannon, Wm. Caldwell, Saml. Dunlap, Stephen Elliott, Thos. Fraswell, Benj. Hart, John Hopkins, Jos. Jenkins, Nathan Lipscomb, Peter Lesesne, John McCreary, Wm. B. Mitchell, Jas. Mitchell, Eliab Moore, Frederick Nance, Stephen Eavenel, Joseph Eeid, Jas. B. Eichardson, Wm. Eouse, Savage Smith, Wm. Smith, Eeuben Starke, John Thomas, Starling Tucker, Saml. M. Wallace, Wm. Whitefleld. "Nays : — Messrs. John Johnson, Jr., and Jas. E. McPherson. 'So the same was determined in the aflBrmative." The Bill having now had its three readings in the Senate, only required the third reading in the House of Eepresentatives. It was immediately sent to the House, and its Journal [p. 183,] gives the following account of their final action on the subject. "The House then proceeded to a third reading of the Bill, entitled 'A Bill to establish a Bank in behalf of and for the benefit of the State.' And on the question, shall the Bill pass, the title be changed to an Act, and returned to the Senate, the Ayes and Nays were required, and are follows, viz : 80 "Ayes.— 74. Nays.— 28. "Those who voted in the affirmative, are: Hon. .John Geddes, Speaker: Messrs. Alexander, Allen, Anderson, Barr, Bay, Black, Bonham, Bradford, Bullock, Burt, Bntler, Caldwell, Cave, Clarke, K. Crenshaw, Creswell, S. Cunning-ham, Bollard, Donnald, D. DuBose, Edwards, Faust, Fishburne, Gist, Glenn, Gray, Grice, Halbert, Heath, Henderson, Hill, Hopkins, Hunt, Hutton, James, Jennings, Johnson, Keckley, Kenner, Lee, Leith, Lowry. Maner, Massey, Means, Mellichampe, Mills, McGJll, McKee, Montgomery, Mulligan, Nesbitt, Overstreet, Peay, Perrin, Pettus, L. Pope, W. Pope, Riley, Summers, Taylor, Tarrant, B. Thompson, J. Thompson, J. Walker, S. Walker, Williams, J. Wilson, J. L. Wilson, Witherspoon, Woodward, Wood and Yancey. "Those who voted in the negative, are : Messrs. Allison, Arthiir, Bennett, Carroll, Cogdell, A. Crenshaw, R. Cunningham, Danl. S. DuBose, Evans, Felder, Frierson, Gaillard, D. E. Huger, Jermaine, Kirkland, Lance, Leg- gett, Moser, Palmer, Pickens, Pringle, Rowell, Steedman, Salley, Vance, Verree and Youngblood, (Cross„by a Resolution of 19th December allowed his vote to be entered In the negative.) "So the Bill was agreed to. "Ordered, That the Bill be returned to the Senate, and that the yeas and nays be printed." Large bodies are seldom unanimous in their measures. Many causes conspire to create differences of opinion ; minds are of unequal intellec- tual powers ; surrounding circumstances present the same subject in various views to different persons, and provide a wide field for honest disagreement ; political associations, party spirit, personal views and clashing interests, co-operate powerfully, often imperceptibly, yet not the less certainly, to influence the deliberations and direct, to some ex- tent, the conduct of Legislators, as well as of other men. No measure was calculated to impress into its consideration more of these disturb- ing agencies, than the establishment of a Bank for the State. Such, however, were the exigencies of the country, and such, we may infer, were the weight of reason in its favor, that the bill was finally passed, after able discussion, by a very great majority ; the aggregate vote of the two Houses being 106 for, to 30 against it. The conflict which thus commenced with the existence of the institu- tion, has occasionally been revived, and made to agitate the public mind. Opinions are arrayed on both sides, but as opinions of themselves are mere speculations, they settle nothing, and the great question still re- mains : "Does the Bank answer the ends for which it was established?" This is a question of great importance to this State, and vyhatever will throw light upon it cannot but be acceptable. The proper answers to it are facts, which are to be found in part in the official documents col- lected and published in this volume, and partly in transactions on record nowhere but in memory and observation, scattered through the experi- ence of years, and diffused over the whole State, exhibiting the effect of its operations on general business, or in individval cases. If all these could be collected, and so arranged as to present them in one view, elucidating their legitimate bearing on a subject of so much consequence to the public welfare, it would doubtless be acknowledged to be a work of great utility. However desirable it might be here, it is obvious that its length would exclude it from these pages ; but as some index to what may in part answer this question, a summary of a few leading particulars is subjoined, succinctly yet specifically indicating the points by which those whose leisure or duties incline them to the task, may be enabled to explore their way. Before this summary is submitted, a few observations, explanatory of the circumstances which have necessarily exercised an influence over the operations of the Bank, may assist in the examination. 81 The Bank, it will be remembered, was chartered in a time of war and great pecuniary embarrassment, and when the burthens of taxation were beginning to bear heavily on the country. It was looked to for much relief to individuals, and for assistance to the State, in any exigency, and especially in case the defences of her territory against the enemy required it. It was expected that while ministering in aid of the citizens, and their business and pursuits, it would be a powerful adjunct to her Treasury and resources. Thirtj'-one years, filled with events and changes of the greatest magnitude, of all that can affect the condition of nations and of individuals, have passed by since it assumed the re- sponsibilities of its existence. The world had never before, in any equal portion of time, experienced so many and so great revolutions in the condition and occupations of its inhabitants. From wars and peace, from the amazing discoveries of science, and the inventions and improvements in the arts and imple- ments of all industrial pursuits, from the triumphs with steam in manufactures and navigation, and the natural progress of things from such causes in this age of universal advancement, the very elements of commerce have been altered, its channels shifted, and its acting agencies been changed, often, and suddenly, and almost "without warning. Such irregularities in the great business of commerce could not but produce effects co-extensive on all other business connected with it ; their very fundations were shaken, and individuals, communities and nations, the richest and most powerful, as well as the poor and lowly, have been compelled to bow to these storms, and to bend under these trials. No community felt these vicissitudes more sensibly than our own ; great have been the changes they have wrought in its condition and habits, and in the mode of transacting its business. In the wrecks of these times, and the failures and losses incident to them, confidence, the golden chain which holds society and its countless interests together, has been greatly impaired. From Banks especially, has it been, in late years, almost entirely withdrawn. The effects on them, were, an universal suspen- sion in 1837 ; and, after resumption, another almost as universal in 1839 ; the breaking of many ; the curtailment of the business and profits of all, and an almost entire change in their management and modes of transacting business. Thus, this institution has witnessed periods of intoxicating prosperity, and of crushing adversity — the tempations and trials of both have been known and passed, and it has been, by these vicissitudes, subjected to almost every exigency which can test its capa- bility as a Bank, or as a fiscal agent for the State. It should also be borne in mind, that when it was chartered, in 1812, the State owed an outstanding Eevolutionary debt, the payment of which was charged by the 14th and 15th sections of its charter, on the capital of the Bank. By subsequent loans the debt of the State was very greatly enlarged, and the interest and principal, instead of being defrayed by taxation was made payable by the Bank, out if its profits. After these explanatory observations the question again recurs, "How has the Bank fulfilled the ends for which it was established ?" The follow- ing summary contains in the briefest form, a, part of what may be said in reply to this grave inquiry. At the commencement of its operations, it sustained the best interests of the State, and relieved by its loans and discounts, the people for whose aid it was chartered ; it has continued to pursue the same policy ever since; (Rep. Inv. Com. of 1841, p. 212.) and, by this course, it has averted ruin from m&ny, helped some through critical periods of adversity, res- cued others from necessitous or grasping creditors, lands from being abandoned to waste and unproductiveness, saved valuable citizens from emigration and exile, and prevented slaves, in considerable numbers, from being carried away, preserving them to cultivate our soil, to in- 82 crease the wealth of the State, and to pay taxes toward the support of its Government. (Presdt's Rep. 1841, p. 404.) In the mean time it contributed its full proportion of aid to the general business of the State by the support of all the interests of the Agricul- tural, Commercial and Mechanic pursuits. By the action of the mother Bank and its Branches, it has contributed greatly to develope and improve the State and its interior towns, especi- ally by furnishing the means to make good markets of the latter for the produce of the upper Districts, near the homes of the producers, and facilitating its exchanges and transmission to the points of consump- tion. {Presdt's Rep. 1819, pp. 313-14. 76. 1824, p. 287. Rep. Comp. Genl., pp. 391-2.) It has saved, consolidated and made profitable, funds of the State, which would have been consumed, or been unemployed, or employed less profitably. (Rep. Inr. Com. 1820. p 88. 77). 1821, pp, 91 and 118. Presdt's Rep. 1821, pp. 94 to 97. 76. 1814, p 301.) In time of war it made important advances and saved by some of them, large sums for the State: (Rep. Inv. Com. 1821, pp. 91 and 119:) it offered to make far greater advances, if needed, for its defence from the enemy, (President's Rep. 1819, p. 349.) and it made actual loans at critial times, for the defence of Charleston, to the ofBcers of the Genera] Government. (Jovmal of Board of Directors.) It has made large advances for the State in times of peace, sometimes for emergencies not provided for, but more often to supply temporary deficiencies In the Treasury, and pay the ordinary expenses of the State, by which an increase of taxes has been avoided. (Rep. Inv. Com. 1821, pp. 90 and 119. Presdt's Rep. 1821, pp. 94, 97. 76. 1814, p. 301. 76. 1839, p. 390. 76. 1840, pp. 395, 6, 7.)^ An edition of this compilation published in 1848 gives the following additional information: The Bank has always been a most important agency of the State in regard to her finances, credit, and public debt — it has been entrusted with the high discretionary power of creating a public debt by borrow- ing $300,000 to increase the capital, (14 Sec. Charter) which it never exercised, and again in 1832 with power to borrow a like sum of $300,000, which was never done. (A. A. 1832, p. 37.) But in paying and reducing the public debt, it has been almost the only agency used, and has furnished nearly all the money paid ; the facts are as follows : In 1812, when it was chartered, the State owed a balance of Revolu- tionary debt called "Old 6 per cents," "Deferred 6 per cents" and "33 per cents" amounting to $540,004 24. This debt was charged on the capital of the Bank, and out of that capital the Bank has purchased and extinguished $298,537 14, for which it paid $248,892 87, saving thereby $49,644 27, but getting credit for only the sum actually paid. By the Act of 1820 (p. 19) and several subsequent Acts, the capital and profits of the Bank have been pledged as security for money bor- rowed by the State. Before this Act passed the profits had all been paid into the Treasury, and since, they have been applied to pay the interest and principal of the public debt. The profits made by the Bank 1st October 1847, were $4,587,050 74, while its payments for the State have been $5,331,636 07, paid as follows, viz : for Revolutionary debt out of capital $248,892 87 : into the Treasury, $592,001 28 : interest on stocks 'Prom Acts and Clauses of Acts, Resolutions, Reports, dc, in relation to the Bank of the State of South Carolina, and its Branches. Columbia: 1843. 83 $2,723,502 56 : and for payment of principal of public debt $1,767,239 36. These payments come down to 1st June 1848, and of this vast sum the capital and profits of the Bank contributed $4,835, 943 61, and the Surplus Revenue and Eall Eoad dividends the balance. But besides these payments of money for the State the Bank has further reduced the debt of the State for the Fire Loan from $2,000,000 to $1,810,253 37, by cancelling the Bonds of this loan which it held as part of its capital, to amount of $189,746 63, havin{>- asked and obtained the consent of the Legislature therefor in 1843. (President's Rep. 1843, p. 472. Rep. and Res. of Com. W. M. 1843. p. 608.) During the thirty-six years of its existence it has been the depository of the revenues and funds of the State. Besides those from the Surplus Revenue and Fire Loan, it has received, kept safely and paid out, without charging or losing a cent, all the funds of both the Treasuries, making, as the public exigencies required, transfers of large sums from one to the other. These receipts and payments amounted on 1st October 1847, to $27,896,650 04, and have since swelled to over $28,000,000. While the Bank has discharged with remarkable advantage for the public interest, and without charge or loss, all these important services, it has preserved the capital entire, and its funds safe, and maintained the character and credit of the State in Europe and at home, without blot or suspicion, by punctually paying the interest and principal of the debts of the State as they fall due, preserving for South Carolina an eminent and enviable reputation for good faith and punctuality in her transac- tions. (Rep. Inv. Com. 1841, p. 236 Presdt's Rep. 1839, p. 438; 76. 1840, p. 444-5. Rep. (Special Com. v846, p. 652. Rep. Com. Finance & Banks, 1847.) And it has sustained in like manner, its own credit unimpaired, es- pecially during the last suspension, by maintaining specie payments, in accordance with the wishes and best interests of the State ; ( Conip. Genl. Rep. 1837, p. 678. J'resdt's Rep. 1837, p. 431. 76. 1839, p. 439. 76. 1840, pp. 442, 3, 4, 5 ;) for which last, and its "co-operation with the State in promoting those measures which have been deemed essential to the public welfare," the Legislature of 1841 was pleased to declare that it "deserved the confidence and support of the people." (Resolution, 1841, p. 82.) It will be well, therefore, to quote the Act itself : AN ACT to establish a Bank, on behalf of and for the benefit of the State. WHEREAS, it is deemed expedient and beneficial, both to the State and to the citizens thereof, to establish a bank on the funds of the State, for the purpose of discounting paper, and making loans for longer periods than has heretofore been customary, and on security different from what has hitherto been required. I. Be it therefore enacted by the Honorable the Senate and House of Representatives, now met and sitting in General Assembly, and by the authority of the same, That a bank shall be established in the name and on behalf of the State of South Carolina, in the manner and on the conditions and limitations hereinafter expressed. 1st. All the Stock belonging to the State, of all descriptions whatsoever, whether six per cent stock of the United States, three per cent stock, loan office bonds, shares in the State Bank, and in the Planters's and Meehanics's Bank, and all bonds and notes due the State, shall con- stitute and form the capital of the said Bank, and shall be vested in the President and Directors, to be appointed as hereinafter prescribed, and their successors. And the faith of the State is hereby pledged for the support of the said bank, and to supply any deficiency in the funds specially pledged, and to make good all losses arising from such de- ficieney. 84 2d. All the unexpended money in the treasuries of this State, and all the taxes to be hereafter collected on account of the State, shall be deposited in this bank, to aid and facilitate the operation of the same ; subject, nevertheliess, to all the drafts on the part of the State, author- ized by legal appropriations. 3d. All the stock now in the possession of the State, which has been purchased to meet the claims of Strickhysen and Luxembourg against the State, shall be deposited in the said bank, and the interest be re- ceived by the bank, until the payment of the same to the creditors of the State be ordered by law. 4th. The president and directors for the time being, shall have power to elect and remove the cashier; and they shall also have power to appoint such officers, clerks and servants under them, as shall be neces- sary for executing the business of the said corporation, and allow them such compensation for their services as may be reasonable. They shall receive money on deposite, and pay away the same to order, free of expense ; discount bills of exchange, accepted and payable within the State of South Carolina, and notes with two or more good names thereon, or secured by a deposit of bank or other public stock, at a rate of interest not exceeding one per cent discount for sixty days ; and shall also have power to make loans to citizens of this State, in the nature of discount, on real or personal property, secured by mortgage and power of attorney to confess judgment on default of payment. Provided, that the sum so loaned shall never exceed the one third part of the real unincumbered value of the property so mortgaged ; and provided further, that the loan shall never be for a longer term than one year, nor draw a greater interest than at the rate of seven per cent, which shall always be paid in advance, and shall always be payable in the months of Feb- ruary or March next succeeding such loan, unless an earlier day be fixed by the borrower ; and provided further, that no loan be in any case whatever renewed, unless the interest for the "ensuing year be paid in advance ; and provided further, that no individual be permitted to borrow on his own account, on the security of real property, a greater sum than two thousand dollars. 5th. The directors for the time being shall call in one tenth of each loan in each year, and shall have it in their power to call in, in each year, one fourth part of the loans made on real and personal security, giving a notice of not less than sixty days in some of the gazettes of the State ; and all persons who shall fail to make such payment, shall be deprived in future, of credit in the said bank, and judgment shall be immediately entered up on the power of attorney given as above re- quired, and execution shall immediately be issued in the name and on behalf of the bank, against such person or persons, for the whole amount of the debt which may be due the said bank. 6th. The total amount of the debts which the said corporation shall at any time owe, whether by bond, bill, note or contract, shall not exceed twice the amount of its capital, over and above the monies then actually deposited in the bank for safe keeping, unless the contracting of any greater debt shall have been previously authorized by a law of this State. In ease of excess, the directors under whose administration it shall happen, shall be liable for the same in their private capacities, and an action of debt may, in such ease, be brought against them, or any of them, their, or any of their heirs, executors or administrators, in any court of this State having jurisdiction, by any creditor or creditors of the said corporation, and may be prosecuted to judgment and execution ; any condition, covenant and agreement to the contrary notwithstand- ing. But this shall not be construed to exempt the said bank, or the lands, tenements, goods or chattels, of the same, and, on their insufS- ciency, the State of South Carolina, from being also liable for, and being chargeable with, the said excess. Such of the said directors who may 85 have been absent when said excess was contracted or created, or who may have dissented from tlie resolution or act by which the same was contracted or created, may, respectively, exonerate themselves from being individually liable, by entering-, if present, their dissent on the books of the bank, at the time the debt may be so contracted, and forthwith giving notice of the same to the Comptroller-general of the State. 7th. Immediately after the passing of this Act, the Legislature shall proceed to elect, by joint ballot, a president and twelve directors, to manage and conduct the business of the said bank ; and all future elec- tions of a president and directors shall be by joint ballot of the Legis- lature. 8th. The president shall be elected for one year, and at the expiration of that term shall be re-eligible, and shall be allowed for his services the sum of two thousand iive hundred dollars per annuin. 9th. In case of a vacancy occasioned by death, resignation, or removal out of the State, of any director, a majority of the directors shall fill up such vacancy, and the director so appointed shall hold his office during the remainder of the term which the director so dying, resigning, or removing out of the State, had to serve. 10th. In case of the death, resignation, or removal out of the State, of the president, (unless such removal be temporary, and by pei mission of the board of directors,) the directors shall appoint one of their own body as president, who shall serve until the next session of the Legis- lature, when such vacancy shall be filled by joint ballot. 11th. No person who is not a citizen of this State, or who is a director of any other bank, or copartner of any such director, shall be eligible as president or director of this bank. 12th. Not less than five directors shall constitute a board for the transaction of business, of whom the president shall always be one ; except in case of sickness or necessary absence, in which case, his place may be supplied by any other director, whom he, by writing under his hand, shall nominate for the purpose ; and in default of such nomina- tion by the president, or in case of the sickness or necessary absence of the person so appointed, in either event the board of directors may, by ballot, appoint a temporary president. 13th. The directors shall keep fair and regular entries, in a book to he provided for the purpose, of their proceedings ; and on any question where two directors shall require it, the yeas and nays of the directors ■voting shall be duly inserted on their minutes, and those minutes be, at all times, on demand, produced to the Legislature, or any committee thereof who may be legally authorized to require the same. 14th. Every president and cashier, before he enters on the execution of his duty, shall give bond, with two or more securities, to the satisfaction of the directors, in a sum not less than twenty thousand dollars, con- ditioned for his good behavior ; and the tellers and clerks shall give security in a sum not less than five thousand dollars nor more than fifteen thousand dollars. 15th. The president, directors, cashier, and all other officers and ser- vants, shall take the following oath, on entering on the duties of their respective offices. "I, A B, do solemnly swear, that I will faithfully discharge the trust reposed in me as of the Bank of the State of South Carolina." 16th. This bank is hereby incorporated and made a corporation and body politic, by the name and style of "The President and Directors of the Bank of the State of South Carolina," and so shall continue until the first day of May, one thousand eight hundred and thirty-five; and by that name shall be, and are hereby made, able and capable in law, to have, purchase, receive, possess, enjoy, and retain, to them and their successors, lands, rents, tenements, hereditaments, goods, chattels, and effects, of what kind, nature or quality soever, and the same to sell. 86 grant, demise, alien or dispose of ; to sue and be sued ; to plead and be impleaded ; answer and be answered ; defend and be defended, in courts of record, or any other place whatsoever ; and also, to make, have and use a common seal, and the same to break, alter and renews at their pleasure. And also, to ordain, establish and put in execution such by- laws, ordinances and regulations, as shall seem necessary and con- venient for the government of the said corporation, not being contrary to law or the constitution thereof ; and generally, to do and execute all and singular, such acts, matters and things, which to them it shall or may appertain to do ; subject, nevertheless, to the rules, regulations, restrictions, limitations and provisions prescribed in this Act. 17th. The president and directors shall have power to issue notes, signed by the president and countersigned by the cashier, and not under the denomination of one dollar, on behalf of the said corporation, for such sums, and with such devices, as they may deem most expedient and safe. They shall also be capable of exercising such other powers and avithorities as may be necessary for the well governing and ordering the affairs of the said corporation, and of promoting its interest and its credit ; any law, usage or custom to the contrary notwithstanding. II. And ie it further enacted by the authority aforesaid. That the value of the property mortgaged under this Act, shall be ascertained, to the satisfaction of the president and directors, who shall be answerable to the State in an action at law, or a, suit in equity, wherein the damages incurred by taking insufficient security, shall be assessed by the .jury, or by the decree of the court ; unless the judges of law or equity, as the case may be, shall be of opinion and certify, that every necessary precau- tion was used, and no manner of neglect on the part of the president and directors. Provided nevertheless, that in order to secure the presi- dent and directors more effectually from imposition, any person or persons who shall apply to them for monies on loan, shall produce a just and true account of the property proposed to be mortgaged ; which said property shall be valued, on oath, by commissions hereinafter to be appointed. III. And he it further enacted by the authority aforesaid. That all and every person or persons who may apply to the president and direc- tors of the Bank of the State of South Carolina, for any sum or sums upon loan, which is to be secured by any mortgage or mortgages, he, she or they shall submit their titles to the lands intended to be mort- gaged, to the inspection of the said board of directors, before the obtain- ing of such loan. V. And he it further enacted by the authority aforesaid. That all mort- gages taken for loans of money under this Act, shall be considered as being recorded from the date thereof, and shall have priority of any mortgages of the same property not previously recorded in the proper offices. VI. And he it further enacted by the authority aforesaid. That the principal Bank established by this Act shall be fixed and established at Charleston ; and the president and directors shall establish a, Bank at Columbia, for the purposes of discount and deposit, and to appoint the directors and officers of such branch, and to fix their salaries, and pre- scribe their duties ; and may allot the said branch any portion of the active capital of the said bank, as may to them seem advantageous. VII. And he it further enacted by the authority aforesaid. That the sums of money loaned out on mortgage of real property, shall be ap- portioned among the election districts throughout the State, in propor- tion to the number of representatives of the State Legislature in each election district ; and wherever the sum alloted for any district cannot be loaned on good terms to the inhabitants of such district, in a, reason- 87 able time, it shall then be loaned to the inhabitants in any other district who may apply for the same. ******* X. And be it further enacted by the authority aforesaid, That the Legis- lature of the State shall be furnished with a general statement of the transactions of the bank, signed by the cashier and countersigned bv the president, as often as they may require the same ; and it shall also' be the duty of the comptroller-general to inspect such general account in the books of the bank, as often as he may please ; and it shall, and it is hereby declared to, be his duty, faithfully to report all and every violation of the fundamental rules of this corporation to the Legisla- ture : Provided, however, that nothing in this clause shall imply a right of inspecting the account of any private individual or individuals, or any body politic or corporate, with the bank. XI. And be it further enacted by the authority aforesaid, That all the interest which may be paid on the stock due this State by the United States, and now becoming a part of the capital of this bank, and all the dividend on the bank shares of the State bank, and Planters's and Mechanics's bank, which this bank may hold, and all the interest arising from the loans and discounts which may be made by this bank, after its necessary expenses shall have been paid, shall constitute and be con- sidered as a part of the annual revenue of this State, subject to the pleasure of the Legislature. But whatever part of this sum shall at any time remain unexpended by the Legislature, and all the principal which shall be paid on the stock of the United States, and all sums arising from the sale of bank stock, shall be considered and become a part of the capital stock of this bank. ******* XIII. And be it further enacted by the authority aforesaid, That the president and directors shall have full power and authority to sell out, at their discretion, any share or shares which the State now holds, or may hereafter hold, in any bank within this State, or to negotiate foreign bills of exchange. XIV. And be it enacted by the authority aforesaid, That the treas- urer of the lower division, under the direction of the comptroller- general, shall, and is hereby authorized, at the instance of the president and directors of the said bank, to issue six per cent, stock on the credit of this State, and on the faith and credit of the stock of the United States, vested in them by this Act, to an amount not exceeding three hundred thousand dollars, redeemable at the pleasure of the State. And it shall be their duty, from the quarterly and annual payments received on the aforesaid stock of the United States, to pay the holders of the present State debt, and the holders of the stock to be issued under the authority of this Act, the quarterly interest due on the said stock ; and shall, from the aforesaid quarterly and annual receipts on the said stock of the United States, apply such a sum annually towards the redemp- tion of the present outstanding State debt, as shall, on or before the last day of December, one thousand eight hundred and twenty-four, finally redeem and extinguish the same ; and the said president and directors are hereby authorized and empowered to sell and dispose of the said three hundred thousand dollars of six per cent, stock, created under the authority of this Act, from time to time, for the purpose of increasing the capital of the bank hereby established ; provided the same is not at any time sold under par. ******* XVI. And he it further enacted by the authority aforesaid. That the bills or notes of the said corporation, originally made payable, or which shall have become payable on demand, in gold or silver coin, shall be receivable at the treasury of this State, either at Charleston or Columbia, and by all tax-collectors and other public officers, in all payments for taxes or other monies due to the State. XVII. And he it further enacted by the authority aforesaid, That not only the treasurers, but also the tax-collectors of the parishes of St. Philip and St. Michael, the sheriff of Charleston district, the prothono- tary of the court of common pleas and general sessions, and the master in equity, shall, weekly or monthly, deposit, for safe keeping, the public monies which they may respectively receive, in the said bank only ; and on failure thereof, or on such persons depositing public monies in any other bank, he or they shall, respectively, forfeit, for each offence, the sum of one thousand dollars, to be recovered as other penalties by this Act are directed to be recovered ; and all Acts and clauses of Acts re- pugnant to this Act, be, and the same are hereby, repealed. XVIII. And Be it further enacted by the authority aforesaid. That for the purpose of erecting suitable buildings for the accommodation of the bank, any lot or square in .the town of Columbia, belonging to the State, and not heretofore appropriated, which the president and directors may deem suitable for this purpose, is hereby granted to and vested in the said corporation ; and until such building shall be erected, the president and directors are hereby authorized to use any part of the State-house at Columbia, which may not be wanted for or applied to the immediate use of the State. XX. And he it enacted by the authority aforesaid. That the president and directors shall have power to appoint five commissioners in eacl^ election district, to value and appraise the lands which may be offered in mortgage to the bank ; and every valuation of land in any election district shall be certified by three or more of the said commissioners ; and the president and directors shall have the power to fill up all vacancies, or to remove any such commissioners at pleasure. XXI. And te it further enacted by the authority aforesaid. That the directors, or a majority of them, be, and they are hereby, authorized, should they at any time deem it proper, to borrow, on the credit of the State, from any of the banks, or individuals, a sum not exceeding three hundred thousand dollars, for a period not exceeding, at any timje, ninety days. Provided, that an interest not exceeding the rate of six per cent, per annum shall be allowed for the same. XXII. And he it enacted by the authority aforesaid. That in all cases where the interest to become due under the provisions of this Act, and the loans to be made in pursuance thereof, and in all cases where the principal to be loaned under this Act, or any part thereof, shall be in arrear or due, the directors of the said bank shall be, and they are hereby, authorized and empowered, (if they shall so think fit,) to adver- tize the mortgaged property, for three weeks, in one or more of the gazettes in Columbia and Charleston, and in the different districts where the mortgaged premises lie, and on the first Monday in March, in each and every year, shall expose or cause the same to be exposed to sale, by the sheriff, at the court-houses of the respective districts in which the mortgaged premises may be, and sold to the highest bidder for cash ; and the president and directors are hereby fully authorized and em-- powered to make conveyances for the same, to the purchasers thereof, or to buy the same in, if they shall think fit, for the benefit of the institution.^ In addition to the general powers and authority which were vested in ■ banks created under other charters granted by the state, it will be interesting to note others of a special nature, ^statutes at Large o.f South Carolina, VIII, 24-31. 89 herein granted. The capital stock of this bank may be said to have been limited only by the faith and credit of the state; and, in addition, ^ye note the following special assets made part of the capital: "All the Stock belonging to the State, of all de- scriptions whatsoever, whether six -per cent stock of the United States, three per cent stock, loan office bonds, shares in the State Bank, and in the Planters's and Mechanics's Bank, and all bonds and notes due the State, shall constitute and form the capital of the said Bank." All the stock in the possession of the State, which had been purchased to meet certain claims against the state were to be deposited in the bank. The debts of the bank, whether by bond, bill, note or contract, were not to exceed twice the amount of its capital, over and above the deposits in the bank. No person not a citizen of the state, or who might be a director in another bank or copartner of any such director, could be eligible as president or director. It was authorized to issue bills not under $1.00 (all other banks chartered were not allowed to issue bills under $5.00), to lend money on the mortgage of real estate, and a mode of ascertaining the value of the real estate was provided. It was authorized to establish branches in certain cities of the state and required to furnish the General Assembly with a general statement of the transactions of the bank as often as the same might be demanded. All bills issued by the bank were to be receivable at the treasury of the state in payment of taxes and other monies due the state, and t^reasurers, tax collectors and all other collecting officers were required to deposit the money in their hands in this bank and a penalty was attached for depositing in any other bank. A grant of a lot or square in the town of Columbia for the use of the bank build- ing was made, and commissioners in each district to value and appraise land offered to be mortgaged as security for loans were authorized. Directors were authorized to borrow money on the credit of the state from other banks or individuals. Amendments to the Act of incorporation were from time to time enacted, but no one of these amendments materially effected the fundamental principles involved in the Act of incorporation. That charter was one of the first of the kind granted in any of the states, and bears testimony of the wisdom of the law- makers of that day. In order, therefore, to present as a whole the Acts and amendments under which this bank operated during 90 its full career, the changes and additions created by these several amendments will be briefly reviewed. In 1813, one year after the bank was incorporated, an Ai-t was passed entitled: AN ACT to explain and amend an Act entitled "An Act to establish a Bank, on behalf of and for the benefit of the State." WHEEEAS, the Act entitled "An Act to establish a bank, on behalf of and for the benefit of the State," requires sundry alterations and amendments. I. Be it therefore enacted by the Honorable the Senate and House of Representatives, now met and sitting in General Assembly, and by the authority of the same. That the comptroller be, and he is hereby, author- ized and directed to transfer to the bank, on account of capital, all sums which may be received from the United States on account of the princi- pal of their debt, and all sums which, though received nominally as interest, may operate to extinguish the principal of their debt. II. And be it further enacted by the authority aforesaid. That the comptroller be, and is hereby, authorized and directed to transfer to the bank, on account of capital, on the second day of April, 1814, all monies received in the course of the preceeding year, and remaining in the treasury on the second of April in each and every year. ******* IV. And 6e it further enacted by the authority aforesaid. That no bank or banks, other than the bank of the State of South Carolina, shall issue or put into circulation bills of a lower denomination than five dollars ; any act, or clause of any Act, to the contrary notwithstanding. *»***»* VI. And be it further enacted by the authority aforesaid, That from and after the passing of this Act, the legislature shall annually elect, by Joint ballot of both branches, a president and twelve directors, whose services shall commence on the first day of February next ensuing such election, and continue for one j'ear. ******* VIII. And be it further enacted by the authority aforesaid, That the comptroller-general for the time being shall not be a director, nor hold any office of trust or profit in or under any bank whatsoever. IX. And be it further enacted. That the president and directors of the Bank of the State of South Carolina are hereby immediately authorized and required to make loans at Columbia, to the citizens of this State, on mortgage, in the same manner, on the same principles, terms and conditions, and under the same rules and restrictions, as money is loaned from the said bank in Charleston on mortgage. ******* XI. And be it further enacted by the authority aforesaid, That the president, cashier and all other officers of the bank of the State of South Carolina, and the branch thereof, shall be exempted from the perfor- mance of ordinary militia duty.' In 1814 an Act was passed entitled, "AN ACT to alter and amend the charter of the Bank of the State of South Carolina, so far as relates to the issuing of bills of a less denomination than one dollar; and for other purposes therein mentioned." ^statutes at Large of South Carolina, VIII, 31-3S. 91 I. Be it enacted by the honorable the Senate and House of Eepresenta- tives, now met and sitting in General Assembly, and by the authority of the same, That the president and directors of the Bank of the State of South Carolina shall be, and they are hereby, authorized and required to issue bills of a less denomination than one dollar, to be signed by a deputy cashier, to be appointed as hereinafter mentioned, and to be countersigned by either of the directors, or by some person appointed by them for that purpose. TI. And be it further enacted by the authority aforesaid. That immedi- ately after the passing of this Act, the president and directors shall elect a deputy cashier, whose duty it shall be, under their direction, to sign all bills of a less denomination than one dollar, to enter the same in the manner and in conformity to the existing rules of the bank rela- tive to its issues, and to note the mutilated bills when cancelled by the president and directors ; in addition to which, he shall perform all such other services as may be required, and shall receive such compensation as the president and directors may deem proper ; and shall, before he enters on the duties of his office, give bond with security, to be approved by them, in the sum of ten thousand dollars. III. And lie it further enacted by the authority aforesaid. That no body politic or corporate, within this State, shall be allowed to i.ssiie any bills of credit in the nature of a circulating medinm, or other than such as answer the purpose of contracts, under the penalty of ten dollars for each and every dollar issued: Provided, nevertheless, that this clause shall not be so construed as to effect the chartered rights of any bank- ing institution within this State, heretofore incorporated by an Act of the Legislature. IV. And t>e it enacted by the authority aforesaid. That the city council of Charleston shall be, and they are hereby, allowed the time of twelve months after the first day of January, one thousand eight hundred and fifteen, to call in all bills of credit issued by them in the nature of a circulating medium.' It will be noted that one of the most important features of the last mentioned amendment was authority to issue bills of a less denomination than one dollar, and requiring the city council of Charleston, twelve months from the first day of January, 1815, to call in all bills of credit issued by them in the name of a circulating medium. In 1817 a further Act amending the Act of incorporation was pa-^ssed, whereby the bank was authorized to make loans for a period not exceeding twelve months and also authorized to open accounts and give credit to any other bank or banks of any of the other states, and also to invest a portion of its capital in United States or state stock.° In 1818 an Act was passed authorizing the president and cashier, respectively, of the branches of the Bank of the State of South Carolina to sign all bills of credit payable on demand of a lower denomination than five dollars, under such regulations ^statutes at Large of South Carolina, VIII, 33-34. ^Statutes at Large of South Carolina, VIII, 36-37. 92 as the president and directors of the Bank of the State of South Carolina might direct. And the president and cashier thereof were exempted from signing the same."^ The same year an Act was passed exempting from the per- formance of ordinary militia duty and from serving on juries the president and cashier and the clerks of the several branches of the Bank of the State of South Carolina.^ In 1826, what appeared at the outset to be a very important Act was passed by the General Assembly. This was "AN ACT to admit and incorporate private Stockholders in the Bank of the State of South Carolina.'" It seems, however, that in the following year and before the terms of this Act were put into operation, another Act was passed bearing the same title and intended for the same purpose but a little more extended in its operation, and that by Section XIV thereof the Act of the pre- vious year (1826) was repealed.' It further appears that before the provisions of the Act of 1827 were put into operation, aiid before any private parties were admitted as stockholders, an Act was passed in 1828 repealing the Act of 182^7 .' Section XII of an Act of 1831, entitled, "AN ACT concerning the Bank of the State of South Carolina", provided : Whereas, it is deemed expedient, in aid of the operations of the bank, and for the purpose of accommodating the great and growing mercantile interest of the upper country, to vest a fund in the city of New York, at the disposal of the Bank, to furnist the merchants who deal with the Bank, drafts on that place ; and whereas, it is doubted whether such an operation would come strictly within the power delegated by the Act of, incorporation. Be it therefore enacted. That the president and directors of the bank are hereby authorized and empowered, to place in any bank of the city of New York, or in the hands of any safe agent for that purpose, any such sum as they may be able so to dispose of, without Injury to the home operation of the bank, or, if it should be thought more advisable and more safe, to open an account for that purpose with any bank or safe agent.' In 1833 an Act was passed extending the charter of the bank to the first day of May, 1856. The second section thereof pro- vided : That the said corporation shall neither issue nor put into circulation any note for less than one dollar ; and shall call in and withdraw from ^Statutes at Large of South Carolina, VIII, 37-38. ^Statutes at Large of South Carolina, VIII, 38. ^Statutes at Large of South Carolina, VIII, 50-53. ^Statutes at Large of South Carolina, VIII, 53-56. 'Statutes at Large of South Carolina, VIII, 57. 'Statutes at Large of South Carolina, VIII, 65. 93 circulation all bills heretofore issued by it, of a lesser denomination than one dollar, as soon as the same can be conveniently done.^ In 1837, however, an Act was passed authorizing and requir- ing the president and directors of tlie banii "to issue change bills, of the denomination of fifty cents and twenty-five cents, to such an amount as, in their discretion, may be necessary to meet the present wants of the citizens" of the state. It was, however, provided that the Act should continue and be in force for only twehe months." In 1838 an Act was passed entitled "AN ACT to authorize a Subscription in behalf of the State to the South-Western Eai! Eoad Bank." By the terms of this Act the governor was author- ized on behalf of the state to make a subscription for ten thou- sand shares in the South-"\A''estern Bail Eoad Bank and the comp- troller general was authorized to draw from the Bank of t)ie State the amount required to pay the installments due and lo become due upon the subscription, and to demand and receive from the proper officers of the Eail Eoad Bank the scrip certi- ficates, and to hold the same for the state, and the president and directors of the Bank of the State were authorized to make such arrangements as they might deem expedient for paying the drafts of the comptroller general. It was, however, provided that, in case the president and directors of the Bank of the State of South Carolina should be of the opinion that they could not advance the funds required by the subscription without em- barrassment to the operations of the bank, or without violating the faith of the state pledged in "an Act to provide a sinking fund for the redemption of the six per cent, stock of this State" and pledged in subsequent Acts for the redemption of all the stock subsequently issued, the comptroller general was required to issue stock therefor, on the part and in behalf of the state, bearing a half yearly interest at the rate of five per cent per annum, redeemable at the end of twenty years." In 1838 a most disastrous fire swept over the city of Charles- ton which destroyed a large part thereof and rendered homeless many of the citizens. So urgent was the call for help that the governor called the General Assembly together in extra session ^statutes at Large of South CaroJiiia, VIII, 67. 'Statutes at Large of South Carolina, VIII, 103. ^Statutes at Large of South CaroJiiia, VIII, 104. 94 for the purpose of rendering aid for rebuilding the city. At this extra session an Act was passed June 1, entitled "AN ACT for rebuilding the City of Charleston" whereby the governor of the state was authorized to issue two million dollars worth of bonds for the purpose of procuring a loan on the credit of the state to rebuild the burned section of Charleston. In order to negotiate such loan, the governor was authorized and directed to commission such agent or agents as the president and direc- tors of the Bank of the State of South Carolina should appoint. Such agent or agents were empowered to receive the bonds and to make all such arrangements as in his or their judgment might be deemed expedient for procuring the money and placing it to the credit of the state, subject to the draft or order of the president of the Bank of the State of South Carolina. One million dollars of these bonds were made payable at the expira- tion of twenty years and the other million at the expiration of thirty years, at a rate of interest not to exceed six per cent.' A large portion of these bonds were negotiated and sold to Messrs. Dabney, Morgan & Company, bankers, in London, and the proceeds deposited in the Bank of the State as provided by law, and used in rebuilding the waste portions of the city, under the terms and conditions set forth in the Act. The bank played a very important part in negotiating this loan, and in carrying out the provisions contained in the Act, and so rendered a most valuable service to the state and to the stricken citizens of Charleston. Under the terms of this Act a large portion of the bonds did not mature and become payable until after the War of Seces- sion which brought financial ruin upon the bank and upon the state. The history of these bonds and the transactions connected therewith are fully set forth in the case of Dabney, Morgan «S: Co. vs. Bank of the State of South Carolina, reported in South Carolina Report, III, 124. It need not therefore be repeated here, and reference is had only to show the great work ac- complished by the bank in that most important affair. The administration of the bank thus far had proved so success- ful that, despite the fact that so many banks chartered by the states, and chartered on behalf and for the use of several of the ^Statutes at Large of South Carolina, VII, 156-160. 95 states, had failed and proved most disastrous to the depositors, that one of the most critical writers on the subject of banking in this country has spoken of this bank in most . complimentary terms. Horace White, in his book on Money and Banking, under the chapter headed "Some Notable Banks", refers to this bank as follows: The sad array of banks owned wholly by states has a shining exception in the Bank of the State of South Carolina. This institution grew out of the troubles of the second ■svar with England. To meet the financial disorders of the period the legislature decided to form a bank out of funds and securities that the state had in hand, giving it power to lend money on both real and personal security. The Act constituting the bank was passed in 1812. Its capital consisted of all the odds and ends of assets that the state happened to have at the time, including United States stock, shares in two other banks and various bonds and notes due to the State. These things realized a cash capital of $102,546 in 1813, which ^^'as increased to $338,807 in 1815, after which additions to the capital were made by the state from time to time. The faith of the state was pledged to support the bank, to supply additional funds and to make good all its losses. All state money was to be deposited in and paid out of the bank. The president and directors were to be elected annually by the legislature, and were declared to be a corporation. The bank might receive money on deposit from individuals, do a regular banking business, discount notes with two or more good names thereon at six per cent interest, lend for not more than one year on mortgage security (with power to confess judgment) , such loans not to exceed one-third the value of the property, and not to be more than $2000 to one person, the interest to be seven per cent payable in advance. Mortgage loans might be continued by the directors after they became due, on condi- tion that one-tenth of the principal should be paid each year. Money loaned on mortgage was to be apportioned among the election districts according to the number of the mem^bers of the legislature in said districts. The debts of the bank were not to exceed twice the capital over and above the deposits, and circulating notes might be issned without other limit than this. No other bank in the state should be allowed to issue notes smaller than $5. and no body corporate or politic was allowed to issue notes except banks regularly chartered. The city of Charleston had some circulating notes outstanding and vi^as now required to call them in. In 1814 the Bank of the State was allowed to issue notes smaller than $1. and did issue some as small as 6*4 cents. There were some private individuals issuing notes smaller than $1. In 1816 these w^ere prohibited also- Branches of the bank were established at Columbia, Camden and George- town. All public officers were required to make their disbursements by checks on the bank, and the bank managed the public debt of the state. The cash capital of the bank at various periods and the rate of profit were as follows : Cash Capital Kate of Profit 1816 $ 444,973 16 per cent 1817 722,879 13 per cent 1818 1,052,766 12 per cent 1819 1,196,220 9V4 per cent 1820 1,196,220 8% per cent The circulation outstanding in 1821 was $921,916 and the specie on hand $328,000. The average profits from 1822 to 1825 were about nine per cent per annum. In 1825 a committee of investigation reported that 96 the bank had bad or doubtful debts amounting to $100,000 and that the greater portion of these were loans to directors or their personal friends. The question of admitting private shareholders to the bank was often agitated and two acts for that purpose were passed by the legislature .at different times and both were repealed before any action was taken under them. In 1838 the state issued $2,000,000 of bonds for the rebuild- ing of Charleston after a great fire and the bank loaned the money on mortgage in the burnt district. In 1840 a law was passed providing that all banks that should suspend specie payments, should pay five per cent per annum on their circulation to the state, in addition to all other penalties for suspension. In 1843 the House passed a resolution "that the system of borrowing money upon the public faith for the purpose of lending out the same to individuals is unsound in principle and dangerous in practice." This was in the way of repentance for the Charleston loan. A report in 1846 said that the bank could maintain a larger circulation in proportion to its capital than ordinary banks, because the state was responsible for the notes. In 1847 the circulation was $1,460,000. In times of financial disturbance the notes vyere hoarded, not only in South Carolina but in the neighborhoring states also- The notes of this bank bear a close resemblance to bills of credit, which the states are expressly prohibited by the constitution from emitting. They %vere issued by the authority of the state, by officers chosen by the state, and were intended to circulate as money. The state was responsible for them and received the entire profit from their emission. Yet in an analogous case, Briscoe vs. The Bank of the Commonwealth of Kentucky * the Supreme Court held that inasmuch as they ^vere issued by a corporation which had goods and chattels set apart for their redemption and which could be sued for breach of contract, they were not bills of credit within the meaning of the constitution. There is certainly a distinction be- tween such bills and those which depend upon nothing but the good faith of the issuing government. Lawyers at the present day gener- ally sustain the opinion of the court, although Judge Story dissented* It follows a fortiori that ordinary notes of state banks are not bills of credit Avithin the meaning of the constitution. Another reason for this belief is that such notes were in existence when the constitution was formed and were not prohibited. A third and deci- sive reason is that the issuing of such notes did not depend on state authorization at all. It was a common-law right until restrained by statute- In 1848 an official report on the affairs of the bank said that it had received and paid out for the State $28,000,000 without losing a cent, that it had never suspended specie payments and that it had preserved the state's credit in every emergency. The foregoing facts are culled from a documentary history of the bank published by the legislature in 1848. A few facts relating to its subse- quent career are given by Jlr. Knox.* In 1852 the charter of the bank was extended to 1871. It passed safely through the war and maintained its high character during that trying period. It preserved its capital intact, paid all its obligations to the state, to private depositors and to noteholders. In 1870, one j'ear before the expiration of its charter, the legislature put it in liquidation. Its history is exceptional in the fact that for nearly sixty consecutive years it was conducted with prudence, honesty and pecuniary profit without the spur of private interest. It must have been in the charge of good bankers all the time.^ *1. 11 Peters, 257. *2. Morse on the Law of Banks and Banking, 3rd ed., 665. 'In Rhodes' Journal of Banking, October, 1892. ^Money and Banking, 374-379. Bank of the Statu of South Carolina, lSr7-18:"iS. South-Westerm Rail IJoad Bank. 1S3S-1SGj. Eoiight ill 1872 by Eioclan, Dawson & Co., foi- The Daily Acics. Now home of TIic Xcirs iiinl Coiiiicr. No. 19 Broad Street, southwest corner of Eroad Street and Ciadsden's Allev. Bank of the State of South Carolina, 1838-1868. This building- was convevetl by Daniel JIacaulay to the Bank of the State of South Carolina, April 27, 1838, for $4.5,000. ai'id was remodelled for the purposes of the bank. W. J. Gayer, Referee, in pursuance of the adjudi- cation of a cause brought by Dabney, Morgan A- Co., in a bill of complaint against the Bank of the State of South Carolina and others, conveyed it to C. O. Witte, November 28, 1871. It was later acquired by an investment company, which conveyed It to the Peojjle's National Bank, which razed it about ten j-ears ago and rep)laced it with the present eight story build- ing of that bank. It was located at the northwest corner of Broad and State streets and was known as Nos. 18 and 20. 97 Another distinguished banker and notable writer on the sub- ject of banking in the United States, also pays a marked com- pliment to this bank. A. Barton Hepburn, at one time Comp- troller of Currency of the United States, and later president of the Chase National Bank of New York, in his work entitled A History of Currency in the United States, writes of this bank as follows:^ The practice of having the states more or less interested in the banks by the ownership of stock increased ; in most cases with disastrous re- sults. The State Bank of South Carolina, owned entirely by the state, was one of the few that made a satisfactory showing during this period. The officers of the Bank of the State of South Carolina in 1819 were : Stephen Elliott, president ; A. Henry, cashier ; J. S. Bennett and E. W. Cogdell, tellers ; William A. Hayne, bookkeeper ; Wil- liam B. Foster, discount clerk ; J. D. Brown, assistant clerk ; Rich- ard Yeadon, deputy cashier and outdoor clerk; Abraham Miller, porter; B. Carroll, F. G. DeLiesseline, John Gordon, Thomas Lehre, M. A. Waring, John Shultz, Philip Moser, B. A. Markley, Wm. S. Smith, Daniel C. Webb, Daniel Flud and Thomas Ben- nett, directors. Friday was offering day for discount and Tues- day was the day for return of answers. Notes were con- sidered at ninety days.^ In 1821 R. W. Cogdell was the only teller, Bennett being no longer one. Cogdell was also notary. The assistant clerk had evidently been discontinued, as Brown was not listed among the officers of the bank in that year. Thomas Johnston and Ker Boyce had become directors since 1819 and there were two vacan- cies, while Waring, Moser, Markley and Bennett were no longer directors.' In 1822 William Lee was second teller, Cogdell being the first. M. A. Waring and S. Burger were directors, filling the two vacancies left in 1821.^ In 1824 J. W. Cheesborough, William L. Kirkland, Josiah B. Furman and Samuel Wragg were directors, while Bartholomew Carroll, F. G. DeLiesseline, Daniel Flud and M. A. Waring of the board of 1822 were no longer such.° iPage 103. ^The Planters' & Merchants' Almanac for 1819. ^Miller's Planters' & Merchants' Almanac for 1821. ^Miller's Planters' & Merchants' Almanac for 1822. filler's Planters' & Merchants' Almanac for 1834. 98 In 1825 James L. Petigru, Joseph Bellinger, Joseph T. Wey- man and F. "Wesner were directors in place of Burger, Kirkland, "Wragg and Boyce/ The records for 1830 show that Smith, Webb, Bellinger, Gordon and Shuiz of the directors of 1825 were on the board and that S. Burger, Arthur ISIiddleton, D. J. Waring, Thomas Bennett, Alexander McDonald, Edward J. Pringle and John Bryan were the other seven members.^ The records for 1835 show Charles J. Colcock as president; C. M. Furman as cashier, and Webb, Gordon, Burger and Mid- dleton of the board of 1830, and James Robertson, Neil McNeil, James Legare, Alexander W. Campbell, Elias Vander Horst, T. Gadsden, John L. Nowell and Charles "Warley as directors.^ A branch of the Bank of the State of South Carolina at Columbia was authorized under the Act of December 19, 1812, and shortly thereafter, an office was opened in Columbia. At first this office was conducted in the basement of the old State House, which ^vas burned by Sherman when he destroyed Columbia.* At some subsequent date, a building was erected upon a lot just north of the City Hall, which was located on the north- west corner of Richardson" and Washington streets, which corner is now occupied by the Carolina National Bank of Colum- bia. The building was somewhat removed from Richardson Street, having an open area entirely around it, which at that time was deemed an essential protection against fire; with the further idea that a banking building should be separate and apart from any other building. That was essential during the days when the fire departments of all cities were very inadequate. This also served as a protection against burglars. That build- ing stood and was occupied by the bank until the city was de- stroyed by Sherman, February 17, 1865. The officers of the Branch Bank of the State of Soutli Caro- lina at Columbia in 1819 were: Benjamin Hart, president; William E. Hayne, cashier and teller; Spencer John Man, col- lection and outdoor clerk and porter; James S. Guignard, 'Miller's Planters' & Merchants' Almanac for 1835. ^Miller's Planters' £ Merchants' Almanac for 1830. 'Miller's Planters' & Merchants' Almanac for 183j. 'E. J. Scott: Random Recollections of a Long Life, 39. ''Now imfortunately generally called "ilain. ' 99 Samuel Green, Henry Dana "Ward, Thomas Taylor, Jr., John Murphy, Edward Fisher, Daniel Faust, Daniel Morgan, William Harper, James Davis, Jesse M. Howell and Zebulon Rudolph, directors. In Tlie Planters' d' Merchants'' Almanac for 1819 the follow- ing appears just beneath the foregoing list of officers of the Branch Bank of the State of South Carolina, at Columbia : LIST of the Documents required from persons wishing to obtain Loans from this Bank. Memorandum of Title — Tracing the title as far back as possible. Where the Title cannot be traced to the Grantee, Affidavits of long possession may be given. CERTIFICATES. 1 — Registers of Mesne Conceijance, where the person resides 2 — Ditto of ditto where the property is situated 3 — Secretary of State 4 — Clerk of the District, where the person resides 5 — Ditto of ditto where the property is situated 6 — Clerk of the Federal District and Circuit Courts 7 — Tax-Collcctor 8 — Sheriffs of the Districts, where the person resides 9 — Ditto of ditto where the property is situated 10 — Commissioners in Equity, where the person resides 11 — Ditto in ditto where the property is situated 12 — Cleric of City Court — (where property is situated in Charleston) 13— City Sheriff 14 — Citij Treasurer N. B. If the property is situated in the District where the applicant resides, certificates No. 2, 5, 9 and 11 are unnecessary. In 1821 the same officers were in charge except Henry Dana Ward, John Murphy and William Harper who had been suc- ceeded as directors by Manuel Antonio, John M. Creyon and Wade Hampton, Jr.^ In 1822 the same officers were in charge of the bank.^ On January 29, 1823, William J. Myddelton was elected presi- dent to succeed Benjamin Hart.' In 1824 Myddelton was still president; James A. Black was cashier and Man was still out-door clerk, etc. Taylor, Faust, Davis, Howell, Hampton, Antonio, Creyon and Morgan were still directors while William Law, John Howell, Robert Stark and William Preston had succeeded Guignard, Green, Fisher and Rudolph as directors." ^Miller's Planters' tC- Merchants' Almanac for 1821. ^Miller's Planters' & Merchants' Almanac for 1822. ^"Col. Wm. J. Middleton, of St. Bartholomew's Parish, was yesterday elected President of the Branch Bank of the State of S. Carolina, at Columbia. " — The Charleston Courier, January 30, 1833. Col. Myddelton had been State Senator from St. Matthew's Parish, 1818-1823. 'Miller's Planters' & Merchants' Almanac for 1824. 100 The same officers were in charge in 1825.^ In 1830 J. G. Browne was president, Pierce M. Butler was cashier, John Fisher was teller, William J. Myddelton was dis- count clerk and Nathaniel Eamsay was outdoor clerk. The directors were Taylor, Faust, Law, Antonio, Davis, Jesse M. Howell and Stark of the board of 1825, and James Boatwright, D. J. McCord, James S. Guignard, S. Percival and David Ewart, who had been named on the board since that time." In 1835 Pierce M. Butler was president and Thomas Harrison cashier. There had been no other changes in the banking staff. The directors were Taylor, Faust, Guignard, Percival, Howell, Davis and Boatwright of the board of 1830, and B. McLaughlin, Robert Purvis, "Wade Hampton, Jr., Daniel Finn and J. J. Chappell, who had been chosen thereafter.' A branch of the Bank of the State of South Carolina was established by statute at Georgetown in 1816.* The officers of the Branch of the Bank of the State of South Carolina at Georgetown in 1819 were: William M. Trapier, president; John Shackelford, cashier; Thomas Miller, discount clerk, and Benjamin Huger, John Taylor, Jr., John A. Alston, Moses Fort, Willis Wilkinson, Aaron Marvin, Robert Heriot, Samuel Wragg, John M. Taylor, Robert F. Withers, Solomon Cohen and Samuel L. Thurston, directors.^ In 1821 the same officers were in charge except Miller, discount clerk, Thomas Evans being in that position, and Huger, Alston, Thurston and John Taylor, Jr., who were no longer directors, while John Keith, Peter Cuttino, Henry Dennison and Thomas F. Goddard were.' In 1822 the records show E. Waterman as discount clerk in place of Evans and G. W. Heriot and Thomas Ford as directors in the places of Keith and Wilkinson. The position of teller appears to have been done away with.' The officers in 1824 were the same as in 1822 except that L. G. Walker and Davison McDowal had succeeded Robert F. Withers and Samuel Wragg as directors." ^Miller's Planters' & Merchants' Almanac for 1825. culler's Planters' & Merchants' Almanac for 1830. filler's Planters' & Merchants' Almanac for 1835. ^Statutes at Large of South Carolina, VIII, 35. ^The Planters' & Merchants' Almanac for 1819. "Miller's Planters' & Merchants' Almanac for 1821. 'Miller's Planters' & Merchants' Almanac for 1822. ■TMiller's Planters' & Merchants' Almanac for 1824. 101 The records for 1825 show that Moses Fort had succeeded Shackelford as cashier and that J. F. Green and Joseph W. Alston had succeeded John M. Taylor and Moses Fort as direc- tors.^ In 1830 the same officers were in charge except Marvin, Cohen, Dennison, Walker, Ford and Green, who had been succeeded by John A. Alston, Isaac Carr, Dr. Willis Wilkinson, William Chapman, Peter W. Fraser and Benjamin King."" In 1833 this branch was discontinued and the business at Georgetown was done through an agency.^ In 1835 Eichard D. Smith was the Bank's agent at George- town." On December 18, 1830, the General Assembly ratified "AN ACT to authorize the President and Directors of the Bank of the State of South Carolina, to establish a Branch of the said Bank at Hamburg." The Act provided that the president and directors of the Bank of the State of South Carolina might, whenever they deemed it expedient, "establish a branch of the said bank, or an agency", at Hamburg." They appear to have established an agency, and in 1835 Wyatt W. Starke was the agent." In 1831 the president and directors of the Bank of the State of South Carolina were authorized to establish a branch bank, or an agency, at Cheraw, whenever, in their judgment, it should be deemed advantageous to the interest of the said bank.' The writer has found no evidence that any branch bank was ever established, or any agent appointed, at that place. On December 18, 1824, the General Assembly passed "AN ACT to establish a Bank in the Town of Cheraw, and to incor- porate the same." James Coit, Joseph H. Townes and George T. Hearsey, at Cheraw; Moses Fort and Moses Tuttle, at George- town, and John Robinson and John Fraser, at Charleston, were named in the Act to receive subscriptions at the places named.' From the best information obtainable this bank had a brief and 'ililler's Planters' £ Merchants' Almanac for 1825. "Miller's Planters' & Merchants' Almanac for 1830. 'Statutes at Large of South Carolina, VIII, 67. 'Miller's Planters' & Merchants' Almanac for 1835. ^Statutes at Large of South Carolina, VIII, 58. 'Miller's Planters' & Merchants' Almanac for 1835. ^Statutes at Large of South Carolina, VIII, 65. 'Statutes at Large of South Carolina, VIII, 45-48. 102 precarious existence. It appears to have operated only about two years. The preamble to the Act was as follows: WHEEEAS, it is deemed expedient to establish a bank in the town of Cheraw, for the purpose of • affording to that place, and the adjacent country, a circulating medium, emenating- from an institution within the limits of this State, and for the further purpose of encouraging the growth and prosperity of the town, and facilitating the mercantile trans- actions of its citizens. The Act of incorporation contained many features similar to those in Acts incorporating other banks. The stockholders were bound for twice the amount of their shares ; the capital was fixed at $200,000. to be paid in, one half in specie and the remainder in notes of the Bank of the State of South Carolina, the corpora- tion to pay its interest in specie and to pay into the treasui-y of the state, before going into operation, a bonus of $4,800. and the bank was exempted from taxation during the time for which it was incorporated. Its brief existence was an exception to the rule, it being the only bank receiving a charter from the state prior to 1860 which suffered embarrassment. The writer knows of but one existing bill of this bank. It is a $10. bill, dated December 26, 1825 and is signed by Richard Maynard, Cashier, and George T. Hearsey, President. This shows that the bank was in existence at that date, but how long thereafter we have no definite information. As early as December, 1826, the bank appeared to be in some financial trouble. By an Act of the General Assembly ratified December 20, 1826, the Comptroller-General of the state was directed to put in suit all the bills of the Bank of Cheraw re- ceived for taxes, and also to put in suit a note given by Joshua Lazarus as collateral securitj^ for the payment of said bills, if the said notes should not be paid when due.^ Again, in the Appropriation Act of December 17, 1831, it was enacted "That the treasurer of the upper division be authorized, and he is hereby required, to pass to the credit of the Bank of the State, the sum of five thousand one hundred and eighty dollars, which was lost by the Cheraw Bank.'"' From the preamble of the Act of incorporation above referred to, we judge that bills of banks of North Carolina had crept into circulation in that community and it was to avoid that, that the ^Statutes at Large of South Carolina, VI, 296. -Statutes at Larr/e of South Carolina, VI, 454. 103 charter was granted. We believe this a reasonable inference. A re- port made to the legislature of Xorth Carolina in the year 1828 dis- closed the following facts: The Bank of Cape Fear and the Bank of Xewbern were chartered in 1804. The law in each case required that their capital should be paid in gold or silver. It was not so paid. A few j-ears later their charters were amended so as to increase their capital about threefold. Xot a dollar of this was paid except in the form of stock notes. The nominal capital of each was now $8,000,000. Operating upon this fraudu- lent basis they issued notes to an amount between $3,000,000. and $1:,000,000. with which they discounted paper drawing 6 per cent interest, so that for the use of their notes, which intrinsi- cally were of no value at all, the stockholders of these two banks had drawn from the people by way of interest something like $200,000. annually. The State Bank of Xortli Carolina was incorporated in 1810 with a capital of $1,600,000. of which the State subscribed $250,000. The law required that three fourths of the capital should be-paid in gold or silver and one fourth in old legal tender notes issued by the state before the existence of the Federal Constitution. Only $50,000 was paid in specie, $42,400 being paid in notes of the bank itself and the remainder in the notes of other banks. On this foundation it issued circulating notes to the amount of more than $12. to $1. of the specie in the faults. In 1819 (five years after the war) the three banks entered into an agreement with each other not to pay specie and their circulating notes immediately fell to 15 per cent discount. They then had the impudence to insert a clause in the paper notes which they discounted requiring payment in specie; that is they lent their own unnegotiable notes to the people on condition that payment should be made in coin. The specie so received was used to buy up their own circulating notes at a discount. They made false statements to the legislature. They bought stock in the Bank of the United States in direct violation of their charter. At the time when the investigation was made the State Bank had less than $1,000 specie in its vaults. The recommendation of the committee in view of these shock- ing disclosures was that the attorney general be authorized to cancel the charter. Even this measure failed. The banks then, in a lordly way, called in their loans. The legislature became 104 deaf and the people dumb/ The bills thus issued by this baiik had a wide circulation in Fayetteville and other communities along the Cape Fear River and by trading and commercial trans- actions reached into the Peedee section of this state. The confi- dence of the people was so shaken in the circulating medium of the banks that it was with difficulty that" confidence could be restored, and, while the Bank of Cheraw was builded upon a firm foundation, if the charter be obeyed, the lack of confidence made its failure inevitable. Cheraw, it appears then, was without banking facilities until December 19, 1833, when The Merchants's Bank of South Caro- lina, at Cheraw, was incorporated by "AN ACT to incorporate a Bank in the Town of Cheraw.'"" The preamble and first sec- tion of the Act read : WHEREAS, it is beneficial to the citizens of this State, that a Bank should be established in the town of Cheraw, therefore — I. Be it enacted by the Honorable the Senate and House of Repre- sentatives, now met and sitting in General Assembly, and by the authority of the same. That in order to establish the said Bank, the following persons be, and they are hereby, appointed commissioners to receive subscriptions at the several places hereinafter named : — at Cheraw, J. C. Coit, James Wright, Alexander Muirhead, David S. Harllee, John G. Mc- Kenzie * * * * » * such said subscribers paying their subscription monies, respectively, as hereinafter mentioned, then being stockholders, and all other persons who may hereafter become stockholders in the said company, shall be, and are hereby, incorporated, and made a corporation and body politic, by the name and style oi "The Merchants's Bank of South Carolina, at Cheraw," and so shall continue until the first day of January, one thousand eight hundred and fifty-five. It is interesting to note and also to contrast the preamble of this Act of incorporation and that which preceded the Act in- corporating the Bank of Cheraw, ten years before. The last named Act, from the recital in the preamble, was evidently in- tended to correct an error which then existed as well as to furnish better banking facilities, while the facts recited in the preamble of the present act indicate a purpose to provide a bank for the citizen and the community. While it would seem that the main purpose of the Act was to furnish a bank for the immediate community, yet from the number of commissioners appointed at other points, it would indicate a larger scope of territory in which to operate. ^W. N. Gouge: Short Life of Paper Money in Banking. "Statutes at Large of South Carolina, Vlit, 68-73. 105 The bank continued its operations under the management of the best business men of the community up to the time of the Confederate War, and was most successful. Tlie powers and limitations contained in the charter are so similar to those con- tained in the Act incorporating the Commercial Bank of Colum- bia, and in fact so similar to the powers and limitations contained in all charters granted about that time that they need not be repeated here. The officers of the Merchants's Bank of South Carolina, at Cheraw, for 1835 were J. C. Coit, president; Alex. Graham, James Wright, John Taylor, Alex. ]\Iuirhead, and A. P. LaCoste, directors; Hiram Hutchison, cashier.^ The Commercial Bank of Columbia, South Carolina, was in- corporated under an Act entitled, "AX ACT to establish and in- corporate a Bank in the town of Columbia", ratified December 17, 1831. The Act recites : "WHEEEAS, it is beneficial to the citizens of this State, that a bank should be established in the town of Columbia : therefore. Be it enacted by the Honorable the Senate and the House of Eepre- sentatives, now met and sitting in General Assembly, and by the author- ity of same — 1st. That in order to establish the said bank, the following person be, and they are hereby, appointed commissioners to receive subscrip- tions at the several named places hereinafter mentioned. » * * The commissioners for Columbia were William Law, H. Hutch- ison, J. J. Gracey, Eichard O'Xeale, and Alexander Kirk. Com- missioners for a like purpose were also named for Charleston, Coosawhatchie, Walterborough, Hamburg, Georgetown, Marion, Kingstree, Darlington, Cheraw, Camden, Lancaster, Fairfield, Chester, York, Union, Spartanburg, Greenville, Pendleton, Ab- beville, Laurens, Newberry, Edgefield, Barnwell, Orangeburgh, and Beaufort. It would thus appear that commissioners were appointed at nearly every court-house town in the state, and the evident pur- pose was to interest the entire state, and so do business in every portion of the state. By the said Act the bank was incorporated until the first day of January, 1853. The powers and limitations of this Act were so large and com- prehensive, that, since they were a type of the charters granted about this time, it would be well to incorporate them here. ^Miller's Planters' d Merchants' Almanac for 1835. 106 Sd. That the said corporation, by its name and style, shall be, and is hereby made, capable in law, to have, purchase, receive, possess, enjoy, and retain, to it and its successors, lands, rents, tenements, heredita- ments, goods, chattels, promissory notes, bills of exchange, and all other choses in action, monies and effects, of what kind nature or quality soever, to an amount not exceeding, in the whole, three times the amount of the capital stock of the said corporation, and the same to sell, alien or dispose of ; and also to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in courts of record, or any other place vyhatsoever ; and also to make, have and use a common seal, and the same to break, alter and renew at pleasure ; and also to discount bills of exchange and promissory notes, at a rate of interest not exceeding one per cent, for sixty days ; and also to ordain, establish and put in execution, such by-laws, ordinances and regulations, as shall seem necessary and convenient for the government of the said corporation, not being contrary to the laws of this State, or of the United States, or to the constitution thereof ; and generally, to do and execute all and singular such acts, matters and things which may be deemed necessary and proper for the good government and management of said corporation ; subject, nevertheless, to such regulations, restric- tions, limitations and provisions, as shall hereafter be prescribed and declared. 3d. That in case a greater sum than five hundred thousand dollars be subscribed, the commissioners above named at Columbia, shall not, in apportioning said shares, take from the subscribers for only five shares, unless they cannot otherwise sufEiciently reduce the amount sub" scribed. That the capital stock of the said bank shall be divided into twenty thousand shares of twenty-five dollars each share ; that five dol- lars shall be paid on each share at the time of subscribing, and the balance of forty dollars on each share, shall be paid in four equal in- stalments, quarterly, on the first Monday in October, January, April, and July following ; and all shares on which the payment due shall not be punctually made on the days above mentioned, shall be forfeited, with whatever monies may have been paid thereupon. 4th. That the number of votes to which each stockholder shall be entitled, shall be in the following proportion, that is to say ; for four shares, one vote ; for every four shares above four, and not exceeding twenty, one vote, for every eight shares above twenty, and not exceed- ing sixty, one vote : for every twelve shares above sixty, and not exceed- ing one hundred and twenty, one vote ; for every sixteen shares above one hundred and twenty, and not exceeding two hundred, one vote ; and for every twenty shares above two hundred, one vote ; Provided, alipai/s, that no person, copartnership, or body politic, shall be entitled to a greater number than sixty votes. That after the first Monday in June next, no share or shares shall confer a right of suffrage, which shall not have been held three calendar months previous to the day of elec- tion ; that no other stockholders than those who are citizens of the United States, shall be allowed to vote ; and that stockholders, being citizens of the United States, and actually resident therein, and none other, may vote by proxy, provided such proxy be a stockholder and a citizen of the United States. 5th. That there shall be an election in the said corporation, on the first Monday in May, in . each year, and in default thereof, on such other day as shall be fijced by said corporation, of thirteen directors, who shall be chosen by the stockholders, or their proxies, from among themselves, and by a plurality of votes actually given ; and those who shall be actually chosen at any election, shall be capable of serving as directors, by virtue of such choice, until the end of the first Monday in May next ensuing the time of such election, and no longer ; and the said directors, at their first meeting after such election, shall choose one of their number as president ; and in case of the death, resigna- tion, absence from the State, or removal from office by the stock- 107 holders, of a director, his place may be filled by the other directors, for the remainder of the year ; and that a fair and correct list of the stockholders shall be made out by the directors, at least one month previous to any election of directors, subsequent to the first election, to be submitted to the inspection of any stockholders. xVnd that to prevent a dividend of shares for the purpose of obtaining undue in- fluence, the managers of elections for directors of said bank, shall administer to every stockholder offering to vote, the following oath, that is to say: "You, A B, do swear (or affirm, as the case may be,) that the stock you now represent, is bona fide your property, and that no other person or persons is or are concerned therein." And to any stockholder offering to vote by proxy, or for a minor, or in right of or in trust for any other stockholder entitled to vote, the follow- ing oath: "You A B, do swear, (or affirm, as the case may be,) that the stock of C D, whom you represent, is, to the best of your knowledge and belief, the property of said C D. and that no other person or per- sons is or are, to the best of your knowledge or belief, concerned therein." And any stockholder refusing to mftke such oath or affirma- tion, shall not be allowed to vote at such election. 6th. That no stockholder who is not a citizen of the United- States, shall, nor shall any director of any other bank, nor co-partner of such director, nor more than one person of a co-partnership firm, be a director of this bank ; nor shall any person act as a director ^vho may be under protest in the said bank, as drawer or indorser of any bill of exchange held by the said bank, either for discount or collection, unless he shall prove, to the satisfaction of a majority of the other directors, that he has just reason and legal and sufficient cause for re- fusing payment of the demand on which such protest may be founded. 7th. That no less than five directors shall constitute a board for the transaction of business, of whom the president shall always be one, except in the case of sickness or necessary absence, when his place may be supplied by any other director whom he, by writing, shall nomi- nate for the purpose ; and in default of such nomination by the presi- dent, or in case of sickness or necessary absence of the person so nominated, the board of directors may, by ballot, appoint a temporary president. 8th. That the directors for the time being shall have power to ap- point such officers, clerks and servants under them, as shall be neces- sary for executing the business of said corporation, in such manner and upon such terms as they shall deem necessary and proper ; and shall also have power to remove such officers, from time to time, at their will and pleasure ; and shall be capable of exercising such other powers and authorities for the well government and ordering of the officers of the said corporation, as shall be prescribed, fixed and de- termined by the laws and regulations thereof. 9th. That the president, cashier, and clerks employed in keeping the books of said bank, shall be, and they are hereby declared to be. exempted from the performance of ordinary militia duty, and from serv- ing as jurors. 10th. That no officer of said bank, other than a director, not being president, shall be permitted, either directly or indirectly, to carrj' on the business or trade of merchandize, factorage, brokerage, vendue, or the exchange of money or bills for profit; and every such officer so trading shall be removed from office by the directors, and shall not be re-eligible to any office in said bank. 11th. That no director or other officer of said bank, shall, directly or indirectly, receive any compensation for any agency in negotiating any business with the bank in procuring discounts, renewing notes, or receiving monies for individuals on notes discounted ; and every such director, or other officer, thus receiving compensation, shall be 108 removed from office aiuT disqualified from thereafter holding any office in said bank. 12th. That a meeting- of the stockholders may be called at any time by the president and directors, or a majority of them, or by any director who may protest against the proceeding's of the board, and who may wish the propriety of his dissent to be considered by the stock- holders, or whenever the holders of one thousand shares, or upwards, shall require the same. Provided, that no such meeting of the stock- holders shall be competent to transact business, unless one month's notice thereof be given, in at least two public gazettes, and unless a majority of the stock in the said bank be represented. 13th. That the lands, tenements and hereditaments which it shall be lawful for the said corporation to hold, shall be only such as may be requisite for its immediate accommodation for the transacting of its business, to an amount not exceeding twenty thousand dollars, such as shall have been bona fide mortgaged or assigned to it by way of security or payment for debts previously contracted" in the course of its dealings, and such as shall have been purchased at sales upon judg- ments previously obtained. 14th. That the said bank shall not Issue any bills or notes for the payment of money, nor commence discounting, until one third part of its capital stock in specie shall be deposited in its vaults, nor until a bonus of ten thousand dollars be paid in the treasury of the State, whereupon the said bank shall be, and the same is herebj' declared to be, exempted from the payment of all taxes during the term that it is hereby incorporated. 15th. That the stock of said bank shall be assignable and transfer- able according to such regulations and upon such terms as may be pre- scribed and fixed by the said corporation. 16th. That the bills or notes which may be issued by order of the said corporation, signed by the president and , counteK-iigned by the principal cashier or treasurer thereof, promising the payment of money to any person or persons, his or her or their order, or to the bearer, though not under the seal of the said corporation, shall be binding and obligatory upon the said corporation, in like manner, and with the like force and effects, as upon any private person or persons, if is- sued by him, her or them, in his, her or their private capacity, and shall be assignable and negotiable in like manner if they were so is- sued by such private person or persons, that is to say : those which shall be payable to any person or persons, his, her or their orders, shall be assigned by endorsement, in like manner and with like effect as foreign bills of exchange or promissory notes now are ; and those which are payable to any person or persons, or bearer, shall be negoti- able and assignable by delivery only. 17th. That the total amount of debts which the said corporation shall at any time owe, shall not exceed three times the amount of its capital stock, exclusive of the amount of money then actually deposited in the bank for safe keeping. And in case of excess, the directors under whose administration such excess shall happen, shall be liable for the same in their private and individual capacities, and an action may, in such case, be brought against them, or any of them, their, or any of their heirs, executors or administrators, in any court having jurisdiction, by any creditor or creditors of the said corporation, and may be prose- cuted to judgment and execution ; any condition, covenant or agreement to the contrary notwithstanding. But this shall not be construed to ex- empt said corporation, or the lands, tenements, goods or chattels of the same, from being also liable for said excess. And such of the said di- rectors as may have been absent when such excess was contracted or cre- ated, or such as may have dissented from the resolution or act whereby 109 the same was so contracted or Justice Richardson and Chancellors Harper and Dunkin, while Justices O'Neall, Evans and Butler concurred with Chancellor David Johnson. In other words, three chancellors and. two judges joined in reversing the decision of Judge Butler, while one chancellor and three judges sustained the judgment of the court below, and one judge (Earle) was absent because of indisposition. The case brought against the Bank of Charleston to revoke its charter, because of the suspension of specie payment, was heard at the same time and along with the case against the Bank of South Carolina and the same distinguished counsel submitted their arguments in that case. In addition to the de- fenses urged by the Bank of South Carolina, the Bank of Charles- ton interposed the additional defense, "that the franchises con- ferred by the said Act of the seventeenth day of December, in the year of our Lord one thousand eight hundred and thirty-four, ought not to be seized by the State, and taken away from the said Bank of Charleston, South Carolina, nor the said charter revoked, because the said Bank of Charleston, South Carolina, jaith. that after the first day of September, in the year of our Lord one thousand eight hundred and thirty-eight, that is to say, on the twenty-first day of December, in the year of our Lord one thousand eight hundred and thirty-nine, by a certain Act of the said General Assembly, intitled An Act to extend ^A Report of the Proceedings in the Cases of The Bank of South Carolina and the Bank of Charleston, upon Scire Facias, etc., pag-es 441-470. 157 the time of payment of the last instalment of the increased capital of the Bank of Charleston, South Carolina, it was enacted, that the last instalment of fifty dollars on the in- creased capital stock of the Bank of Charleston, South Carolina, should be paid at such time as the president and directors might call therefor, as by the said Act, among other things, relation being thereunto had, doth fully appear : by reason whereof, the charter of the said Bank of Charleston, South Carolina, is con- firmed, made good, available, and of perfect force, to all the citizens of this State, according to the true intent and meaning of the said Act of Assembly." In deciding the case against the Bank of Charleston, Judge Butler, delivering the opinion of the court spoke as follows: This case is distinguished from that of The State against The Bank of South Carolina, in the particulars set forth in the defendant's special plea ; and should, therefore, be decided on its own separate merits. I am satisfied, that the special plea of the defendant is a sufficient and valid bar to the proceedings of the plaintiff; and I, there- fore, overrule the plaintiff's demurrer, and award judgment for the defendant on the plea.' The Attorney General, however, appealed from this decision of the court and the case was heard by the Court of Errors at the sitting in Charleston in February, 1842, at the same time that the case was heard by that court against the Bank of South Carolina. Chancellor Harper, in delivering the judgment of the court said: If the charter of the defendants was forfeited by the suspension of specie payments in 1837, and the forfeiture was incurred from the time of the act committed, we are of opinion, that the Act of 1839, which is pleaded, must be regarded as a waiver of the forfeiture. * * ♦ * I am inclined to think too, that the adoption by the Legislature of the report of the Committee of Ways and Means, of the 20th Dec. 1837, was a waiver of this forfeiture. It appears, from the report, that the governor had communicated to the Legislature, the- fact of the suspension of specie payments by the banks of the State, with an exposition of the reasons for the step they had taken. This part of the message was referred to the Committee, who reported, that they feel satisfied, that the banks are entitled to public confidence, which report was concurred in by both branches of the Legislature. The Comptroller General also communicated the same information to the Legislature. I think this must be interpreted into an approval of the conduct of the banks. I do not know any particular manner by which a party entitled to a forfeiture may waive it. Whatever is *4 Report of the Proceedings in the Cases of The Bank of South Carolina and The Banlc of Charleston, upon Scire Facias, etc., pages 506-507. 158 clearly significant of the intention, I suppose, will be sufficient. In Webster v. Bannister, Doug. 394, the forfeiture of an annuity bond was waived by parol, and giving day to the obligor. I do not know that the Legislature must waive by law. It may by resolution direct its officer to proceed to enforce the forfeiture, and by parity of reason, it may direct him to forbear, and remit the penalty. And certainly, when the pardon, or amnesty is once granted, it cannot be recalled. It has passed in rem aotam. To hold the contrary, would work the utmost injustice to persons who may have become holders of stock on the faith of the legislative amnesty. After these proceedings of the Legislature, it is scarcely necessary to investigate the question of notice to it of the act of forfeiture. It is ordered that the demurrer be overruled, and the judgment affirmed.' Chancellors Johnson and Dunkin and Justices Eichardson, O'Neall, Evans, Butler and Wardlaw concurred. Chancellor Johnston and Judge Earle were absent. By this time all excitement had subsided, the banks in this state, and also the banks throughout the country, had resumed specie payments and were doing business in their accustomed way and style. Such being true, a general amnesty proclamation was issued in the form of an Act ratified December 19, 1843, entitled : AN ACT to amend an Act to Provide Against the Suspension of Specie Payments by the Banks of this State. I. Whereas the Bank of Sovith Carolina, and the President, Directors and Company of the State Bank, have respectively applied to the General Assembly by their respective memorials, praying to be permitted to accept, as part of their respective charters, the terms and provisions of an Act entitled an Act to provide against the suspension of specie payments by the banks of this State, ratified on the eighteenth day of December, in the year of our Lord one thousand eight hundred and forty: Be it therefore enacted, by the Senate and House of Rep- resentatives, now met and sitting in General Assembly, and by the authority of the same, That it shall and may be lawful for the said Bank of South Carolina, and the President, Directors and Company of the State Bank, severally, to accept the terms and provisions of the said Act as a part of their charters respectively : Provided.^ That the said corporations shall respectively notify the Governor of such ac- ceptance, on or before the first day of Ma,rch next. II. Nothing in this Act contained shall be construed to exempt the said banks from the forty-first Section of an Act to incorporate certain villages, societies and companies, and to renew and amend certain charters heretofore granted, and to establish the principles on which charters of incorporation will hereafter be granted, ratified on the seventeenth day of December, in the year of our Lord one thousand eight hundred and forty-one ; but the provisions of said Section, and also of the Act mentioned in the first Section of this Act, shall be taken and held as a, part and parcel of the charter of each corporation which shall so accept as aforesaid. III. The Governor, upon being notified of the said acceptance, shall cause all legal proceedings pending against the bank so accepting, for the purpose of vacating its charter, to be forthwith discontinued. ^A Report of the Proceedings in the vases of The Bank of South Carolina and The Bank of Charleston, upon Scire Facias, etc., pages 512-517. 159 IV. The proceedings which have been instituted and are pending against any other incorporated bank within this State, in virtue of the said Act to provide against the suspension of specie payments by the banks of this State shall be forthwith discontinued. V. If any incorporated bank in this State which shall not have duly accepted the terms and provisions of the said last mentioned Act, so that the same shall have become part of its charter, shall here- after suspend the payment in legal coin of the bills or notes of the said bank, issued by the said bank as part of the currency or cir- culating medium of the State, or shall suspend the payment in such coin of the moneys placed in the said bank on deposit, or shall declare its determination to suspend or refuse such payment, the Governor, for the time being, shall forthwith cause legal proceedings to be in- stituted against such bank to vacate its charter ; but no such proceedings shall be prosecuted to final judgment, nor shall final judgment for the State be entered thereon, until the expiration of the session of the General Assembly next succeeding the institution of such pro- ceedings.^ Thus ended one of the most interesting legal fights reported in our courts, the issues of which had been raised for the purpose of establishing great legal principles concerning a danger that had passed away, but on which the judgment announced was not to be enforced. In the arguments submitted by the distinguished counsel, on both sides, and in the decrees rendered by the court, we find a store, of legal learning valuable both to bench and bar. It was a battle of giants; before a tribunal of profound learning. Fortunately, therefore, the entire proceedings, under an Act of the General Assembly have been preserved for future reference in book form entitled The Bank Case. A Report of the Proceedings in the Gases of The Bank of South Carolina and The Bank of Charleston, upon Scire Facias, to vacate their Charters, for sus- pending Specie Payments, with the final argument and determina- tion thereof in the Court for the Corrections of Errors of South Carolina, in the years 1842, and 1843. (Charleston, 1844.) The case of State vs. The Bank of Charleston is found reported in 2 McMullin, 439, and that of State vs. The Bank of South Carolina in 1 Speer, 433. ^Statutes at Large of South Carolina, XI (reprint of 1873), 281-282. CHAPTER IV. From the Panic of 1837 to the Close of the Confederate War. From 1837, the year in which the financial panic swept over the country, until the year 1850 no steps were iaken for the purpose of incorporating any banks in this State. What, if anything, was done during that time, relating to financial affairs, pertained to certain legislation and certain litigation which grew out of the financial condition referred to and the suspen- sion of specie payments on the part of the banks as a necessary sequence. The financial crisis referred to paralyzed business, and the suspension of specie payments by the banks so shook confidence that there seemed to be no interest on the part of the people in organizing other banking institutions. Until the year 1843 the General Assembly was bu^ in en- acting laws to prevent further suspensions of specie payments on the part of the banks, and the courts of the state were busy in considering the legal results which followed such suspension. With the lapse of time, however, confidence was restored, and in the year 1851 application was made by certain citizens in Fairfield District (now County) for the organization of a bank and on December 16, of that year, an Act was passed entitled: "AN ACT to establish and incorporate a Bank in the town of Winnsborough. " For certain reasons it will be interesting, as a matter of history, as it will be made to appear hereafter, to incorporate this Act, which is as follows: I. Be it enacted by the Senate and House of Representatives, now met and sitting in General Assembly, and by the authority of the same, That in order to establish a Bank in the town of Winnsborough, the following persons be, and they are hereby appointed Commissioners to receive subscriptions, at the several places hereinafter mentioned. At Winnsborough. — Samuel G. Barkley, James B. McCants, John Simonton. At Charleston. — Wm. H. Gilliland, Joseph D. Aiken, N. B. Hill. At Columbia. — James Cathcart, James A. Kennedy, A. H. Porcher. At Chesterville. — John A. Bradley, John Dunovant, James Hemphill. At Yorkville.— Wm. C. Beaty, E. G. McCaw, Wm. A. Latta. At Camden. — John Eosser, James Dunlap, Wm. M. Shannon. At Lancaster. — James Witherspoon, Jno. Adams, Wm. McKenna. At Cheraw. — John A. Inglis, A. P. LaCost, Wm. A. McCreight. At Georgetown. — Richard Dozier, J. B. Anderson, B. A. Coachman. At Sumters-ille. — Thomas B. Frierson, Henry Haynesworth, Anthony White, Sr. ^ ^ , j 161 And the said Commissioners, or a majority of them, at each of the said places, shall, on the first ilonday in April next, and day following, open subscriptions, from the honrs of ten o'clock, A. JI. until two o'clock. P. it., on each day, in the above places, respectively, for the purpose of raising- the sum of three hundred thousand dollars : whereof, one month's public notice shall be previously given in some one of the gazettes of Charleston, Columbia, Camden, Yorkville, Chesterville, Cheraw, Georgetowm, Sumterville and Winnsborough ; and the above-named Com- missioners, at each of the above-mentioned places, except Winnsborough, shall, on or before the second Monday in April next, respectively forward correct lists of the shares subscribed, together with the monies paid on such shares, at the time of subscribing, for the purpose of appor- tioning the same to the above-named Commissioners at Winnsborough, who shall make out and forward to all the other above-named Com- missioners, respectively, a schedule of the said apportionments ; and such subscribers paying their subscription monies, respectively, as hereinafter provided, then being stock, holders, and all other persons who may tnereafter become stockholders, in the said Company, shall be, and they are hereby incorporated, and made a corporation and body politic, by the name and style of "The Planter's Bank of Fairfield, South Carolina." and so shall continue until the first day of Januarj-, one thousand eight hundred and sixty-six. II. That in case the amount of three hundred thousand dollars, shall not be subscribed on the days, and at the places above mentioned, then the books of subscription shall be again opened in the to^vn of Winnsborough, to remain open until the first Jlonday in August next, unless the full amount of stock shall be sooner subscribed. III. That the said corporation, by its said name and style, shall be, and is hereby made capable in law, to have, purchase, receive, possess, enjoy, and retain, to it and its successors, lands, rents, tene- ments, hereditaments, goods, chattels, promissory notes, bills of ex- change, and all other choses in action, monies and effects, of \vhat kind, nature or quality soever, to an amount not exceeding in the whole, three times the amount of the capital stock of the said cor- poration, and the same to sell, alien, or dispose of. And also to sue and be sued, plead and be impleaded, answer and be answ^ered, defend and be defended in courts of record, or in any other place whatsoever; and also to make, have and use a common seal, and the same to break, alter and renew at pleasure ; and also to discount promissory notes at a rate of interest not exceeding one per cent, for sixty days, and to deal and trade in bills of exchange ; and also to ordain, establish, and put in execution, such by-laws, ordinances and regulations as shall seem necessary and convenient for the government of the said cor- poration, not being contrary to the laws of this State, or of the United States, or to the constitution thereof. And generally to do and execute all and singular such acts, matters and things, which may be deemed necessary and proper for the good government and manage- ment of said corporation, subject, nevertheless, to such regulations, restrictions, limitations and provisions, as shall hereafter be prescribed and declared. IV. That in case a greater amount than three hundred thousand dollars be subscribed, the Commissioners above-named, at Winnsborough, shall ^lot, in apportioning said shares, take from the subscribers for only five shares, unless they cannot othersvise sufliciently reduce the amount subscribed. That the capital stock of said Bank shall be divided into twelve thousand shares, of twenty-five dollars each share; that five dollars in specie, or the bills of specie-paying Banks of this State, shall be paid on each share, at the time of subscribing, and the balance of twenty dollars on each share, shall be paid in four equal instalments, on the first Monday in August, November, February and 162 May following; and. all shares on which the payment due shall not be punctually made, on or before the days above-mentioned, shall be for- feited, with whatever monies may have been paid thereupon. But no such forfeiture shall exonerate the stockholder from liability to pay up the amount of his subscription, unless his stock shall have been previously sold in good faith. V. That the number of votes to which each stockholder shall be en- titled, shall be in the following proportion, to the number of shares, respectively, that is to say : for one share, one vote ; for every one share thereafter, and not exceeding ten, one vote ; for every two shares above ten, and not exceeding twenty, one vote ; for every four shares above twenty, and not exceeding thirty-six, one vote; for every six shares above thirty-six, and not etxceeding fifty, one vote; for every eight shares above fifty, and not exceeding seventy-five, one vote ; for every ten shares above seventy-five, one vote : Provided always, that no person, copartnership or body politic, shall be entitled to a greater num- ber than fifty votes ; that no share or shares shall confer the right of suffrage, which shall not have been held three calendar months pre- vious to the day of the election after the first election is had ; that no other stockholders than those who are citizens of the United States, shall be allowed to vote ; and that stockholders, being citizens of the United States, and actually residents therein, and none other, may vote by proxy, provided such proxy be a stockholder, and a citizen of this State. VI. That there shall be an election in the said corporation, on the first Monday in June in each year, and in default thereof, on such other day as shall be fixed by said corporation, for seven Directors, who shall be chosen by the stockholders, or their proxies, for among them- selves, and by a plurality of votes actually given ; and those who shall be actually chosen at any election, shall be capable of serving as Directors by virtue of such choice, until the end of the first Monday in June next ensuing the time of such election, and the said Directors, at their first meeting after such election, shall choose one of their number as President, and in case of the death, resignation, absence from the State, or removal from office, by the stockholders of a Director, his place may be filled by the other Directors, for the re- mainder of the year ; and that a fair and correct list of the stock- holders shall be made out by the Directors, at least one month pre- vious to any election of Directors, subsequent to the first election, to be submitted to the inspection of any stockholder, and to prevent a division of shares for the purpose of obtaining undue influence. Managers of Elections for Directors of said Bank, may administer, and shall, if the same be demanded by any stockholder of said Bank, to every stockholder offering to vote, the following oath, that is to say, "You, A. B., do swear (or affirm, as the case may be,) that the stock you now represent is bona fide your property, and that no other person or persons is or are concerned therein." And to any person offering to vote as proxy, for a minor, or in right of, or in trust for any other stockholder entitled to vote, the following oath : "You, A. B., do swear (or affirm, as the case may be,) that the stock you now represent, is the property of C. D., and that no other person or persons, to the best of your knowledge or belief, is, or are con- cerned therein ;" and any stockholder refusing to make such oath or affirmation, shall not be allowed to vote at such election. VII. That no stockholder who is not a citizen of this State, shall, nor shall any Director of any other Bank, nor copartner of such Director, nor more than one person of a copartnership firm, be a Director of said Bank ; nor shall any person act as a Director who may be under pro- test in said Bank, as Drawer or Endorser of any paper held by the said Bank, either for discount or collection, unless he shall prove, to 163 the satisfaction of a majority of the other Directors, that he has just reasons, and legal and sufficient cause for refusing payment of the demand on which such protest may be founded. VIII. That no less than four Directors shall constitute a Board for the transaction of business, of whom the President shall always be one, except in case of sickness or necessary absence, when his place may be supplied by any other Director, whom he shall, by writing, nominate for the purpose ; and in default of such nomination by the President, or in case of sickness or necessary absence of the person so nominated, the Board of Directors may, by ballot, appoint a temporary President. IX. That the Directors, for the time being, shall have power to appoint such officers, clerks, and servants under them, as shall be necessary for executing the business of said corporation, in such manner, and upon such terms as they shall deem necessary and proper, and shall also have power to remove such officers, from time to time, at their will and pleasure ; and shall be capable of exercising such other powers and authorities for the well-governing and ordering of the affairs of the said corporation, as shall be prescribed, fixed and de- termined by the laws and regulations thereof. X. That no officer of said Bank, other than a Director, not being President, shall be permitted, either directly or indirectly, to carry on the business or trade of buying or selling cotton, or other produce, factorage, brokerage, vendue, or the exchange of money or bills, for profit : and every such officer so trading shall be removed from office by the Directors, and shall not be re-eligible to any office in said Bank. XI. That no Director or other officer of said Bank, shall directly or indirectly, receive any compensation for any agency in negotiating any business with the Bank, in procuring discounts, renewing notes, or receiving monies from individuals, on notes discounted ; and every such Director or other officer, thus receiving compensation, shall be removed from office, and disqualified from thereafter holding any office in said Bank. XII. That a meeting of the stockholders may be called, at any time, by the President and Directors, or a majority of them, or by any Director who may protest against the proceedings of the Board, and who may wish the propriety of his dissent to be considered by the stoclsholders, or whenever the holders of two thousand shares, or up- wards, shall require the same : Provided, That no such meeting of the stockholders shall be competent to transact business, unless one month's previous notice be given in at least two public gazettes in the State, and unless a majority of the stock in said Bank be rep- resented. XIII. That the lands, tenements and hereditaments, which it shall be lawful for the said corporation to hold, shall be only such as may be requisite for its immediate accommodation for the transacting of its business to an amount not exceeding twenty-five thousand dollars, such as shall have been bona fide mortgaged or assigned to it, by way of security, for payment of debts previously contracted in course of its dealings, and such as shall have been purchased at sales upon judg- ments previously obtained. XIV. That the said Bank shall not issue any bills or notes for the payment of money, or commence discounting, until one-third part of its capital stock, in specie, shall be deposited in its vaults, nor until a bonus of seven thousand five hundred dollars be paid into the Treasury of the State. Whereupon, the said Bank shall be, and the same is hereby declared to be, exempted from the payment of all taxes during the term that it is hereby incorporated. 164 XV. That the Stock of said Bank shall be assignable an4 transferable, according to such regulations, and upon such terms as may be pre- scribed and fixed by the said corporation. XVI. That the bills or notes which may be issued by order of the said corporation, signed by the President and countersigned by the principal Cashier or Treasurer thereof, promising the payment of money to any person or persons, his, or her, or their order, or to the bearer, though not under seal of the said corporation, shall be binding and obligatory upon the said corporation, in like manner, and with the like force and efEect, as upon any private person or persons, if issued by him, her or them, in his, her or their private capacity, and shall be assignable and negotiable, in like manner as if they were so issued by such private person or persons, that is to say : those which shall be payable to any person or persons, his, her, or their orders, shall be assignable by endorsement, in like manner, and with like effect, as foreign bills of exchange or promissory notes now are ; and those which are payable to any person or persons, or bearer, shall be assignable and negotiable by delivery only. XVII. That the total amount of debts which the said corporation shall at any time owe, shall not exceed three times the amount of its capital stock, exclusive of the amount of money then actually deposited in the Bank for safe keeping. And in case of excess, the Directors, under whose administration such excess shall happen, shall be liable for the same in their private and individual capacities, and an action may, in sxieh case, be brought against them, or any of them, their or any of their heirs, executors or administrators, in any Court having jurisdiction, by any creditor or creditors of the said corpora- tion, and may be prosecuted to judginent and execution, any condition, covenant or agreement to the contrary notwithstanding. But this shall not be construed to exempt said corporation, or the lands, tenements, goods or chattels of the same from being also liable for said excess. And such of the said Directors as may have been absent when such excess was contracted or created, or such as may have dissented from the resolution or act whereby the same was contracted or created, may respectively exonorate themselves from being thus liable, by forth- with giving notice of the fact, and of their absence or dissent, to the stockholders, at a general meeting to be called for that purpose. XVIII. That the said corporation shall not be permitted to purchase any public debt whatsoever, except of this State, or of the United States ; nor shall directly or indirectly deal or trade in anything except notes, bills of exchange, gold or silver bullion, or in the sales of goods really and truly pledged for money lent, and not redeemed in due time, or of goods which shall be the produce of its lands; neither shall the said corporation take more than at the rate of one per cent, discount for sixty days, for or upon its loans or discount. That if the said corporation shall purchase, trade, discount or loan, contrary to the provisions of this Act, all and every person or persons thus purchasing, trading, discounting or loaning, contrary to the provisions of this Act, shall forfeit and lose treble the value of the goods, wares and merchan- dize, notes, bills or loans thus illegally purchased, traded for, dis- counted for or loaned, one-half thereof to the use of the informer, and the other half thereof to the use of the State. XIX. That the bills or notes of the said corporation, originally made payable on demand, or which shall have become payable in gold or silver, current coin, shall be receivable by the Treasurers, Collectors, Solicitors and other public officers, in all payments for taxes or other monies due the State, so long as the said Bank shall pay gold and silver current coin for their notes. XX. That dividends shall be made at least twice in each year, by the said corporation, of so much of the profits of the said Bank as 165 shall appear to the Directors advisable; and once in every year the Directors shall lay before the stockholders, at a general meeting, for their information, the amoimt of surplus profits, if any, after deducting losses and dividends. XXI. The said corporation are hereby authorized to increase their capital to a sum not exceeding five hundred thousand dollars, should it majority of stockholders, at a general meeting, at any time during a continuance of their charter, deem the same necessary or advisable, by disposing of any number of additional shares, not exceeding eight thousand. XXII. That in case of the failure of said Bank, each stockholder, copartnership or body politic, having a share or shares therein, at the time of such failure, or who shall have been interested therein, at any time within twelve months previous to such failure, shall be liable and held bound, individually, for any sum not exceeding three times the amount of his, her or their share or shares. XXIII. That any real estate, bills, notes, moneys, profits, or other property, whatsoever, which may, on the dissolution of said corporation, be owned or possessed by it, shall be held by the Directors of said Bank, for the use and benefit of all persons holding shares in said corporation at the time of its dissolution, and their legal assigns and representatives, in average and proportion to the number or amount of said shares. XXIV. No loan shall be made by the said Bank, secured in any way by a pledge of its stock, until twelve months after the whole capital stock shall have been paid in. XXV. The said Bank shall make such provision for the redemption of its bills at Charleston, as will keep them at par throughout the State. XXVI. That the capital of said Bank shall be subject to taxation, in such manner as the Legislature shall from time to time impose. XXVII. That the said Bank shall be subject to all the provisions of an Act passed the 18th day of December, 1840, entitled An Act to provide against the suspension of specie payments by the Banks of this State, and such regulations and restrictions as the Legislature shall from time to time impose. XXVIII. That in case the said Bank shall at any time suspend the payment of current coin for its notes, the Governor shall, at his dis- cretion, either cause to be issued a scire facias to vacate its charter, or take proper measures to enforce the penalty imposed by the second section of the said Act of 1840. XXIX. That if the officers of this Bank shall refuse or delay pay- ment in gold or silver current coin, of its promissory notes or other obligation, on demand, made at its counter during the usual hours of business, it shall be liable in damages, to the note-holder or other creditor, at the rate of twelve per cent, per annum, for the time of such refusal or delay. XXX. That the charter of said Bank, so incorporated, as aforesaid, by this Act, shall at all times remain subject to amendment, alteration or repeal, by the legislative authority of this State.^ The thirty sections of this Act included all the powers and limitations contained in charters before granted to banks of this state, all of which were very similar in respect to these conditions. It will also be observed that commissioners were named to solicit subscriptions to the stock of this bank in the town of Winnsborough and in nine other cities and towns of ^Statutes at Large of South Carolina, XII, 131-128. 166 this state. The powers and privileges contained in the Act have been reviewed in dealing with the earlier banks of the state, and so they need not be repeated here; especially since there is no evidence that the incorporators ever availed them- selves of the powers and privileges contained therein; nor is there any evidence that the bank was ever incorporated under the provisions of this Act. Possibly the people had not recovered from the shock which followed 1837, but it is difficult to understand why the people of Winnsborough did not avail themselves of the opportunities thus afforded. The next year, however, seemed to have given a new im- pulse to the banking interest, and the spirit seems to have been revived in various portions of the state as will appear from an Act passed December 16, 1852, entitled: AN ACT to re-charter the Planters' & Mechanics' 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 Farmers' & Exchange Bank, and the People's Bank of Charleston, the Bank of Newberry, the Bank of Chester, the Bank of Summerville, the Planters' Bank of Fairfield, and the Western Bank of South Carolina, at Anderson. I. Be it enacted by the Senate and House of Eepresentatives,' now met and sitting in General Assembly, and by the authority of the same, That the charter of the Planters' & Mechanics' Bank of South Carolina, be and the same is hereby renewed for the term of twenty- one years from and after the first day of January next, which will be in the year of our Lord one thousand eight hundred and fifty-three. II. That the said Bank shall, during the said term of twenty-one years, be permitted to enjoy all the privileges, rights, powers, immunities and benefits which it now enjoys under the existing charter of said Bank, and the said Bank shall be subject to all the provisions of an Act, passed on the eighteenth day of December, in the year of our Lord one thousand eight hundred and forty, entitled "An Act to provide against the suspension of specie payments by the Banks of this State," and also such regulations and restrictions as the Legislature shall from time to time impose. III. That the capital stock and other property of the said Planters' & Mechanics' Bank, and all the other Banks hereby re-chartered or incorporated, shall be liable to taxation in the same manner as the capital stock and property of individuals and of other corporations. Provided, That no municipal corporation shall tax the capital stock or profits of said Banks, without authority first had and obtained from the Legislature. IV. That in case of the failure of said Bank, each stockholder, co- partnership or body politic, having a share or ■ shares in such Bank, at the time of such failure, or who shall have been interested therein at any time within twelve months previous to such failure, shall be liable and held bound individually for any sum not exceeding twice the amount of his, her or their share or shares. V. It shall not be lawful for the said Bank, except in settlements with other Banks, to pay or deliver out in payment or satisfaction of any demand upon it, or by way of loan or discount, any bill, note, check or other paper of any other Bank. And for each and every violation of this section, the said Bank shall be subject to the payment 167 of one hundred dollars, to be recovered by action of debt, at the suit of the State, and appropriated, one half to the use of the State, and the other half to the informer. VI. The bills or notes of the said Bank shall be receivable by the Treasurers, Tax Collectors, and other public officers, in payment for taxes and other moneys due to the State, no longer than while the said Bank shall promptly pay, on demand, gold and silver current coin for their notes ; but whenever the said Bank shall refuse or delay to pay any of their notes in gold or silver current coin, or whenever there shall be a protest on any of the bills or notes of the said Bank for non-payment in specie, it shall be the duty of the Comptroller-General to forbid the receipt of the bills or notes of the said Bank for taxes and other public dues, unless satisfactory reasons be shewn him by the said Bank for contesting, in a Court of justice, the payment of such protested bills or notes. VII. That the charters of the Union Bank of South Carolina, and the Commercial Bank of Columbia, South Carolina, be also renewed, from the period at which their charters respectively expire, for the same time and with the same right's, privileges and obligations, and subject to the same regulations and restrictions as herein before pro- vided in relation to the said Planters' & Mechanics' Bank. VIII. That the following eight Banks are hereby incorporated, to be named and known as follows, to wit : One in Columbia, to be known as the "Exchange Bank of Columbia," with a capital of five hundred thousand dollars, and with the privilege of increasing it to one million ; one at Charleston, to be known as the "Farmers & Exchange Bank of Charleston," with a capital of one million of dollars ; one at Chester, to be styled the "Bank of Chester, South Carolina," with a capital of three hundred thousand dollars ; one at Newberry, to be styled the "Bank of Newberry, South Carolina," with a capital of three hundred thousand dollars ; one at Winnsboro', to be styled the "Planters Bank of Fairfield," with a capital of three hundred thousand dollars ; one at Anderson, to be styled the "Western Bank of South Carolina," with a, capital of three hundred thousand dollars ; one at Sumterville, to be styled the "Bank of Sumterville," with a capital of three hundred thousand dollars; and one at Charleston, to be styled the "People's Bank of South Carolina," with a capital of one million dollars ; which said Banks shall have and possess the same rights and privileges, and be subject to the same duties, liabilities, obligations, regulations, and restrictions herein provided for the said Planters' & Mechanics' Bank, and Union Bank and Commercial Bank. The capita] stock of each of the said eight Banks shall be divided into shares of twenty-five dollars each. IX. The Comptroller General shall be authorized to appoint fit and proper persons as Commissioners at Columbia and Charleston, or else- where, as he may decide, to open subscriptions, between the first day of April and the first day of July next, to the capital stock of the eight Banks respectively named in the foregoing section, and to require five dollars on each share from subscribers in specie or notes of specie paying Banks of this State, and shall deposit the same in such Bank as a, majority of the subscribers shall designate, for the use of the respective Banks, on the first meeting of the subscribers. That as soon as the subscription shall respectively be filled to the amount of the capital stock of each of the Banks respectively hereinbefore named, it shall be the duty of the Comptroller General to notify said sub- scribers to meet, who shall thereupon become a body corporate, with the same privileges and rights as the stockholders of the Banks whose charters are hereby renewed, and make all bye-laws not inconsistent with the laws of the land, to provide for the election of officers, the division of the capital stock as aforesaid, the payment of the subscrip- 168 tions and all arrangements to put into operation the charters hereby granted. Provided, That no one of the Banks hereby incorporated for the first time, shall issue any bill or note or transact business until satisfactory proof shall be given to the Comptroller General that one- half of the capital stock of each Bank has been paid, in one moiety thereof in gold or silver, and the other moiety in notes of specie paying Banks. And, provided further. That in case of over-subscrip- tion to the stock of any of the foregoing Banks, the said subscription shall be reduced pro rata, but no subscription of five shares or under shall be reduced ; and it shall not be lawful for any person to sub- scribe for shares in the name of other persons. X. No loan shall be made on pledge of stock of any of the said Banks until one year after the whole capital shall have been paid in. XI. The officers of the Banks above named shall not be exempt from militia duty or from serving on juries.' It is strange indeed that the General Assembly had by this time so widely departed from the methods theretofore adopted in chartering banks. In this one Act, not only were charters of old banks extended but charters granted for the incorporation of new banks. Under the Act the charter of the Planters' & Mechanics' bank was extended for a period of twenty-one years, subject however to certain provisions contained in the Act of 1840 hereinbefore referred to. The charter of the Union Bank of South Carolina, and that of the Commercial Bank of Columbia were also renewed and extended under like rights, privileges and obligations and subject to the same regulations and restrictions as those provided for the Planters' & Mechanics' Bank. But the most marked feature of the Act is to be found in the eighth Section whereby, departing from the old established rule, eight banks were brought into existence by one legisla- tive Act. From the best source of information obtainable six of the banks thus chartered were organized and put in active operation. There is no evidence that the Western Bank of South Carolina, to be located at Anderson, and the Bank of Sumter- ville, to be located at Sumterville, were ever organized; in fact there is evidence tending to show that they were never put into operation. All of the banks which had been incorporated under the laws of this state, except the two above mentioned, continued in active and successful operation until the shock which fol- lowed the War of Secession. It is interesting here to note that the Act now under con- sideration added to the seven banks already in active operation ^statutes at Large of South Carolina, XII, 212-214. 169 in Charleston two others which became financial strongholds of the state and city and the others, scattered throughout the state, were also controlling factors in their several communities. The Farmers' & Exchange Bank of Charleston was chartered by the Act of the General Assembly of December 16, 1852. Books of subscription were opened in Charleston and Colum- bia in April, 1853,' and on April 25, the capital stock of one million dollars having been fully subscribed, the stockholders met "at the Hall of the Bank of Charleston" and the follow- ing directors were elected : W. M. Martin, A. R. Taft, S. S. Farrar, C. V. Chamberlain, M. C. Mordecai, W. D. Porter, James Marsh, H. S. Eoosevelt, John Gibbon, F. A. Saunders, Daniel Crawford, Joseph D. Aiken, and W. B. Williams." On May 19, 1853, the following officers for the bank were elected: William M. Martin, president; W. C. Breese, cashier; J. S. Davies, bookkeeper; H. H. DeLeon, discount and collec- tion clerk; George W. Logan, outdoor clerk, notary and porter." On July 1, 1854, the following advertisement was issued: The business of this Institution will be transacted in the new building, East Bay, on and after This Day 1st inst.* A very interesting article on Charleston appeared in Har- per's Niew Monthly Magazine (Volume XV) for June, 1857, writ- Wm. Gilmore Simms. After describing in most graphic and beautiful terms the various points of interest in Charleston, the writer describes the financial district of the city, and, since in that article there is an excellent description of the new build- ing then recently erected by the Farmers' & Exchange Bank, we quote therefrom as follows: standing- upon the steps of the old Custon-house, the eye is naturally arrested by a finely finished building of brown stone that stands obliquely opposite on the southwest corner. This is a structure of very recent erection, designed by Jones, one of the most popular of the Palmetto architects. You will see that it shows fairly in a picture. This is one of the Palmetto Temples of Mammon. This god is not without his worshipers in this region. The State Bank is a flourishing institution, though the outsider must not imagine that its name involves any con- nection with the body politic. There is a State Bank of South Carolina, called the Bank of the State, and its fiscal agent. But the State Bank is a private corporation, fiourishing and well managed, as you may infer from such a building. It is no cold worship, be assvired, which frames such fabrics to its deity ; and we are constrained to admit that there are many of the temples to the Living God which would show very ^The Charleston Courier, March 7, 1853, page 2, column 7. -The Charleston Courier, April 26, 1853, page 2 column 2. 'The Charleston Courier, May 20, 1853, page 3, column 1. ^Ihid, July 1, 1854, page 3, cohimn 1. 170 meanly alongside of those which are here to be seen, reared to one of his most powerful rivals. This State Bank is one of them. But what says the Poet? "Aranimon wins his wav, where augels might despair." At all events, whether the god be worthy of siieh a shrine or not, it is enough for us that the shrine is more than worthy of him. The upper chambers of this golden temple are consecrated to mercantile literature — in other words, occupied as a commercial reading-room. The finish of the interior is extremely fine — the oaK: carving being rich and abundant, and the paving of the Banking Hall being of the most showy fashion of en-' caustic tiling. While our hands are in among the bankers, let us cast our eyes to the right, looking up East Bay from the steps of the Custom-house. Here you see a group of buildings, and the three first of these are all banking . houses. That huge, heavy, and somewhat unsightly fabric in the fore- ground, with the Boman-Dorie portico, is the Planters and Mechanics' Bank, a structure of the Charleston medieval period, which has recently undergone such renovation and improvement as was possible with a very ungainly original. Within, it is a most commodious and excellently planned building for the worship to which it is dedicated ; spacious, cool, airy, elegant, and capable of hoarding any amount of money. Without, it is, as you see, a most imposing deformity — a miserable abuse of a mixed model — which has always seemed to us without grace, or sym- metry, or beauty. But the worship of the diety goes on prosperously within, in spite of the bad taste of the temple. Its officers are urged un- ceasingly, and good dividends sufficiently declare that Mammon is sat- isfied with the offerings laid upon his shrine. Next to it, and above, is the Farmers' and Exchange Bank — a fanciful little fabric, a little too ornate for such a worship, and showing beside the Planters and Mechan- ics' as a toy-box under the eaves of the tower of Babel. But for the overwhelming bulk of its burly brother, we should call it a bijou of a banking house. It is a novelty in the architecture of Charleston, if not of the day, being moorish in all of it-s details, yet without reminding j'ou of the Alhambra or the Vermilion towers. It is of brown stone of two tints, laid alternately — an arrangement which adds considerably to the effect. The interior is finished with arabesque work from floor to ceiling, and is lighted with subdued rays from the summit. This gives a rich and harmonious effect to the whole. It is of recent erection, Jones and Lee the architects. The corporation Itself is a new one, and prosperous, like all the temples reared to the god of the Mines, the Counter, and the Mint, in this virtuous city. The building just above it is a shop and warehouse, and gives you a, very fair idea of the style and size of building usually allotted in Charles- ton to the retail traders. That tall structure further on is the Union Bank, of an old style, but not the oldest, in Charleston architecture. It indicated a sort of first period, of progress and improvement, in the architecture of this city; its directors will, no doubt, receive an impulse from the new graces of some of their rivals, which shall prompt them to convert this most unpretend- ing establishment into an Etruscan or Italian palace. Beyond, in our picture, all the houses that you see are employed in trade — shops, ware- houses, etc. This is a region (East Bay) wholly given up to trade. These buildings are all of brick, thickly stuccoed — a mode of coating and clothing the brick, in this precinct, which is rather more common than proper. Very soon, and sensibly, the climate affects the plaster. It grows damp and dingy, blurred and spotted ; finally cracks, flakes, and falls away ; and, what with stains, blotches, and breaks, it needs new plastering as frequently as a house of wood needs paint. State Bank of South Carolina, 1S53-1S68. Carolina Savings Bank, 1875, to the present. After the dissolution of the bank used for other purposes until purchased by the Carolina Savings Bank. Southeast corner of Broad and East Bay Streets. _^J liow OF Banks. East Bay, West side, between Broad and Queen Streets. Planters's and Mechanics's, Xo, 133, Farmers' and Exchange, 13.5. Union Bank, 139. The Farmers' and Exchange Bank began business In their ne«' builclinc', shown above as No. 135, July 1, 1854. 171 The following officers served the Farmers' & Exchange Bank from its opening in 1853 to the end of the Confederate War:' Presidents. William M. Martin, 1853-1860; S. S. Farrar, 1860-1862; J. S. Davies, 1862-1863 ; William Whaley, 1863-1865. Cashiers. William C. Breese, 1853-1859; J. S. Davies, 1859-1862; M. D. Strobel, 1862-1865. Tellers. M. D. Strobel, 1854-1862; B. F. Moise, 1862-1865. Bookkeepers. J. S. Davies, 1853-1859; G. D. Conner, 1859-1865. Discount and Collection Clerks. H. H. DeLeon, 1853-1856; J. M. Carson, 1856-1857; John B. Fraser, 1857-1865. Outdoor Clerk, Notary and Porter. George W. Logan, 1853-1865. Directors. William M. Martin, 1853;' A. R. Taft, 1853-1855; S. S. Farrar, 1853-1854, 1855-1860; C. V. Chamberlain, 1853-1860; M. C. Mordecai, 1853-1860; W. D. Porter, 1853-1859; James Marsh, 1853-1860; H. S. Roosevelt, 1853-1855; Joseph D. Aiken, 1853- 1856; John Gibbon, 1853-1860; F. A. Saunders, 1853-1856; Daniel Crawford, 1853-1855; W. B. Williams, 1853-1855; W. Gregg, 1854-1855; James Chapman, 1855-1859; C. H. West, 1855-1860; Thomas P. Allen, 1855-1860; R. E. Screven, 1855- 1865; H. Missroon, 1856-1862; F. E. Fraser, 1858-1865; John Cothran, 1859-1862; J. B. Lafitte, 1859-1860; Simeon Hyde, 1860-1865 ; William Cadow, 1860-1865 ; A. L. Tobias, 1860-1865 ; William Whaley, 1860-1864; William Robb, 1860-1865; H. F. 'Miller's Planters' & Merchants' AlManac for 1855, 1856, 1857, 1858, 1859, 1860, 1861, 1863, 1864, 1865. ''On April 26, 1853, William M. Martin was elected one oi the Directors and subsequently, on May 19, 1853, he was elected President. 172 Strohecker, 1860-1865; C. B. Sims, 1860-1865; S. N. Hart, 1860- 1865; J. C. Farrar, 1862-1865. When the Federal forces began the bombardment of Charles- ton, the banks and other business houses found it necessary to move, either to the upper part of the city or to the interior of the state. The Farmers' & Exchange Bank was located on Richardson (Main) Street in Columbia at the beginning of 1865, where it remained until the destruction of the city by Sherman's troops, February 17, 1865. Another of the banks that were chartered under the Act of December 16, 1852, was the People's Bank, of Charleston. Its authorized capital was $1,000,000. and its place of business was 15 Broad Street (on the south side). Offers for discount were received daily. The following were the officers of the bank from its organization to the close of the war in 1865.^ President. Donald L. McKay, 1853-1865. Cashier. Henry G. Loper, 1853-1865. Tellers. James W. Brown, 1853-1855; L. F. Eobertson, 1855-1865. Bookkeeper. G. F. Kinsey, 1853-1865. Bookkeeper Public Ledger, etc. J. F. Roberts, 1858-1865. Discount, Collection and Exchange Clerk. W. Y. Leitch, 1853-1863 ; vacant in 1864. Outdoor Clerks. J. F. Roberts, 1853-1858; Octavius Wilkie, 1858-1865. Notary. W. Y. Leitch, 1853-1865. Solicitors. J. B. Campbell, 1853-1855; C. H. Simonton, 1855-1865. ^Miller's Planters' & Merchants' Almanac for 1855, 1856, 1857, 1858, 1859, 1860, 1861, 1863, 1864, 1865. 173 Directors. E. W. Edgerton, 1853-1855; W. H. Houston, 1853-1865; J. F. Green, 1853-1865; T. N. Gadsden, 1853-1855; G. W. Brown, 1853-1856; J. W. Scruggs, 1853-1857; O. B. Heriot, 1853-1855; C. L. Burckmyer, 1853-1856; T. S. Heyward, 1853-1865; A. Mc- Kenzie, 1853-1865; James S. Gibbes, 1853-1865; E. F. Reynolds, 1853-1856; E. Caldwell, 1855-1860; H. G. Loper, 1855-1865; Andrew McDowell, 1855-1865; J. H. Honour, 1856-1865; F. J. Porcher, 1856-1865; J. E. Hudson, 1856-1862; E. H. Eodgers, 1857-1865; J. B. Lafitte, 1860-1865; C. H. West, 1862-1865. The Exchange Bank of Columbia, which was chartered under the Act of December 16, 1852, with a capital stock of $500,000., with the privilege of increasing to $1,000,000., was located at the northeast corner of Eichardson and Taylor streets, where it continued to do business until the property was destroyed by Sherman's troops, February 17, 1865. The officers for the bank were: Presidents. J. V. Lyles, 1853-1855 ; James S. Scott, 1855-1858 ; E. M. John- son, 1862-1865. Cashiers. James S. Scott, 1853-1855 ; Jesse Drafts, 1855-1865. Tellers. Jesse Drafts, 1853-1855; John S. Scott, 1855-1857; A. Laughlin, 1857-1865. Bookkeeper. Jacob Levin, 1863-1865. Discount Clerks. Andrew Lee, 1855-1857; John S. Scott, 1857-1865. Directors. John S. Scott, 1855-1856; James Cathcart, 1853-1855; E. An- derson, 1853-1865; J. K. Friday, 1853-1857; James H. Adams, 1853-1862; E. J. Arthur, 1853-1865; Henry Davis, 1853-1855; B. Eeiley, 1853-1865; Lewis Levy, 1853-1862; H. C. Bronson, 1853- 1865; J. Caldwell, 1855-1865; J. V. Lyles, 1855-1857; J. C. Lyons, 1855-1862; A. W. Kennedy, 1855-1865; William A. Scar- 174 borough, 1856-1865; P. H. Chick, 1857-1863; J. P. Southern, 1862-1865; T. J. Eobertson, 1862-1865; William Johnson, 1862- 1865; James Milling, 1862-1865.' The Planters' Bank of Fairfield, which was chartered under the Act of December 16, 1852, was authorized to capitalize at $300,000., with the privilege added December 20, 1853, of in- creasing to $500,000.' It was located at Winnsboro. The officers thereof from its beginning to the close of the war were:' Presidents. J. E. Aiken, 1853-1860; James H. Rion, 1860-1865. Cashier. H. L. Elliott, 1853-1865. J. S. Stewart, 1853-1865. Teller. Directors. David McDowell, 1853-1865; James A. McCrorey, 1853-1865; John Simonton, 1853-1865; S. G. Barkley, 1853-1857; William E. Eobertson, 1853-1855, 1860-1865; James B. McCants, 1853- 1865; John McCrorey, 1853-1857; E. B. Boylston, 1853-1855, 1856-1858; John Adger, 1853-1857; Jacob Feaster, 1853-1865; D. H. Euff, 1853-1858; O. Woodward, 1853-18(35; William Brice, 1855-1865; J. E. Caldwell, 1857-1865; E. C. Johnston, 1857- 1858; J. E. McMaster, 1857-1859; J. H. Eion, 1858-1860; John Buchanan, 1858-1862; S. Jackson, 1859-1865; O. E. Thompson, 1859-1860; J. E. Aiken, 1860-1865. The Bank of Chester was another of the banks chartered under the Act of December 16, 1852. It was authorized to organize with a capital of $300,000., and by an Act passed December 22, 1859, it was permitted to increase its capital to $500,000.' iMiller's Planters' & Merchants' Almanac for 1855, 1856, 1857, 1858, 1859, 1860, 1861, 1863, 1864, 1865. The Almanacs for 1859, 1860, 1861 credit the office of President with being- then vacant. ^Statutes at Large of South Carolina, XII, 252. 'Miller's Planters' <£ Merchants' Almanac for 1855, 1856, 1857, 1858, 1859, 1860, 1861, 1863, 1864, 1865. ^Statutes at Large of South Carolina, XII, 784. 175 The officers of the bank from 1853 to the close of the Con- federate War were :' Presidents. James Hemphill, 1853-1855; George S. Cameron, 1855-1865. Cashier. John A. Bradley, 1853-1865. Teller. J. L. Harris, 1853-1865. Bookkeeper. P. Romare, 1862-1865. Directors. H. C. Brawley, 1853-1857; Thomas McLure, 1853-1862; N. R. Eaves, 1853-1865; R. E. Kennedy, 1853-1853; C. Caldwell, 1853- 1865; William Wright, 1853-1862; William D. Henry, 1853- 1857; A. B. Springs, 1853-1865; James Graham, 185.3-1855; S. McAliley, 1853-1865; James J. McLure, 1853-1865; S. W. Mobley, 1853-1865; W. A. Walker, 1855-1865; James Hemphill, 1855- 1865; C. D. Melton, 1857-1865; J. H. Adams, 1857-1865; R. N. Hemphill, 1862-1865; W. H. Gill, 1862-1865. The Bank of Xewberry, chartered under the Act of December 16, 1852, had an authorized capital of $300,000. In 1857 the capital was raised to $500,000. under authority given in the Act of December 20, 1853." The officers of the bank from 1853 to the close of the Confederate AVar were : President. B. D. Boyd, 1853-1865. Cashiers. Thomas W. Holloway, 1853-1855; R. L. McCaughrin, 1856-1860; W. H. C. Dudley, 1860-1865. Bookkeeper. Joseph R. Miller, 1853-18—.' Teller. Joseph Ward, 1857-1860; L. G. Rees, 1860-1865. 'Miller's Planters' <& Merchants' Almanac for 1855, 1856, 1857, 3858, 1859, 1860, 1861, 1863, 1864, 1865. ^Statutes at Large of South Carolina, XII, 252. ^Miller's Almanac does not list the Bookkeeper after 1857. 176 Directors. John P. Kinard, 1853-1865; James A. Eenwick, 1853-1865; Andrew Turner, 1853-1865; J. F. Harrington, 1853-1856; S. T. Agnew, 1853-1858; L. J. Jones, 1853-1858; Silas Johnstone, •1853-1856; Dr. John W. Simpson, 1853-1865; E. Y. McMorris, 1853-1856; E. P. Lake, 1853-1856; J. H. Williams, 1853-1858; James Bonds, 1853-1856; Charles Smith, 1856-1858; Jacob H. Wells, 1856-1865 ; John L. Young, 1856-1865 ; Samuel K. Todd, 1856-1865; E. F. Atwood, 1858-1865; James M. Baxter, 1858- 1865; Joseph Caldwell, 1858-1865; E. L. McCaughrin, 185.8- 1865; John S. Eenwiclt, 1858-1865. On December 20, 1853, an Act was passed, entitled: "AN ACT to Incorporate the Central Bank of South Carolina."' The General Assembly seems to have departed from the rule adopted in the Act of 1852 whereby banks were incorporated and powers and privileges conferred simply by reference to the Act incorporating some previous banlts. The Act incorporat- ing the Central Bank of South Carolina, was one of twenty- eight sections, which, by the powers and privileges conferred and restrictions and limitations imposed, were similar to the form of the Acts of previous years. It does not appear in the body of the Act that the location of this bank was to be in Charleston, but, judging by the names of the incorporators and other ear marks found in the Act, it is reasonable to assume that the location was to be in Charleston, yet it nowhere ap- pears that the parties named in the said Act ever availed them- selves of the privilege; nor does it appear that the charter was ever perfected. No bank bearing such name has been found to have been in existence in Charleston. On December 20, 1856, an Act was passed entitled : "An ACT to charter a Bank in the town of Sumter." This Act in form was like the Act of 1852 and the bank thus authorized to be established in Sumter was authorized to have a capital of $300,000. and "to be entitled to all the rights and privileges and subject .to all the restrictions and limitations im- posed and conferred upon the Planters' & Mechanics' Bank of South Carolina." Some other provisions were contained in the two sections of the Act, but all seem to be immaterial since ^statutes at Large of Soiith Carolina, XII, 237-243. 177 there is no evidence that charters were ever perfected or that the corporation was ever in existence.' On December 22, 1859 the following Act Avas passed: AN ACT to authorize the President and Directors of the Banlt of the State of South Carolina to establish a Branch of the said Bank at some convenient point in the Western or North-western portion of this State. I. Be it enacted by the Senate and House of Representatives, now met and sitting in General Assembly, and by the authority of the same. That the President and Directors of the Bank of the State of South Caro- lina shall, whenever they may deem it expedient, establish a Branch of the said Bank at some convenient point in the Western or North-western part of this State, with the like powers and authority, and in like man- ner, as the Branch now established at Columbia.* Pursuant to the said Act a branch bank of the Bank of the State of South Carolina was established at Abbeville. We have no satisfactory evidence as to who the first officers of this branch were, but we have in existence bills of the Bank of the State of South Carolina, dated in 1861 and signed by Andrew Simonds as president, and Eobert H. Wardlaw as cashier. Such bills being in circulations, it would seem, establishes be- yond controversy, the fact that the branch was established not later than 1861, and, in all probability, as early as 1860. In 1863 and 1864 the officers of this branch of the Bank of the State of South Carolina were : Andrew Simonds, president ; James A. Norwood, John White, Joseph T. Moore and John A. Weir, directors; Robert H. Wardlaw, cashier; F. M. Mitchell, book- keeper.^ Simonds was president and Wardlaw, cashier, in 1865. "While it may be regarded as irrelevant to the subject under consideration, it appears to be not out of place to refer briefly to the savings institutions in operation in Charleston. Prior to 1860 there were in operation in Charleston, two savings in- stitutions which seem to have afforded the people an adequate source for the safe-keeping of their earnings, or the invest- ment of limited amounts. As far back as December 19, 1833, "AN ACT to incorporate certain Societies'" was passed by the General Assembly. Among these was "the Provident Savings In- stitution in the city of Charleston." ^Statutes at Large of South Carolina, XII, 511-512. 'Statutes at Large of South Carolina, XII, 783. ^Miller's Planters' & Merchants' Almanac, 1863 and 1864. ^Statutes at Large of South Carolina, VIII, 381-384. 178 The provisions of this Act which refer to this institution seem to have been rather crude and wholly inadequate to meet the necessities of a savings bank and we find no evidence that the institution authorized under this Act was ever put in active operation. The provisions referred to are as follows : XIV. Be it further enacted by the authority aforesaid, That the Provident Savings Institution in the city of Charleston, be a body cor- porate and politic, by the name aforesaid ; and have succession of ofScers and members, to be chosen according to its by-lavFs ; and the said corporation shall have power to make by-laws, not repugnant to the laws of the land ; to have, keep, and use a common seal ; to sue and be sued, plead and be impleaded, in any court of this State ; and to have and enjoy every right incident to incorporation. XV. And he it further enacted. That the said last mentioned in- corporation is hereby vested with full power to receive on deposit any sum or sums of money, from any person or persons, upon such terms as the said corporation and persons making deposits may agree to ; and to use, employ, and improve the same, for the advantage and bene- fit of the persons so depositing ; provided, that the members of the said institution shall, and they are hereby declared to be, personally liable and bound to perform and fulfil all contracts and agreements vi'hich the corporation may enter into with persons so depositing ; and provided also, that the said corporation shall, semi-annually, make, or cause to be made, a true and full statement of the affairs of the in- stitution, and publish the same in one or more of the newspapers printed in the city of Charleston. Exactly ten years thereafter, December 19, 1843. the General Assembly passed the following Act: AN ACT to Incorporate a Provident Institution for Savings in the City of Charleston. I. Be it enacted by the Senate and House of Representatives, now met and sitting in General Assembly, and by the authority of the same. That John Strohecker, Joseph Johnson. John Schnierle, John Eavenel, George Kinlock,i William Patton, William Bell, Otis Mills, William Adger, T. Tupper, O. I?. Hillard, John C. Burkmyer, B. J. How- land, J. M. Caldwell, George N. Peynolds, W. C. Dukes. Robert Martin, William Kirkwood, S. P. Ripley, William Gregg, J. J. McCarter. J. W. Caldwell, W. JfoBumey, H. R. Banks. Albert Elfe. George Thompson, George Just, John Hunter, Samuel Cruikshank, S. S. Howell. J. C. Blum, James A. Hopkins, Charles H. West, William Calder, George B. Locke, W. L. Porter, James Marsh and James Chapman be, and they are hereby created a Corporation by the name and title of "The Provi- dent Institution for Savings in the City of Charleston ;" and that they and such others as shall be duly elected members of the said Corporation, as in this Act provided, shall be a body politic and cor- porate, by the same name and title. II. i?e. it further enacted by the authority aforesaid. That the said corporation shall be capable of receiving on deposit, from any person or persons disposed to obtain and enjoy the advantages of said In- stitution, all sums of money that may be offered for that purpose : Provided, That it shall not hold at the same time more than five hun- dred dollars from any one depositor ; and it shall be lawful for the said corporation to use and improve the same, for the purposes, and according to the directions herein mentioned and provided, and each iKinloch. ' 179 depositor shall, receive a book of deposit, in which shall be entered all sums deposited. III. And he it further enacted, by the authority aforesaid. That all deposits of money received by the said corporation may be in- vested in any public stock created by virtue of any law of this State or any ordinance of the City of Charleston, or in the capital stock of any bank within this State, or loaned on promissory notes secured by pledge of such stocks, at not more than seventy-five per centum of their par value, or on bonds secured bv mortgage of real estate lying and being within the Parishes of St. "Philip and St. Michael, in the District of Charleston; and no part of the deposits shall be in- vested in any other manner, or loaned upon any other securities than those herein mentioned; and the income and profit thereof, shall be applied and divided among the persons making the said deposits, or their legal representatives, after making such reasonable deductions as may be necessary for expenses, in proportion to the sums by them deposited, and to the length of time during which such deposits may have remained in the institution ; and the principal of such deposits shall be paid to each depositor at such times, under such regulations as shall be printed in the book of deposits received by each depositor ; and no officer or member of said corporation shall borrow any portion of such deposits, or use the same, except in payment of the expenses of the corporation. IV. And he it further enacted, by the authority aforesaid. That the said corporation shall have power to elect new members by ballot at their semi-annual meetings in January and July, each year ; and any member upon filing a written notice with the President thereof, three months prior, may at any such meeting of said corporation with- draw and forever dissolve his connection with the same. V. And he it further enacted, by the authority aforesaid, That the said society may have a common seal, which they may change and re- new at pleasure ; and that all deeds, conveyances and grants, covenants and agreements, made by their Treasurer, or any other person by their authority and direction, according to their institution, shall be good and valid ; and the said corporation shall at all times have power to sue, and to be sued, and may defend, and shall be held to answer by the name and title aforesaid. VI. And he it further enacted, by the authority aforesaid. That the said society shall hereafter meet at Charleston, some time in the month of January, annually, and as much oftener as they may deem expedient, and any seven members of the said corporation, the Presi- dent, Vice President, Treasurer or Secretary, being one, shall be a quorum ; and the said corporation, at their annual meetings in Jan- uary, shall have power to elect a President, Vice President, Secretary and Treasurer, and Twenty Trustees, all of which said officers shall be sworn to the faithful performance of their duties, and shall hold their offices till others are chosen in their stead. VII. And he it further enacted, by the authority aforesaid. That the said corporation are hereby vested with the power of making by-laws and regulations for the more orderly managing the business of the corporation : Provided, the same are not repugnant to the Constitution or law.si of this State. VTTI. And he it further enacted, by the authority aforesaid, That any two persons herein named may call the first meeting of the corporation, by advertising it in any two of the daily papers published in the City of Charleston. IX. And he it further enacted, by the authority aforesaid. That the Treasurer of said corporation shall give bond to the' satisfaction of the Trustees for the faithful discharge of the duties of his oifice. X. And he it further enacted, by the authority aforesaid. That the Treasurer of said corporation, shall as soon as may be, after 180 the annual meeting in January, publish in one or more of the daily papers of the City of Charleston, a statement of the concerns of said corporation, which statement shall specify the following particulars, viz : the number of depositors ; total amount of deposits ; amount invested in bank stock; amount invested in State or city stock; loans on mort- gages of real estate; loans on notes secured by pledge of stock; amount of cash on hand ; total dividends for the year ; annual expenses of the institution; all of which shall be certified and sworn to or affirmed by the Treasurer, and five or more of the Trustees of said corporation shall also certify that the same is correct, according to the best of their knowledge and belief. XI. And J)e it further enacted, by the authority aforesaid, That this Act shall be deemed a public Act, and shall continue in force for the term of fourteen years.i By the following section of "AN ACT to incorporate cer- tain societies, associations, and companies, and to renew and amend the charters of others", passed December 20, 1856, the name was formally changed to the Charleston Savings In- stitution, and the charter was renewed and extended for an- other fourteen years : VI. That the "Provident Institution for Savings in the City of Charleston," shall hereafter be known by the name and style of the "Charleston Savings Institution," and the said corporation shall be capable of receiving on deposite, all sums which any person or persons; may offer, without the limitation prescribed in the Act of Incorporation, and the charter of the said corporation as now amended, shall be and the same is hereby renewed and extended for another term of fourteen years from the expiration of its present charter.' As a matter of fact, the name had been changed by the incorporators so early as 1845, and legislative sanction was now given with the renewal of the charter. Miller's Planters'' & Mer- chants^ Almanac for 1846, compiled the latter part of 1845, lists the Charleston Savings Institution among the existing banking institutions of Charleston. The personnel of the of- ficers of the corporation therein given identifies it as the same as the Provident Institution for Savings as incorporated in 1843. The same Almanac furnishes the further information that this savings institution had an "Oifice at the Apprentices' Library Society, Meeting-street'" and that it was "Open Monday and Thursday Afternoons from 4 o'clock, till dark." ^Statutes at Large of South Carolina, XI, 296-298. 'Statutes at Large of South Carolina, XII, 538. 'The building, of the Apprentices' Library Society stood on the west side of Meeting Street, between Queen Street and Horlbeck's Alley, one door south of the Alley. It was destroyed by the great fire of December, 1861. 181 The Almanac for 1850 gives the following regulations : e.f^o??®'' Monday and Thursday Afternoons from 4 o'clock, till sun- oft; h»ii "^Saturday nights from the ringing of the iirst to the last city Dexi. Ihe interest on deposits is computed from the THIRD Wednes- day of Jan April, July & October at five per cent, per annum. Divi- dends not drawn are credited to Depositors, and draw interest from tte date at which they were declared. At the expiration of every FIVE years a Surplus Dividend is also paid, consisting of the profits of the institution, over and above the expenses and semi-annual divi- dends already paid out or credited. SS- Applications for loans must be left with the Secretary. The Almanac for 1853 shows the "Office in the building in Meeting -street, next to Temperance Ball", and gives the fur- ther information that the bank is "Open every Afternoon (Saturdays and Sundays excepted) from 4 o'clock, till sun-set, and on Saturday night till the last city bell." The Almanac for 1856 shows that $100,000. was then on de- posit; that for 1858 locates the "Office, 81 Meeting-street, o-p- posite the Institute HalV and shows that the bank is "Open every day (except Sundays) from 9 to 2 o'clock, and on Sat- urday nights from the first to the last city bell"; that for 1863 shows that the office was then "At the STATE BANK, corner of Broad-street and East-Bay" and "Office hours, daily, from 9 to 2 o'clock, only"; that for 1864 shows the bank then "At Dr. G. S. Pelzer's Office, VANDEEHOEST-STREET, three doors West of King." This last removal of office to the upper part of the city was necessitated by the bombardment of the city then going on. The Almanac for 1865 shows the "Office, CANNON-STEEET, near Ashley, with the Banks", a still higher location. The charter of the Institution was further changed by the ninth section of "AN ACT to Incorporate certain Societies, Associations and Companies, and to Eenew and Amend the Charters of others", passed December 22, 1859, as follows: IX. That the third section of an Act, entitled "An Act to incor- porate a Provident Institution for Savings, in the city of Charleston," be so altered and amended as to authorize and empower the said cor- poration to invest their deposits, at discretion, and without the limi- tation prescribed in said Act, in United States Stock, or in the Public Stocks or Bonds of any city or State in the United States, or in the stocks or bonds of any Railroad Company incorporated in this or any other State.i ^Statutes at Large of South Carolina, XII, 805. 182 The following Act, conferring additional powers, was ratified December 18, 1862:' AX ACT to Enable the Charleston Savings Institution to Purchase and Hold Real Property. I. Be it enacted by the Senate and House of Representatives, now met and sitting in General Assembly, and by the authority of the same. That the Charleston Savings Institution shall be, and the said cor- poration is hereby, authorized to purchase and hold real estate with- iii the Parishes of St. Philip's and St. ifichael's to an amount not exceeding sixty thousand dollars; and the .same to alien, from time to time, as shall be deemed expedient. In his Reminiscences of Charleston' J. X. Cardoza says:' Charleston has two Savings' Banks. The Charleston Savings' In- stitution was chartered in December, 184.3, under the name of the Provident Institution for Savings in the City of Charleston. The char- ter was renewed December, 1856, when the name was changed to the Charleston Havings Institution. Its total as.sets amount to $2,605,634.27, of which one-half is supposed to be good. The sum due depositors amounts to 52.371,041 51 Surplus $ 234,592 76 The following extract is made from the last annual report of the Trustees: "In common with the other corporations of the State, thLs Insti- tution has suffered much by the depreciation in value of many of its assets, and the total loss of others. The wrar found it in a condition of unprecedented prosjierity, exhibiting a success of which all con- nected with its management, felt justly proud. All that prudent foresight and practical wisdom could suggest was done, to make it a .safe depository for the earningps of the worldngman. But circum- stances beyond the control of human foresight or wLsdom, compel the winding up of its affairs at as early a date as is compatible with the interests of all concemerl. The securities held by the Institution, and con.siderefl good will, if kept until they can be sold at their par value, probably realize enough to pay the depositors fifty per centum of their deposits and accumulated interest on the same." The following were the officers of the Savings Institution from 1S4.5 to the close of the Confederate War:* Presidents. B. J. Howland, 1S45-1846: William Bell, 1846-1849: Robert Martin, 1849-1852; Thomas Lehre, 1852-1859; Charles H. West, 1S59-1865. ^Statuten at Large of South Carolina, XIII. 169; edition of 1875, 147. -First published in "Editorial Correnpondence of the Savannah Daily yeirn and Herald, dated at Charleston, June 23, 1866, and is.sued in book form the same year at Charleston. 'Pages 48-49. Olillers Planters' £ Merchants' Almanac, 1846-1865. 183 Vice-Presidents. William Gregg, 1845-1849; Thomas Lehre, 1S50-1S5-2: Charles H. West, 1S52-1859 : Joseph Prevost, 1859-1865. Secretaries. J. W. Caldwell, 1545-1^49: Jacob F. Schirmer, 1849-1865. Treasurer. Henry S. Griggs. 1845-1865. Assistant. S. W. Fisher, 1555-1865. Eeceiving Teller. Henry M. Tovey. 186-2-18C5. Solicitor. W. D. Porter, 1862-1865. Trustees. John Strohecker. 1845-1849: .Joseph Johnson. 1845-1862: Jolin Eavenel, 1845-1846: George Kinloch, 1845-1865: ATilliam Patton. 1845-1850. 1854-1859: William Bell. 1845-1^46. 1^40- 1854: Otis MiUs, 1845-1849: T. Tupper. 1-45-1865; James M. Caldwell. 1845-1865: George X. Reynolds. 1^45-1865: Robert Martin, 1845-1849: William Kirkwood.- 1845-1^62: William McBurney, 1845-1864: Albert Elfe. 1*^45-1855: John Hunter. 184.5-1847: J. Charles Blum. 1^45-1857: Charles H. West, 1845- 18.52: George B. Locke. 1845-1857: W. L. Porter. 1845-1856: S. S. Howell, 1845-1-65: Jacob F. Shirmer. 1-46-1-49; B. J. Howland, 1846-1855: J. H. Taylor, 1847-1852: William Gregg, 1849-1859: Thomas Lehre, 1849-1850: J. T. Welsman, 1849- 1852; John W. Caldwell, 1850-1865: James B. Betts, 1850- 1865: S. J. Wagner, 1852-1865: James Bancroft. Sr.. 1854- 1865: A. E. Taft, 1855-1865: Lewis M. Hatch, 1855-1862: F. Lanneau, 1855-1865: W. D. Porter. 1856-1857: Joseph Prevost, 1857-1859: J. J. McCarter, 1857-1-50: Eobert R. Bee, 1857- 1*^65: C. B. Cochran, 1859-1865; H. Cobia, 1859-1865; William Eavenel, 1859-1865: E. CaldweU, 1859-1865: J. H. Honour, 1862-1865; H. E. Banks, 1862-1865; J. M. Wilson, 1862-1865: S. G. Courtenay, 1864-1865. 184 Board of Investment.^ C. H. West, 1849-1852; G. B. Locke, 1849-1855; George Kin- loch, 1849-1862; John W. Caldwell, 1849-1855, 1857-1865; James M. Caldwell, 1851-1855, 1857-1864; J. Charles Blum, 1852- 1855; William Kirkwood, 1855-1857; William McBurney, 1855- 1857; James Bancroft, Sr., 1855-1857, 1859-1862; S. J. Wagner, 1855-1857; Joseph Prevost, 1857-1859; S. S. Howell, 1857- 1865; A. R. Taft, 1862-1865; J. H. Honour, 1862-1865. The following Act was ratified by the General Assembly, December 21, 1857: AN ACT to Incorporate the Palmetto Savings Institution, in the City of Charleston. I. Be it enacted by the Senate and House of Eepresentatives, now met and sitting in General Assembly, and by the authority of the same,. That Joseph D. Aiken, Eobert Lebby, Thomas Eyan, Andrew Cunningham, Wil- liam ilatthiesen, John F. O'Neill, Peter A. Aveilhe, Archibald McKenzie, John Dougherty, John W. Brownfield, Perry E. Chapman, James White, M. McBride, Lucius B. Northrop, William H. Holmes, Adolphus Cay, Edward Mottet, Peter J. Barbot, Theodore Hutchet, Julius Fouche, M. P. O'Conner, James Beattie, Wm. N. Hamilton, Joel Stevens, D. Leckie, Wm. H. Hueston, Peter J. Sims, be and they are hereby created a corpora- tion, by the name and title of the "Palmetto Savings Institution," in the city of Charleston, and that they, and such others as shall be duly elected members of said corporation, as in this Act provided, shall be a body politic and corporate, by the same name and title. II. That the said corporation shall be capable of receiving on deposit, from any and all persons disposed to obtain and enjoy the advantages of said Institution, all sums of money that may be offered for that purpose : Provided, That no single depositor's account shall exceed, at any time, the sum of three thousand dollars ; and it shall be lawful for the said corporation to use and improve the same for the purposes, and according to the directions herein contained, and each depositor shall receive from the Institution a book of deposit, in which shall be entered all sums deposited. III. That the said corporation shall be required to invest all moneys received on deposit bj' them in State stock or bonds, city of Charleston stock or bonds, in the capital stock of any Bank within the State, or loaned on promissory notes, secured by pledge of such stocks, at not more than seventy-five per centum of their par value, or on bonds secured by mortgage of real estate, lying and being within the limits of the city of Charleston, to the exclusion of all other securities ; and the in- come and profit thereof shall be applied and divided among the persons making the said deposits, or their legal representatives, after making such reasonable deductions as may be necessary for expenses, in propor- tion to the sums by them deposited, and to the length of time during which such deposits may have remained in the Institution ; and the principal of such deposits shall be repaid to each depositor at such times, and under such regailations, as the said corporation shall pre- scribe ; and no officer or member of such corporation shall borrow any portion of such deposits, or use the same, except in payment of the ex- penses of the corporation. 'Miller's Almanac prior to 1850 contained no reference to this board. The President and Vice-President with five trustees constituted the board. 185 IV. That the said corporation shall have power to elect new members by ballot, at such times as they may hold their semi-annual meetings, and any member, upon giving- three months' notice in writing to the President, may, at any of the semi-annual meetings of the corporation, withdraw and forever dissolve his connection with the same. V. That the said Society may have a common seal, which they may change and renew at pleasure, and that all deeds, conveyances and grants, covenants and agreements, made by their Treasurer, or any other person, by their authority and direction, according to their Insti- tution, shall be good and valid ; and the corporation shall, at all times, have power to sue and be sued, and may defend, and shall be held to answer by the name and title aforesaid. VI. That the said Society shall hereafter meet at Charleston once a year, and as much of tener as they may deem expedient ; and any seven members of the said corporation, the President, Vice President, Secre- tary or Treasurer, being one, shall constitute a quorum ; and the said corporation, at their annual meetings, shall have power to elect a Presi- dent, Vice President, Secretary and Treasurer, and sixteen Trustees, all of which said officers shall be sworn to the faithful performance of their duties, and shall hold their ofBoes vmtil others are chosen in their stead. VII. That the said corporation are hereby vested with the power of making bj'-laws and regulations for the more orderly managing the business of the corporation, provided the same are not repugnant to the Constitution and laws of this State. VIII. That any three persons herein named may call the first meet- ing of the corporation, by advertising it in any one of the daily papers published in the city of Charleston. IX. That the Treasurer of said corporation shall give bond to the satisfaction of the Trustees, for the faithful discharge of the duties of his oifice. X. That the Treasurer of said corporation shall, as soon as may be t. Amand, ISe^-lSGo. Bookkeeper, and Collection and Transfer Clerks. George B. Eeid. IS. .-1S4. ; Francis S. Yates, ISl.-lS.jT: E. B. Ijning, 1S.5T-1S.5S: A. Middleton, 1S.5S-1S60; W. G. Gibbs, ISGO- 1S6.5. Cash Bookkeepers. W. G. Lloyd. 1849-1850: E. B. Lining, 1S50-15.57. 1S5S-1865: A. Middleton, 1S57-1S.5S. Discount Clerk and Bill Bookkeepers. Thomas S. Xowell,^ 1S3.-1S37: Francis S. Yates. 1S37-1S4.: Aaron Moise. 1S4.-1S.51: W. S. Caldwell, 1S.51-1S6.5. Assistant Clerks.' James Gilchrist, 1S..-1S51; Edward Blake, 1S51-1S.55; A Gordon, 1S.5.5-1S6.5. Assistant and Transfer Clerks. Francis S. Yates. 1S:36-1S37: Aaron Moise, 1S37-1S4. Outdoor Clerk and Porters. T. MoiTis.' lSi.-lS.>4: W. G. Gibbs. 1S.54-1S60: J. O. Beckman. 1S60-1S6.5. Xotaries. J. MitcheU.' 1n3.-1-.51: A. W. Black, 1S51-1S6:'. ."solicitors. E. B. Gilchrist," 1S3.-1S. .: J. M. Walker, IS. .18.54: Henry Buist. 1S.54-1S6.5. ^Xowell came to this position between 1S30 and 1S35. 'Gilchrist was in this position in 1S19. The duties of Collection Clerk were added to this position in lSo4. In li56 the duties of Transfer Clerk were added and -V.ssistant dropped. Olorris came to this position between lS2o and 1^30. *ilitchell became acting Xotarj- at some date between 1S30 and ISJi. and was so designated until 1S44. In 1S62 the duties of Xotary were added to those of Outdoor Oerk and Porter. Gilchrist became Solicitor between 1S30 and 1^35. He was succeeded bv Walker between 1S39 and 1S41. 188 Directors. D. Paul/ 182.-184.; Charles Edmondston; 18. .-1836; John White, 18. .-1837; Robert Brown, 182.-1848; Hugh P. Dawes, 182.-1837; Alexander Gibson, 182.-184.; Samuel McCartney, 182.-1848; Benjamin R. Smith, 182.-1837; F. Winthrop,' 183.-184; Josiah Taylor, 183.-184.; Richard Teasdale, 183.-184.; B. J. Howland, 1835-1846; James Chapman, 1836-1837; William Calder, 1837- 184., 1846-1862; Elisha Carson,' 1837-18..; D. P. Johnston, 1837-1846; William Birnie, 1837-1846, 1862-1865; S. Holmes, 184.-1847; J. Charles Blum, 184.-1857; James Bancroft, 184.- 1857; Thomas Middleton, 184.-1862; James Gadsden, 184.-1852; P. A. Neyle, 184.-1846; William McBumey," 184.-1865; A. R. Taft, 1846-1854; J. T. Welsman, 1847-1852; George Buist, 1847- 1865; Daniel E. Huger, Jr., 1847-1854; Alexander Gordon, 1848-1854 ; A. S. Johnston, 1849-1865 ; William M. Martin, 1852- 1854; T. G. Simons, Jr., 1852-1854; H. Cobia, 1854-1865; A. P. Caldwell, 1854-1865; George W. Williams, 1854-1865; O. J. Chafee, 1855-1865; R. M. Butler, 1855-1865; F. Lanneau, 1857- 186.; F. C. Blum, 1858-1865; William C. Breese, 1862-1865; C. W. Henry, 1862-1865. When Charleston fell into the hands of the Federal forces in 1865 the Bank of South Carolina was doing business in Cannon Street. Its capital stock was then $1,000,000. The following were the officers of the State Bank of South Carolina from 1836 to the close of the Confederate War:" Presidents.' Thomas Lee, 182.-1839; James Jervey, 1839-1845; Edward Sebring, 1845-1865. ^Paul, Brown, Dawes, Gibson, McCartney and Smith became directors between 1825 and 1830. Paul and Gibson retired between 1841 and 1844. ''Edmondston and White became directors some time prior to 1819. ^Winthrop, Taylor and Teasdale became directors between 1830 and 1835. They all retired between 1841 and 1844. *Carsou was director in 1839, but was not in 1841. ^Succeeded Calder in 1844 or 1845. "As these compilations are made from the lists of officers published an- nually in Miller's Almanac and not from official records absolute accuracy cannot be- vouched for. 'Thomas Lee became President (for the second time) in 1822 or 1833. He died October 23, 1839. President Jervey died April 3, 1845. 189 Cashiers.' Samuel Wragg, 182.-184.; Henry Trescot, 181.-1857; Benjamin M. Lee, 1857-1865. Assistant Cashier. Benjamin M. Lee, 185.-1857. Tellers. Henry Trescot, 1835-184.; Benjamin M. Lee, 184.-185.; William Thayer, 185.-1857; John Bell Bee, 185.-1865; A. Ehett, 1860- 1865. Bookkeepers.^ Joshua Lockwood, Jr., 181.-1836; George Wagner, 1836-1847; James M. Bee, 1847-1848 ; Lewis Jervey, 1848-1856 ; Francis G. Cart, 1856-1865. Discount and Transfer Clerks. O. H. Dawson, 1835-1846; Lewis Jervey, 1846-1848, 1856- 1865; J. L. Egleston, 1848-1856. Collection Clerk and Cash Bookkeeper. John McP. Creighton, 1857-1865. Assistant Clerk and Assistant Teller." James M. Bee, 1835-1847 ; Hopson Pinckney, 1847-1852 ; William Thayer, 1852-185.; William Simons, 1856-1857; Thomas S. Lee, 1859-1865. Notaries. James Simons, 1836-1847; James M. Bee, 1847-1865. 'Wragg became Cashier in 1822 or 1823. He was succeeded by Trescot in 1841, 1842 or 1843. Trescot was succeeded as Teller by Lee. The position of Assistant Cashier was created in 1853 or 1854 and Lee pro- moted thereto. At the same time the positions of 1st and 2nd Teller were established, and Thayer was promoted to 1st Teller and Bee ap- pointed 3nd Teller. The title of Assistant Teller was discontinued. 'Lockwood became Bookkeeper at some time prior to 1819. He had also been Notary for many year prior to 1836. Tn 1836 the duties of Transfer Clerk were shifted to the Bookkeeper. In 1847 they were rejoined to those of Discount Clerk. When Bee became Bookkeeper in 1847 he was also assigned to the position of Notary. ^Known prior to 1836 as Assistant and Collection Clerk. In 1847 the "Assistant Clerk" part of the title was dropped. In 1848 the title of Collection Clerk was revived and the duties joined with those of Notary. In 1856 the position of Assistant Clerk was revived, but dropped the next year. It was revived again in 1859. In the same year the posi- tion of Cash Bookkeeper was established and joined to Collection Clerk. The positions of Outdoor Clerk and Notary were united in 1857. 190 Outdoor Clerk and Porter.^ Benjamin M. Lee, 1836-184.; Thomas L. Wragg, 184.-1846: Hopson Pinckney, 1846-1847; John Bell Bee, 1847-185.; John McP. Creighton, 185.-1857; James M. Bee, 1857-1865. Solicitors.'' G. AV. Cross, 18. .-1836; H. A. DeSaussure, 1836-1857; W. G. DeSaussure, 1857-1865. Directors.' W. A. Caldwell, 182.-184.; S. Chadwick, 183.-1838; George Gibbon, 183.-185.; Benjamin D. Heriot, 182.-1836; James Jerrey, 181.-1839; James H. Ladson, 182.-1865; Otis Mills, 183.-184.; Lewis Trapman, 182.-1837; Isaac E. Holmes, 183.-18..; Jona- athan Lucas, 1835-1837; Samuel P. Eipley, 1835-1857; Harris Simons, 1836-18..; K. Thurston, 1837-18..; William Davidson, 1837-1838; E. H. Edwards, 1838-184.; J. B. Legare, 1838-1850; Thomas Gadsden, 1839-184.; John Wilkes, 18. .-1848; N. E. Mid- dleton, 18. .-1850; Thomas J. Kerr, 184.-1849; E. W. Mathewes, 184.-1849; George M. Coffin, 184.-186.; Edward Sebring, 184.- 1845; Andrew Moffett, 1845-1849; H. S. Hayden, 1846-1855; H. A. DeSaussure, 1848-1865; E. W. Bancroft, 1849-1858; M. P. Mattheisen, 1849-1852; John E. Cay, 1849-185.; R. Mure, 1850- 1865; T. Trout, 1850-1856; T. G. Budd, 1851-186.; W. C Bee, 185.-1865; A. E. Taft, 1855-1865; S. Y. Tupper, 1856-1865; C. Kerrison, 1856-1865 ; J. W. Caldwell, 1857-1865 ; Hiram Dewing, 1859-1865; B. M. Lee, 186.-1865, James E. Pringle, 186.-1865. In 1865 the State Bank of South Carolina was doing busi- ness in Cannon Street, Charleston, the shelling of the city hav- ing driven it from its home at the corner of Broad and East Bay streets. Its capital stock at that time was $1,000,000. ^Vacant at the beginning of 1836. Lee was succeeded by Wragg in 1841, 1842, or 1843. The title of Porter no longer attached after some date of 184i, 1842 or 1843. There is no available record of an Outdoor Clerk from 1853 to 1855. ^Cross had been Solicitor for many years prior to 1836. He died October 26, 1836. 'Jervey became a Director some time prior to 1819 ; Heriot, Ladson and Trapman in 1822 or 1823 ; Caldwell between 1825 and 1830, and Chadwick, Gibbon, Mills and Holmes between 1830 and 1835. Holmes, Simons and Thurston ceased to be Directors in 1839 or 1840. Wilkes and iliddleton became Directors in 1839 or 1840. Caldwell, Jlills, Gadsden and Edwards became Directors in 1841, 1842, or 1843, while Kerr, Mathewes, Coffin and Sebring became Directors in the same years. Gibbon and Cay ceased to be Directors in 1853 or 1854, while Bee became one during one of those years. Coffin and Budd passed out as Directors in 1861 or 1862 and Pringle and Lee took their places. 191 The following were the officers of the Union Bank of South Carolina from 1836 to the close of the Confederate War: Presidents.' Eene Godard, 182.-184.; Henry Eavenel, 184.-1859; William B. Smith, 1859-1865. Cashiers.^ William B. Wilkie, 18. .-1837; Henry SoUee, 1837-184.; A. C. Smith, 184.-1857; W. D. Clancy, 1857-1865. Tellers." Thomas Stephens, 181.-1848; J. E. Smith, 1848-1859; Thomas Frost, 1859-1865. Assistant Tellers. Henry Sollee, 1835-1837 ; E. Morris, 1837-1846 ; J. E. Smith, 1846-1848 ; I. S. K. Bennett, 1848-185. ; John Laurens, 185.-1858. Discount and Transfer Clerks.* A. C. Smith, 183.-184. ; Joseph Zealy, 184.-1855 ; Henry D. Alex- ander, 1855-1865. Bookkeepers." Thomas Price, 18. .-18. .; J. J. Alexander, 18. .-184.; N. R. Paine, 184.-1858; B. H. Barfield, 1858-1865. Collection Clerks." George Timmons, 183.-1838; N. R. Paine, 1838-184.; J. J. Alexander, 184.-1848; Henry D. Alexander, 1848-1855; Arthur Middleton, 1855-1856; B. H. Barfield, 1856-1858; Theodore D. Smith, 1858-1865. 'Goflard became President between 1825 and 1830. Eavenel succeeded him in 1844 or 1845. sWillde became Ca.shier in 1819 or 1820. Sollee was succeeded by Smith in 1844 or 1845. ^Stevens became Teller at some time prior to 1819. (See page 68.) Laurens succeeded Bennett as Assistant Teller in 185.S or 1854. No Assistant Teller appears to have been appointed after 1858. 'Smith came to this clerkship between 1830 and 1835. He was succeeded by Zealy in 1844 or 1845. "Price became bookkeeper in 1819 or 1820. He was succeeded by Alexander in 1839 or 1840. Alexander and Paine exchanged positions in 1844 or 1845, Alexander also succeeding Smith as Notary. "Timmons became Collection Clerk between 1830 and 1835. 192 Assistant Clerks.' W. E. Zealy, 1836-184.; Joseph Zealy, 184.-184.; I. S. K. Bennett, 184.-1848. Outdoor Clerks." George Mason, 1821-1847 ; C. M. Smith, 1848-185. ; Arthur Mid- dleton, 185.-1855 ; B. H. Barfield, 1855-1856. Notaries.* Lewis Eoux, 183.-1837; George Timmons, 1837-1838; A. C. Smith, 1838-184., 1852-1856; J. J. Alexander, 184.-1848; Henry D. Alexander, 1848-1852, 1856-1865. Solicitor." W. Lance, 18. .-18. . . Directors." J. C. Burckmyer, 183.-184.; Alexander Brown, 1824-1846; John Magrath, 183.-184.; John Dixon, 183.-184.; William Mazyck, 181.-184.; James Ross, 182.-18..; Francis Lance, 1835-1836; H. G. Kelsey, 1835-184.; J. A. Winthrop, 1835-1865; Abraham Tobias, 1835-1856; William S. Boag, 1835-1836; C. Burckmyer, 1835-1846; S. Mowry, Jr., 1836-186.; James Fife, 1836-184.; S. Chadwick, 18. .-1850; Otis Mills, 184.-1857; A. Ottolengui, 184.-1850; John L. Hedley, 184.-1855; W. C. Hichborne, 184.- 1850; Charles N. Hubert, 184.-184., William Mazyck, Jr., 184.- 186.; G. Brown, 1846-1857; William B. Smith, 1846-1859; M. ^Joseph Zealy succeeded W. E. Zealy in 1841, 1842 or 1843. He was succeeded by Bennett in 1844 or 1845. T!he position appears to have been discontinued after the promotion of Bennett in 1848. ^iCason became Outdoor Clerk in 1821. In 1839, or 1840, tbe duties of Cash Bookkeeper were imposed upon the Outdoor Clerk. Middleton succeeded Smith in 1853, or 1854. No Outdoor Clerk and Cash Book- keeper is given in Miller's Almanac after 1856. 'Eoux became Notary between 1830 and 1835. ^Lance became Solicitor in 1819 or 1820. Miller's Almanac for 1841, and all subsequent issues, fails to name the solicitor. ■^J. C. Burckmyer, ilargrath and Dixon became Directors between 1830 and 1835 ; Mazyck became a Director at some time prior to 1819 ; Eoss became a Director between 1825 and 1830, and was succeeded by Chad- wick in 1839, or 1840, J. C. Burclanyer, Magrath, Dixon and Kelsey ceased to be Directors in 1841, 1842, and 1843, and were succeeded by Mills, Ottolengui, Hedley and Hickborne. Fife and Mazyck were suc- ceeded by Hubert and William Mazyck, Jr., in 1844 or 1845. Crane succeeded Farrar in 1853 or 1854 ; Lewis D. Mowry, W. St. Julien Mazyck, and Henry D. Lesesne succeeded S. Mowry, Jr., William Mazjrck, Street and DeSaussure in 1861, or 1862. ■"" -^ -^ -^ ■iliiiil mm^m^'^/w STOCK CEETIFJ GATE OE TlllM'LANTEIiS'S AND MECUANICvS'S BANK. 193 King, 1850-1863; H. T. Street, 1850-186.; S. S. Farrar, 1851- 185.; J. G. Crane, 185.-1865; J. D. Kirkpatrick, 1855-1865; John B. DeSaussure, 1857-186.; Joseph L. Tobias, 1857-1865; Wil- liams Middleton, 1858-1865; William H. Heyward, 1860-1865; Lewis D. Mowry, 186.-1865; Jacob Barrett, 1863-1865; Thomas B. Bennett, 1863-1865. In 1865, when the Confederate War ended, the Union Bank was doing business in Anderson, having departed from Charleston in 1864 because of the Federal bombardment of the city. Its capital stock was then $1,000,000. The officers of The Planters's and Mechanics's Bank of South Carolina from 1836 to the close of the Confederate War were as follows: Presidents.' Thomas Blackwood, 181.-1836; Daniel Eavenel,. 1836-1865. Cashiers.^ Daniel Eavenel, 182.-1836 ; S. T. Eobinson, 1836-1851 ; Clement H. Stevens, 1851-1863; W. E. Haskell, 1863-1865. Tellers.' John Glen, 181.-1838; Thomas J. Horsey, 183.-18..; C. H. Lanneau, 1838-1848; S. Kingman, 18. .-1848; Clement H. Stevens, 1848-1851 ; Jonathan Bryan, Jr., 1848-1852 ; Charles F. Hanckel, 1851-185.; William P. Shingler, 1852-185.; I. S. K. Bennett, 185.-1858 ; Eoland Ehett, 185.-1858 ; George F. Kinloch, 1858-1865; Edward D. Frost, 1858-1859; W. E. Haskell, 1859- 1863. iBlackwood became President some time prior to 1819. Eavenel became Cashier in 1833, or 1823. ^Glen became a Teller some time prior to 1819 ; Horsey became a Teller between 1830 and 1835 ; Kingman in 1839, or 1840. In 1841, 1843, or 1843, Kingman was designated Receiving Teller and Lanneau Paying Teller. Stevens succeeded Kingman as Keceiving Teller and Bryan suc- ceeded Lanneau as Paying Teller^ Hanckel succeeded Stevens as Re- ceiving Teller, but in 1853 was shifted to Paying Teller and Shingler was made Receiving Teller. In 1853, or 1854, Bennett succeeded Shingler and Ehett succeeded Hanckel. From 1858 on no distinction was made between the Tellers. 194 Bookkeepers.' John Cart, Jr., 181.-184.; Archibald Spears, 184.-1847; J. S. Tennent, 1847-185.; Samuel Kingman, 185.-1858; Robert H. Kingman, 1858-1865. Discoimt Clerks.^ John A. Steele, 181.-1838; Henry Morris, 1838-1858; Samuel Kingman, 1858-1865. Bill Bookkeeper and Outdoor Clerk.' James Badger, 18. .-1838 ; John Glen, 1838-1851 ; Rowland Rhett, 1851-185.; E. T. Hughes, 185.-1858; W. W. Whilden, 1858-1865. Collection Clerks.' Archibald Spears, 18. .-1836; R. V. Jones, 1836-18..; J. S. Tennent, 18. .-1847; F. C. Prioleau, 1847-185.; Robert H. King- man, 185.-1858; F. M. Mitchell, 1858-186.; E. T. Hughes, 186.- 1865. Transfer Clerks.' Henry Morris, 183.-1838 ; H. T. Heriot, 1838-184. ; John Cart, Jr., 184.-1848; Samuel Kingman, 1848-185.; F. C. Prioleau, 185.-1858. ^Cart became Bookkeeper some time prior to 1819. He was succeeded by Spears in 1841, 1842, or 1843." Kingman succeeded Tennent in 1853, or 1854. ^Steele became Discount Clerk prior to 1819. From 1858 the position of Transfer Cleric was linked with that of Discount Clerk. 'Badger became Bill Bookkeeper and Outdoor Clerk in 1819, or 1820. The Bill Bookkeeper portion of the title appears to have been dropped in 1841, 1842, or 1843. Hughes succeeded Ehett in 1853, or 1854. ■■Spears became Collection Clerk in 1819, or 1820 ; Tennent in 1839, or 1840; Kingman in 1853, or 1854. In 1858 Cash Bookkeeper was joined to Collection Clerk. In 1861, or 1862, E. T. Hughes was given the work of Collection Clerk and Cash Bookkeeper in addition to his work as Book- keeper of Public Offices and Institutions and Notary. ''Morris became Transfer Clerk between 1830 and 1835 ; Cart succeeded Heriot in 1841, 1842, or 1843. He also had the work of Bookkeeper of Public Accounts, the work of Pension Agent apparently having been dis' continued. With Kingman the position became Transfer Clerk and Keeper of Ledger of Public Offices and Institutions. Prioleau succeeded King- man in 1853 or 1854. In 1858 Transfer Clerk and Discount Clerk were linked together. 195 Bookkeeper of Public Accounts and Pension Agent/ F. Lanneau, 1835-1836; Arcliibald Spears, 1836-184.; E. T. Hughes, 1858-1865. Assistant Clerks.^ E. V. Jones, 1835-1836; T. A. McBurney, 1836-1838; J. S. Tennent, 1838-18..; F. C. Prioleau, 18. .-185.; Eobert H. King- man, 185.-1858. Solicitors." C. G. Memminger, 183.-1850; Edward McCrady, 1850-1865. Notaries.* Henry Morris, 183.-1S56; E. T. Hughes, 1856-1865. Porter and Outdoor Glerk.'' Samuel Kingman, 1837-18. .. Directors." John Eobinson, 181.-1849; Francis C. Black, 1835-184.; John Kirkpatrick, 181.-184.; Eobert Martin, 181.-1852; A. S. Willington, 182.-186.; C. G. Memminger, 183.-1850, 185.-1858; William Aiken, 183.-1857; William Bell, 183.-185.; Andrew Mc- Dowell, 183.-184.; William Ravenel, 183.-1865; A. Y. Walton, 183.-184.; Thomas J. Eoger, 1835-1847; William Adger, 184.- 185.; J. J. McCarter, 184.-1865; S. G. Barker, 184.-1863; C. T. 'This position appears to have been created in 1835, the duties of Bookkeeper of Public Accounts to have been added to the "Transfer De- partment" in 1841, 1842, or 1843, and the work of Pension Agent discon- tinued. In 1858 the duties of Transfer Clerk were added to the Discount Clerk and Bookkeeper of Public Offices and Institution.s became a sepa- rate office. ^This clerkship appears to have been established in 1835. Prioleau suc- ceeded Tennent in 1839, or 1840. The duties of Cash Bookkeeper seem to have been assigned to Prioleau also in 1841, 1843, or 1843. In 1847 this clerkship was joined to Collection Clerk. "Memming-er became Solicitor between 1830 and 1835. 'Morris became Notary between 1830 and 1835. 'This position seems to have been created in 1837. No mention is made of it In the issue of 1841, or subsequent issues, of Miller's Almanac. "Eobinson and Kirkpatrick became Directors prior to 1819 ; Martin in 1819, or 1820 ; Willington between 1825 and 1830 ; Memminger, Aiken, Bell, McDowell, Eavenel and Walton between 1830 and 1835 ; Adger, McCarter, Barker and Mitchell in 1841, 1842, or 1843, succeeding Black, Kirkpatrick, McDowell and Walton ; Memminger again and J. Ellison Adger in 1853, or 1854, succeeding Bell and William Adger; E. Horry Frost and William Laidler in 1861, or 1862, sticceeding Willington and Kerrison. Willington died February 2, 1862. 196 Mitchell, 184.-1865; James Lamb, 1847-1855; J. Ellison Adger, 185.-1865 ; J. K. Robinson, 1849-1865 ; Edward P. Milliken, 1850- 1860; Charles D. Carr, 1852-1865; Clement H. Stevens, 1855- 1856; S. T. Robinson, 1856-1865; J. D. Aiken, 1857-1865; E. L. Kerrison, 1858-186.; William M. Martin, 1860-1865; E. Horry Frost, 186.-1865 ; William Laidler, 186.-1865 ; Charles Manigault, 1863-1865. Agent at Camden.^ John Rosser, 1850-1852. In 1865, when the war ended, the Planters's and Mechanics's Bank was doing business on Richardson (Main) Street, Colum- bia, and on the night of February 17th, when every building on that street from the State House northward, save the house of the French consul, was destroyed by Sherman's troops, its career ended. Its capital stock at that time was $1,000,000. The officers of the Bank of the State of South Carolina from 1836 to the close of the Confederate War were as follows: Presidents." C. J. Colcock, 183.-1839; Franklin H. Elmore, 1839-1850; C. M. Furman, 1850-1865. Cashiers.^ C. M. Furman, 183.-1850; T. R. Waring, 1850-1865. Tellers." R. W. Cogdell, 181.-184.; William Lee, 1821-184.; William Miller, 184.-1857; W. R. Taber, 184.-1865; J. S. Bee, 185.-1857; L. J. Myers, 1857-1865; Thomas Frost, 1858-1859; W. W. Sale, 1859-186^5; J. H. Baggott, 1859-1865. Bookkeepers.^ William A. Hayne, 181.-1841; T. R. Waring, 184.-1850; John Hanckel, 1850-1860; F. M. Burdell, 1860-1865. ^This position is first listed in Miller's Almanac for 1851. ^Colcock became President between 1830 and 1835. He died January 26, 1839. Elmore was appointed United States Senator April 11, 1850, and died May 20, 1850. 'Furman became Cashier between 1830 and 1835. 'Cogdell became a Teller prior to 1819. Miller and Taber succeeded Cog-dell and Lee in 1841, 1842, or 1843. Bee was added as Third Teller in 1833, or 1854. The Third Tellership was discontinued in 1857, but was restored in 1858. A Fourth Teller was added in 1859. '^Hayne became Bookkeeper prior to 1819. He died March 16, 1841. 197 Cash Bookkeeper. Harris Simons, 1860-1865. Discount Clerks.'' 'William B. Foster, 181-185.; F. M. Burdell, 185.-1860; John Witsell, 1860-1865. Collection Clerks. Myer Jacobs, 1850-185.; John Witsell, 185.-1860; John H. Honour, Jr., 1860-1865. Exchange Clerks. J. D. Alexander, 185.-1865. Assistant Clerks.° Kichard Yeadon, 181.-184. ; T. E. Waring, 18.. -184. ; J. D. Alexander, 184.-185.; Charles S. Cogdell, 184.-1860; William B. Foster, 185.-1860; William Simons, 1857-1860; Thomas Lining, 1860-1865. Porter and Outdoor Clerks.^ Abraham Miller, 181.-18..; F. Gadsden, 18.. -1852; J. W. Brownfield, 1852-186.; A. W. Duffus, 186.-1865. Notaries.'' Richard W. Cogdell, 182.-184.; J. D. Alexander, 184.-185.; J. W. Brownfield, 185.-186.; A. W. Duffus, 186.-1865. Toster became Discount Clerk prior to 1819. The title of Collection Clerk was added in 1819, or 1820. In 1850 Collection Clerk was made a separate office. Burdell succeeded Foster in 1853, or 1854, Foster being made First Assistant Clerk vice Alexander promoted to Exchange Clerk. ^In 1819, 1820 and 1821 the position was known as Deputy Cashier and Outdoor Clerk; from 1821 to sometime between 1830 and 1835 Deputy Cashier, and from the latter date as Assistant Clerk. Yeadon came to the position prior to 1819. Another Assistant Clerk was added in 1839, or 1840. Alexander succeeded Yeadon as First Assistant Clerk and Cog- dell succeeded Waring as Second Assistant Clerk in 1841, 1842, or 1843. In 1853, or 1854, Alexander was made Exchange Clerk and Foster, who had been Discount Clerk, was put in his place. A third Assistant Clerk was added in 1857. In 1860 the three Assistant Clerks were reduced to one. ^In 1819 this position was Porter, Miller then filling it. In 1821 the duties of Outdoor Clerk were transferred from the Deputy Cashier to the Porter. Gadsden succeeded Miller in 1839, or 1840. In 1853, or 1854, Brownfield ceased to be termed Porter and the duties of Notary were added to those of Outdoor Clerk. DufEus succeeded Brownfield as Outdoor Clerk and Notary in 1861, or 1862. *No mention of a, Notary is made in the list of officers given in The Planters' & Merchants' Almanac for 1819. Miller's Planters' & Merchants' Almanac for 1821 gives Cogdell as Notary. 198 Directors.' James Rose, 1835-18..; Daniel C. Webb, 181.-1848, 1819-1850; Arthur Middleton, 182.-1838 ; James Eobertson, 183.-18. . ; James Legare, 183.-18. . ; Thomas Gadsden, 183.-18. . ; S. Burger, 182.- 1846; Alexander W. Campbell, 183.-1837; Neil McNeil, 183.- 18..; John L. Nowell, 183.484.; James F. Green, 1835-1838; L. G. Capers, 1835-18. .; William A. Carson, 1837-184., 184.- 1847; M. T. Mendenhall, 1838-1846; Charles T. Lowndes, 18..- 184.; G. H. Ingraham, 18. .-184.; E, J. Caldwell, 18. .-1846; J. S. Bowie, 18. .-1846 ; Alexander McDonald, 18. .-1846 ; W. C. Dukes, 18. .-1851, 1852-1865; Jesse F. Cleveland, 18. .-184.; John S. Ashe, 184.-184.; H. T. McGee, 184.-1846; W. M. Lawton, 184.- 1849; W. B. Pringle, 184.-1848 ;• G. N. Reynolds, 184.-1848; J. H. Steinmeyer, 1846-1848, 1852-1865; R. Caldwell, 1846-1850; P. C. Gaillard, 1846-J848, 1855-1865; J. L. Strohecker, 1846- 1847; Elisha Carson, 1846-1847, 1848-185.; R. G. Stone, 1846- 185. ; George Robertson, 1847-185. ; Robert Fishburne, 1847-1849 : S. L. Glover, 1847-1852; P. M. Cohen, 1848-1855; Thomas Lehre, 1848-1851, 185.-1859; F. R. Shackelford, 1848-1850; G. Came- ron, 1848-1849; J. P. DeVeaux, 1849-1852, 185.-1858, 1859-1865; J. S. Chambers, 1849-1850; James L. Gantt, 1850-185.; E. W. Mathewes, 1850-185.; H. F. Strohecker, 1850-1860; George H. Walter, 1850-185.; J. A. Hopkins, 1851-1852; N. B. Hill, 1851- 185.; Rice Dulin, 1852-185.; Andrew Simonds, 185.-1860; Fleet- wood Lanneau, 185.-1857; L. W. Spratt, 185.-1857; R. L. Simons, 185.-1855; C. J. Colcock, 185.-1865; J. H. Honour, 1855-1856; J. H. Shepherd, 1855-1856, 1857-1859; Albert Elfe, 1856-1858; W. Y. Paxton, 1856-1858; Thomas Ryan, 1857-1865; C. F. Hanckel, 1858-1865; H. E. Dotterer, 1858-1865; A. F. Browning, 1858-1859; E. W. Marshall, 1859-1865; W. F. Mc- Millan, 1859-1865; W. Walter Smith, 1860-1865; C. V. Chamber- lain, 1860-1865. iWebb became a Director prior to 1819 ; Middleton and Burger became Directors between 1835 and 1830 ; Eobertson, Legarfi, Gadsden, Campbell, McNeil and Nowell between 1830 and 1835 ; Lowndes, Ingraham, Cald- well, Bowie, McDonald, Dukes and Cleveland in 1839 and 1840, succeeding Eose, Eobertson, Legare, Gadsden, McNeil and Capers ; Ashe, McGee, Lawton, Pringle and Eeynolds in 1841, 1842 and 1843, succeeding Lowndes, Carson, Ingraham, Nowell and Cleveland ; Carson again in 1844, or 1845, succeeding Ashe; Simonds, Lehre, Lanneau, Spratt, Simons, DeVeaux and Colcock in 1853, or 1854, succeeding Hill, Stone, Carson, Walter, Gantt, Eobertson, Mathewes and Dulin. 199 In the latter part of 1864 the Bank of the State of South Carolina removed its business offices to Columbia and was occupying the building of the branch bank there on Eichardson (Main) Street when the building was destroyed by Sherman's troops, February 17, 1865. The officers of the branch of the Bank of the State of South Carolina at Columbia from 1836 to the close of the Confederate War were : Presidents.^ Pierce M. Butler, 183.-1836; Thomas Harrison, 1836-1837; D. J. McCord, 1837-184.; K. H. Goodwyn, 184.-186.; John Fisher, 186.-1865. Cashiers.^ Thomas Harrison, 183.-1836 ; E. H. Goodwyn, 1837-184. ; John Fisher, 184.-186.; J. L. Clark, 186.-1865. Tellers.' John Fisher, 182.-1836; William Choice, 1836-1837; J. W. Gibbes, 1837-184.; J. L. Clark, 184.-186.; M. L. Brown, 186.-1865. Discount Clerks.'' William J. Myddelton, 182.-1837; E. Henry, 1837-184.; B. T. Saxon, 184.-184.; Nathaniel Eamsay, 184.-1865. Outdoor Clerks.^ Nathaniel Eamsay, 182.-184.; D. S. Yates, 184.-185.; M. L. Brown, 185.-186.; E. H. Goodwyn, 186.-1865. Assistant Clerk. D. S. Yates, 185.-1855. ^Butler became President between 1830 and 1835. He was elected gov- ernor of South Carolina in December, 1836. Goodwyn succeeded McCord in 1841, 1843, or 1843. Fisher succeeded Goodwyn in 1861, or 1863. ^Harrison became Cashier between 1830 and 1835 ; Fisher in 1841, 1843, or 1843 ; Clark in 1861, or 1863. ^Fisher became Teller between 1835 and 1830; Clark in 1841, 1843, or 1843 ; Brown in 1861, or 1863. ^Myddelton became Discount Clerk between 1835 and 1830 ; Saxon in 1841, 1843, or 1843 ; Eamsay in 1844, or 1845. "Eamsay became Outdoor Clerk between 1835 and 1830 ; Yates in 1844, or 1845. Yates was made Assistant Clerk in 1853, or 1854. and Brown was made Bookkeeper and Outdoor Clerk. The Assistant Clerk appears to have been dispensed with in 1855. 200 Directors.' Thomas Taylor (1779-1874), 181.-184.; Daniel Faust, 181.- 1836; James S. Guignard, 182.-184.; B. McLaughlin, 183.-1836; S. Percival, 182.-184.; Eobert Purvis, 183.-1836; Wade Hamptonj Jr., 183.-1838, 184.-1858; Jesse M. Howell, 181.-1836; James Davis, 181.-184.; James Boatwright, 182.-1836, 1852-1857; Daniel Finn, 183.-1836; J. J. Chappell, 183.-1863; J. L. Clark, 1836-184.; Theodore Stark, 1836-1847; C. Bookter, 1836-1838; James Cath- cart, 1836-185.; William Hopkins, 1838-1851; John Fisher, 1838- 184.; James Fenton, 184.-1852; I. D. Mordecai, 184.-1852; B. F. Taylor, 184.-1850; B. L. McLaughlin, 184.-1851; Peter Bryce, 184.-1850; David Kinsler, 184.-1847; A. R. Taylor, 184.-1847, 1852- 1865; J. V. Lyles, 1847-1851; J. J. Caldwell, 1847-1850; Sidney Crane, 1847-1850; M. L. Brown, 1851-185.; W. Maybin, 1851- 1852; Lewis Pou, 1851-1852; Eobert Bryce, 1851-1856; Amzi Nelly, 1851-1852; W. Eeynolds, 1851-1863; John T. Mickle, 1851- 1852; James U. Adams, 1852-1865; Jose Drafts, 1852-185. ; Maxcy Gregg, 1852-1862;' Thomas W. Eadcliffe, 1852-1865; John Wallace, 185.-1865; John M. Allen, 185.-1863; Edward E. Fisher, 185.-1865; H. P. Green, 1856-1865; John Meighan, 1857- 1865; C. A. Bedell, 1857-1865; Frank Hampton, 1858-1865. At the time that this branch was destroyed in 1865 the total deposits, state bonds and cash, based on audit of October, 1863, was $2,784,548.68. The profits for 1863 from various sources amounted to $124,927.74.' The agent of the Bank of the State of South Carolina at Georgetown in 1836 was Eichard D. Smith, who had been ap- pointed in 1833, or 1834. No mention of an agent at George- town is made in Miller's Ahnanac after that j'ear. In 1836 Wyatt W. Starke was still agent of the Bank of the State of South Carolina at Hamburg. He was succeeded that ^Taylor, Faust, Howell and Davis became Directors prior to 1819 ; Guig- nard, Percival and Boatwright between 1825 and 1830; McLaughlin, Purvis, Hampton, Finn and Chappell between 1830 and 1835 ; Fenton, Hampton, Mordecai, B. F. Taylor, McLaughlin, Bryce, Kinsler and A. E. Taylor in 1841, 1843, or 1843, succeeding Thomas Taylor (1779-1874), Percival, Davis, Clark, Guignard and John Fisher ; Wallace Allen and . Edward Fisher in 1853, or 1854, succeeding Brown, Cathcart and Drafts. ^Gregg, then a brigadier general in the provisional army of the Con- federate States, was mortally vyounded at Fredericksburg, December 13, 1862, and died December 15, 1862. ^Miller's Planters' & Merchants' Almanac for 1865. 201 same year by G. W. Mayson. The latter was still acting in that capacity in 1839, but Miller's Almanac contains no reference to an agent at Hamburg after that year. The officers of the branch of the Bank of the State of South Carolina at Camden from 1823' to the close of the Confederate War were : Presidents. Thomas Salmond, 1823-185.; C. J. Shannon, 185.-1864; William Shannon, 1864-1865. Cashiers. Lemuel Reid, 1823-182.; James W. Cantey, 182.-1837; D. L. DeSaussure, 1837-1857; J. W. Doby, 1857-1864; J. D. Bexley, 1864-1865. Discount Clerks. Joshua Reynolds, 1823-184.; Jesse Nettles, 184.-1865. Bookkeepers. B. B. Salmond, 184.-185. ; J. W. Doby, 185.-1857. Assistant Clerk. William Douglas Ancrum, 1860-1865. Directors. James Chesnut, 1823-183.; W. W. Lang, 1823-184.; Benjamin Bincham, 1823-182. ; John Carter, 1823-182. ; Lewis Ciples, 1823- ^Miller's Almanac for 1824 first gives the officers of this branch. The compilation of lists of bank officers for publication in the Almanac was necessarily made the latter part of 1823. Shannon succeeded Salmond as President in 1853, or 1854. Cantey succeeded Eeid as Cashier between 1825 and 1830. Nettles succeeded Keynolds as Discount Clerk in 1844, or 1845. Salmond became Bookkeeper in 1844, or 1845. Doby succeeded him in 1853, or 1854. No mention is made of the Bookkeeper by Miller's Almanac after Doby's promotion to Cashier. Brevard, John Cantey, McCaa, Mathaeson and Murray succeeded Binch- am, Carter, Ciples, Douglas and Spann between 1825 and 1830 ; Deas, Boykin, Elmore, Wynn, Johnson, Patterson and Jones succeeded Chesnut, Clark, Anderson, Blanding, Shannon, Mathaeson and Murray between 1830 and 1835 ; Kosser, Perkins and Ancrum succeeded MeCaa, Boylgin, Doby and Haile in 1839 or 1840 ; Kennedy and and L. L. Whitaker sxic- ceeded Lang in 1841, 1842, or 1843 ; Blair succeeded Cook and Lee in 1844, or 1845 ; Taylor returned to the board of Directors in 1853, or 1854, and at the same time L. L. Whitaker, Jr., succeeded L. L. Whitaker ; Ancrum ceased to be a Director in 1861, or 1862. 202 182.; James Clark, 1823-183.; William B. "Whitaker, 1823.1836 James K. Douglas, 1823-182.; Dr. E. H. Anderson, 1823-183. Dr. William Blanding, 1823-183.; C. J. Shannon, 1823-183. James G. Spann, 1823-182.; Alfred Brevard, 182.-1838; John Cantey, 182.-1855, 1857-1865; John McCaa, 182.-18. . ; C. Mathae- son, 182.-183.; James S. Murray, 182.-183.; James S. Deas, 183.- 1836; John Boykin, 183.-18..; B. T. Elmore, 183.-1836; J. D. Wynn, 183.-1836; W. E. Johnson, 183.-1836; Joseph Patterson, 183.-1849; A. D. Jones, 183.-1865; H. R. Cook, 1836-184.; William J. Taylor, 1836-1847, 185.-1855, 1856-1859; James C. Doby, 1836- 18. . ; Joseph Lee, 1836-184.; B. Haile, 1836-18. . ; John Eosser, 18.. -1850; Benjamin Perkins, 18.. -1850; William A. Ancrum, 18.. 186.; William Kennedy, 184.-1865; L. L. Whitaker, 184.- 185.; W. L. E. Blair, 184.-1847; L. L. Whitaker, Jr., 185.-1865; L. H. Deas, 1855-1865 ; J. E. Dye, 1855-1865 ; E. W. Bonney, 1859-1865. The officers of the Commercial Bank of Columbia from 1836 to its destruction in 1865 were: Presidents.^ A. Blanding, 183.18. . ; J. A. Crawford, 18 . . -1865. Cashiers.^ J. A. Crawford, 183.-18 . . ; A. McLauchlin, 81. .-184. ; B. D. Boyd, 184.-1852; Edwin J. Scott, 1852-1865. Assistant Cashier. Henry E. Scott, 1857-1865. Tellers.' W. C. Braze, 183.-18. . ; M. T. Scott, 18. .-184.; E. J. Scott, 184.- 1852; S. O. Talley, 1853-1865. 'Blanding became President at some time between the incorporation of the bank, December 17, 1831, and 1835. He was succeeded by Craw- lord in 1839, or 1840. "Crawford became Cashier between December 17, 1831, and 1835. Craw- ford was succeeded by McLauchlin in 1839, or 1840 ; McLauchlin by Boyd in 1841, 1842, or 1843. "Braze became Teller between December 17, 1831, and 1835. He was succeeded by M. T. Scott in 1839, or 1840 ; M. T. Scott by E. J. Scott in 1841, 1842, or 1843; E. J. Scott by S. 0. Talley the latter part of 1852, or early in 1853. 203 Bookkeepers.^ A. McLauchlin, 183.-18. . ; B. D. Boyd, 18. .-184. ; A. Campbell, 184.-185.; S. E. Capers, 185.-1857; H. F. Neuffer, 1857-1865. Discount Clerks." John T. Seibels, 184.-185.; Henry E. Scott, 185.-1857; S. E. Capers, 1857-1865. Directors.' Robert Latta, 183.-1837, 18.. -1852; W. F. DeSaussure, 183.- 1837, 1838-1865; William Gregg, 183.-1838; John J. Gracey, 183.- 18.., 1850-1865; G. T. Snowden, 183.-185.; John Bryce, 183.- 1852, 185.-1857; David Johnson, 183.-184.; Andrew Wallace, 183.- 1805; William Law, 183.-1852; A. Kirk, 183.-1838; Eichard O'Neale, 183.-1850; James Boatwright, 1838-1857; David Ewart, 1838-18. . ; R. W. Barnwell, 18. .-184. ; I. S. Cohen, 18. .-184. ; A. Crawford, 18 . . -1865 ; Dr. Thomas Wells, 184.-1850 ; James S. Guignard, 184.-1857; J. J. Gray, 184.-1850; John S. Preston, 1850-1851 ; Richard Sondley, 1850-1865 ; Campbell R. Bryce, 1851- 1865; Rev. Peter J. Shand, 1852-185.; Henry Lyons, 185.-1858; H. MuUer, 185.-1865 ; William Wallace, 185.-1865 ; T. B. Clark- son, 1857-1865; R. Bryce, 1857-1865. In 1865, when the bank was destroyed by Sherman's troops, its capital stock was $800,000. Its place of business was on the west side of Richardson (Main) Street, the second, or third, door north of Washington. The following were the officers of the Merchants Bank of South Carolina, at Cheraw, from 1836 to the close of the Con- federate War. 'McLauchlin became Bookkeeper between December 17, 1831, and 1835. He was succeeded by Boyd in 1839, or 1840 ; Boyd by Campbell in 1841, 1842, or 1843 ; Campbell by Capers in 1853, or 1854. ''Established in 1841, 1842, or 1843. In 1844, or 1845, the office of Notary was added to Seibels's work as Discount Clerk. His successor was not recorded as Notary by Miller's Almanac. "The first eleven names on this list were of Directors chosen between December 17, 1831, and 1835. Barnwell, Cohen, A. Crawford and Latta be- came Directors in 1839, or 1840, succeefiing Gracey and Ewart and filling two vacancies ; Wells and Guignard in 1841, 1842, or 1843, succeeding Barn- well and Johnson ; Gray in 1844, or 1845, succeeded Cohen ; H. Lyons, H. Muller, William Wallace and John Bryce in 1853, or 1854, succeeding Shand and Snowden and filling two vacancies. 204 Presidents.^ J. C. Coit, 183.-1838, 1855-1857; James Wright, 1838-1855; J. Eli Gregg, 1857-1859; William Godfrey, 1859-1865 . Cashiers.'' Hiram Hutchison, 183.-18..; William Godfrey, 18.. -1859, J. F. Matheson, 1859-1865. Directors.' Alexander Graham, 183.-18. . ; James Wright, 183.-1838; John Taylor, 183.-1850; A. P. LaCoste, 183.-1856; John G. McKenzie, 1835-1838; David S. Harllee, 1835-1852; A. Blair, 1838-184.; B. Bryan, 1838-18.. ; J. J. Marshall, 18.. -184. ; J. Eli Gr§gg, 18.. -184., 1859-1860; A. Blue, 184.-1850; A. Sparks, 184.-1850; J. W. Blakeney, 184.-1852; Allan McFarlan, 1850-1865; J. C. Wadsworth, 1850-185. ; Caleb Coker, 1850-1865 ; Duncan Mallory, 1852-1860; J. A. David, 1852-185. ; Elias Gregg, 185.-1857; T. E. B. Pegues, 185.-1856; William Godfrey, 1856-1859 ; Henry Mc- Iver, 1856-1865; G. W. Mclver, 1857-1859, 1860-1865; Alexander McQueen, 1859-1865 ; J. F. Matheson, 1860-1865 . When the Confederate War ended in 1865 the capital stock of this bank was $500,000. The officers of the Bank of Charleston from 1836 to the close of the Confederate War were : Presidents.* James Hamilton, 1835-1838; Ker Boyce, 1838-1839, 1840-184.; H. W. Conner, 1839-1840, 184.-1850; A. G. Kose, 1850-1856; J. K. Sass, 1856-1865. Cashiers. Arthur G. Rose, 1835-1850; Robert L. Stewart, 1850-1852; J. K. Sass, 1852-1856; J. Cheesborough, 1856-1865. ^Coit became President in 1833, or 1834. ^Hutchison became Cashier in 1833, or 1834 ; Godfrey in 1839, or 1840. ^Graham, Wright, Taylor and LaCoste, became Directors in 1833, or 1834; Marshall and Gregg in 1839, or 1840, succeeding Graham and Bryan; Blue, Sparks and Blakeney in 1844, or 1845, succeeding Blair, Marshall and J. E. Gregg; Elias Gregg and Pegues in 1853, or 1854, succeeding Wads- worth and David. 'Conner succeeded Boyce as President in 1839 ; Boyce succeeded Conner in 1840 and Conner succeeded Boyce again in 1841, 1843, or 1843, if Miller's Almanac is correct. 205 Assistant Cashiers. A. Moise, Jr., 1836-1852; J. Cheesborough, 1852-1856; Charles L. Edwards, 1856-1863 ; Peter B. Lalane, 1863-1865. Tellers.' Christian McKinney, 1835-1852; E. Robinson, 1835-184. ; I. M. C. Johnson, 18.. -1858; J. K. Sass, 184.-1852; J. E. E. Couturier, 1852-1857; H. E. Walpole, 1852-185.; J. E. Phillips, 185.-1865; William Thayer, 1857-1865; H. T. Thompson, 1858- 1865. Assorting Tellers. E. H. Colcock, 1852-185. ; H. E. Walpole, 185.-1865. Bookkeepers.'' Charles Lining, 1835-1838; Eobert L. Stewart, 1835-18..; Aug. Winthrop, 1838-184.; C. P. Gordon, 18.. -1846; John L. Holmes, 18. .-185.; Jabez Norton, 184.-1860; C. A. Wheeler, 1846- 1849; William S. Edwards, 1849-1850; T. D. Mathews, 1850- 1858; F. D. Quash, Jr., 185. 1856; E. H. Quash, 185.-1855; T. C. Harleston, 1855-1865. ; J. E. Simonton, 1856-186. ; D. D. Bacot, 1858-1860; L. M. Phillips, 1860-1865; J. F. W. Walter, 1860- 1865 ; T. A. Honour, 186.-1865. Discount Clerks. C. P. Gordon, 1835-184.; Eobert L. Stewart, 18. .-1850; Peter B. Lalane, 1850-1863. This position was vacant at the end of 1863, Miller's Ahnanao for 1864 showing a blank space opposite the title. ^Between 1838 and 1841 a third Teller was added, McKinney being des- ignated First Teller, Robinson Second Teller and Johnson Third Teller. In 1841, 1842, or 1843, Eobinson was succeeded as Second Teller by John- son and thereafter there were only two Tellers until 1844, or 1845, when Sass was added as Third Teller. In 1853, or 1854, Phillips succeeded Walpole as Third Teller, Walpole going to Assorting Teller in place of Colcock. ''In 1839, or 1840, Gordon succeeded Stewart and was designated First Bookkeeper, Winthrop being designated Second Bookkeeper. At the same time Holmes was added to the force of Bookkeepers. In 1844, or 1845, Norton succeeded Winthrop as Second Bookkeeper of "Personal Accounts." Holmes was Bookkeeper of "Public Accounts." In 1853, or 1854, a second Bookkeeper of "Public Accounts" was added. Holmes going out at that time and the two Quashes taking the work. Honour succeeded Simon- ton as 1st Bookkeeper of Public Accounts in 1861, or 1863. 206 Collection Clerks. Aug. Winthrop, 1835-1838; Peter B. Lalane, 1838-1850; Wil- liam S. Edwards, 1850-1855; Charles L. Edwards, 1855-1856, George Eeid, 1856-1865. Transfer Clerks. Peter B. Lalane, 1836-1838; C. A. Wheeler, 1838-1846; J. Cheesborough, 1846-1852; Charles L. Edwards, 1852-1855; E. H. Quash, 1855-1856; E. T. Bruns, 1856-1865. Outdoor Clerks.^ William George Eout, 1835-184. ; E. Eobinson, 184.-1846; S. A. Eobinson, 1846-1865. Assistant Clerks.'' H. B. Bounetheau, 1836-1838; I. M. C. Johnson, 1838-18..; John E. Gibbes, 18. .-1847; Charles L. Edwards, 1847-1850; F. D. Quash, Jr., 1852-1853 ; J. E. Simonton, 1853-1856 ; D. D. Bacot, 1856-1858; L. M. Phillips, 1858-1860; J. Norton, 1860-1865. Porters.' John E. Gibbes, 1835-18..; Charles L. Edwards, 1850-1852; J. C. Norris, 1862-1853; W. M. Wilson, 1853-1865. Notaries." William E. Hayne, 1835-1843 ; Peter B. Lalane, 185.-1865. Foreign Exchange Clerk. T. M. HaseU, 1858-1865. Solicitors. James L. Petigru, 1835-1863; Henry D. Lesesne, 1863-1865. ^Eobinson was transferred from Second Teller to Outdoor Clerk in 1841, 1842, or 1843, succeeding Eout. ^In 1850 Edwards was made Porter and the position of Assistant Clerk was not mentioned again in Miller's Almanac until 1853. ^Gibbes succeeded Johnson as Assistant Clerk in 1839, or 1840, and no mention of a Porter is made in any available issue of Miller's Almanac after 1839 until 1851. *The position of Notary became vacant in 1843 by the death of Hayne, and no mention of a Notary is made by Miller's Almanac until 1855. 207 Cash Bookkeepers.* Jabez Norton, 18.. -184.; James E. Smith, 184.-1846; J. E. Gibbes, Jr., 1846-1847; E. B. Lining, Jr., 1847-1849; T. D. Math- ews, 1849-1850; H. E. Walpole, 1850-1852, 186.-1865; J. E. Phillips, 1852-1853; T. C. Harleston, 1853-1855; D. D. Bacot, 1855-1856; T. A. Honour, 1856-186. . Directors.^ Ker Boyce, 1835-1838, 1839-1840, 184.-1850; H. W. Conner, 1835-1839, 1840-184., 1850-1851: L. M. Wiley, 1835-185.; Henry Gourdin, 1835-1865; E. Laffan, 1835-1839, 1840-184. ; Eobert Y. Hayne, 1835-1836; Joseph Leland, 1835-1850 ; John Eraser, 1835-1836; John Lewis, 1835-1839; Thaddeus Street, 1835-1837, 1839-1840, 184.-1852; John L. Pezant, 1835-1839, 1840-184. ; J. W. Cheesborough, 1835-1836 ; G. A. Trenholm, 1836-1865 ; James Adger, 1836-1839, 1840-184.; Jonathan Lucas, 1836-1848; Daniel Boinest, 1837-1839, 1840-184.; James Hamilton, 1838-1839; John F. D. Fanning, 1840-184. ; Alexander Eobertson, 1839-1865 ; E. C. Smith, 184.-1846; Arthur G. Eose, 1839-1840, 184.-1850, 1856- 1865; William H. Gilliland, 1839-1840, 184.-1865; Charles T. Lowndes, 1839-1840, 184.-1865; J. S. Bowie, 1839-184., 1846-1860; W. B. Pringle, 1848-1865; Eobert Caldwell, 1850-1851; T. L. Wragg, 1851-1859; W. C. Courtney, 1851-1865; J. K. Sass, 1852- 1856; W. A. Wardlaw, 185.-1865; W. M. Lawton, 185.-1865; Daniel Lesesne, 1859-1865 ; J. Cheesborough, 1860-1865. When the war ended in 1865 the Bank of Charleston was doing business on Eutledge Avenue, Charleston, and Eichardson Street, Columbia, Cashier Cheesborough being on duty at the former place and Assistant Cashier Lalane at the latter place. The capital stock was then $3,160,000., and on July 1, 1864, a dividend of six dollars ($6.00) a share had been issued. The officers of the Bank of Camden from 1836 to the close of the Confederate War were: ^'Oface created in 1839, or 1840. Smith succeeded Norton in 1844, or 1845. H' E. Walpole returned to the work of Cash Bookkeeper in 1861, or 1862, relieving Honour and at the same time handling the work of Assorting Teller. ^Smith, Eose, and Boyce became Directors in 1841, 1843, or 1843, succeed- ing Conner, Laffan and Pezant; Gilliland, Street and Lowndes in 1844, or 1845, succeeding Adger, Tanning and Boinest; Wardlaw and Lawton in 1853, or 1854, succeeding Boyce and Wiley. 208 Presidents.' William McWillie, 1836-184. ; William E. Johnson, 184.-1865. Cashiers.^ William J. Grant, 1836-184.; 1851-1855; B. J. Grant, 184.- 1851; W. H. K. Workman, 1855-1864; W. B. McDowell, 1864- 1865. Teller. N. D. Baxley, 1855-1865. Clerk. A. Johnson, 1836-1855.' Bookkeepers.' J. C. West, 18. .-185. ; William A. Graham, 185.-1865. Directors.' John Chesnut, 1837-18 . . ; J. M. DeSaussure, 1837-184., 1846- 1856; Hall T. McGee, 1837-18. . ; Paul T. Villepigue, 1837-184, John Workman, 1837-1865; John Anderson, 1837-18..; W^ Anderson, 18.. -184.; E. H. Anderson, 18.. -184. ; W. D. Mc Dowell, 18.. -1865; George Reynolds, 184.-1849; William E Johnson, 184.-184.; Thomas Lang, 184.-186.; H. Levy, 184.-185. Benjamin Haile, Sr., 184.-1846; B. Perkins, 1850-1865; William M. Shannon, 185.-1865; B. Boykin, 1856-1857; E. B. Johnson, 1857-1865. In 1865 the capital stock of the Bank of Camden was $500,000 according to Miller, and a dividend of $2.50 per share had been declared in July, 1864. The following were the officers of the Bank of Hamburg from 1836 to the close of the Confederate War. ^Johnson succeeded McWillie In 1844, or 1845. "B. J. Grant succeeded William J. Grant in 1841, 1842, or 1843. =Clerk is not mentioned by Miller's Almanac after 1855, when Teller first appeared therein. *A ojookkeeper was added in 1839, or 1840. Miller's Almanac does not list the Bookkeeper in 1857, but in 1858 lists Graham as such. ""W. Anderson, E. H. Anderson and McDowell became Directors in 1839, or 1840, succeeding Chesnut, McGee and John Anderson ; Reynolds, John- son, Lang and Levy in 1841, 1842, or 1843, succeeding the two Andersons, DeSaussure and Villepigue; Haile in 1844, or 1845, succeeding Johnson; Shannon in 1853, or 1854, succeeding Levy. Long ceased to be a director in 1861, or 1862. 209 Presidents.' Wyatt W. Starke, 1836-184.; Hiram Hutchison, 184.-1856; J. W. Stokes, 1857-1865. Cashiers.'' Hiram Hutchison, 1836-184.; J. J. Blackwood, 184.-1857; Augustus C. DeCottes, 1858-1865. Tellers.' J. E. E. Couturier, 184.-1850; Augustus C. DeCottes, 1850- 1865. Bookkeepers.' E. J. Buckmaster, 184.-1850. Discount Clerk and Accountant. W. B. Newill, 1850-1865. Directors.' James Hubbard, 1836-1838; George Parrott, 1836-1850; J. E. McDonald, 1836-1838; F. Goldsmith, 1836-1838; B. F. McDonald, 1836-1838; William Garret, 1836-184. ; C. Hammond, Jr., 1836- 1838; J. Bauskett, 1836-1838, 184.-184.; N. L. Griffin, 1836-1838; W. Brooks, 1836-1838; F. Wardlaw, 1836-1838; J. M. Stokes, 1838-1865; H. L. Jeffers, 1838-184.; Thomas Kernahan, 1838- 184.; D. L. Adams, 184.-1850; G. W. Garmany, 184.-1865; W. W. Starke, 184.-1850; J. J. Blackwood, 184.-1857; John Spring, 1850-1859 ; Joel Smith, 1850-1859 ; J. J. Howard, 1850-1865. When the war closed in 1865 the capital stock of the Bank of Hamburg was $500,000. The following were the officers of the South- Western Eail Koad Bank to the close of the Confederate War. 'Hutclilson succeeded Starke in 1841, 1843, or. 1843. ''Blackwood succeeded Hutchison in 1841, 1842, or 1843. 'Miller's Almanac for 1844 lists Teller and Bookkeeper; that for 1841, and earlier Issues, do not list those offices — if they then existed. De- Cottes succeeded to the duties of Notary Public in 1850. 'Notary Public was also added to Buckmaster's office in 1844, or 1845. After 1850 Miller's Almanac does not list Bookkeeper. '^Bauskett, Adams and Garmany became Directors in 1841, 1843, or 1843, succeeding Jeffers and Kernahan ; Starke and Blackwood in 1844, or 1845, succeeding Bauskett and Garret. 210 President. James Rose, 1840-1865. Cashiers.^ James G. Holmes, 1840-185. ; J. C. Cochran, 185.-1865. Assistant Cashier." John B. Irving, 1840-184.. Tellers.' William C. Breese, 1840-184.; Henry G. Loper, 1840-185.; W. S. Cochran, 1852-1857; W. H. Bartless, 185.-1857; Edward N. Fuller, 1857-1865. Bookkeepers.* J. C. Cochran, 1840-185.; J. G. Moodie, 1840-184., 184.-1850; A. E. Drayton, 184.-184. ; J. E. Eutledge, 1850-1865. 'Cochran succeeded Holmes in 1853, or 1854. ''In 1840 Irving was Assistant Cashier. Miller's Almanac for 1844 does not list an Assistant Cashier, nor did it list any thereafter. There- fore, it is apparent that Irving went out of office in 1841, 1842, or 1843. Irving also acted as Transfer Clerk. ^n 1840 Breese was Receiving Teller and Loper Paying Teller. Miller's Almanac for 1844 names only Teller, and Loper was filling the position. In 1852 Loper was designated Paying Teller and Cochran Receiving Tel- ler. The latter was also assigned the duties of Collection Clerk. Loper was succeeded as Paying Teller by Bartless in 1853, or 1854, and during the same time the duties of Collection Clerk were shifted from Cochran, Receiving Teller, to Hendricks, the Transfer Clerk. Bartless ceased to be Paying Teller in 1857 and at the same time Cochran, Receiving Teller, was succeeded by Fuller, who was assigned the duties of Paying Teller also. ^Cochran was designated Bookkeeper; Moodie 2nd Bookkeeper. In Miller's Almanac for 1844 Cochran was termed General Bookkeeper. He also served as Pension Agent. In the same Almanac Drayton was termed Assistant Bookkeeper. Moodie had gone out and Drayton had come in in 1841, 1842, or 1843. In 1844, or 1845, Moodie returned to the bank, being designated Bookkeeper, Drayton having been transferred to the po- sition of Transfer Clerk. In 1849 the work of Collection Clerk was added to Moodie's duties. In 1852 the duties of Collection Clerk were trans- ferred from Bookkeeper Rutledge to Receiving Teller Cochran. Upon the promotion of Cochran to Cashier in 1853 or 1854, the position of General Bookkeeper was discontinued and all bookkeeping devolved upon Rutledge as merely Bookkeeper. 211 Discount Clerks/ L. J. Moses, 1840-1849; A. R. Drayton, 1849-1860; L. C. Hen- dricks, 1860-1865. Transfer Clerks." John B. Irving, 1840-184. ; L. J. Moses, 184.-184.; A. R. Dray- ton, 184.-185. ; L. C. Hendricks, 185.-1865. Collection Clerks." L. J. Moses, 184.-1849; J. G. Moodie, 1849-1850; J. R. Riitledge, 1850-1852; W. S. Cochran, 1852-185.; L. C. Hendricks, 185.-1860; John M. Harleston, 1861-1865. Outdoor Clerks.' A. R. Drayton, 1840-184.; James Peters, 184.-1852; L. C. Hen- dricks, 1852-185.; G. R. Locke, 185.-1859; John M. Harleston, 1859-1860; Thomas Gadsden, Jr., 1860-1865. '^Moses was also Notary. Between 1840 and 1844 the duties of the Col- lection Clerk and of the Transfer Clerk were also assigned to Moses, but in 1844, or 1845, the work of Transfer Clerk was assigned to Drayton. In 1853, or 1854, the duties of Transfer Clerk and of Notary were shifted from Drayton to Hendricks and the work of Exchange Clerk assigned to Drayton, Discount Clerk. In 1860, when Hendricks succeeded Drayton as Discount Clerk, he also performed the duties of Transfer Clerk. ''Irving gave place to Moses in 1841, 1843, or 1843. Moses in 1844 was fill- ing the combined positions of Discount Clerk, Collection Clerk, Transfer Clerk and Notary. In 1844, or 1845, the work of Transfer Clerk was passed to Drayton, who had the duties of Discount Clerk and of Notary also as- signed to him in 1849. In 1853, or 1854, Hendricks succeeded Drayton to the position of Transfer Clerk. At the same time he performed the duties of Collection Clerk and Notary, and in 1860 the duties of Exchange Clerk were assigned to him and those of Collection Clerk were shifted to Harles- ton. 'In 1841, 1842, or 1843, this clerkship appears to have been established and assigned to Moses, who also served as Discount Clerk, Transfer Clerk and Notary. In 1844, or 1845, the work of Transfer Clerk was shifted to Drayton. In 1848 the work of Exchange Bookkeeper was also assigned to him. In 1849, Moodie succeeded Moses as Collection Clerk, continuing to act, however, as Bookkeeper. The duties of Discount Clerk, which Moses had performed were shifted to Drayton, Transfer Clerk, and those of Exchange Bookkeeper (now called Exchange Clerk) were assigned to Cochran, the General Bookkeeper, and the duties of Notary to Drayton, the Transfer Clerk. In 1852 the duties of Collection Clerk were assigned to Eeceiving Teller Cochran, leaving Rutledge solely as Bookkeeper. In 1853, or 1854, the duties of Collection Clerk were shifted from the Ee- ceiving Teller to the Transfer Clerk. In 1860 the duties of Collection Clerk were transferred to Harleston, who was also designated Assistant Clerk. ^Drayton was succeeded as Outdoor Clerk by Peters in 1841, 1843, or 1843. Peters continued to hold the position of Porter also. Hendricks was succeeded by Locke in 1853, or 1854. In Miller's Almanac for 1859 Harleston is listed as Assistant Outdoor Clerk. The next year he is re- corded as having succeeded Locke as Outdoor Clerk and Porter. The next year (1861) he is listed as filling the positions of Assistant and Collection Clerk. 212 Assistant Clerk. John M. Harleston, 1860-1865. Porters. James Peters, 1840-1852; L. C. Hendricks, 1852-185. ; G. E. Locke, 185.-1859; John M. Harleston, 1859-1860.' Notaries." L. J. Moses, 1840-1849; A. E. Drayton, 1849-185.; L. C. Hen- dricks, 185.-1865. Solicitors.' J. B. Campbell, 1840-184. . J. A. Ashby, 184.-1846; T. M. Hanckel, 1846-185. ; W. A. Pringle, 185.-1865. Pension Agent.* J. C. Cochran, 184.-1860. Exchange Bookeeper, or Clerk.' L. J. Moses, 1848-1849; J. C. Cochran, 1849-185.; L. C. Hen- dricks, 1860-1865. Directors.' C. A. Magwood, 1840-1852; William Patton, 1840-1858; John Williams, 1840-1846; Edwin P. Starr, 1840-184.; William Gregg. 1840-184.; James Legare, 1840-185.; John F. Blacklock, 1840- 184. ; John Dunovant, 1840-184.; James F. Green, 1840-184.; D. F. Fleming, 1840-184.; M. C. Mordecai, 1840-185. ; J. E. Hayes, 1840-184.; Alexander Mazyck, 184.-1850; W. J. Grayson, 184.-1863; G. A. Hopley, 184.-1859; D. C. Levy, 184.-1848; O. B. Hilliard, 184.-1859; Edward Mowry, 184.-1846; W. C. Gate- *No Porter is listed in Miller's Almanac after 1860. ^Hendricks succeeded Drayton as Notary in 1853, or 1854. ^Ashby succeeded Campbell as Solicitor in 1844, or 1845 ; Pringle suc- ceeded Hanckel in 1853, or 1854. 'Cochran, the General Bookkeeper, also became Pension Agent between 1840 and 1844. After Cochran's promotion to Cashier he is listed by Miller's Almanac as also U. S. Pension Agent. In 1856 and thereafter to 1860, inclusive, he is recorded by Miller's Almanac as U. S. Army and Navy Pension Agent. ■^Moses's position was called Exchange Bookkeeper. After Cochran suc- ceeded him the position veas called Exchange Clerk. When Cochran be- came Lashier in 1853, or 1854, the work of Exchange Clerk devolved upon Drayton, Discount Clerk. "Mazyck, Grayson, Hopley, Levy, Hilliard and Mowry became Directors in 1841, 1842, or 1843, succeeding Starr, Gregg, Blacklock, Dunovant, 213 wood, 184.-186.; Etsel L. Adams, 1846-1849; George B. Locke, 1846-1857; H. W. Peronneau, 1848-1857; I. S.. Cohen, 1849- 1865 ; P. J. Porcher, 1850-1865 ; James Gadsden, 1852-1855, 1856- 1857; Henry T. Hall, 185.-1860; O. B. Heriot, 185.-1855; J. K. Payne, 1856-1857; E. H. Locke, 1857-1865; J. C. Cochran, 1857- 1865; B. H. Rice, 1857-1860; W. A. Pringle, 1857-1865; James G. Holmes, 1859-1865; B. O'Neill, 1859-1865; W. Davidson, 1860- 1865; H. Hall, 1860-1865; Z. B. Oakes, 186.-1865; William J. Magrath, 186.-1865. At the close of the war, in 1865, the South-Western Rail Road Bank and Rail Road Company combined was doing business on Richardson ("Main") Street, Columbia, and suffered destruction at the hands of Sherman's troops. James Rose was president of the bank and William J. Magrath of the railroad. J. C. Coch- ran was the cashier of the combined enterprises. The capital stock of the two concerns was $8,646,641.40 and in July, 1864, a dividend of $9.75 per share had been declared. Green and Hayes ; Gatewood became a, director in 1844, or 1845, succeed- ing Fleming; Hall and Heriot became Directors in 1853, or 1854, suc- ceeding Mordecai and Legarg ; Oakes and Magrath became Directors in 1861, or 1863, succeeding Gatewood and filling a vacancy. CHAPTEE V. The Financial Crisis or 1857. In dealing with the financial crisis of 1837 we undertook to show the causes which led up to the bank troubles which swept orer the entire country from the mountains to the seaboard. We undertook then to show that the run upon the banks, and the panic which then ensued, was not altogether due to faulty busi- ness methods, nor to faulty banking principles ; but that the lead- ing cause was President Jackson's attitude to the Bank of the United States and his arbitrary dealing with that great insti- tution. His threatening attitude for several years, which showed his purpose to prevent extension of the charter of that bank and his fixed purpose to withdraw government deposits and distribute them elsewhere were potent to paralyze the business of the country and to destroy the confidence in banks. Not so with the panic of 1857 with which we now deal. No president of Jackson's arbitrary methods and force of character occupied the White House and the Bank of the United States, the leading financial institution of the country in Jackson's time, had long since passed out of existence. The causes which led up to the financial troubles with which we now deal were altogether commercial and industrial. The business relapse which followed the panic of 1837 had long since spent its force and the country was once again on the highway of great business prosperity. The sad results of over-expansion and excessive speculation had been forgotten. But a new vision appeared to the people of this country full of promise. The great Northwest was developing and so holding out, not only to the people of this country, but to the world, a most fruitful field of operation. A new and rap- idly developing country demands a large outlay of capital and the Western fever, under that popular advice of that great jour- nalist, Greeley — "Young man, go West" — had taken possession of the older portion of our country. The trend of population was westward. Many causes now conspired to call upon the country for great outlay of money. The discovery of gold in California induced a mad rush towards the Pacific coast ; the opening up of government lands in the great Northwest attracted a caravan of settlers to those fertile fields. The spirit of railroad building had grown beyond compare; the manufacturing industries of the 215 country to meet their growing wants rapidly multiplied. In addition to these the increased importation of foreign goods to meet the wants of our people created a great demand for gold with which to make payment. Still further, in addition to the causes already stated, the multiplicity of banks based upon an inadequate gold reserve, flooded the country with an uncertain medium of exchange. The numerous causes thus mentioned tended to sap the found- ation of legitimate business and create unrest among the more conservative element of the country, and prove the forerunner of financial panic. The demand upon the banks of our great com- mercial centers weakened their reserve. In a word, we had again traveled so fast, and reached out so far, that the time had come when a halt was found necessary. As an illustration of what slight causes are often panic pro- ducers, we copy from Timbs' Curiosities of History an account of a panic in England in the year 1832. In May, 1832, a "run upon the Bank of Eng'land" was produced by the walls of London being placarded with the emphatic words, "to stop the Duke, go for gold" — advice which was followed as soon as given, to a prodigious extent. The Duke of Wellington was then very unpopular ; and on Monday, the 14th of May, it being currently believed that the Duke had formed a Cabinet, the panic became universal, and the run upon the Bank of England for coin was so incessant, that in a few hours up- wards of half a million was carried ofE. Mr. Doubleday in his "Life of Sir Robert Peel" states it to be well known that the above placards were the device of four gentlemen, two of whom were elected members of the Reformed Parliament. Each put down £30, and the sum thus clubbed was expended in printing thousands of those terrible missives, which were eagerly circulated, and were speedily seen upon every wall in Lon- don. The effect is hardly to be described. It was electric. Comparing the condition of things then existing with those which precipitated the panic of 1837, the editor of The Bankers'' Magazine, of New York, for November, 1857, under the heading: "The Financial Eevulsions of 1837 and 1857", writes as follows: Those who can look back to the financial events of 1836-'7, will find that the causes which brought about the crisis of that period have again pre- vailed to a larger extent in 1856-'7. We alluded to over-trading — undue bank expansion — long credits — excessive importations from Europe — speculations in public lands. All these were, in 1837, acknowledged causes of the commercial revulsion of that period. We shall find, by a, close scrutiny of circumstances preceding the late revulsion, that similar features have marked the years 1856-'7. The immense outlay in rail-roads we include among the "over-trading" of the past two or three years ; the bank loans and circulation have increased more rapidly than a healthy growth of commerce warranted. Such bank facilities have superinduced heavy importations of foreign goods, beyond the ability of the country to pay, and also fostered the system of long credits. Capital has been with- 216 drawn, in 1856-'7, from commercial channels, and placed, as in 1835-'6 in public lands of the West. These latter investments, for the time being, are unavailable — the gold required for their purchase has been paid into the Sub-Treasury, and finally found its way to England and the Continent, in payment of products of foreign labor. We will revert to the features of commercial affairs preceding the revulsion of 1837, in order to demon- strate our meaning. I. Over-trading. — The importations from abroad increased from 1833 to 1836 seventy-five per cent., under the tariff of 1833, while the ex- portations for the 'same period were increased only forty-two per cent. Commercial changes in any country should be gradual, and the export and imports should always keep pace with each other, in order to maintain an equilibrium of indebtedness. * « » * * * The revulsion of the winter of 1836-'7 (ending finally in bank suspen- sion of May, 1837) created a necessity for a prompt reduction of foreign imports. Thus, in 1838, they amounted to about the same as in 1832-'3, or only $6 50 per head ; the population having increased in those five years from 13,820,000 to about 16,100,000 — the exports for the intervening period of five years being about equal to the foreign imports. It will be readily perceived that this rapid expansion of foreign imports must be accompanied — 1st. By a commensurate expansion of trade and of credit throughout the whole Union ; 2nd. By a la,rge export of coin, in discharge of foreign indebtedness accrued. The export of coin did not occur in 1837, because bankruptcy overtook a very large class of mer- chants and manufacturers. It is estimated that at least 400 millions were liquidated by the bankrupt law of June 19, 1840, a larger portion of which (one-fifth, or one-fourth at least) was foreign indebtedness. II. Bank Expansion The bank policy of General Jackson forced the liquidation of the United States Bank, 1833-1836. This bank had gradu- ally, up to 1833, regulated the domestic exchanges, so that the cost of ex- change between Philadelphia and remote points of the Union was re- duced to i/a or 1 per cent. The first blow at the bank was on the 10th July, 1832, whep General Jackson's veto of the re-charter was communi- cated to Congress. In September, 1833, another step was the issue of an order by the then Secretary of the Treasury, (Hon. K. B. Taney, now Chief -Justice of Supreme Court, U. S.) for the removal of the deposits from the Bank of the United States to certain State banks. On the 33d of that month Secretary Duane was dismissed by the president, in conse- quence of his refusal to commit this act of gross injustice, and on the same day Mr. Taney was appointed his successor. The order for the re- moval of the deposits, and the future deposit of revenue, was issued a few days afterwards, to take effect on the first of October following. Another writer in the same magazine assigns as at least one of the causes of the panic of 1837 the removal of government de- posits from the Bank of the United States. He writes as follows : We have always considered the removal of the deposits as the re- mote cause of the crisis of 1837. That measure led to the extended estab- lishment of banks throughout the various States during the year 1834- 36 ; and the deposits of public funds in the hands of many of these banks, managed, in many cases, by inexperienced parties, which led to wild speculation on the part of these institutions and to unsafe expansion on the part of all the others. Ridpath, in his history of the United States, in discussing the various difficult problems which were then disturbing factors in our political affairs, writes as follows :^ 'Volume IX, pages 4571-4573. 217 A panic, long- predicted by astute business men, came in the summer of 1857, while politicians were aroused over affairs in the West. The money market grew stringent in June; and in August great business houses of undoubted standing, reeled and fell in a series of crashes that afEected every financial institution in the land. August 24, the Ohio Life Insurance and Trust Company of Cincinnati and New York failed for several millions. During the next two months the banks in Baltimore, Philadelphia, and Pittsburgh gave way; and, forced to the wall by com- binec pressure, the New York banks, October 14, suspended specie pay- ments. Hard in the wake of the greatest prosperity, the most bouyant speculation, the most extravagant gambling in stocks, real estate, and every conceivable asset, came utter stagnation. The expansion has been attributed to the influx of gold from Cali- fornia and to the inordinate issue of paper currency, which, by diminish- ing the value of money, caused the rapid increase of estimated values of almost every description of property, and thus made the anticipation of larger values a ground of credit. "Thus," says a writer in the North American Eeview, "the summer of 1857 found the whole mercantile com- munity though apparently prosperous, with an amount of indebtedness, mutual to banks and capitalist, exceeding to a degree before unpre- cedented, the aggregate convertible value of the property in hand. The credits of the country were an inverted pyramid and needed but a touch for them to topple and fall." Mr. A. Barton Hepburn, one of the most distinguished writers on the banking system of our country, and for many years holder of the responsible position of Comptroller of the Currency at Washington, in his history of currency in the United States, writes as follows upon this panic : The banks had during the period prior to 1857 become heavily inter- ested in railway construction which at this time assumed very extensive proportions. So large a part of their funds were tied up in this relatively permanent form of investment, that they found it impossible in the summer and fall of 1857 to satisfy the demand for commercial discounts. Eates of interest became exorbitant. The troubles began in August and became quite general by October, when the New York City banks, except the Chemical, suspended specie payments followed generally by all banks in the country excepting South Carolina', Louisiana, the state banks of Ohio and Indiana, and a few others. ***** The tremendous increase in railway construction, especially in the Cen- tral and Western states, was the most important factor in bringing about the stringency of 1854 and finally the crisis of 1857. In 1850 there were 9,031 miles of railway in operation; in 1854, 16,726; in 1857 the amount was 34,503 ; this represented an increase of railway securities of nearly $600,000,000; more than half of which was issijed in 1854-1857. For the preceding seven years the country's imports exceeded exports more than $300,000,000, and all but $50,000,000. of this sum was covered by net exports of specie. The foreign holdings of our securities, esti- mated at $361,000,000. in 1853, were in 1857 placed at $400,000,000. With but a limited foreign market for the large mass of securities and a home market incapable of absorbing them, the banks of the country unwisely undertook to carry them, to the detriment of the mercantile community. In order to meet the strain the total circulation of the banks of the country expanded ufttil the money per capita was over $16. "^This statement is incorrect, as will hereafter appear. 218 00 in 1854 ; in the two following years contraction took place, but in 1857 the general expansion was In even greater proportion. The New York uity banks were subjected to a steady drain of specie by the subtreasury, owing to the large importations, and at the same time were pressed for loans. They had their credits to the limit of priv dence in August, and began to contract existing loans at a rapid rate and refused applications for new ones, endeavoring in this way to avoid suspension which was prohibited by the state constitution. A Desperate struggle ensued. Notes of country banks were rushed for redemption, and failure to redeem promptly caused reports of failures of such banks. The telegraph, then lately come into general use, spread the news, and was named as one of the "Causes of the crisis". Bank shares which had been at par sold under 40, stocks fell from 10 per cent, to forty per cent., and foreign exchange broke more than 10 per cent, without bringing specie. The Treasury had begun early in the year to buy government bonds in small amounts, and the banks were disposed to look to it for further help. Secretary Howell Cobb increased his pur- chases, but the withdrawal of deposits exceeded $40,000,000. in ten weeks, thereby greatly diminishing the specie fund, finally causing suspension of the banks October 14th. It should be noted that the courts decided that the constitutional pro- vision against suspension was not applicable so long as a bank was not actually insolvent. The suspension of note redemption was only for a short time ; the suspension of the payment of deposits was longer, and under the circumstances, loans and discounts were out of the question. Speaking of the great withdrawal of deposits the Superintendent of the Bank Department of New York, said : — "The great concentrated call loan was demanded, and in such amounts that a single day's struggle ended the battle ; and the banks went down before a storm they could not postpone or resist— The miost sagacious banker, in his most appre- hensive mood, never for a moment deemed it possible to have a general suspension in this state from a home demand for coin while coin itself v\ras at little or no premium with the brokers." The banks in the Central and Western States being the largest holders of railway securities suffered more than those of the South. Indeed, in some parts of the South the crisis was hardly felt. After the suspension in New York the Treasury continued to buy bonds, gold arrived from California and from abroad, and on December 12, the banks were able to resume. Other Eastern banks resumed early in 1858 ; Western and Southern banks delayed much longer. Over 5100 failures with liabilities of nearly $300,000,000. were re- corded. Prices of stocks, breadstuffis and other commodities fell ruin- ously, imports diminished immediately, many cargoes being returned without landing. The exchanges at the New York Clearing House dimin- ished 43 per cent. Says Sumner : — "The suspension was preceded by a desperate struggle between all the banks themselves and distrust and fear of currency was more apparent among them than with the public generally. The banks began a savage contraction, being in no position whatever to meet the crisis by bold loans to solvent borrowers. It was afterwards said, with great good reason, that the panic was entirely unnecessary and need not have occurred, but the banks put all the pressure on their loans to merchants because they could not recall those to the railroads." The causes, according to the concensus of opinion then pre- vailing among the writers of the financial problems of the day, were largely confined to those sections of our country popularly known as the East, North and Northwest. They were prevalent 219 to little or no extent in the South, but the banks in the South were affected by a reflex influence of the banks in those sections above referred to. The causes referred to affected seriously the banks in those sections and so far as banks in the Southern sec- tion were concerned, the ill effect was of rather a sympathetic nature. It will be of interest, therefore, to use, as an illustration, the effect produced upon the banks of the great city of New York, then and now our great financial center. We quote at some length from The Bankers' Magazine of November, 1857, under the heading BANK SUSPENSION IN NEW YORK CITY: The banks of the city of New York, by their officers, assembled at the Clearing-House, Tuesday, October 13th, resolved to suspend specie payments, and appointed a committee to proceed to Albany and request the Governor to convene the leg-islature, to consider the necessity of en- acting some law to give relief in the present financial emergency. They also resolved to make the most energetic exertions for the resumption of specie payments at an early day, and recommended that no dividends be made to stockholders until such resumption. The cause of this action on the part of the banks was a severe run upon them, which commenced on Tuesday morning, and continued throughout the day, compelling, during its progress, many of their number to succumb to its pressure, and placing before the remainder the certainty of the same fate, in the certain renewal of a run still more severe the next day, in case they opened their doors to admit it. Never, indeed, in the financial history of New York, was there a more trying and exciting time than the 13th inst. For weeks the merchants of New York had fallen in numbers, like so many sacrifices, at the threshold of the banks, beyond whose iron doors came no response to their appeals. How far the latter was the legiti- mate results of the former, how far it was in actual revenge of the for- mer, we leave for the reader to determine for himself, with the anteced- ents of the run before him. We need not describe this run in its out- ward features ; each one sees the picture, though he may not have been in Wall-street or in the neighborhood of the up-town banks — a street crowded with two distinct classes, the one thirsting for gold, crowding in hundreds the doors of the banks, and forming long lines up the steps and through the halls, with anxious faces, and hands nervously clutched over their checks and drafts, crowding and jostling ; and the othei , the lookers-on, crowding the sidewalks, joking and wondering how long the banks would stand the run — such was the picture. Between the dis- tresses of the merchants who have been called upon to pay, wlien they had nothing to pay with, and the almost total destruction of confidence among the poorer classes of the people, there were chaos and confusion throughout the city. Early in the day there was a simultaneous run upon the several banks of the city, we believe without a single exception. The Bank of New York, the oldest in New York, one always liberal to its customers, and especially so during the late contraction, '^aid out its specie readily until about one o'clock, when it ceased, and paid noth- ing but bank notes and certified checks for the rest of the day. The Leather Manufacturers' Bank paid out also until about noon, when it also stopped, although ninety thousand dollars in specie were due it on its exchange account in the Clearing-House, but which could not be obtained in season. And so the run progressed; one after another of 220 the banks ceasing to pay specie, and paying bank notes instead, or clos- ing their doors entirely. The following is a list of the nineteen banks suspended on Tuesday. There were reports of others, but this we be- lieve comprises all : Capital. Circulation. Merchants' Exchange, $1,500,000 $104,963 Ocean, 1,000,000 110,000 North Eiver, 655,000 132,000 Irving 450,000 104,000 Saint klcholas 650,000 95,000 Citizens', 400,000 157,000 Market 650,000 159,000 Marine, 500,000 . 94,000 Tradesmen's 800,000 228,000 Butchers and Drovers', 800,000 127,000 Leather Manufacturers' 600,000 220,000 Baiik of New York, 3,525,000 342,000 Chatham, 450,000 114,000 New York Exchange, 130,000 112,000 Bull's Head, 173,000 110,000 Bank of the State of N. Y., 2,000,000 533,000 Broadway, 1,000,000 212,000 Artisans', 600,000 76,000 People's 413,000 107,000 Many of the banks that maintained themselves kept open their doors until late in the afternoon, so as to give all a chance to get their specie. Among these were the Bank of America, the Bank of Commerce and the Bank of the Commonwealth. The Bank of America paid out some $150, 000 in specie, the Bank of North America $85,000, the Bank of the Com- monwealth $90,000, and the payment of specie in all was about in the proportion of their relative strength. The insolvency of the Marine Bank, we are informed, was averted by a coup de main of their friends, some of whom obtained a, writ of in- junction upon their proceedings. This would come on for trial in its regular course, without any suspension of vitality or of its character ; and when at the end of the trial the bank shows its own strength, it may resume business without forfeiture. It has since adopted the same course as the others. " The run upon the banks was at first merely a few bill-holders; and if they had been satisfied, there would have been no serious run. On Satur- day, for instance, the directors of the East River Bank met as usual for discounting, and there was no serious run upon it until the middle of the day. The bank wanted twenty thousand dollars only in coin to sustain themselves, and, in this emergency, applied to several large banks down town for assistance. These latter, instead of making a common cause with the weaker ones, seem determined to break the latter, in order that they may retain their own presumed strength. The East Eiver Bank and the Bowery Bank should both have been aided by the stronger banks, as a matter of public interest ; for it cannot be denied that each failure precipitated that of others, by occasioning a loss of confidence. On Monday the approaches to several banks were filled with eager de- positors and bill-holders, and the Grocers' Bank exhausted specie funds and soon closed its doors. This, too, was unnecessary, if the other banks had rendered assistance and thereby quieted the excitement. In a matter of this kind, of general distrust and dread, the banks of the city should have made common cause, and sustained each other ; but by allowing one or two to fail, they created distrust in all. Even had this course been pursued, and the whole body of banks stood together and made a common fund of their specie, we question whether they could have sustained the 221 persistent run. Before Tuesday the demands were mainly confined to bill-liolders ; but on that day the depositors seemed disposed to move in a body and claim their funds. There is no dilhculty in tracing these deplorable results immediately to the vacilitating course of the banks, (with some few honorable and praiseworthy exceptions,) and indirectly to a combination of unfavorable foreign trade and of unsound banking. We have before pointed out the then prevailing causes of discontent among our merchants, who were then suffering as well as now, from an injudicious curtailment of loans — the want of harmony and consistency in the movements of the banks, and the necessity existing for a reasonable expansion of bank loans to those having payments to make. At a meeting of the banks a few days prior to suspension all these things were conceded ; and some assurance was given that an increase of loans equivalent to five per cent, would promptly take place. The mere promise of this extension gave great relief the next day; and had it been executed in good faith by every bank in the city, we believe that one-half of the subsequent suspensions among our merchants would have been averted, as well as all the bank failures in New York and out of it. We speak the sentiments of the whole commercial community when we use this language ; and we repeat what has been frequently said before, that the banks unnecessarily sacrificed the merchants ; and in doing this, they not only weakened themselves but gradually exasperated the mer- chants as a body. This view has been taken by several of our leading bank officers, who have strenuously urged a more liberal course, provided it were adopted by all, but who could not adopt this course without general assent. In fact, the proposition was submitted by Mr. Withers, of the Bank of the State of New York, to the effect that the banks should enlarge five per cent. — but this was negatived. The prevalent opinion recently was, that a few of the old strong banks combined together to force the majority into liquidation, and thus con- fine the business to a limited number. In doing this, the smaller banks were compelled to curtail their operations, and in the general restric- tion, many of our most wealthy, honorable and useful firms have been sacrificed. We speak within bounds when we say that this course has driven fifty thousand men and women out of our workshops into idleness and poverty. The following are the resolutions alluded to in the commencement of this article, and they form the conclusion of the eventful history. On motion of Mr. Knapp, seconded by Mr. Dunham, the following pre- amble and resolution were adopted : Whereas, In view of the excitement prevailing in the community, and the fact of the actual suspension of a number of banks in this city, Resolved, That it is expedient that the banks of this city suspend specie payments to-morrow. On motion of Mr. Leveridge, Resolved, That a committee of three be appointed to proceed to Albany, and request the Governor to convene the legislature, to consider the necessity of enacting some law to give relief In the present financial emergency. Messrs. Tileston, Durham and Knapp were constituted such committee. On motion of Mr. Gallatin, Resolved, That the most energetic exertions shall be made for an early resumption of specie payments ; and that it be recommended to the banks to make no dividends to their stockholders until the resumption of specie payments. On motion. Resolved, That the proceedings of this meeting be published in the morning papers. E. S. Oakley, Secretary. Thos. Tileston, Chairman. 222 To illustrate how this epidemic spread in Northern centers, we further quote from the same magazine an article entitled Cheo- N0L06T OF THE MONTH : September 9. — Failure of Hacker, Lea & Co. and John Famum & Co., Philadelphia. September 23. — Failure of Caleb Cope & Co., Philadelphia. September 25. — Suspension of the Bank of Pennsylvania and Girard Bank, Philadelphia. September 26. — ^Assignment made by the Ohio Life and Trust Company, Cincinnati. Banks in Washington City and in Baltimore, Philadelphia, Wheeling. Va., Pittsburgh, Harrisburgh, suspended ; also, Yates County Bank, X. Y. September 28. — [Monday.] — Suspension of the Banks at Providence, B. I., by resolution, and at Alexandria, Staunton, Charlottesville, Va. Paper of the Agricultural Bank, Herkimer, Dairymen's Bank, Newport, N. Y., Hopkinton Bank, E. I., discredited. Bank of Nashville suspended and as- signed. Eun on the Savings Bank, Albany. Proclamation issued for a special session of the legislature of Pennsylvania, October 6. September 29. — Death of John E. Thayer, banker, Boston. Suspension of Messrs. Bogy, Slittenberger & Co., St. Louis, E. I. Tinkham & Co., Chicago. Eun upon the State Savings Bank, St. Louis. September 30. — Paper of the Bank of Lima, Bank of Leonardsville, Hamilton Exchange Bank, (N. Y. State,) discredited. Suspension of Swift, Brothers, Johnston & Co., bankers, Chicago ; Lawrence, Stone & Co., New York and Philadelphia ; B. Howard, Eichardson, Kendall & Co., Boston. Injunction upon the Peninsular Bank, Detroit. October 1. — Suspension of Hutchings & Co., John Smidt & Co., bankers, Louisville ; Bank of Belleville, 111., Moore, Hollowbush & Co., bankers, Quincy; B. H. Brett, banker, Toronto; Farmers and Citizens' Bank, Wil- liamsburgh, N. Y., (This bank has since resumed.) Eun upon all the banks at Detroit. October 2. — The paper of the following banks was discredited this day, at New York: 1. The Farmers' Bank, Hudson; 2. The Hudson Biver Bank, Hudson; 3. The Bank of Old Saratoga, Schuylerville, N. Y. ; 4. The Stark Bank, Bennington, Vt. ; 5. The Bass Biver Bank, Beverly, Mass. ; 6. The Phillipsburg Bank, New Jersey ; 7. The Thompson Bank, Connecticut. Public meeting of Boston merchants to consider the finan- cial crisis. October 2. — Suspensions announced of S. Frothingham, Jr., Boston, (Agent Ward Manufacturing Company, Springfield;) Ely, Bowen & Mc- Connel, New York; E. W. Clark, Dodge & Co, bankers. New York; J. W. Clark & Co., bankers, Boston ; Powell, Bamsdell & Co., Newburgh ; Chouteau, Harrison & Vallfi, St. Louis ; Pierre Chouteau, Jr., & Co., New York. Assignment by the Cumberland Coal Company. October 4. — Arrival of the California steamer "Star of the West," with $1,268,000 in gold. October 5. — [Monday.] — The paper of the following banks was refused to-day by the Suffolk and Metropolitan Banks, Viz. : The Western Bank, Springfield, Mass. ; The Weare Bank, Hampton Falls, N. H. ; and the Bank of Central New York, Utica. Suspensions announced of Messrs. E. W. Clark & Bro., bankers, St. Louis; James H. Lucas & Co., St. Louis; Dunlevy, Drake & Co., Cincinnati ; Swift, Eansom & Co., New York ; W. E. Culver, banker, Louisville. October 6. — ^The paper of the f oUovring banks discredited at New York : 1. The Lee Bank, Mass. [since resumed] ; 2. The Charter Oak Bank, Hart- ford^ 3. The Mercantile Bank, Hartford; 4. The Exchange Bank, Hart- 223 ford. A portion of the drafts of Messrs. Sather & Church, San Francisco, on American Exchange Bank, New York, protested. Meeting of the Penn- sylvania legislature, extra session. Injunction upon the Western Bank, Springfield, Mass., and upon the Farmers & Mechanics' Bank, Detroit. October 7.— Bids received and opened at Albany for a canal loan of $500,000 to the State [none accepted.] Suspension of Messrs. E. F. Whittemore & Co., bankers, Toronto, agents of the Banque de Peuple, Montreal. October 8. — Suspension of Messrs. Bowen, McNamee & Co., W. G. Lane & Co., Central Bank, Brooklyn ; Harper & Brothers, booksellers, 'Nevr York ; Fowle, Snowden & Co., bankers, Alexandria, Va. ; J. Morrison, banker, Cleveland, O. Delegation of Albany bank officers met for consultation virith New York bank officers. Bank of England raised its rate of dis- count from 51/2 (at which rate it had stood since the 16th July) to 6 per cent. October 9. — Suspension of the Bowery Bank, New York. Patier of the Reading Kail-Eoad Company protested. October 10. — Suspension of the East Kiver Bank, New York ; Erie Rail- road Company. Assignment of the Illinois Central Rail-Road Company. Run upon the Brooklyn Savings Bank and upon the Bowery Savings Bank, New York. Michigan Central Rail-Road Company asks an exten- sion on floating debt. Suspension of Bank of the State of South Carolina, Charleston. October 13. — [Monday.] — Suspension of the Grocers Bank, New York; Wadsworth & Co., bankers, Chicago ; Southwestern Rail-Road Bank, Charleston ; Pra,tt Bank, Buffalo, The Bank of England advanced its rate from 6 per cent, (adopted 8th inst.) to 7 per cent. October 13. — Suspension of eighteen of the banks in the city of New York. The Secretary of the Treasury gives notice that no further re- demption of the government debt will be made at present. Bank of New Orleans suspended. Bill passed by the extra session of the Penn- sylvania legislature for the relief of the banks of that State. Extra ses- sion of the Pennsylvania legislature terminated. Suspension of Messrs. Oakey & Hawkins, tobacco merchants, New Orleans. . October 14. — Suspension of all the banks of the city of New York — the Chemical Bank only excepted. The business of the banks confined to New York bank paper. P. M. meeting of the merchants of New York, at the Exchange, and an extra session of the legislature recommended. Suspension of the Bail-Road Bank, Augusta, Geo; Union Bank, New Or- leans; Mechanics & Traders' Bank, New Orleans, F. Skinner & Co., Boston. October 15. — Bank of Tennessee, Nashville, suspended. Arrival of the California steamer, with $1,250,000 in gold. October 16. — Suspension of Messrs. Winslow, Lanier & Co., bankers. New York city. The Chemical Bank also suspended specie payment ; also the Planters' Bank of Tennessee' and Union Bank of Tennessee, and their brancnes. The following is the card of the Union and Planters' Banks :— In consequence of the late general suspensiomiiof the banks throughout the Union, and because of our knowledge of the utter inability of the banks of Tennessee to move the products of the country, or afford any the least facilities to the community, under prevailing circumstances, so long as we continue heretofore to pay coin for our notes, we, the Union and Planters' Banks, of Tennessee, have this day resolved to suspend temporarily the payment of coin for the notes of our respective banks. J. CoEEEY, Cashier. D. Weaver, Cashier. Nashville, October 16, 1857. October 17.— Suspension of Messrs. Frost & Forrest, (Western produce firm,) New York. All the banks in Augusta, Geo., suspended to-day. Jef- fersonville Branch of the Bank of the State of Indiana suspended. 224 October 19. — [Monday.] — Suspension of Messrs. Tesson & Danjen, St. Louis. October 22. — Convention of bank officers at Syracuse, to adopt measures for the establishment of a bank of redemption at New York city. October 23. — Suspension announced of Messrs. Kobb, Hallett & Co., 40 Exchange place. New York, and Messrs. Eenick & Peterson, bankers, St. Louis, Mo. October 23. — Suspension of the Bank of the State of Missouri. Mer- chants' Bank and Southern Bank— all at St. Louis. October 27. — Suspension of Messrs. Boss, Mitchell & Co., Toronto, Can- ada. October 28. — Arrival of the Cunard steamer Persia, from Liverpool, at New York, with £240,000 in gold. We have endeavored thus far to show how the panic of 1857 had its origin in the great commercial and financial centers of the North and West, and how gradually it made its way South. In doing this, we have from the records at our command confined ourselves to our great metropolis. Like conditions, however, prevailed in other great cities of the North and West. From what has been said it is interesting to note the altruistic spirit which prevailed among many of the great financiers of the country. But unfortunately without avail. Among many of the most distinguished financiers a strong effort was made to save the weaker banks from going to the wall by cooperation among the stronger. This effort was in the form of a general suspension by all of the banks so as to put the weaker upon the same level with the stronger. Had the spirit prevailed no doubt many banks which fell by the wayside would have been saved. Unfortunately however general cooperation could not be had. The spirit of selfishness and confident hope that the stronger may profit by the fall of the weaker at last resulted in the general suspension of all. We shall see that a like spirit prevailed in Charleston. The effort to stay the run by a general suspension of specie payment by all failed and received the unmeasured denunciation of many of the most influential citizens. This feeling we find in many of the editorials of the leading dailies of that city. To learn, at this late day, the spirit which then prevailed, we are largely in- debted to these editorials which still survive. In these latter days we find a more liberal spirit prevailing among the banks in large business centers, and in fact a more business like arrangement whereby during seasons of panic the 225 clearing house certificates are used in order to effect settlement of balances between the several banks and so by cooperating each with the other, they work for the protection of all. Such a sys- tem was found necessary under the strict and cast iron rule of the National Banking system and, while under the strict construction of the letter of the law. may have been regarded as a violation in those cities or towns where clearing house certificates were used, not only to settle balances between banks, but as a medium of circulation ; nevertheless the Comptroller of the Currency, appre- ciating the necessity of the occasion, at least permitted the re- sort thereto without severe criticism. In panics of recent years weaker banks have frequently been saved by resorting to this system and it is now hoped that in the future panics may be forever avoided by resort to the liberal provisions of the Federal Keserve System. The storm raged throughout the North and West for a month or more before it reached the South. On Saturday, October 10, 1857, the first of the Charleston banks, in consequence of the de- mand for specie redemption of its bills, found it necessary to suspend payment. Strange to say this happened with the Bank of the State of South Carolina, which bank had as reserve, for the final redemption of its bills, the entire assets of the State of South Carolina. This can only be accounted for by the fact that from its very inception this bank had among certain people of the state serious opposition. In fact, it had drifted into poli- tics and from time to time efforts were made to strangle its useful- ness. It had been the subject of much legislative discussion and had also received the criticism of several of the executives of the state. The fact that the bank was a creature of the state it could not avoid creeping into politics and so in all times of financial distress it became the victim of suspicion and doubt. The political aspect to which I have referred found frequent expression among the lawmakers of the land and we find such prevailing opposition set forth in a marked degree by Governor Seabrook in his message to the General Assembly in 1849. We submit a brief extract : The Bank of the State of South Carolina is a dangerous institution, anti- Eepublican in its character and tendency, and the evils inevitably arising from the connection of a moneyed corporation and the State, increase and ramify the longer the rights and privileges of the former are extended. The political history of South Carolina has so long presented the anom- alous spectacle of its constituted authorities pertinaciously upholding a State corporation, while it denounced any union between a bank and the 226 Federal Government. I also desire in this place to express my settled con- viction that the Bank of the State vyas founded on a false and perni- cious principle ; that to grant to the members of a community almost exclusively devoted to rural pursuits, unusual facilities for commanding money, is to inflict on them and their posterity an unmitigated evil. On Monday October 12th three other banks found it neces- sary to suspend. These were the South-Western Rail Road Bank, the Bank of South Carolina and the Peoples' Bank of Charles- ton. That was soon followed on the 15th by a suspension of the Planters's & Mechanics's Bank and the Farmers' and Exchange Bank. Thus six of the nine strongholds in Charleston found it neces- sary to yield to the pressure. This left the Bank of Charleston, the Union Bank and the State Bank still meeting all demands made upon them. Upon suspension by the Bank of the State, of South Carolina, the branches of that bank at Columbia and Camden found it necessary also to suspend. The action by the banks of Charleston was rapidly followed by the Bank of Hamburg, the Bank of Newberry and the Exchange Bank of Columbia. This left the three banks in Charleston — ^the Union Bank, the State Bank and the Bank of Charleston — and the Commercial Bank of Columbia, the Planters Bank of Fairfield, the Merchants' Bank of South Carolina at Cheraw, the Bank of Chester, the Bank of Camden and the Bank of Georgetown, meet- ing their demands in specie. There were at that time but eighteen banks in operation in South Carolina, nine in the interior and nine in Charleston. To these may be added the two branches of the Bank of the State, one located at Columbia and one at Cam- den, thus making in all twenty banks ; nine of which did not sus- pend specie payments. Much of the history of those strenuous days has passed from the memory of man and can only be gotten from records which have fortunately been preserved. The writer owes much to some diary entries made by Samuel Wilson, of Charleston, on blank pages of a copy of Miller's Almanac for 1857, now in the collection of A. S. Salley, Jr., and to the editorial columns of The Charleston Courier^ at that time one of the lead- ing dailies of the city, which on October 12, 1857, contained the following editorial : OUR CITY PINAJSrCES— SUSPENSION OF THE BANK OF THE STATE. We regret to announce a change and interruption in the aspect and at- titude of our local finances, and of our own banks, which has promiseiT apparently to maintain such a condition as vFould leave us only afEected 227 by our necessary complicity in the financial movements of other cities, and not subject to any peculiar or local aggravation of the pressure, which, like an impervious cloud, was lowering around us. Our hopes and anticipations have been disappointed and it becomes our duty to announce that one of our banks has deemed it expedient or necessary to suspend the redemption of its circulation. The decision and determination was finally adopted and announced by the Direction of the Bank of the State of South Carolina, at an early hour Saturday, 10th inst. It is not our duty or inclination at present to enter into the causes or inducements of this result, even had we before us all the facts and considerations which contributed towards it. Nor shall we con- sider the question how far the result has been urged and induced by actions and proceedings other than those which have been directly and officially concerned in the management of this institution. Eumor and common conversation around us have speculated largely and in varied points of view on these topics. We prefer to pursue our long approved and long established course of only presenting facts and accredited in- formation, or carefully devised opinions, instead of interested rumors or statements propagated under excitement of any kind. It is due to every aspect of this case, and to our position as citizens, not less as journalists, that we should express ourselves decidedly and em- phatically in dissuading bill holders and others interested, against the idle, senseless, and, in many cases, interested rumors and threatening of ultimate loss, which have been received and believed by some of the more irresponsible and unreflecting. The slightest acquaintance with the nature, constitution, and organization of the Bank of the State of South Carolina, and the nexus which attaches it to the State in her fiscal sov- ereignty, will readily convince anyone such fear is idle and utterly cause- less. Laying out of view the resources and recuperative elements pertain- ing to the Bank as it now stands, the material, no less than the moral assets of the State of South Carolina, as a sovereign proprietor, and of the whole body of citizens, are pledged to the ultimate security and confirmation of this circulation. In saying the "ultimate security", we simply mean to allow for and provide for the utmost and the worst possible results, but are not understood as believing or intimating that any length of time will be permitted to elapse before such indemnity. Thus much we deem it just and proper to say in consideration of the pe- culiar circumstances and positions of many bill holders, and especially of that large class who have relied on the small notes of this bank for the daily demands of traific and supply. That these should suffer some inconveniences, even under best possible issue and solution of the case now before us, is to be expected, but we would confidently and earnestly beseech them not to aggravate their own evils, and increase and extend the general calamity by senseless sacrifices and submissions to extrava- gant extortion or greedy and remorseless speculation. We may also express the hope that measures will be speedily and dil- igently consummated by the bank in question to effect a resumption, as to the bills referred to,— of one dollar and two dollars denomination, especially — at an early date. It may be that an assurance to the effect, apart from the promise and preparation of a general and full resump- tion, would do much towards preventing these bills from being subjected or sacrificed to the extortions we deprecate. 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 Stat« to sustain them, they are better secured than the notes of those banks in New York and elsewhere, which have deposited dollar for dollar in stock to secure their redemption — those stocks having to be sold at the mi^rket 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 228 community as a circulation which would answer all the local purposes of trade. The banks of the city, we think ought to take them at their counters, under certain restrictions, and to pay them out for certain pur- poses. It is true there is a penalty to be recovered, at the suit of The State, where one bank pays out the notes of another; but in a case like the present, the State certainly should take advantage of her own wrong, and impose a penalty for a course which is the only one that vnU pre- serve the credit and currency of her own notes, and which furnishes the only means of relief to a community perfectly sound and solvent, but pressed to the utmost point of penury endurance for the want of those facilities which the banks are accustomed to afford, but which, under the present pressure are impossible. The funds of the State and all the means of the city are now only to be realized in Bank of the State notes, as are also a large amount of de- posits, the property and only available means of merchants and others. Should the banks decide to reject these notes, the result will be disas- trous ; many substantial houses in this community must be dishonored, and when that begins, who can say where it will stop. There are many who would be glad of a pretext to remit exertion, and await until the storm is over. So, too, many of the poorer class with money in their hands, must suffer serious inconvenience. The small notes of this Bank, form so large a part of the city circulation that there is nothing to supply the place; if that is rejected, the small coin needed could not be found, and endless distress would be the result. Let the banks of the city agree to receive them giving a special credit, to be paid again to depositors in the same currency, and not to con- stitute a specie claim against the bank so receiving them. Let the banks also make discounts and take exchange from such parties as are willing to take these notes for the proceeds. The mer- chant will buy produce and pay for it in these notes, the factor receiv- ing them will pay his freight and all other local demands in them, and the wheels of business will again begin to turn, while such payments as need specie funds will certainly not be worse off than they are at present, if they should not be better. We sincerely hope that an arrangement similar to that indicated above may be effected in the course of to-day. Again on October 13, 1857, The Charleston Cornier said edi- torially : We regret to record that two of our banks were added yesterday to the list of suspensions — the "Southwestern Eailroad Bank" and the "Bank of South Carolina", both of which suspended yesterday morning. The excitement which had prevailed since the first suspension on Satur- day, was enhanced and increased by the announcements, and a run was made on other banks, Viz: the Bank of Charleston, the State Bank, Planters's and Mechanics's Bank, Union Bank, Farmers' and Exchange Bank and the Peoples' Bank. The demands made on these — generally by holders of small amounts — were promptly met; and a bulletin was af- fixed at the Bank of Charleston, announcing that the period of closing for the day, which by the practice in our city, has been at two P. M., would be prolonged until 5 P. M., for the accommodation of bill-holders. A similar announcement was also issued for each and every one of the banks last enumerated above, and many holders were thus accommodated, who would have been otherwise compelled to prolong their anxiety. The nature and range of the demands presented and redeemed, may be under- stood, when it is reported that the amount paid out from all tliese banks, through three hours additional operation for the day was about $45,000.00. 229 The small notes of the Bank of the State of South Carolina were gen- erally received at all the Banks, and at least two of them paid these bills where they were needed in making change to meet checks. We need not repeat the assurances we have given as to these bills, and indulge the hope that no needless aggravation will be added to the pre- valent pressure. Again on October 14, 1857, the same paper, in an editorial en- titled The Money Crisis, said: After an honest but spasmodic effort, several of our city banks have succumbed to the pressure of the times and suspended specie payments. As was but right and proper, in such a crisis, the Bank of the State, ex- clusively owned by the State, and in which therefore every citizen, iaale and female, adult and infant, and every corporation in the State, is a stockholder, and a responsible stockholder, led off in the work of suspen- sion. On Monday, the Southwestern Rail Eoad Bank and the Bank of South Carolina, the old Tontine, followed suit; and yesterday the Peo- ples' Bank also gave way. The past efforts of the suspended banks, and the continued efforts of the banks yet tell out hard money, to sustain specie pajTnents, have resulted only in loss to themselves and injury to the community. That the suspension must become general is beyond all doubt, and the sooner it takes place the better for all interests. There should be no more spasms, — they only prostrate and cripple the body financial — and we need the repose and calm of suspension at once to still popular excitement and restore healthy action. We therefore un- hesitatingly propose and recommend an immediate general suspension, as the urgent want and necessity of our community, and the only means of preventing wide-spread bankruptcy and ruin. Already are prosperity and produce greatly depreciated and almost unsalable, and several of our largest and best mercantile houses are said to be in imminent peril. The effort to continue specie payments is absolutely suicidal. It can only and must necessarily result, not only in general embarrassment, but in rob- bing us of our specie basis and recuperative resources, for the benefit of Northern capital, at the expense of Southern produce and Southern in- terest. Self-interest, and indeed self-preservation, imperiously demand that the suspension should become general. Our merchants and our people want relief, not pressure ; and prudence and patriotism conspire to prompt and justify it. The proposed suspension is the necessity, not the fault of our sound and well conducted monied institutions. It is forced on us by pressure from abroad, and can only be resisted by sacrifices in behalf of the very source and cause of that pressure, by costly oblations at the Moloch shrine of New York centralism. Can anyone assign any possible benefit to arise from further resistance to the current that is sweeping the Union with re- sistless force? Even while penning this article, the telegraph wires speed us the intelligence of the suspension of fifteen banks in the commercial emporium of our country. It is folly, suicidal insanity, then, in us to struggle longer against destiny. Bank suspensions, when honest, and especially when forced by foreign pressure, or by commercial revulsion or panic, are neither crime nor fault, but a duty and a blessing. Fraudulent suspension ought to be pun- ished to the full extent of the law ; but honest suspension, by sound banks, in times of mercantile or financial disaster are measures of re- lief and safety ; and ought to be encouraged and applauded. Notwith- standing our anti-bank legislation, wrong in principle and in policy, our banks need apprehend nothing from yielding to the existing exigency. The lesson we are now learning will not be lost on our legislators ; it rebukes the overweening confidence which led in the past to the legisla- tive and judicial treatment of suspension per se as crime or misdemeanor. 230 The State herself, through her financial agent, the Bank of the State, has suspended specie payments, and our legislators, whether the sanction un- der existing State legislation be forfeiture or mere penalty, dare not commit such flagrant injustice and oppression, as to punish that in others of which the State, their sovereign, has been primarily guilty. Our good city, too, has suspended specie payments. We yesterday demanded, at the City Treasury, specie for our interest on city stock, and were denied it ; and we were compelled to go unpaid, or take payment, as we did, in a check on the suspended Bank of the State. Let the banks then, which have not yet suspended, follow the example of their fellows, of the State and the city; husband their remnant of specie: content themselves with a sound paper circulation ; and no longer cripple themselves and the community, which appeals to them for relief from northern cupidity. We regret to say that our banks are not in harmony, but In conflict. Instead of standing shoulder to shoulder and lending each other mutual and sustaining aid, they or some of them waged internecine war against one another. Let this no longer be the unhappy condition of things; but let suspension be th^ order of the day; let all the banks stand on a common platform — and tumult and panic will at once cease, confidence be restored, bankruptcy avoided, and property and produce rise to their just value. Let us go back to the good old time of 1837, for the lesson that is to guide us now to a happy issue. Then our Bank Presidents met in friendly conference and acted in judicious concert. They appealed to our popular Mayor, the eloquent and illustrious HAYNE, to lend them his counsel and aid, and a meeting of citizens was held, at his call and under his axispices, at which a general suspension was sanctioned ; and the same was subsequently carried out to the immediate relief and lasting good of our then suffering community. Let the same course be now adopted. Let our able, esteemed and popular Mayor, soon to be transferred to a wider sphere, close his successful administration, by the wise and heal- ing course, adopted by the most illustrious of his predecessors — let him forthwith summon the people to meet in conference, at the City Hall either to propose or to sanction a, general suspension, accordingly as the same may precede or follow the public meeting. Let this be done and we shall weather the storm, boom across the breakers which now bode wreck and ruin, and anchor in the haven of peace, safety and renovated pres- perity. We trust, that the Banks will not even await the action of the public meeting, but wisely forestall it, and receive from it the emphatic well done, in the form of subsequent ratification. * * * We are happy to learn that a meeting of the Charleston Delegation will be held, at the Council Chamber, at 11 o'clock, A. M. this day in order to take into con- sideration the financial condition of the City. Under the title The Money Pressure The Charleston Courier of October 16, 1857, said editorially: We have to add two more of our banks to the list of those which have deemed it necessary to yield to the general and crushing pressure. The Planters' and Mechanics' Bank and the Farmers' and Exchange Bank an- nounced yesterday as suspending, making the suspended list for the city to stand as follows : Bank of the State of South Carolina, South Western Rail Boad Bank, Bank of South Carolina, Peoples' Bank, Planters' and Mechanics' Bank, Farmers' and Exchange Bank. The immediate excitement which followed the first suspension had pretty generally subsided, and throughout the two days past, there was 231 no drain or demand for specie at the bank counters, that would have in- duced any extraordinary course under other circumstances. The de- mand for the two last days, indeed, have proceeded almost exclusively from distant customers, influenced, it may be, by exaggerated rumors, not very unnatural under a case and posture of affairs which are lamen- table in themselves. It is gratifying, however, to note the gradual and general restoration of confidence in those most conversant with the occasion and details of the crisis, and the very general approbation or acquiesence which attends the measures of self defence and temporary relief that have been em- ployed. There is a general disposition to support and appropriate the out- standing bills of the suspended banks, and we think it safe to dissuade any holders from any rash or heavy sacrifices, under fears of loss. With reference to the bills of the Bank of the State, we a.re pleased to receive from exchanges in other States, a reiteration and confirmation of the opinion we have expressed. The City Treasurer is officially authorized to receive bills of all the banks of this city. The banks themselves agree in some cases to this, and the South Carolina Railroad Company announces similar credit to all banks of this State and to the Georgia Railroad Bank, for their receipts of road dues. The Georgia Railroad Company, in like manner, receive bills of the South Western Rail Road Bank. Meanwhile, we can but await developments as to the mode and sources of decided relief, and as to the course deemed most expedient under these trying circumstances. All eyes are turned to our great maelstrom. New York, in which so much has been swallowed up. For the latest details of events and de- velopments there and elsewhere, we refer to our telegraphic columns. On October 17, 1857, The Charleston Courier carried the fol- lowing news story: THE CHARLESTON BANKS. The Bank of Charleston has issued the following bulletin : BANK OP CHARLESTON, SOUTH CAROLINA 15th October, 1857 This Bank will continue specie payment. All Bank Notes current in the City will be received in payment and on deposit, by this Bank; and Depositors are requested to draw their checks payable in Current Funds. Checks on New York will be furnished at par for the bills of this Bank. Depositors may, at their option, receive certificates for deposits now at their credit, bearing interest at the rate of seven per-cent. per annum, redeemable in coin, at not less than three nor more than six months. For the protection of the public, this Bank will receive Current Funds for the pajonent of debts due the Bank and for all Collection paper re- ceived from other Banks, and will furnish similar funds only for pajonent to other Banks. This represents practically and satisfactorily the course and policy adopted by the Union Bank and the State Bank of this City — these being the three Banks that continue in the full exercise of their functions. At a later day this vigorous editor of The Charleston Courier indulged in a severe criticism of the state in respect to the laws passed imposing a penalty upon the banks of the state for failure to redeem their bills in specie as nominated in the bill. This 232 editorial which seems to have appeared in the closing days of the panic, is as follows: All the suspended banks of oiir city have promptly met the demand of the Comptroller-General of the State for the penalty, imposed by law, in case of suspension. The penalty prescribed by the anti-suspension act is at the rate of 5 per cent, per annum on the amount of circulation at the time of suspension, payable monthly, until resumption of specie payments. We give below a statement showing the amount of circulation of each suspended bank at the date of suspension, and the amount of penalty paid by each for the first month, from which it will be seen that the Bank of the State comes in by far for much the larger proportion. The idea of the Bank of the Stat« paying a penalty is a mockery, nay simply farcical. The Bank is owned by the State exclusively, and it pays its share of the penalty incurred, by giving to the Comptroller-Gen- eral a check for the amount which he inunediately deposits in the bank, or has passed to the credit of the State on the books of the bank. This is the anancial feat commonly described as paying a debt by taking money out of one pocket and putting it in the other, or, still more fa- miliarly known as robbing Peter to pay Paul. The Bank of the State thus not only pays no penalty at all, but actually makes money by the operation — ^receiving on deposit the penalties paid by its fellows in guilt, the other suspended banks, and coolly discounting on them. We trust that our State, while resorting to such preventive or remedial legislation as the crisis may demand, will not hesitate, as a matter of honor and good faith, to refund to the other banks penalties incurred bj' an ofEence, of which, through her bank, she is even more deeply guilty than they are. The following tabulated statement affords an interesting ac- count of the penalties which have been enforced, and also the financial statement of the several banks of this state at the close of business October, 1857: Amount in circulation by the suspended Banks respectively at time of suspension, and of the penalties severally incurred by them. South Carolina Bank $ 93,759.50 Paid $ 330.64 Bank of the State of South Carolina 1,189,999.13 " 4,958.53 Peoples' Bank 359,980.00 " 1,499.92 Eail-Road Bank 196,000.00 " 820.00 Planters and Mechanics Bank •. . . 148,101.89 " 617.00 Farmers' and Exchange Bank 646,085.00 " 2,692.02 $2,633,925.61 " $10,978.20 233 The following- is a tabular Statement of the condition of the Banks of South Carolina, at the close of October 1857 I Discount [ Deposits I Specie State Bank of South Carolina . Branch Bank at Columbia Branch Bank at Camden Southwestern Rail-Road Bank . Planters and Mechanics' Bank Union Bank State Bank of South Carolina . Bank of South Carolina Bank of Charleston Farmers' and Exchange Bank Bank of Hamburg Commercial Bank of Columbia Bank of Newberry Planters' Bank of Fairfield Exchange Bank of Columbia . . Merchants Bank of Cheraw Bank of Chester Bank of Camden People's Bank Bank of Georgetown Circula- tion 1,717,152 975,759 284068: 537,632 729,675 6K,512 442,075 798,884 1,863.529 647,980 21S,410 672,809 143,156 71,943 316,420 148,047 150,866 223,077 281,048 172,365 459,7U. 198,572 6.926 236,353 169,053 114,337 110,105 201,652 405,424 100,442 57,82a 140,773 51,199 37,094 180,067 5,660 41,191 46,6% 62,889 52,264 $11,020,415 $ 2,678,169 $704,701 $6,614,279 i 16,592 2.154 733 21,543 12,814 68,274 54,451 17,456 215,543 27,329 29,247 78,650 25,864 4.579 21.650 20,403 23,966 11,028 28,618 23,799 $1,327,152 196,045 123.794 159.395 223,825 101,020 594,193 670,580 583,574 299,940 516,917 247,285 422,517 226,092 330,990 176,605 307,940 206,415 The State Comptroller of South Carolina furnishes the following bank statement. The Comptroller states that the assets of all are abun- dantly sufScient to meet their liabilities. 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 Kail-Eoad 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 and 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, and Bank of Georgetown. During the closing days of 1857 the storm had spent its force and by the beginning of the new year efforts were being made throughout the country for a general resumption of specie pay- ment. This done, the people were satisfied and since it became laiown that specie could be obtained for the asking, then it was not wanted. That peculiar characteristic of human nature seemed to manifest itself during seasons of panic and specie was demanded simply because it could not be had. When, however, it could be had, then the average man was quite satisfied with bank bills — a much more convenient medium of exchange and one which answered much better their daily use. The storm did not however pass over without leaving a number of scars; the ill effects of panic remaining in its track. It was ascertained that the strict legislation adopted after the panic of 234 1837 was too drastic; that during panics people so utterly lose their heads and are so unreasonable in their demands that some remedial legislation was necessary, both for the protection of the banks as well as for the protection of the stockholders and depositors, against the unreasonable and even hysterical rush of the mob. The General Assembly, therefore, in December, 1857, after the storm had practically spent its force, seeing the necessity of further legislation, passed the following Act : AN ACT for the Suspension of Certain Sections of Certain Acts, and for otter purposes. I. Be it enacted by the Senate and House of Representatives, now met and sitting in General Assembly, That the operation of the second sec- tion 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, eighteen hundred and forty, be and the same is hereby sus- pended until the 1st day of January, eighteen hundred and fifty-nine, 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 ob- tained judgment and issued execution thereon, shall pay to the Banks to whom they may be 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. II. That the operation of the 5th section of an Act, entitled "An Act to re-charter the Planters and Mechanics' 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 Farmers' and Exchange Bank, and the Peoples' Bank of Charleston, the Bank of Newberry, the Bank of Chester, the Bank of Sumterville, the Planters' Bank of Fairfield, and the Western Bank of South Carolina, at Anderson," ratified on the sixteenth day of December, one thousand eight hundred and fifty-two ; and all clauses and sections of Acts re-en- acting the provision 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 first day of January, eighteen hundred and fifty-nine. III. That from and after the 1st day of January, A. D., in the year of our Lord one thousand eight hundred and sixty, 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 gold and silver coin and bullion in possession of the bank, as its own property and at its banking house, such bank shall forfeit five hundred dollars for each and every successive day during which such ex- cess 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 issued 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 pos- session of the bank, on each and every day during the week ending the next preceding Saturday ; and, also, an account of the amount of gold and 235 silver coin and bullion in the possession of the bank, as its own property, and at its own 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 authorised 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 follovring 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. | Name of Bank. Date. Circulation. Specie. Circulation. Specie. I Circulation. Specie, And any bank, the officers whereof shall neglect to transmit to the Comptroller General any such account as aforesaid, shall forfeit one hundred dollars for each and every day during which the same shall be neglected, to be recovered by action of debt at the suit of the State. IV. It shall be the duty of the Comptroller General whenever it ap- pears that any bank, or any officer of a bank, has incurred any forfeiture imposed and declared by this Act, for any violation thereof, to cause suit to be brought against such bank, or officer, by the Attorney General, or the Solicitor of the Circuit in which such bank is situated, for the re- covery of same. And in case he shall at any time have cause to suspect that a false or incorrect account has been rendered to him by any bank, he shall have authority, and it shall be his duty, to make a personal examination of the books of such bank, in order to ascertain the truth ; and any officer of a bank vrho shall refuse to submit the books of said bank to the Comptroller General for such examination, shall be deemed guilty of a misdemeanor, and be subject to fine and imprisonment at the discretion of the Court. V. That from and after the said 1st day of January, eighteen hundred and sixty, no bank shall issue, or put into circulation, any note of a less denomination than ten dollars ; and any bank issuing or putting into cir- culation any- note of a less denomination than ten dollars, shall forfeit one hundred dollars for every note so issued, to be recovered by action of debt, at the suit of the State ; which the Comptroller General shall cause to be brought by the proper officer of the State. VI. For the purposes of this Act, the words "bank note" shall be under- stood to include all bills, notes, checks, or other obligations, of any bank, made payable to bearer on demand, or in any form of words whatsoever written, printed or engraved, so as to be circulated and used as paper money or currency ; and the words "bank of issue" shall be understood to include every bank having lawful authority to issue its own bank notes.i The fifth section of this Act, which provided that no bank should issue a note of less denomination that $10.00, was re- pealed by the fourth section of "AN ACT to regulate the mode of ^statutes at Large of South Carolina, XII, 630-633. 236 electing Directors of the Bank of the State of South Carolina, and for other purposes", ratified December 21, 1858: IV. That the fifth section of an Act, entitled "An Act for the sus- pension of certain sections of certain Acts, and for other purposes," passed on the twenty-first day of December, in the year of our Lord one thousand eight hundred and fifty-seven, be and the same is hereby re- pealed. The same Act further provided : V. That from and after the ratification of this Act, it shall not be lawful for any agent within this State of any bank not having corporate existence within the State, to pay out of his said agency, and in the business thereof, or put into circulation, in the transaction of the business of the same, any bank note other than bank notes the issue of the bank of which he is agent, or of the banks having corporate existence within this State ; and any such agent so paying out or putting into circulation any such forbidden banknotes or note, sha.lL forfeit treble the amouat of. the bank note or not«s so paid out or put into circulg,tion, to be recovered by action of debt, at the suit of the State, of which recovery the informer shall be entitled to one-half. VI. That the third section of an Act, entitled "An Act for the sus- pension of certain sections of certain Acts, and for other purposes," passed on the twenty-first day of December, in the year of our Lord one thousand eight hundred and fifty-seven, be amended so as to read as follows ; viz : "That from and after the first day of January, in the year of our jL/ord one thousand eight hundred and sixty, if the bank notes issued by any bank, and in circulation, shall, at any time exceed, for more than four successive weeks, three times the amount of gold and silver coin and bullion in possession of the bank, or subject to its control, vidthin the limits of this State, as its own property, such bank shall for- feit five hundred dollars for each and every successive week during which such excess shall continue, to be reco%'ered 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 or Cashier of every bank of issue, on Wednesday of every week, to transmit to the Comptroller General an account of the amount of bank notes of such bank in circula- tion ; and, also, an account of the amount of gold and silver coin and bullion in the possession of the bank, or subject to its control, as its own property, on the next preceding Tuesday, which account shall be cer- tified by the oath of the President or Cashier, taken before and certified by any magistrate duly authorized to administer oaths ; and any person swearing falsely to any 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 weekly 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 : WEELKY STATE OP OIEOULATION 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. Name of Bank. Date. Circulation. Specie. I Date, Circulation. 1 Specie. Date. Oirculation. Specie; 237 And any bank, the officers whereof shall neglect to transmit to the Comptroller General any such account aforesaid, shall forfeit one hundred dollars for each and every day during which the same shall be neglected, to be recovered by action of debt, at the suit of the State.^ And again in 1860, when the country was moved by antici- pation of war, we find that the General Assembly enacted further remedial legislation. On November 30, 1860, which seemed to have been fixed by the courts as the date on which the actions against banks of the State "suspending specie payments" were to be tried, an Act was passed entitled : AN ACT to postpone the operation of the Third Section of an Act en- titled "An Act for the suspension of certain sections of certain Acts, and for other purposes," ratified on the twenty-first day of December, in the year eighteen hundred and fifty-seven, and for other purposes. I. Be it enacted by the Senate and House of Kepresentatives, now met and sitting in General Assembly, and by the authority of the same. That the operation of the third section of an Act entitled "An Act for the suspension of certain sections of certain Acts, and for other purposes," ratified on the twenty-first day of December, in the year eighteen hundred and fifty-seven, as amended by the sixth section of an Act entitled "An Act to regulate the mode of electing Directors of the Bank of the State of South Carolina, and for other purposes," ratified on the twenty-first day of December, in the year eighteen hundred and fifty-eight, be, and the same is hereby, postponed until the first day of January, in the year of our Lord one thousand eight hundred and sixty-two. II. That the second section of an Act entitled "An Act to provide against the suspension of specie payments by the Banks of this State," passed on the eighteenth day of December, in the year of our Lord one thousand eight hundred and forty, be, and the same is hereby, sus- pended until the first day of January which will be in the year one thous- and eight hundred and sixty-two. III. That the fifth section of an Act entitled "An Act to recharter the Planters and Mechanics' 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 Farmers' and Ex- change Bank, and the People's Bank of Charleston, the Bank of New- berry, the Bank of Chester, the Bank of Sumterville, the Planters' Bank of Fairfield, and the Western Bank of South Carolina, at Anderson," passed the sixteenth day of December, in the year of our Lord, one thousand eight hundred and fifty-two, and all sections of other Acts con- taining the like provisions, be, and the same are hereby, suspended until the first day of January which will be in the year of our Lord one thousand eight hundred and sixty-two.'' Going back now to the closing days of the panic of 1857 we find that early in the spring of 1858 trade had again become normal ; all of the banks had resumed specie payment and continued to function and to meet all of the demands of law and trade until the latter days of 1860, when the tocsin of war sounded; and ^Stottutes at Large of South Carolina, XII, 698-700. 'Statutes at Large of South Carolina, XII, 860-861. 238 then again, as a war measure, all of the banks of this state found it necessary to maintain their resen^e by the suspension of specie payment. In the following chapter much will be said of the banks throughout the country during the trying days of the War of Secession. CHAPTER VI. The War of Secession, 1860-1865, and its Results. Prior to the year 1860 charters granted banks of this state con- tained certain provisions defining the class of securities in which the funds of the various banks could be invested and, at the same time, imposed penalties for any violation of those provisions. By reference to one or more of the earlier charters it will be seen how carefully guarded were the powers thus granted. In an Act entitled "AN ACT to incorporate the State Bank, and imposing certain restrictions on the Directors, Officers and Serv- ants of Banks in this State" we find the following: VI. And &e it further enacted by the authority aforesaid, That the said corporation shall not be permitted to purchase or hold any public debt whatever, except what may be subscribed by the State, as part of the capital, and except such as may be bona fide pledged to the said corporation, on monies loaned by it ; nor shall the said corporation, directly or indirectly, deal or trade in any thing, except bills of ex- change, gold or silver bullion, or in the sale of goods and public stock, really and truly pledged for money lent and not redeemed in due time, or of goods which shall be the produce of its lands ; neither shall the said corporation take more than at the rate of one per centum dis- count for sixty days, for or upon its loans or discounts, except as may hereinafter be excepted.' Like limitations and restrictions are found in each of the char- ters granted prior to the year 1860. When the state of South Carolina dissolved her relations with her sister states under the Constitution of the United States and declared herself once again a sovereign independent state, her relations to the world were then changed and the demands upon her treasury both for domestic and foreign relations greatly aug- mented. It was then found, necessary to meet demands which could not be met by the ordinary mode of taxation. This neces- sity was greatly augmented when her sister states seceded and all formed themselves into the new republic, the Confederate ' States of America. When these states met in February, 1861, and organized and proclaimed themselves to the world an inde- peTident republic, at once there arose a demand for funds to meet the ordinary wants of government for the Confederate "States were yet without any organized treasury. Upon the election of Jeiferson Davis as President of the Con- federate States of America, he at once proceeded to organize his ^Statutes at Large of South Carolina, VIII, 11. 240 cabinet and appointed C. G. Memminger of South Carolina, Sec- retary of the Treasury. Mr. Memminger, who had for many years been a member of the General Assembly of South Carolina, had won considerable reputation in dealing with financial prob- lems of government. As an official in one or more of the banks of South Carolina he had also added to that well earned reputation. As Secretary of the Treasury of our new republic, then without a treasury and without any organized plan of raising revenue, he at once found himself taxed to the utmost to meet the daily de- mands of the infant republic. Of his discharge of these exact- ing duties his biographer writes : To orgaaize a Department of Finance for a government formed amid revolutionary surroundings, that would constantly derange normal con- ditions of political economy and disturb tie established basis of credits ; to meet promptly the financial demands of such a government, growing as these were, day after day, into colossal proportions, required not only the machinery of organization, but the utmost skill; the resource of the best judgment, and a sagacity which could anticipate events yet to occur. To meet all the emergencies of the government, the Provisional Congress had provided a loan of fifteen millions of dollars. To the work of preparing and of securing the representatives of this credit and ne- gotiating loans, the Secretary of the Treasury had his attention drawn immediately upon assuming the duties of his office. *» **«** *»« As soon as the act providing for the loan had become a law, Mr. Mem- minger began the work of preparing the representatives of our Con- , federate credit. So exclusively agricultural had been and were the pur- suits of the people of the South, and so long accustomed to depend upon the Northern manufacturers, and upon the resources of European nations, that at the very outset of his labors the Confederate Secretary found serious difficulty in providing the coupon bonds, certificates and treasury notes which were to represent the financial resources of his govern- ment. In none of the Southern cities could engravers on steel be found. Under these circumstances resort was had to the facilities offered through the active co-operation of Mr. G. B. Lamar, president of the Bank of the Kepublic, in New York city. Acting as our agent, Mr. Lamar entered into a contract with the American Bank-Note Company for engraving and printing the bonds and treasury notes authorized by act of Congress. The work vras handsomely executed on the best of bank-note and bond paper, but, with all the precaution taken by Mr. Lamar, the entire issue fell into the hands of the vigilant servants of the Federal government and was seized as being contraband of war.i Hence we were driven to "This statement is not altogether correct. While it is true that this work was betrayed by an unfaithful employee and the bills and machinery for printing bills were confiscated by the United States government, some of the bills had previously been forwarded and reached the treasury of the Confederate States at Richmond. It is stated, and currently believed, that some six hundred bills of denomination $500 and $1,000 and some sixteen hundred bills of denomination $50 and $100 passed safely through the lines and reached their destination. These bills are beautiful speci- mens of the engraver's art, and are equal in execution to any bills of the present time. Some of these bills are now held by collectors of Con- federate bills and very highly prized. 241 the expedient of importing engravers from abroad, and were compelled to resort to the use of such appliances and machinery as could be im- provised at home. The fev7 paper-mills in the South were manufacturing only an ordinary grade of newspaper or the common wrapping paper used in the shops. For some time we had to rely upon the bank-note paper that could be obtained through partially closed ports, or that was brought across the frontier of the Confederacy by our trusted agents. The enterprise and skill of Messrs. Evans, Cogswell & Co., of Charleston, S. C, supplied the coupon bonds, but the difficulty of engraving and printing the treasury notes was not solved until after the removal of the Executive departments of the government to Eiehmond, Va., in the summer of 1861. Here Messrs. Hoyer & Ludwig, skilled engravers, were established by the Secretary of the Treasury, and under supervision of an officer, specially appointed for the purpose, the first treasury notes were engraved upon old and inferior stones used formerly for common placards, and printed upon paper brought from Baltimore by agents employed in the special service of the Treasury Department. There was a paper-mill at Eiehmond, but here- tofore it had been manufacturing no better grade than the ordinary news- paper used by the local press and printers. It became obvious to Mr. Mem- minger, at an early day in his administration, that this want of facili- ties for producing the material upon which to express the evidences of credit authorized by acts of Congress would have to be supplied either by the Confederate government or by individual enterprise. Without de- lay he called to his aid Mr. Montague, president of the Richmond paper- mills, and at once began, with his active co-operation, arrangements for the manufacture of linen and the best quality of bank-note paper possible under the circumstances. In his report to Congress, March 14, 1862, Mr. Memminger thus refers to these difiiculties: "At this stage of our progress we were brought to a stand by the difficulty of preparing treas- ury notes in the Confederate States. We had become so entirely depend- ent upon the iNorth that but a single bank-note engraver could be found in the Confederate States, and none of the material necessary for a bank-note was manufactured amongst us. We were, therefore, compelled to substitute lithographs for steel engravings, and to create the manu- facture of bank-note paper. The delays incident to such a state of things produced many difficulties, and rendered it impossible to furnish an amount in notes adequate to meet the daily requisitions of the depart- ments. The banks were applied to for a loan of their notes to meet the exigency. They promptly responded, and the balance due them is set forth in one of the schedules accompanying this report."' In Mr. Memminger's report made to the Confederate Congress, November 20, 1861, will be found the following item : "Tempo- rary loan from Banks $9,850,576.68" In the same report, the Treasurer states : ■ The amount set forth in the receipts as borrowed from banks em- braces two items. The first consist of balance due banks, on the loan of their notes, made in advance of the issue of treasury notes, and re- ported at the last session of Congress. * * * Under these circum- stances it was deemed best to accept the tender of ten millions of their notes, which the banks of South Carolina and Georgia had made, at an interest of five per cent., on a previous occasion, when delays in preparing engraved notes were expected. The arrangement made with the banks was a return of the amount as soon as treasury notes could be prepared.'' 'Henry D. Capers: The Life and Times of G. O. Memminger,^li-ZXi. "Ibid, Appendix, 423-423. —.-.---._— .- 242 From this report it does not appear what amount of these bills was loaned to the Confederate government by the banks of South Carolina. Mr. Williams, however, in his history of the banks in South Carolina, writes as follows : Early in the war of 1861 Mr. C. G. Memminger, Secretary of the Con- federate Treasury, a Charleston Banker, called upon the Banks for $10,000,000.00 of their bills which were to be returned as soon as the Confederate notes could be printed. From this statement it would appear that ten million dollars in bank bills were borrowed from the banks of this state to be paid back in Confederate bills as soon as the same could be printed. The Ordinance of Secession whereby the State of South Caro- lina dissolved its relations with the United States was passed without a dissenting vote ; although some of the members of that convention were known to have been Union men and opposed to Secession. The citizens of South Carolina were patriots true to their state and as true to the Confederacy. They approved and promoted every measure looking to the success of the Con- federate cause and to that end most cheerfully "Pledged their lives, their fortunes and their sacred honor". Responsive, therefore, to their loyalty to the cause they had espoused and for the purpose of enabling the banks of this state further to lend aid to the Confederate government, the General Assembly on the 6th of February, 1863, passed the following Act : AN ACT to Authorize the Banks of this State to purchase Confederate and State Securities. I. Be it enacted by the Senate and House of Eepresentatives, now met and sitting in General Assembly, and by the authority of the same. That from and after the the passing of this Act, it shall and may be lawful for the banks of this State to purchase the bonds and stock issued by the Confederate Government, or by any of the States of the Confederate States of America, and that all such purchases as may have already been made by any of the said banks are hereby sanctioned and allowed.' With the privilege thus allowed, the banks of this state were most liberal in investing their funds in Confederate securities, so that at the close of the war, in April, 1865, when wreck and ruin were brought to the South, the banks were found drained of their specie reserve, which had been largely loaned to the Con- federate government, and with assets of all kinds and description, which, when taken, were regarded good, dollar for dollar, but ^Statutes at Large of South Carolina, XIII (reprint of 1875), 147. 243 which were now found to be of uncertain and questionable vahie. Many of these securities, like the Confederate bills and Confeder- ate bonds, proved to be of no value. Public securities, like state and municipal bonds and railroad bonds, proved worthless, and even mortgages on real estate, which in those days were regarded as security of the highest order, were so seriously affected by the ravages of the war that in many instances they lost their value. The political and labor condition of the South, as the result of the war, rendered real estate for many years practically unsala- ble and so the banks, in very many instances, had lost that class of security which in ante-bellum days was regarded most de- sirable. These changes all combined to render the assets in which many of the banks were invested so greatly depreciated as to make their financial condition practically insolvent. This con- dition did not, however, in any respect. diminish their liabilities, which continued both in respect to the depositors and the holders of bills. It was, therefore, not to be wondered at that but few of the banks retained assets of sufficient value to enable them suc- cessfully to resume business. That, however, was not the fault of the system. It was the re- sult of war. The banking system adopted in South Carolina prior to the war was what was popularly known as bills issued upon assets backed and strengthened by an adequate legal re- serve of specie. For well nigh three-fourths of a century the system had met all demands of business and had survived the strain of panics. During the War of Secession, or what is more popularly known as the Confederate War, the Federal government, for the purpose of meeting the growing demands upon its Treasury, passed "An Act to provide a National Currency secured by a pledge of United States Bonds and to provide for the circulation and re- demption thereof", known in financial circles as the National Bank Act. One feature of this Act imposed a tax of ten per cent, on the bills of banks put in circulation, the practical result of which was to deprive all state banks of the power of using their bills as a circulating medium. Another feature of the bill is expressed in the title of the Act, "to provide a National Currency secured by the pledge of United States Bonds." The radical difference therefore between the circulation issued by state banks and that 244 issued by national banks is that known as a circulation based upon government bonds and a circulation based upon the assets of the bank and backed by legal reserve. The former is fixed by law, can never be more or less and, therefore, wholly inelastic; the latter, based upon the assets, can be enlarged or diminished as the circumstances of trade require and is, therefore, elastic. Or the difference between the two is further popularly known as an elastic curency as contradistinguished from an inelastic currency. The issue of state bank bills was essentially an elastic currency, while the issue of currency provided under the national banking law was essentially an inelastic currency. Since the use of state bank bills had been practically prohibited by that provision of the national banking law, the business of the country for many years suffered the ill effects of this inelastic currency and proved especially trying during seasons of panic which have frequently occurred during the past half century. Many efforts had been made by the Congress of the United States to remedy this evil, but all failed until the adoption of the Federal Eeserve system, which was put in operation some ten years ago, and which now affords to the country an elastic cur- rency and has proved of inestimable benefit to the financial world during the trying times of the late world war. Through the medium and provisions of the Federal Eeserve system we are now operating under an elastic currency. And so that feature of the state banks of ante-bellum days has now been engrafted upon our national system. The failure of the ante-bellum banks of this state was not due to any fault of the system upon which their circulation was based, but was the result of war, which always proves destructive not of life only but property as well. CHAPTER VII Reconstrttction. I shall not undertake to give an extended account of the Re- construction period as it affected the state of Sofith Carolina, or the Southern States, generally. That has already been writ- ten, and, in so far as the reconstruction laws passed by Congress affected the state of South Carolina, I would refer the reader to that excellent work prepared by the late John S. Reynolds entitled Reconstruction in South Carolina. I will only undertake to write of so much of that period and so much of the political conditions as would seem to affect the banks of this state in an effort to resume business and redeem their broken fortunes. For several years after the war the state was practically under military rule. After the surrender of our armies our soldiers returned to their homes broken in for- tune — ^homes that had been made desolate by the devastation of war ; that had been burned after being robbed of the personal property of their owners by an invading army. They had noth- ing left to them but their honor and the glory of their fallen cause. They returned to their homes under the promise of the paroles granted to them by their conquerors, with all the pledges implied by such paroles, upon condition only to abide by the laws of the land. This was accepted in good faith. Upon reaching their homes, however, they found the state still occupied by a victorious army and at least one company located at each district seat in the state. That was for the ostensible purpose of preserving the peace but that purpose was not adhered to long. The white troops of the Federal Army were at an early day replaced in many instances by Negro troops, who were offensive in their manner and guilty of many outrages unknown to civilized warfare. That fact added much to the humiliation of defeat and only tended to render the con- dition of our people the harder to bear. Our soldiers submitted to defeat in good faith and with an honest purpose to return to their homes, go to work and once again restore our state to its former condition of prosperity. In this effort they were greatly impeded by the obnoxious laws passed by Congress and enforced through the iron hand of military rulers. 246 Shortly after the surrender of the Confederate armies Presi- dent Johnson appointed B. F. Perry provisional governor. His administration lasted only until a convention could convene and an election by the people be provided for. At this election James L. Orr was elected governor of the state. His administra- tion lasted until 1868 when, under another Act of Congress, civil government Avas suspended and military rule established until a convention could be held, a new constitution adopted and an election held for a new state government. During the administrations of both Governors Perry and Orr, the state was practically under military rule the entire time. The general in command, whether Sickles or Canby, did not hesitate to overrule any Act of the General Assembly or even the judgment of a court by a military order. In fact during this entire period we were practically under military despotism, subject to the whims of a partisan Congress, ruled by leaders bitter in their hatred of the South and jealous of her past history. This Congress, clothed with the power of victors, and having a chief executive whom they had deprived of his constitutional restraining powers, hesitated at nothing which tended to humiliate a proud people with a long career of refinement and learning, and passed laws which rendered the reconstruction Acts more humiliating than defeat itself. The people of South Carolina had descended from long lines of distinguished ancestry; they were proud of their country and for half a century they had labored to perpetuate their rights under the constitution to the making of which they had con- tributed so largely. They suffered the pains of defeat, but they suffered more under the reconstruction laws, whereby their former slaves, led by ignorant, corrupt and vicious outsiders, became the lawmakers of the land. These reconstruction laws, whereby intelligence, refinement and virtue were subordinated to ignorance, crime and corruption, have passed into history as the crime of the age. The state had been wasted by the march of an hostile enemy commanded by officers who did not hesitate to use fire and sword upon noncombatants, helpless women and children. An enemy who robbed people of all that they could apply to their per- sonal use and then brutally destroyed that which remained; an enemy whose march would be marked by a flame of fire by 247 night and a cloud of smoke by day. In a moment property amounting to millipns was destroyed by fire and theft, and by laws, passed in violation of our constitution, the people were robbed of property exceeding billions. In this class of prop- erty the assets of the banks were to a very large extent invested. The Convention of 1868 was composed largely of groups of "carpet-baggers" who had come to the state for the purpose of preying upon the wants of our people. Under the constitu- tion thus adopted and the laws enacted thereunder we passed under a new regime Itnown in our history as the administration of Governor Kobert K. Scott, an alien from Ohio. After four years Governor Scott was succeeded by F. J. Moses, Jr., who, while a native of the state, exceeded his prede- cessor in crime and lawlessness. He was succeeded by Governor D. H. Chamberlain, a man of refinement and learning, but the people had by this time become so outraged at the wrongs in- flicted that they arose in a body in 1876 and threw off the iniqui- tous government which had been forced upon them. It would here be well to state that during this entire period of crime the civil authorities were kept in power only by the presence of United States troops. As soon as the troops were withdrawn the iniquitous government came to an end and the people were restored to their own, and a period of independence and prosperity followed. As already stated, it would be beyond the scope of this his- tory to undertake a complete account of the wrongs we suffered under reconstruction laws. Enough, however, has been stated to show the adverse conditions under which the banks under- took to resume business. It may be well to give the view of some of the outside world as to this reign of terror and the results of the reconstruction laws. The Hon. James S. Pike, late minister of the United States at the Hague, visited Columbia in 1874 and left, in a little volume, entitled The Prostrate State^, his impressions of the General Assembly and the laws we have just above referred to. Yesterday, about 4 P. M., the assembled wisdom of the State, whose achievements are illustrated on that theatre, issued forth from the State-House. About three-quarters of the crowd belonged to the Afri- ^TUe Prostrate State : South Carolina under Negro Government (New York: D. Appleton and Company, 1874), pp. 10-16, 58-59. 248 can race. They were of every hue, from the light octoroon to the deep black. They were such a looking body of men as might pour out of a market-house or a court-house at random in any Southern State. Every negro type and physiognomy was here to be seen, from the genteel serving-man to the rough hewn customer from the rice or cotton field. Their dress was as varied as their countenances. There was a second- hand black frock-coat of infirm gentility, glossy and threadbare. There was a stove-pipe hat of many ironings and departed styles. There was also to be seen a total disregard of the proprieties of costume in the coarse and dirty garments of the field; the stub-jackets aind slouch hats of soiling labor. In some instances, rough woolen comforters em- braced the neck and hid the absence of linen. Heavy brogans, and short, torn trousers, it was impossible to hide. The dusky tide flowed out into the littered and barren grounds, and, issuing through the coarse wooden fence of the inclosure, melted away into the street be- yond. These were the legislators of South Carolina. ************ Here, then, is the outcome, the ripe, perfected fruit of the boasted civilization of the South, after two hundred years of experience. A white commiunity, that had gradually risen from small beginnings, till it grew into wealth, culture and refinement, and became accomplished in all the arts of civilization; that successfully asserted its resistance to a foreign tyranny by deeds of conspicuous valor, which achieved liberty and independence through the fire and tempest of civil war, and illustrated itself in the councils of the nation by orators and states- men worthy of any age or nation — such a community is then reduced to this. It lies prostrate in the dust, ruled over by this strange con- glomerate, gathered from the ranks of its own servile population. It is the spectacle of a society suddenly turned bottom-side up. The wealth, the intelligence, the culture, the wisdom of the State, have broken through the crust of that social volcano on Which they were contentedly reposing, and have sunk out of sight, consumed by the subterranean fires they had with such temerity braved and defied. In the place of this old aristocratic society stands the rude form of the most ignorant democracy that mankind ever saw, invested with the functions of government. It is the dregs of the population habilitated in the robes of their intelligent predecessors, and asserting over them the rule of ignorance and corruption, through the inexorable machinery of a majority of numbers. It is barbarism overwhelming civilization by physical force. It is the slave rioting in the halls of his master, and putting that master under his feet. And, though it is done without malice and without vengeance, it is nevertheless none the less com- pletely and absolutely done. Let us approach nearer and take a closer view. We will enter the House of Representatives. Here sit one hun- dred and twenty-four members. Of these, twenty-three are white men, representing the remains of the old civilization. These are good-looking, substantial citizens. They are men of weight and standing in the com- munities they represent. They are all from the hill country. The frosts of . sixty and seventy w^inters whiten the heads of some among them. There they sit, grim and silent. They feel themselves to be but loose stones, thrown in to partially obstruct a current they are power- less to resist. They say little and do little as the days go by. They simply watch the rising tide, and naark the progressive steps of the inundation. They hold their places reluctantly. They feel themselves to be in some sort martyrs, bound stoically to suffer in behalf of that still great element in the State whose prostrate fortunes are becoming the sport of an.unpitying Fate. Grouped in -a. corner of. the commodious and well-furnished chamber, they stolidly survey the noisy riot that goes on in the great black Left and Centre, where the business and 249 debates of the House are conducted, and where sit the strange and extraordinary guides of the fortunes of a once proud and haughty State. In this crucial trial of his pride, his manhood, his prejudices, his spirit, it must be said of the Southern Bourbon of the Legislature that he comports himself with a dignity, a reserve, and a decorum, that command admiration. He feels that the iron hand of Destiny is upon him. He is gloomy, disconsolate, hopeless. The gray heads of this generation openly profess that they look for no relief. "They see no way of escape. The recovery of influence, of position, of control in the State, is felt by them to be impossible. They accept their position with a stoicism that promises no reward here or hereafter. They are the types of a conquered race. They staked all and lost all. Their lives remain, their property and their children do not. War, emancipation, and grinding taxation, have consumed them. Their struggle now is against complete confiscation. They endure, and wait for the night. ****** As things stand, the body is almost literally a Black Parlia- ment, and it is the only one on the face of the earth which is the repre- sentative of a white constituency and the professed exponent of an advanced type of modern civilization. But the reader will find almost any portraiture inadequate to give a vivid idea of the body, and enable him to comprehend the complete metamorphosis of the South Carolina Legislature, without observing its details. The Speaker is black, the Clerk is black, the door-keepers are black, the little pages are black, the chairman of the Ways and Means is black, and the chaplain is coal- black. At some of the desks sit colored men whose types it would be hard to find outside of Congo ; whose costume, visages, attitudes, and expression, only befit the forecastle of a buccaneer. It must be remem- bered, also, that these men, with not more than half a dozen excep- tions, have been themselves slaves, and that their ancestors were slaves for generations. ******* ************ The rule of South Carolina should not, be dignified with the name of government. It is the installation of a huge system of brigandage. The men who have had it In control, and who now have it in control, are the picked villains of the community. They are the highwaymen of the State. They are professional legislative robbers. They are men who have studied and practised the art of legalized theft. They are in no sense different from, or better than, the men who fill the prisons and penitentiaries of the world. They are, in fact, of precisely that class, only more daring and audacious. They pick your pockets by law. They rob the poor and the rich alike, by law. They confiscate your estate by law. They do none of these things even under the tyrant's plea of the public good or the public necessity. They do all simply to enrich themselves personally. The sole, base object is, to gorge the in- dividual with public plunder. Having done it, they turn around and buy immunity for their acts by sharing their gains with the ignorant, pauperized, besotted crowd who have chosen them to the stations they fill, and which enable them thus to rob and plunder. Mr. Charles Francis Adams, one of that distinguished family who for many generations contributed largely to the interest not only of the New England states, but of the United States, adds his testimonial to the outrages committed upon the Southern people : 250 I have ever been one of those who have thought extremely severe measures were dealt the Southern people after the Civil War, measures of unprecedented severity. The Southern community was not only deso- lated during the war but $3,000,000,000. of property confiscated after the war. I am not aware that history records a similar act superadded to the destruction of war. * * * Their manumitted slaves belonging to an inferior and alien race, were enfranchised and put in control of the whole administration. Is there a similar case recorded in history? If so, I have never heard of it. It was simply a case of insane pro- cedure and naturally resulted in disaster. We stabbed the South to the quick, and during all the years of reconstruction turned the dagger round and round in the festering wound. It was, at the time, difficult to understand but looking back through the vista of a half century, it is almost inconceivable that the Northern people of refinement and education could have consented to subject the Southern people, men of their own flesh and blood, to such barbarous and humiliating treatment. Many of the leaders were actuated by vindictive hatred of the South, but we are constrained to believe that the masses of the people were in ignorance of what was being done. The late Daniel "W. Voorhees, for many years a representa- tive in Congress from Indiana and in his latter days a senator, in a very remarkable speech entitled "Plunder of Eleven States", made in the House of Eepresentatives March 23, 1872, said: From turret to foundation you tore down the government of eleven States. You left not one stone upon another. You not only destroyed their local laws, but you trampled upon their ruins. You called Con- ventions to frame new Constitutions for these old States. You not only said who should be elected to rule over these States, but you said who should elect them. You fixed the quality and the color of the voters. You purged the ballot box of intelligence and virtue, and in their stead you placed the most ignorant and unqualified race in the world to rule over these people. In the severe arraignment of the policy of Thad Stevens and his followers upon reaching South Carolina, he seems to have reached the climax of his indignation : There is no form of ruin to which she has not fallen a prey ; no curse with which she has not been baptized ; no cup of humiliation and suffering her people have not drained to the dregs. There she stands the result of your handiwork bankrupt in money, ruined in credit, her bonds hawked about the streets at ten cents on the dollar, her pros- perity blighted at home and abroad, without peace, happiness, or hope. There she stands with her skeleton frame admonishing all the world of the loathsome consequences of a government fashioned in hate and fanaticism, and founded upon the ignorant and vicious classes of man- hood. Her sins may have been many and deep, and the color scarlet, yet they will become as white as snow in comparison with those you have committed against her in the hour of her helplessness and distress. 251 Then he took in like manner, state after state, and wound up with this: I challenge the darkest annals of the human race for a parallel to the robberies which have been perpetrated on these eleven American States. Had you sown seeds of kindness and good will they would long ere this have blossomed into prosperity and peace. Had you sown seeds of honor, you would have reaped a, golden harvest of content- ment and obedience. Had you extended your charities and your justice to a, distressed people you would have awakened a grateful affection in return. But as you planted in hate and nurtured in corruption so have been the fruits you have gathered. This would seem to suffice, but I must quote from The Chicago Chronicle a letter written by a Northern man denouncing these Eeconstruction measures as follows: The Fifteenth Amendment to the Constitution grew out of a spirit of revenge, for the purpose of punishing the Southern people. It be- came a part of the Constitution by fraud and force to secure the re- sults of war. The war was not fought to secure negro suffrage. The history of the world may be searched in vain for a parallel to the spirit of savagery which it inflicted upon a defeated and impoverished people, the unspeakable barbarous rule of a servile race just liberated from bondage. Negro suffrage was a crime against the white people of the South. It was a crime against the blacks of the South. It was a crime against the whole citizenship of the Republic. Political power was never conferred upon a race so poorly equipped to receive it. Under such adverse conditions the time offered little or no inducements for banks already depleted by the waste of war, to resume business in the hope of redeeming their broken fortunes. Banks are conducted on the confidence of the community in which they are located and operate. Confidence not only in the official management, but confidence in the stability of the laws under which they operate is necfessary for the well being and suc- cess of a bank. This confidence must not be confined to the internal management, but it must rely also upon the stability of the laws of the land and the integrity of character of those who administer the laws. From what has been written, it may be clearh' seen that confidence both in the laws and the law-makers had been com- pletely destroyed. The times were such that no one of con- servative views or conservative habits could predict the future one day. Crimes and lawlessness in high places were so flag- rant and open that it is now difficult for the present generation to form an adequate conception of the condition then existing; it is more difficult for those who survived to realize how a people with such noble traditions and with a history of such 252 independent thought and character could submit to such wrongs and tolerate such insults. The people of South Carolina had, however, for generations enjoyed the reputation of a law abid- ing people and the explanation can be found in the fact that the laws then existing, both state and national, were laws of the land, however unjust and oppressive. Despite these adverse and unfavorable conditions, some of the banks with assets reduced in value, some as much as fifty per cent and others as much as eighty per cent, imdertook to resume business hoping for better things. So early as the year 1867 the Bank of the State of South Carolina undertook to resume business at its old stand at the corner of Broad and State streets. C. M. J'urman was president ; Thomas R. Waring was cashier and J. D. Alexander was assistant clerk. There was a branch office at Columbia under the management of John Fisher as agent. This bank was the property of the state of South Carolina and had at its back the entire assets of the state as a guarantee of its fulfilment of its obligations and redemption of its bills. It was, therefore, reasonably hoped that it could survive the wreck of time and war and would eventually prove not a liability but a valuable asset to the state in the redemption of its broken fortunes. Being the property of the state, however, instead of proving a stronghold and wall of defence, it became at an early day the prey to the dishonest officials of the state who soon thereafter came into power. One of the first Acts passed at a special session of the General Assembly, held in July, 1868, in pursuance of the Constitution which had then only recently been adopted, was an Act entitled "An ACT to close the operations of the Bank of the State of South Carolina." The act is as follows : Section 1. Be it enacted by the Senate and House of Eepresentatives of the State of South Carolina, now met and sitting in General As- sembly, and by the authority of the same, That the Governor of the State is hereby authorized and required, for and on behalf of the State, to take possession of all the real and personal estate, assets, choses in action, and books of accounts of the corporation known as "The Presi- dent and Directors of the Bank of the State of South Carolina," in whose hands soever found, and sell at public auction, at such times, and upon such terms as he shall deem most advantageous to the State, all the real and personal estate, stocks, bonds of the corporation, and other assets of the said corporation, and the personal bonds, notes and bills of exchange owned by said corporation ; and all debts and choses in action due the said corporation, he shall place in the hands of the 253 Attorney-General of the State, with instructions to institute, in the name of the said corporation, legal proceedings to collect the amounts so due as speedily as possible; and the proceeds of said sales, and of all collections made by the Attorney-General, shall be deposited in the Treasury of the State, subject to the order of the Governor, who shall keep a distinct account thereof, separate and distinct from the other accounts of the State, and shall report the same to the next succeeding session of the Legislature : Provided, always. That suits shall not be instituted upon any debts which, in the opinion of the Governor and Attorney-General, are valueless. Sec. 2. That all bills issued by said corporation prior to the twentieth day of December, 1860, be funded; and on the surrender and delivery of said bills to the Treasurer of the State, bonds of the State, payable within twenty years after date, with interest at six per cent, per annum, payable semi-annually at the agency of the State in the city of New York, shall be issued to the owner of said bills, in payment and redemp- tion of the amount of said bills, and interest thereon, from the time when such bills were presented for payment, at six per cent, per annum : Provided, That said bills shall be presented to the Treasurer before January 1, 1869. And the Governor of the State is hereby authorized and required to execute and deliver said bonds, to be signed by him and countersigned by the Treasurer; and to the punctual payment of the principal and the interest of the said bonds the credit and faith of the State is hereby pledged : Provided, also. That said bonds shall not be presented to the bill-holders and executed before January 1, 1869. Sec. 3. That the eleventh Section of the Act of the General Assembly of the State, ratified the 21st day of December, 1865, entitled "An Act to raise supplies for the year commencing in October, 1865," be, and the same is hereby, repealed. Sec. 4. That the sixteenth Section of the Act ratified the 19th day of December, 1812, entitled "An Act to establish a Bank on behalf of and for the benefit of the State," and all Acts and parts of Acts which render the bills of said corporation receivable in payment of taxes and all other debts due the State be, and the same are hereby, repealed. Sec. 5. The Governor of the State of South Carolina is hereby author- ized to pay all expenses necessary to carry into effect the provisions of this Act out of any funds in the State Treasury not otherwise ap- propriated. Sec. 6. All bonds or stocks authorized in this Act, or hereafter to be authorized, shall be of uniform character in design ; and to secure this result, the Financial Agent in New York shall make all necessary arrangements for the same. In the Senate House, the fifteenth day of September, in the year of our Lord one thousand eight hundred and sixty-eight. li. BOOZER, President of the Senate. FRANKLIN J. MOSES, Jr., Speaker of the House of Representatives. Approved : Robeet K. Scott, Governor .'^ Under this Act demands were at once made by the Governor that the assets of the bank be turned over to him. This demand was refused by the bank officials, and proceedings were then in- stituted in the courts to compel them to turn over the assets, as provided by the Act. In an elaborate opinion of the court, ^Statutes at Lame of South Carolina, XIV, 21-22. 254 as will hereafter be shown, this demand was refused and the assets were reserved for the benefit of the creditors of the bank. In 1867 the South-Western Eail Road Bank also undertook to resume business at its old stand at the corner of Broad Street and Gadsden's Alley, with the following officers: James Rose, president; J. C. Cochran, cashier; P. J. Porcher, J. C. Cochran, W. A. Pringle, W. J. Magrath, J. F. O'Neill, A. H. Abraham, Z. B. Oakes, B. O'Neill, J. G. Oakes, E. H. Locke, and J. M. Gary, directors. In 1872 J. C. Cochran was president and J. M. Harleston, cashier and transfer clerk, and W. A Pringle, L. D. DeSaussure, J. C. Cochran, J. G. Crane, E. H. Locke, W. J. Magrath, W. A. Courtenay, J. H. Wilson, J. G. Holmes, J. N. M. Wohltman, and J. P. Boyce were directors'. In 1874 the offices of this bank were removed from their old stand to a room over the Bank of Charleston, with the fol- lowing officers: J. C. Cochran, president, J. M. Harleston, cashier and transfer clerk, and W. A. Pringle, L. D. DeSaus- sure, J. C. Cochran, George W. Williams, J. S. Gibbes, James Conner, John Hanckel, W. J. Magrath, W. A. Courtenay, J. H. AVilson, F. J. Pelzer, Henry Gourdin, and G. A. Trenholm, directors. In 1878 the offices of the bank were transferred to the office of the South Carolina Railroad Company at the corner of King and Ann Streets with the following officers: W. J. Ma- grath, president ; J. M. Harleston, cashier and transfer clerk, and W. A. Pringle, L. D. DeSaussure, J. C. Cochran, Geo. W. Williams, J. S. Gibbes, James Conner, W. J. Magrath, W. A. Courtenay, J. H. Wilson, F. J. Pelzer, Henry Gourdin and John Hanckel, directors. The first regular session of the General Assembly held under the Constitution of 1868, which convened on the fourth Tues- day in November, 1868, and adjourned without day on March 24, 1869, passed the following Act to enable the banks which had been chartered to resume business. AN ACT to enable the Banks of the State to renew business or to place them in liquidation. Section 1. Be it enacted by the Senate and House of Representatives of the State of South Carolina, now met and sitting in General As- sembly, and by the authority of the same, That all the banks incor- porated by authority of this State, and which have, by said authority, issued bills of credit known as bank bills, and have failed to comply with said corporate privileges, by refusing to pay their bills of credit, ^Miller's Planters' d Merchants' Almanac for 1872. 255 and are now thus failing- to comply with the provisions of said Act of incorporation in this particular, and shall so continue to violate said Act until the first day of December, 1869, shall forfeit all corporate rights and privileges, and are forbidden to transact any business as banking institutions : Provided, That the redemption of their bills in United States currency, shall be deemed the fuMllment of their obli- gations to the holders of said bills. Sec. 2. That it shall be the duty of the Comptroller-General, imme- diately after the ratification of this Act, to furnish each of the said banks of the State with a copy thereof, and they shall report thereon to the Comptroller-General, giving a full statement of all the property, and assets, and liabilities of the bank, and shall furnish a full state- ment of all their transactions every thirty days thereafter ; and for every case oi failure or neglect to so report, the officers of the bank shall forfeit and pay twenty-five dollars for each day so failing, to be collected by the Sheriff of the County on the order of the Comptroller- General, approved by the Governor, to be appropriated to the use of the State ; and if any of the banks agree to redeem their bills, the Comptroller-General shall give notice of said agreement in one or more of the newspapers of this State, and shall notify the Judge of the Cir- cuit in which such bank or banks may be situated of each and every bank failing to comply with the requirements of the first Section of this Act, whose duty it shall be to appoint a suitable person as re- ceiver of each of the aforesaid banks, who shall, after having filed a bond, with good and sufBcient security, to be approved by the said Judge, to take charge of the property and assets of the bank. Sec. 3. That the said receiver shall furnish the Comptroller-General with a full statement of all the property and assets belonging to the said bank, immediately after receiving the same, and shall proceed to the final settlement of the accounts of the bank, in conformity to such rules as the Circuit Court may direct. Sec. 4. Any of the Banks redeeming their bills in conformity with the provisions of the second Section of this Act, and are able to redeem the same, and have remaining in their possession assets of the market value of fifty thousand dollars, may resume business as a banking corpora- tion, after satisfying the Governor and the Comptroller-General that they are possessed in fact of the said amount ; and the Comptroller- General shall make known the same by public notice in one or more newspapers of the State. Sec. 5. The banks resuming business in accordance with the provisions of this Act shall report to the Comptroller-General, as now provided by law, and their charters shall be deemed as redeemed for the amount so advertised by the Comptroller-General : Provided, That no bank shall be so rechartered with a capital of less than fifty thousand nor more than one million dollars : Provided, further, That all banks rechartered and recommencing business under this Act shall be subject to taxation. Sec. 6. That all acts or parts of Acts inconsistent with this Act be, and the same are hereby, repealed. Approved March 13, 1869.' Upon the passage of this Act several of the other banks under- took to resume business, but with little or no success. In 1870 the Bank of Charleston opened for business at No. 6 Broad Street, next to the corner of State Street, with an authorized capital of $1,000,000. and the following corp of officers: Charles T. '■Statutes o/t Large of South Carolina, XIV, 212-313. 256 Lowndes, president; William Thayer, cashier; Charles T. Lowndes, Henry Gourdin, George A. Trenholm, William C. Courtney, W. A. Wardlaw, William Thayer, J. Keid Boylston, Benjamin F. Huger, J. N. Kobson, James R. Pringle, William P. Hall and Eudolph Seigling, directors. In 1872 this bank joined the National Banking System and became nationalized under the name Bank of Charleston, National Banking Association, and occupied the building at the northeast corner of Broad and State streets. The capital then stood at $600,000. with the fol- lowing officers: A. S. Johnston, president; W. B. Burden, cashier; A. S. Johnston, Henry Gourdin, George A. Trenholm, William C. Courtney, W. A. Wardlaw, William Thayer, J. R. Boylston, B. F. Huger, J. N. Robson, James R. Pringle, W. P. Hall, Rudolph Seigling and W. B. Burden, directors; T. S. Honour, assistant cashier ; E. H. Pringle, teller ; J. D. Mitch- ell, bookkeeper ; W. M. S. Lesesne, collection clerk. It has already been stated, and we need only refer to the fact, that this bank alone of all of the ante-bellum banks of this state survived the effect of the war and has ever since been one of the leading banks of Charleston, and of South Carolina. In 1870 the Union Bank of South Carolina resumed business as its old stand, No. 139 E. Bay, with a capital of $500,000. and with the following corps of officers: W. B. Smith, president; H. D. Alexander, cashier; W. H. Heyward, Jr., teller; W. B. Smith, C. N. Hubert, Williams Middleton, A. H. Jones, G. E. Gibbon, A.- O. Andrews, F. R. Wickenberg, F. Tupper and W. P. Ravenel, directors. In 1874 the officers were: L. D. Mowry, president; H. D. Alexander, cashier; W. H. Heyward, Jr., teller; W. B. Smith, Williams Middleton, A. H. Jones, G. E. Gibbon, A. O. Andrews, F. R. Wickenberg, W. P. Ravenel, F. E. Eraser, H. Gerdts and L. J. Walker, directors. In 1878 they were: L. D. Mowry, president; H. D. Alexander, cashier; G. Wickenberg, teller; W. B. Smith, L. D. Mowry, Williams Middleton, T. Street, W. P. Ravenel, H. Gerdts, H. Bulwinkle, G. W. Klinck, George E. Gibbon, A. O. Andrews, F. T. Downey and W. H. Jones, directors. In 1880, it appears that this bank abandoned the hope of continuing business and went into liquidation, the following being then the officers : L. D. Mowry, president ; W. B. Smith, 257 L. D. Mowry, W. P. Eavenel, H. Gerdts and George E. Gibbon, directors. In 1881 the offices of this bank seem to have been removed from its old stand to No. 31 Broad street and there closed its business under the following officers: L. D. Mowry, presi- dent, and "W. B. Smith, L. D. Mowry, W. P. Eavenel and F. T. Downey, directors. It thus appears that after eighty years of successful business this bank, one of the earliest incorporated in the state, passed out of existence. The Planters's and Mechanics's Bank of South Carolina,, also one of the old established institutions in Charleston, incor- porated the same year as the Union Bank, also resumed busi- ness ia 1870 at its old stand, No. 133 E. Bay, with an author- ized capital of $500,000. and the following offcers : A. E. Taft, president; William E. Haskell, cashier; Thomas Frost, Jr., clerk; William Eavenel, Joseph D. Aiken, Williana Eoach, Frederick Eichards, Henry Bischoff, George S. Scott, Samuel Y. Tupper, Thomas P. Smith, A. H. Hayden, S. P. Eavenel, A. S. Brown and A. Calder, directors. In 1874 the officers were : A. E. Taft, president: Thomas Frost, Jr., cashier; T. M. Waring, bookkeeper; William Eavenel, Joseph D. Aiken, William Eoach, Frederick Eichards, Henry Bischoff, Samuel Y. Tupper, Thomas P. Smith, A. H. Hayden, S. P. Eavenel, A. S. Brown, A. Calder and J. E. Eead, directors. In the year 1876 it appears that this bank went into liqui- dation, and it does not appear to haA'^e been in active business after the year 1878. In 1870 The Peoples' Bank also resumed business at No. 9 Broad Street with a capital of $200,000. with the following corps of officers: John Hanckel, president; James B. Betts, cashier; John Hanckel, W. H. Houston, C. H. West, F. J. Porcher, W. Y. Leitch, C. L. Burckmyer, J. B. E. Sloan, E. Lafitte, E. C. Williams, J. H. Wilson, William Ufferhardt and J. B. Betts, directors. In 1874 the officers were : John Hanckel, president; James B. Betts, cashier; W. George Gibbs, teller; John Hanckel, W. H. Houston, C. H. West, W. Y. Leitch, C. L. Burclanyer, J. B. E. Sloan, E. Lafitte, J. H. Wilson, William Ufferhardt, J. B. Betts, George A. Locke, W. W. Whilden and W. A. Courtenay, directors. 258 In 1875 the following Act was passed : AN ACT to Amend and Extend the Charter of the People's Bank of South Carolina," and to Amend that of the Planters' and Mechanics' Bank of South Carolina." Whereas the capital of the People's Bank of South Carolina has been reduced by losses, the result of the war, from one million of dollars to eighty thousand dollars, whereby the shares, originally worth twenty- five dollars each, are at present worth in reality but two dollars each, thereby rendering the consolidation of the said original shares abso- lutely necessary, and leave so to do has been asked by the President and Directors of the said bank ; and, whereas, since the last amend- ment of the charter of the Planters' and Mechanics' Bank of South Carolina, the estimated capital thereof has been greatly reduced by the presentation and redemption of a much larger amount of their out- standing bills than was then allowed for, and they have, by their peti- tion, asked for several amendments in their charter also : Section 1. Be it enacted by the Senate and House of Kepresentatives of the State of South Carolina, now met and sitting in General Assembly, and by the authority of the same. That the Board of Directors of the said Peoples' Bank be, and they are hereby, authorized to consolidate the shares of the said bank by calling in their said shares and issuing one share of the par value of twenty dollars for every ten of their present shares, so that the number of shares shall be reduced from forty thousand to four thousand : Provided, however, That the said bank shall, at the request of any stockholder now holding less than ten shares, redeem his said shares at the rate of two dollars per share : Provided, also, That in case any of the original shares have heretofore been consolidated under any resolution of the Directors, such consolidated shares, in the consolidation hereby provided for, shall each be estimated to be equal to four shares of the original capital. Sec. 2. That the said Board of Directors of the Peoples' Bank, before reducing and consolidating the said shares, shall give at least thirty days' public notice in one or more of the newspapers of the city of Charleston of their intention so to consolidate, reduce and redeem the stock of the said bank, and from and after the day fixed and so publicly notified for the said consolidation, reduction and redemption of the said shares, no one shall be considered or held to be a stockholder of the said bank who has not received a new certificate for the con- solidated shares at twenty dollars per share : Provided, always, That the holder of any number of original shares, under ten, shall be at liberty to sell and assign the same to whomsoever he may by endorse- ment upon the certificate held by him, which endorsement shall, with- out transfer at the bank, entitle the assignee to demand the redemp- tion of the said shares as above provided, or the consolidation of them whenever he has acquired or holds ten, or the multiple of ten shares, at the price or rate as in the first Section of this Act made and pro- vided. Sec. 3. That the said Board of Directors of the People's Bank are hereby further authorized and empowered, from time to time, to in- crease the number of shares and the capital of the said bank at any time after thirty days' notice of their intention so to do, published in one or more newspapers of the city of Charleston, to a number not ex- ceeding in the whole fifty thousand shares, each to be of the par value of twenty dollars, and to open books of subscription for such additional shares, under such regulations as they shall prescribe : Provided, always, That the stockholders shall have preference in subscription to the in- creased stock in proportion to the amount then held by them. Sec. 4. That the said People's Bank is hereby authorized to receive de- posits in such sums, and at such times, as the Board of Directors may 259 state by public advertisement, and pay the same with a stipulated rate of interest upon them at stated periods, the interest to be paid in money or to be placed at the credit of said depositors upon the same terms and conditions as the original deposits. That all such deposits as may be received by the said corporation, under the authority conferred in this Section, may be invested in any public stock or bonds created by virtue of any law of this State, or any ordinance of the city of Charles- ton, or the capital stock of any bank within this State, or in United States stocks or bonds, or in the stocks or bonds of any railroad com- pany incorporated in this or in any other State, or such deposits may be loaned on promissory note secured by pledges of such stocks at not more than their market value, or in bonds secured by mortgages of real estate lying within the city of Charleston at not more than seventy- five per cent, of the market value of such real estate : Provided, That no Director or other ofBcer of said corporation shall borrow any part of the moneys so received on deposit by virtue of this Section. Sec. 5. That the number of Directors of the said banks shall and may be reduced from thirteen (the present number) to not less than five at and after the next annual election to be held under the present charter, such reduction to be proposed by the present or any future Board of Directors of each and either of the said banks and submitted for their approval to a general meeting of the stockholders to be called for that purpose, to be held after four weeks' notice by public adver- tisement in the two daily newspapers of the city of Charleston, stating the day and hour and the purpose of said meeting in the said advertise- ment, which said advertisement shall be published at least three times a week, for the said four weeks, in each of the said newspapers before the day of the said meeting : Provided, That should no quorum as- semble at said meeting, the failure to have a quorum shall be con- sidered as an approval by the stockholders of said proposition adopted by said Board of Directors. Sec. 6. That on and after the day of the annual election for Directors of the said banks next after the passage of this Act, the present scale of voting by the stockholders shall be abolished, and each of the shares already consolidated, or which may, before that day, be consolidated, according to, and under the provisions of this Act, or of the Act of the General Assembly entitled "An Act to amend- and extend the charter of the Planters' and Mechanics' Bank of South Carolina, and for other purposes therein named," passed on the 9th day of December, in the year of our Lord, 1870, shall entitle the holders thereof to one vote, without regard to the number held by him. Sec. 7. That the shares held prior to the consolidation made under the said last mentioned Act of Assembly, which shall remain unconsolidated on the day of the said annual election for Directors of the said banks shall thenceforth cease to entitle the holders thereof to any other right or interest in the said banks, except to be paid the sum of one dollar for each such share upon surrender of scrip held for the same. Sec. 8. That whenever it may, in the opinion of the President and Directors of the said banks, be best for the interest of the stockholders to reduce the number of shares then outstanding, either for the -pur- pose of preserving or increasing their par value, not to exceed one hun- dred dollars per share, such board of Directors may arrange and sub- mit to a meeting, to be called for that purpose, and advertised for the time and in the manner provided hereinbefore, in regard to the re- duction of the number of Directors, a scheme for such reduction and consolidation, which, if approved by said meeting, if a quorum shall so assemble on the day appointed, or if no quorum shall so assemble on that day, shall from and after that day be adopted, and the shares shall be thereupon reduced and consolidated according to scheme, and new scrip issued therefor, each of which new shares shall thencefor- 260 ward entitle the holder to a vote, and no one holding shares uncon- solidated according to that scheme shall be entitled to a vote. Sec. 9. The present charters of the said banks are hereby altered and amended, as in the previous Sections of this Act is provided ; and in all other respects the said charters are hereby confirmed as if these provisions had been originally incorporated in the said charter. Approved March 25, 1875.^ In 1876 the officers were: A. Lengnick, president; W. George Gibbs, cashier; A. Lengnick, W. W. Whilden, J. L. Sheppard, W. UiFerhardt, E. Lafitte, James Allan and Otto Tiedeman, di- rectors. It thus appears that the bank availed itself of the provisions contained in the Act above 'mentioned whereby its capital stock was reduced to $80,000. In 1880 this bank seems to have been put in liquidation, with Albert Lengnick as assignee and agent and cashier, with the following directors: A. Lengnick, James Allan, J. L. Sheppard, W. Ufferhardt, Otto Tiedeman and T. W. Stanland. In 1882 the officers were: A. Lengnick, as- signee and agent, and A. Lengnick, James Allan, J. L. Shep- pard, W. Uflferhardt, Otto Tiedeman and T. W. Stanland, di- rectors. After this the bank seems to have disappeared from the business institutions of the city. It will thus be seen that six of the nine banks of Charleston undertook to resume business and to redeem their broken for- tunes. We have been unable to find any evidence that the Bank of South Carolina, the State Bank or the Farmers' and Ex- change Bank made any effort to resume business. As heretofore stated, the Bank of Charleston alone survived the wreck of the war. We now recur to the history of the Bank of the State of South Carolina. At a special session of the General Assembly held under the new constitution, "AN ACT to organize the Supreme Court" was approved September 18, 1868.'' Franklin J. Moses, a citizen of this state and one of the distinguished lawyers of the olden time and at one time occupying the po- sition of circuit judge, was elected Chief Justice of the Supreme Court. A. J. Willard, of New York, and S. L. Hoge, of Ohio, were elected Associate Justices. As already stated a demand had been made by the Governor ^statutes at Large of South GaroUna, XV, 966-969. 'Statutes at Large of South Carolina, XIV, 73-74. 261 upon the officers of the Bank of the State of South Carolina for the assets of the bank. This demand was declined; where- upon Daniel H. Chamberlain, recently elected attorney gen- eral of the state, applied before Associate Justice Willard at his chambers in Charleston in a case entitled "The State Ex Rel. The Attorney General, Plaintiff in Error, vs. The Presi- dent and Directors of the Bank of the State of South Carolina, Defendants in Error", asking for a rule against the president and directors of the Bank requiring them to show cause why a mandamus should not be awarded commanding them to de- liver to His Excellency, the Governor of the State, all the real and personal estate, assets, choses in action and whatsoever accounts as required by the Act passed September 15, 1868, entitled "AN ACT to close the operations of the Bank of the State of South Carolina." After hearing elaborate arguments. Judge Willard declined to grant the writ. The case was then taken up by writ of error before the Supreme Court and, after hearing the same, an elaborate opinion was delivered by Chief Justice Moses, affirming the order of Judge Willard dismissing the rule. In the opinion thus rendered the following principles were announced :' So much of the Act "to close the operatioBS of the Bank of the State of South Carolina," passed September 15, 1868, as authorizes and requires the Governor, "for and on behalf of the State, to take pos- session of all the real and personal estate, assets, choses in action and books of account of" the Bank of the State of South Carolina, and sell the same, at public auction, "upon such terms as he shall deem most advantageous to the State," and deposit the proceeds in the Treasury, subject to his order, is void, because within the in- hibition of the Constitution of the United States, that "no State shall pass any law impairing the obligation of contracts." Though the capital of the Bank of the State of South Carolina was furnished by the State, and its profits enured to the benefit of the State, and the faith of the State was pledged to its support, yet it was a distinct corporation, having the ordinary powers and rights, and subject to the ordinary obligations, of banking corporations, with liability to suits by its creditors, and holding its property subject to their claims in preference to the claims of the State as its only stockholder. A creditor has the right to be subrogated to all the rights of the surety or guarantor of his principal debtor, in securities taken by the surety, or guarantor, for his own indemnity or protection — serrible. An Act so changing existing remedies as materially to impair the rights and interests of creditors, is within the inhibition of the Constitu- tion of the United States in reference to laws "impairing the obli- gation of contracts." An Act withdrawing the property of a debtor from the operation of all legal process by his creditors, leaving to them the barren right ^Reports of Gases Heard and Determined hy The Supreme Court of South Carolina, Vol. I (Richardson), 63-80. 262 to sue, virtually destroys the remedy of a creditor, and impairs the obligation of his contract. The legal status of the bills of the Bank of the State of South Carolina once more engaged the attention of our courts in the case entitled "Dabney, Morgan & Co. vs Bank of the State of South Carolina." This case involved not only the status of the bills of the Bank of the State of South Carolina, but the holders of certain bonds and stock known as Fire Loan Bonds and Fire Loan Stock. That was a creditors' bill, filed for the purpose of having the offices of the bank wound up in the decree and orders of the court. A receiver was appointed and creditors called in to prove their claims. The case was heard before Judge Carpenter at Charleston, May term, 1870, and by appeal heard by the Supreme Court at the April term, 1871. Chief Justice Moses again delivered the opinion of the court in which it was held : That the assets on hand were not subject to the lien created by the act in favor of the holders of the Fire Loan Bonds and Fire Loan Stock, but were subject to distribution among all the creditors of the bank pari passu. The assets of an insolvent bank are a trust fund for the payment of its creditors, whether as guarantees, bill-holders, depositors, or otherwise, and if there is no lien on the fund the distribution among the creditors must be pari passu, and until the creditors are wholly satisfied there is nothing which the stockholder, whether a private individual or a sovereign State, has the right to dispose of or ap- propriate to his own use.^ The questions discussed and decided in the two foregoing cases settled the legal status of the bills issued by the Bank of the State of South Carolina, but did not provide any method by which the bills were to be redeemed. The Act incorporating the bank provided: XVI. And be it further enacted by the authority aforesaid. That the bills or notes of the said corporation, originally made payable, or which shall have become payable on demand, in gold or silver coin, shall be receivable at the treasury of this State, either at Charleston or Colum- bia, and by all tax-collectors and other public officers, in all payments for taxes or other monies due to the State." In pursuance of that provision of the Act the holders of bills of the Bank of the State made tender of the same in payment of their taxes due the state in such amounts as to seriously em- ^Beports of Oases Heard and Determined in The Supreme Court of South Carolina, Vol. Ill (Eichardson), 134-167. ^Ante, pp. 87-88. 263 barrass the state in the collection of taxes, which necessitated the incorporation into future acts providing for the collection of taxes, provisions to force the party into court to establish his right. In an Act entitled "AN ACT to Raise Supplies for the Fiscal Year Commencing November 1, 1875", we find the fol- lowing : Sec. 11. That all taxes assessed and payable under this Act shall be paid in the following kinds of funds : Gold and silver coin, United States currency, National Bank notes, coupons due of bonds issued under Act to reduce the volume of the public debt and provide for the payment of same, approved December 33d, 1873, and interest orders for interest due on stocks issued under said Act ; and if the holders of the bills of the Bank of the State shall present any of the said bills in payment of taxes due the State, the Treasurer of the County where such bills are presented shall place the said bills in an envelope or package, and seal the same with his official seal, across which shall be written the name of the said County Treasurer, as well as the County in which the said bills were presented, the name of the party so presenting, with the amount and denomination of the same, and immediately return themi to the person so presenting. This shall be the only evidence of the presentation of the said bills in any suit that may arise from the same, and this evidence shall not be admissible if the seals upon the said envelopes or packages are broken, except they shall be broken in open Court.^ The tender of these bills for the payment of taxes continued to be seriously embarrassing to the state and we find a further Act looking toward the settlement of that issue. In "AN ACT to Provide for the Payment of Certain Indebtedness of the State", the following provision was incorporated : Sec. 11. That all taxes assessed and payable under this Act shall be paid in the following kinds of funds : Gold and silver coin. United States currency, National Bank notes, coupons due on bonds, and in- terest orders on stock issued under the Act to reduce the volume of the public debt and provide for the payment of the same, approved Decem- ber 23, 1873 ; and if any of the bills of the Bank of the State shall be presented by the holders thereof in payment of any taxes assessed and payable under this Act, the County Treasurer of the County in which such bills are so presented shall place the said bills in an envelope or package, anu seal the said envelope or package with his official seal, across which he shall write his name and office, the name of the party presenting the said bills, the amount and denomination of the same, and the date of their presentation ; and this shall be the only evidence of their presentation in any suit which may arise therefrom ; and this evidence shall not be admissible in any such suit if the said seal on the said envelope or package shall be broken otherwise than in open Court.^ Upon examining that Act, it will be seen that an effort was made to provide for the payment of many other forms of in- debtedness due by the state. The form of warrants issued for the ^Statutes at Large of South Carolina, XVI, 13. 'Statutes at Large of South Carolina, XVI, 19-20. 264 payment of claims proved under that Act was popularly known as "Little Bonanza". At the same session of the General As- sembly "AN ACT to Provide for the Settlement and Payment of Certain Claims Against the State", was passed. The warrant issued in payment of claims approved under this Act was popu- larly known as "Big Bonanza".^ It is interesting to note that the taxes authorized to be levied and collected in payment of these warrants were to be kept by the Treasurer separate and apart from all other public funds, and to be applied only for the purpose in said Act mentioned; and it was further provided by the said Act that any violation of the provisions thereof by a public official would be deemed a felony, to be punished by fine of not less than $1,000. and not more than $5,000. and be imprisoned in the penitentiary not less than one year or more than five years. It is further interesting to note here that upon the commis- sion appointed under provision of the said Act Col. Alexander C. Haskell, one of our most distinguished citizens, was appointed with two others — one of whom was Thomas C. Dunn, then Comptroller General, a man of good reputation. Therefore, the warrants issued under provision of the Act were regarded as beyond suspicion and to be paid without further investigation. That feature of the Act was regarded by the incoming Demo- cratic administration as a solemn compact, and the integrity of the warrants known as "Big Bonanza" was never again ques- tioned and on that account regarded by the public market as of much higher value than the warrants known as "Little Bo- nanza". The provisions of this Act had no special reference to the bills of the Bank of the State. The tender of bills of the Bank of the State by holders in payment of taxes still continued to be a serious menace and several subsequent Acts were passed in an effort to solve the difficulties. In "AN ACT to Amend an Act Entitled "An Act to Amend an Act to Provide for the Redemption of Forfeited Land upon Certain Conditions therein Mentioned", it was provided: Sec. 4. That the County Treasurers of the several Counties in the State be, and they are hereby, authorized and required to receive bills of the Bank of the State which shall have been proved, stamped or found genuine, in payment of all past due taxes prior to 1875, and for the redemption and purchase of forfeited lands ; and the said bills, when ^Statutes at Large of South Carolina, XVI, 20. 265 tendered as herein provided, shall be marked or stamped with the word "canceled," and the same be attested by the signature of the County Treasurer and the persons tendering same."^ That was the last Act passed by the Republican General As- sembly in an effort to dispose of the menace continually being offered the Treasury in the collection of taxes. Then followed the controversy between Hampton and Chamberlain as to which one of them had been elected governor of South Carolina at the election in November, 1876, and it will be remembered by many still living that in the early days of 1877 we had two bodies sitting and claiming to be the General Assembly of the state. That controversy persisted only because of the presence of United States troops on guard in the State House, protecting the claims of the Eepublicans. The controversy was settled by President Hayes, who, on April 5, 1877, withdrew the United States troops from the State House. As soon as that was done Chamberlain and his General Assembly retired, and the Hamp- ton government began to function in a dignified and unhampered manner. It is, therefore, interesting to note that we find in the sixteenth volume of our Statutes at Large the following title: ACTS OF THE GENERAL ASSEMBLY OF THE STATE OF SOUTH CAROLINA, Passed at the Extra Session tcMch vms begun and held at the City of Columbia on the Twenty-Fourth day of April, A. D. 1877, and rooM adjourned without day on the Ninth Day of June, 1877. Wade Hampton, Governor. W. D. Simpson, President of the Senate. William H. Wallace, Speaker of the House of Representatives. At an early day of this session the bills of the Bank of the State again attracted the attention of the lawmakers and the following Act was passed : AN ACT to Prescribe the Mode of Proving Bills of the Bank of the State Tendered for Taxes and the Eules of Evidence Applicable Thereto. Whereas the corporation known as "The President and Directors of the Bank of the State of South Carolina" had become insolvent and its bills had ceased to be current as money prior to the first of January, 1868, and the General Assembly of the State, by an Act entitled "An Act to close the operations of the Bank of the State of South Carolina," ratified the fifteenth day of September, 1868, enacted that all bills is- sued by said corporation prior to the twentieth day of December, 1860, be funded, and on the surrender and delivery of said bills to the Trea- surer of the State bonds of the State shall be issued to the owner of said bills in payment and redemption of the amount of said bills, and that "the sixteenth Section of the Act ratified the tenth day of Decem- '^Statutes at Large of South Carolina, XVI, 301-203. 266 ber, 1812, entitled 'An Act to establish a bank on behalf of and for the benefit of the State,' and all Acts and parts of Acts which render the bills of said corporation receivable in payment of taxes and all other debts due the State, be, and the same are hereby, repealed." And under said Act one million two hundred and sixty thousand one hun- dred and thirty-four dollars and seventy cents of the bills of the said bank were funded and bonds of the State issued therefor, and the bills so funded were, by Joint Resolution of the General Assembly, ordered to be burnt and destroyed, and there is reasoij to believe that the said bills were not burnt or destroyed, but have since been fraudulently uttered; and whereas the plates from which the bills of the bank were originally printed are not in the custody of the State, but are, and have been for years past, beyond the limits of the State and in the custody of irresponsible parties, and there is reason to believe that forged bills of the said bank have been fraudulently printed and uttered ; and whereas a large amount of the bills of the said bank were, in the years 1861 and 1862, loaned to the government of the Confederate States, and the payment of said bills by the State is prohibited by the Constitution of the State and of the United States; now, for the pro- tection of the State against bills of the Bank of the State which are not genuine, or the payment of which is prohibited by the Constitu- tion, or which have been already funded by the State and have been fraudulently uttered: Section l. Be it enacted by the Senate and House of Representatives of the State of South Carolina, now met and sitting in General As- sembly, and by the authority of the same. That the Treasurers of the several Counties in the State shall not receive in payment of taxes tof the State any bills of the corporation known as the President and Directors of the Bank of the State of South Carolina which are not genuine and valid, or the payment of which is prohibited by the Con- stitution of the State and of the United States, or which have been funded by the State and since fraudulently uttered. And all bills of said corporation which shall be tendered in payment of any taxes and shall not be received as payment shall be enclosed in a package sealed and signed by the party tendering the said bills and by the Treasurer to whom said tender is made ; and said package shall be deposited by the Treasurer with the Clerk of the Court of common Pleas for the County, who shall give duplicate certificates of said deposit, one to the party tendering said bills and the other to the Treasurer, to abide the decision of the Court in any proceedings which may be instituted in regard to said bills ; and that in all proceedings by mandamus or otherwise to compel the reception of bills of the said corporation as a legal tender for taxes to the State and refused, an issue shall be framed under the direction of the Judge, and at a regular term of the Court of Common Pleas for the County wherein said bills are tendered shall be submitted to a jury to inquire and determine by their verdict if the bills so tendered in payment for taxes are genuine and valid bills of the said corporation, and have not been funded by the State and since fradu- lently uttered, and are bills the payment of which is not prohibited by the Constitution of the State and of the United States. And upon the trial of said issue, the burden of proof shall be upon the person tender- ing said bills to establish that the said bills are the genuine and valid bills of the said corporation, and have not been funded by the State and since fraudulently uttered, and that said bills are bills the pay- ment of which is not prohibited by the Constitution of the State and of the United States ; and if the jury shall by their verdict establish that the bills so tendered are genuine and valid bills of the said cor- poration, and have not been funded by the State and since fraudulently uttered, and the bills the payment of which is not prohibited by the Constitution of the State and of the United States, then the Treasurer 267 of the County shall receive such bills in payment of all taxes due the State. And if the jury shall by their verdict establish that the bills so tendered are not genuine or valid bills of the said corporation, or that they have been funded by the State and since fraudulently uttered, or that they are bills the payment of which is prohibited by the Con- stitution of the State and of the United States, it shall then be the duty of the Clerk of the said Court to cancel the said bills in the pres- ence of the Court, and to make a sealed package of the bills and file the same in his ofSce with the record of the case. Sec. 2. In all proceedings by mandamus or otherwise under this Act, no costs shall be taxed or allowed against the State or any officer representing the State. Sec. 3. Nothing in this Act contained shall preclude the Treasurer of any County from making such other defenses to the proceedings by mandamus or otherwise as the nature of the case may require. Sec. 4. All Acts and parts of Acts inconsistent with or repugnant to this Act are hereby repealed. Approved June 9, 1877.1 In March, 1878, a further Act was passed which included, among other provisions, a mode of proving the bills of the Bank of the State and for settlement thereof. This was "AN ACT to Provide for the Settlement of the Unfunded Debt of the State Incurred Before the First of November, 1876." The following provisions of the Act refer to the bills of the Bank of the State: Section 1. Be it enacted by the Senate and House of Representatives of the State of South Carolina, now met and sitting in General As- sembly, and by the authority of the same, That a Court of Claims is hereby established for ascertaining all legal and just claims which have not been funded in bonds or stock and which were in existence on the first day of November, A. D. 1876, the said Court to be held by a Commissioner to be elected by joint ballot of the Legislature, to hold his office for one year, with a salary of two thousand dollars. Sec. 3. The said- Court shall have jurisdiction to adjudicate upon all claims which may be made by any persons against the Stat« (other than for bonds or stocks or coupons or interest thereon) which were in existence on the said first day of November, A. D. 1876, including therein the bills of the Bank of the State and so much of the funded debt as is known as the Little Bonanza, and the liability of the State by guarantee of the Spartanburg and Union Eailroad bonds, the balance due thereon by judgment of the Court after applying the proceeds of the sale of said road, amounting to tour hundred and seventy-four thousand six hundred dollars, in the same manner as the Court of Common Pleas, except that no pleading shall be necessary to bring the said claims before the said Court, but the evidence for and against the claim may be brought forward in the usual mode of auditing ac- counts and under such rules as may be prescribed by the Commissioner ; pnd the said Court shall have power to enforce the attendance of wit- nesses and the production of papers, and shall be authorized to call to its aid the Sheriff of the County in which it is sitting; and the said Sheriff and his oificers shall be bound to obey its orders. Sec. 4. Ine said Commissioner shall, after due hearing of each claim, pronounce judgment thereon, in which shall be stated in due form the ^Statutes at Large of South Carolina, XVI, 302-304. 268 amount adjudged to the claimant, when the judgment shall be in his favor, which judgment shall be duly registered by the Clerk and a certi- ficate thereof shall be given to the claimant under the seal of the Court; and whenever the sum recovered shall be one hundred dollars or more, the said claimant, on presenting the said certificate to the Comptroller (ieneral, shall be entitled to receive, in satisfaction thereof, bonds or stock for fifty per centum on the amount thereof, bearing interest at the rate of six per cent, per annum, with coupons payable semi-annually, the said bonds payable in ten years, to be called defici- ency bonds ; and if the amount recovered be less than one hundred dollars, one-half the amount shall be paid from the public Treasury from any moneys which may be appropriated for the same in full satis- faction thereof : Provided, however. That several judgments may, by the consent of the parties having the right, be added together and receive bonds or stock for the whole at the rate aforesaid. Sec. 7. Every claim against the State which existed on the first of I^ovember, 1876, other than bonds and stock and coupons or interest thereon, which shall not be duly sued or presented to the said Court of Claims on or before the first day of November, 1878, shall forever be barred. Approved March 22, 1878.* The court provided for in this Act was popularly known as the Coit Court. At the same session of the General Assembly another court was created by a "JOINT EESOLUTION Pro- viding a Mode of Ascertaining the Debt of the State and of Liquidating and Settling the Same", approved March 22, 1878. The court created by this Act was composed of three of our dis tinguished circuit judges, Thomas Thomson, A. P. Aldrich and J. H. Hudson. The principal purpose of this court was to pass upon the integrity of certain bonds theretofore issued and also certain other indebtedness created by Acts of the Gen- eral Assembly. It had little reference, however, to the bills of the Bank of the State, only the following section having reference thereto: Section 16. That all the unfunded debts and liabilities of the State accruing before the first day of November, 1876, including herein the bills of the Bank of the State, and so much of the funded debt as is known as the "Little Bonanza," and the liability of the State by guaran- tee of the Spartanburg and Union Eailroad bonds, the balance due them by judgment of the Court after applying the proceeds of the sale of said road, amounting to four hundred and seventy-four thousand six hundred dollars,' be settled after proper proof and examination, in such mode as the General Assembly shall determine, at the rate of fifty per centum, payable in coupon bonds bearing interest at the rate of six per centum per annum, payable semi-annually, the principal payable in ten years, in full satisfaction of said demands, except that advances made in money, siipplies and labor for the Lunatic Asylum, Deaf and Dumb Asylum and State Penitentiary shall be paid in the amount ac- '■Statute-f at Large of South Carolina, XVI, 555-558. 269 tually found to be due after proof and proper examination thereof, the said payment to be made in coupon bonds of like character to those hereinbefore mentioned, for the full amount allowed after said exami- nation : Provided, That in all cases in which the amount allowed shall be less than one hundred dollars the said sum shall be paid in cash."^ As we have heretofore stated, bills of the Bank of the State had been presented in payment of taxes due the state and a large volume of the bills were held by various county treasurers of the state, received under previous Acts passed in reference there- to. Timothy Hurley, who had been for several years the Treas- urer of Charleston County, had received bills to the amount of $63,203.73 in payment of taxes due the state and county and in December, 1878, the General Assembly enacted the follow- ing legislation in reference thereto: JOINT KESOLUTION to Authorize the State Treasurer to ReceiTe Cer- tain Bills of the Bank of the State and Comptroller General's War- rants on Account of the Indebtedness of Timothy Hurley, Late Treasurer of Charleston County, to the State. Whereas j.imothy i^urley, late Treasurer of Charleston County, is in- debted to the State in the sum of $63,303.73, received by him for taxes in bills of the Bank of the State : Be it resolved by the Senate and House of Representatives of the State of South Carolina, now met and sitting in General Assembly, and by the authority of same, That the State Treasurer be, and he is hereby, authorized to receive from the said Timothy Hurley, on account of the said indebtedness, the bills of the Bank of the State which have been deposited by the said Timothy Hurley in the Treasury, notwithstanding that the packages containing the said bills have been broken, and also to receive, on account of the said indebtedness, the warrants of the Comptroller General issued to the said Timothy Hurley for overpay- ments of State taxes, amounting to the sum of eleven thousand eight hundred and eighty-seven and 89-100 dollars. Approved December 20, 1878.2 After so many efforts made by the General Assembly to make adequate provisions for the settlement of the bills of the Bank of the State still outstanding, it would have been reasonable to suppose that the question was settled, but all that had been done proved inadequate, and in 1879 the following Act was passed providing a further mode of settling the issue which was intended to be final : AN ACT to Provide for Funding the Bills of the Bank of the State in Consolidated Bonds or Stocks. Section 1. Be it enacted by the Senate and House of Representatives of the State of South Carolina, now met and sitting in General As- sembly, and by the authority of the same. That the Act entitled "An Act to reduce' the volume of the public debt and to provide for the payment of the same," approved December 22d, 1873, be, and the same is ^.Statutes at uarge of South Carolina, XVI, 672-673. ■■^Statutes at Large of South Carolina, XVI, 822. 270 hereby, amended so as to include among the bonds and stock authorized to be consolidated the obligations of the corporation known as "The President and Directors of the Bank of the State of South Carolina," commonly known as bills of the Bank of the State. Sec. 2. That all persons holding such bills, before they shall be en- titled to the benefits of said Act, shall present them for examination before the 1st July, 1880, to the Hon. James C. Coit, who is hereby ap- pointed a Commissioner to examine the same, and who, if he shall find them genuine issues of said bank, and in all respects valid obligations of the State, shall so report to the State Treasurer, who is hereby authorized and directed, upon the surrender of such bills, to issue in exchange therefor to said holders consolidation bonds or certificates of stock equal to fifty per cent, of the face value thereof, the first in- terest whereof shall fall due and payable on the 1st January, 1881. Approved December 24, 1879.i These bills had been handled so frequently by the courts and the commission previously appointed, and were then held by so many varied interests, that it was at that late day difficult to prove the genuineness of the bills presented. Colonel Coit, there- fore, employed an expert who had been a teller in one of the ante-bellum banks of Columbia, to pass upon the genuineness of the bills presented for payment. Before proceeding very far it was discovered that a conspiracy had been formed between this expert and a broker in Columbia, whereby bills which had been proved and their validity established were by this expert taken out and placed in the hands of the broker who again pre- sented them for proof and payment. So that an endless chain had been established whereby certain bills were proved over and over again as liabilities of the state, and warrants issued therefor on the basis of fifty per cent, of their face. It was never definitely ascertained how much of this was done. Charges were preferred against this expert for embezzlement and he was arrested and put in jail in default of bail, but before the case was reached for trial he died, and so the matter ended. The bills, however, which had been proved before Colonel Coit were then funded in certain bonds of the State at fifty cents on the dollar. These bonds were payable in ten years and were popularly known as "Deficiency Bonds", or "Blue Bonds". Thus the controversy over the bills of the Bank of the State was at last brought to a conclusion. In the meantime the other banks were busy in an effort to liquidate and as far as practicable redeem their bills. Some of them succeeded in liquidating without resorting to the courts, but others were forced into the courts; some for the purpose of ^Statutes at Large of South Carolina, XVII, 112-113. 271 liquidating under the orders of the court and some were forced by receivers appointed by the court under the Act of February, 1869. And still others, along with their stockholders, were brought into court by certain bill holders in order to liquidate the affairs of the bank and recover against the stockholders on account of statutorj^ liability. In these latter proceedings the bill holders sought to recover the full face value of the bills which had been purchased in the market for little or nothing and thus rob the stockholders of the bare remnant which had been left them b}' the ravages of war. In these latter suits there were presented many vexatious and extensive questions. The second section of "AN ACT to enable the Banks of the State to renew business or to place them in liquidation", approved March 13, 1869, among other things, provided : « » * « if any of the banks agree to redeem their bills, the Comp- troller-General shall give notice of said agreement in one or more of the newspapers of this State, and shall notify the Judge of the Circuit in which such bank or banks may be situated of each and every bank fail- ing to comply with the requirements of the first Section of this Act, whose duty it shall be to appoint a suitable person as receiver of each of the aforesaid banks, who shall, after having filed a bond with good and sufficient security, to be approved by the said Judge, take charge of the property and assets of the bank. Here again we find concealed in the Act the provision to destroy and not conserve, for, in the Act quoted, the affairs of a bank would be taken from the hands of the officers who would liquidate for the benefit of creditors at the least possible ex- pense and placed in the hands of some political favorite to be used for his gain. Among this latter class were many strangers to the commonwealth who, like camp followers with the army, were ready to devour and prey upon the remnant left by the invading foe. And so there were hangers-on of a corrupt gov- ernment always present and ready "to take of the crumbs that fell from their master's table", and there were many of them. As a rule they were men foreign to the manner born ; often men of no special ability in bank affairs, but willing to thrive upon the misfortunes of others. Such may be divided into two classes ; those who sought to be appointed receivers of banks which could not comply with the terms of the Act above referred to, and others, typical Shylocks, who had purchased outstanding bills of the various banks at some nominal price and then endeavored 272 through the instrumentality of the courts to collect from the unfortunate stockholders their full face value. The case of the Bank of Camden is a fair illustration of the methods just above referred to. In that case Mr. Johnson, the president, and Mr. McDowell, the cashier, sought the aid of the circuit court for the settlement of the affairs of the bank, which was regarded as insolvent. The two officers named were appointed receivers and were then in the orderly management and economical settlement of the affairs of the bank to the in- terest of the stockholders and creditors. One E. J. Donaldson, a political stranger, who had come into the community, availed himself of the benefit of provisions of the Act of February, 1869, and had himself appointed receiver of the Bank of Camden, despite the proceedings already had in the court, whereby the affairs of the bank were then being settled. The principles involved in the case are so exhaustively discussed in the opinion of the circuit judge that we deem it well to quote it at length : This was an action by E. J. Donaldson, as Eeceiver for the Bank of Camden, S. C, plaintiff against William E. Johnson and Wm. D. Mc- Dowell, defendants. The case will be understood from the decree of the Circuit Judge, which is as folows : Melton, J. The plaintiff in this cause was, on the 17th day of February, 1870, appointed the Eeceiver of the Bank of Camden, South Carolina, pur- suant to the provisions of an Act of the General Assembly, approved March 13, 1869, entitled "an Act to enable the banks of the State to renew business, or to place them in liquidation," (14 Stat., 21S,) and became vested, by the terms of the said Act, with power and au- thority "to take charge of the property and assets of the bank, and to make a final settlement of the accounts of the bank." On the 8th of March, 1870, he made demand of the defendants, who were the former President and Cashier of the bank, for the delivery to him of the prop- erty and assets of the bank. With this demand the defendants refused to comply, and this complaint is filed by the plaintiff, and prays relief : 1st. That the defendants do discover all and singular the assets of the bank. 3d. xhat they surrender and deliver to the plaintiff all and singular the said property and assets. 3d. That they account for and pay over to the plaintiff all moneys by them received from the collection, sales or other disposition of the property of the bank. 4th. And that the defendants be enjoined from any further dealings with, or interfering with, the property or assets of the bank. The defendants allege, in answer to this complaint, that at the time the plaintiff was appointed as Eeceiver, the Bank of Camden was in liquidation, and that they were themselves the Eeceivers, having been so appointed by the Circuit Court, and that, as Eeceivers, they were rightfully in possession of the property and the assets of the bank. The facts in relation to this defence are these : On the 17th of April, 1869, a bill was filed in the Circuit Court for Kershaw, by William E. Johnson and others, the President and Directors of the Bank of Camden, S. C, against the Bank of Camden, vS. C, and others, being the stock- holders and creditors of the bank, which was, in effect, a bill to marshal the assets of the bank, to call in the creditors thereof, and to enjoin 273 them from otherwise proceeding- against the bank. By an order in the cause, dated May 14th, 18G9, the complainants were required by public advertisement for three months, in newspapers of Charleston, Columbia, New York and Camden, to call upon all creditors to present and establish their demands at the banking house of complainants, in Camden, on or before the first day of September, 1869. On the 22d day of September, 18G9, a report was filed in said cause by the defendants, as President and Cashier, in reference to the con- dition of the bank and the claims presented; upon the hearing of which the following order was made by his Honor Judge Boozer, then pre- siding : "Upon hearing the report of the President and Cashier of the Bank of Camden, S. C, filed in this cause, it is ordered that the claims presented against the said Bank of Camden, on or before the first day of September, instant, in accordance with the order heretofore made, be paid out of any of the assets of said bank, the President and Cashier acting as Eeceivers to this end, with siich further authority, as the Board of Directors may rightfully confer as to collections, sales of property, and-so-forth, as may be necessary. It is further ordered that the said EeceiTers proceed to the final settlement of the Bank of Camden, S. C, and that they report to every term of 'this Court their actings and doings under this order until discharged by the further order of this Court. That, after paying the claims already rendered against the bank, and any others which, coming in hereafter, may be ordered to be paid by this Court, the said Keceivers distribute the re- maining assets among the stockholders of said bank pro rata. That, until discharged, the said Eeceivers shall be entitled to receive the com- pensation now allowed them by the Board of Directors of said bank. That the cost of these proceedings be paid by said Eeceivers." By the terms of this order, the defendants claim that they were ap- pointed the Eeceivers of the said bank. They, however, gave no bonds as such. And it further appears that, on the first of November, 1869, they made to the Comptroller General a statement of the property, assets and liabilities of the bank, in which they say, "we are the ofiieers of the said bank which we claim to be," and sign their names as President and Cashier. (See the report of the Comptroller General to the General Assembly, November, 1869, pages 124 and 125.) On the other hand, it appears that at date of December 1, 1869, the President communicated to the Comptroller General that the bank was in process of liquidation under the directions of the Court, and that the assets were then in the hands of the defendants as Eeceivers of the Court. Taking the view which I do of the force and eifect of the provisions of the Act of 1869, it is unnecessary for me to adjudge whether the defendants were, in fact, the appointed Eeceivers of the Court, for I should hold, even if this fact were unquestioned, that this appointment could operate only provisionally, and must yield to subsequent appoint- ment of the plaintiff, which was made in accordance with the pro- visions of that Act. It is avowed in the complaint, and not denied in the answer, that the Bank of Camden was, by reason of its condition, vrithin the operation of the Act of 1869, that is to say, that it was a bank incorporated by the authority of the State; that by said authority it had failed to comply with its corporate privileges by refusing to pay its bills; that at the time of the passage of the said Act, it was failing so to do; and that it continued to violate its charter until the first of December, 1869. It is further averred, and not denied, that the appointment of the plaintiff as Eeceiver was duly made, in ac- cordance with the provisions of said Act, and that he filed his bond with good and sufflcient security, which was approved by the Judge. In making this appointment, the duty imposed upon the Circuit Judge 274 was, in terms, imperative. The necessary facts being shown to exist, the only discretion with which he was invested was as to the selection of the person upon whom to confer the appointment. If this discre- tion were now to be exercised, with my present knowledge of what had been already ordered by the Court, I would hesitate to supersede, by a new appointment, those who had already been charged with the duty of making a final settlement of the affairs of the bank, or if it were in my power to reconsider my action, I would feel bound to give the most respectful consideration to the protest of the stockholders and creditors against their removal, which are filed with the answer. But the appointment has been made, and were it now manifestly an improper one, it is not in my power to reconsider it. The order by which it was made was not a judicial act. The power to make it might as well have been conferred upon the Governor or upon the Comptroller General, aa upon the Judge of the Circuit. Having been made, it is now beyond his control, and must carry with it the full force and authority confirmed by the Acts of the General Assembly, the authority "to take charge of the property and assets of the bank." It is, therefore, adjudged : 1. That the defendants do discover all and singular the property and assets of the Bank of Camden, South Carolina, which were in their possession at the time the demand therefor was made by the plaintiff, and that they forthwith file with the Clerk of the Court a schedule thereof. 2. That the said defendant do surrender and deliver over to the plaintiff all and singular such property and assets as are now in their possession. 3. That the said defendants do account for and pay over to the plaintiff all moneys by them, or either of them, collected, on any of the choses in action of said bank since said demand was made, or realized from any sale or other disposition of any of the property and assets of said bank since demand. 4. That the said defendants, and each of them, be enjoined from any further collections of the choses in action of said bank, and from further dealing or interference with the property and assets thereof. 5. And that the defendants pay the costs of this action. . The defendants appealed. The case entitled Donaldson vs. Johnson, was heard by the Supreme Court at the April term, 1871. Chief Justice Moses, delivering the opinion of the court, said : We do not propose to extend our enquiry beyorld what we conceive to be the material question submitted by the brief for our judgment. If "the Judge of the Circuit" had the power to confer the appointment, it must stand, without regard to the consequences which the appellants anticipate will materially affect the interest of creditors, and possibly the stockholders, of the corporation which they claim to represent. **»»«»** 'pjjg order affirming the judgment of the Circuit Court, and dismissing the motion, has been heretofore filed.^ It will thus be seen that the provisions of the Act, upon which the foregoing case was decided, so far from being a benefit to creditors was a positive injury. The liquidation of the bank was thereby taken from the hands of those, not only expert in ^Reports of Gases Heard and Determined in the Supreme Court of South Carolina, Vol. Ill (Richardson), 216-326. 275 banking affairs^ but those who had the interest of both the stock- holders and creditors at heart, whereby the liquidation would be accomplished at the least possible cost, and placed in the hands of one foreign to the institution, without banking experience and wholly indifferent to the interest of creditors. This Donaldson seems also to have aspired to the position of professional receiver, for we find him again appearing in the case entitled E. J. Donaldson and others against the Farmers' and Exchange Bank of Charleston and others.^ In that case, however, other principles were involved than those settled in the case of Donaldson vs Johnson, et al. It, however, shows the spirit of the age and the tendency to deprive the real owners from dealing with their property and to place the same in the hands of strangers. Another stranger who had come to this community seeking his fortune as one of the favorites of the corrupt government appeared also as an expert in the settlement of insolvent banks under the Act already discussed. One Michael J. Calnan, who had already secured favors under the Eepublican government and was then occupying the position of Auditor for Kichland County, sought the position and was made receiver of the Com- mercial Bank of Columbia, thus taking the settlement of this bank out of the hands of such distinguished bankers as John A. Crawford, who for years was the president of that bank, and Edwin J. Scott, who for years was cashier. These gentle- men were old and respected citizens of Columbia, were experi- enced bankers, and would have settled the affairs of the bank to the benefit of stockholders and creditors at the least expense, but the law which provided positions for these enterprising politicians had to be obeyed, and so the affairs of the Commer- cial Bank were placed in the hands of the stranger. The troubles which attended the creditors and stockholders of these banks did not end there. As we have already shown, the bills of the banks of this state had circulated far and near and were so highly esteemed by the public that during the war they were hoarded as valuable investments. During the war, and possibly after the war, one Harvey Terry had bought up bills of the various banks of this state and soon after the formation of the Eepublican government appeared upon the scene demand- ^Reports of Cases Heard and Determined in the Supreme Court of South, Carolina, Vol. IV (Richardson), 106. 276 ing the "pound of flesh". He was a typical Shylock both in appearance and in purpose. In 1872 this man Harvey Terry, as the holder of a large volume of bills of the Commercial Bank of Columbia, brought an action against Michael J. Calnan, re- ceiver of the bank, and Sarah Wallace and a number of other good citizens of Columbia, as stockholders of the bank, to re- cover against them judgment for the amount of the bills held by him under their statutory liability. This case, however, was hot decided upon its merits but altogether upon the question of pleadings, the court holding as follows: An action by a single creditor of an insolvent banking corporation against tie Receiver of the corporate effects, and a number of indivi- dual stoeltholders, demanding judgment against the Receiver for the amount of the debt, and against each of the other defendants for a sum equal to twice the amount of his shares of the stock — a provision of the charter declaring the stockholders individually bound to that ex- tent — is an action for equitable relief, and is defective for v^aut of parties plaintiff. Such an action must be brought by the plaintiff on behalf of himself and all other creditors of the bank vcho may choose to come in and contribute to the expenses of the suit.' The pleadings were thereupon amended to conform to the decision of the court and once again tried before the Circuit Court of Eichland County, April 1879. The result of that case was that the stockholders were saved of their statutory liability by reason of the statute of limitation, the court holding: 1. The charter of a bank contained in this section : "That in case of the failure of said bank, each stockholder ******* shall be liable and held bound, individually, for any sum not exceeding the amount of his shares." The bank suspended specie payments, but continued banking operations for more than four years longer. Held, that there was a failure within the meaning of the above-recited section when specie payments were suspended. 2. Held, further, that an action against the stockholders for the ad- ditional liability imposed by this section, was barred by the statute of limitations in four years after the suspension. 3. This liability was a, simple contract debt, and not a statute liability .' This enterprising Shylock was not content to risk his cause to the adjudication of the state courts and while the suits above referred to were pending in the state courts, he filed a bill in equity in the Circuit Court of the United States for the Dis- trict of South Carolina, in December. 1870, in a case entitled Harvey Terry vs. William Godfrey, Eeceiver of the Merchants Bank of South Carolina at Cheraw and others. It will be ob- 'Tebry vs Cai,>;an, 4th S. C, 508, syllabus. n^EBEY c. Calnan, 13th S. C, 220-221, syllabus. 277 served that William Godfrey, who had for a number of years been the cashier of the Merchants' Bank of South Carolina at Cheraw, had been appointed receiver by one of the judges of the circuit court of South Carolina and was then in the active discharge of such duties in the settlement of the affairs of that bank. The action was therefore brought against William God- frey as receiver and five others named as directors and also about sixty of the stockholders of the bank, the purpose being to get the assets of the bank and at the same time to hold the stockholders under the statutory liability. The judgment of that court was in favor of the plaintiff and was in tenor and effect most remarkable, but on appeal to the Supreme Court of the United States the rights of the defendants were fully pro- tected. In an elaborate opinion rendered by Mr. Justice Miller, then regarded the strongest member of that distinguished bench, the following principles were announced:' 1. Where a bill in the circuit Court does not allege the citizenship of the parties the court has no jurisdiction. 2. Where there were only twenty out of sixty four individuals against whom a decree was rendered who were served with process, or who appeared in the proceeding, the decree is erroneous. 3. A joint decree against stockholders of a bank for debts of the bank, whose liability is several only depending upon the number of shares held by each, cannot be sustained. 4. Where a bank failed in Nov. 1860, the charter of which provided that those who were stockholders at its failure, -or had been within twelve months previous thereto, should be liable for its debts, those who were then shareholders, or who had been within twelve months before, are at once liable for such debts ; and where a suit was not brought against them until Dec. 1870, the Statute of Limitations of four years was a bar thereto. It will be observed that in the decision of the state court above referred to and in that of the United States court like principles were announced and so the stockholders in these several banks were saved of their statutory liability. This enterprising Shylock did not confine his remorseless pursuit to stockholders in the banks of this state alone, but ex- tended his work to other fields and to citizens of this state on account of their holdings in banks in the state of Georgia to recover on account of their statutory liability provided in the charters of the Georgia banks which were similar, if not identical, with those found in the charters of the banks in South Carolina.^ ^United States Beports, Supreme Court, Vol. 97 (7 Otto), 171-180. 2TEKRY vs. Martin, 10 S. C, 363-368 ; Teeey v. Tubman, 3 Otto, 156-161. 278 It appeared from the evidence that all the banks in this state suspended specie payment on November 30, 1860. The courts held that the suspension of specie payment, or a fail- ure to redeem their bills in specie, as provided by their charters, was evidence of insolvency, and that the banks failed within the meaning of that clause of the charters in November, 1860. It follows that only those who were then shareholders, or who had been within twelve months before are liable or could be liable in this suit. We are further of opinion that as to those who were then stock- holders the statute of limitation is a perfect bar and no action can be maintained against them.i ' The statute of limitation therefore afforded a complete bar to any action against the stockholders on account of their statu- tory liability. So that our people, who had largely invested their estates in bank stock and who were already impoverished by the ravages of war, were thereby saved that further burden. There are now living some who witnessed the effect of that decree upon this modern Shylock, who like the Shylock of old, raved at that righteous judgment. Thus ended the career of our system of banking, perfect in conception, but which suffered shipwreck as the result of a war which invaded even the rights of the state which had created it. IGODFEEY V. TeEBY, 7 OttO, 171-180. CHAPTER VIII. Conclusion. During the da^s of the province there existed no well estab- lished banking system. The policy of the mother country was rather to keep her colonies, as far as possible, in the position of dependents and encouraged none of those enterprises which would tend to make them independent of England. Under such circumstances whenever any emergency arose (as was often the case) which had to be met with the expenditure of money, it was met by the issue of bills of credit. This has heretofore been fully discussed in the introduction. So when the colonies arose in their might and determined to sever their relations with the mother country, in order to meet the expenses of revolution, the Continental Congress found it neces- sary, in like manner, to issue large volimies of bills of credit. When, therefore, peace was declared between Great Britain and the United States the states were separately, specifically recog- nized and declared each to be an independent sovereign state, grave questions at once arose as to the ways and means of meet- ing the operations of this infant confederation of states, as well also of meeting the demands upon the independent states. Large volumes of bills of credit issued by the states and large volumes issued by the Continental Congress were then in circu- lation, and, as we have shown, passed current only at a discount. It soon, therefore, became necessary both on the part of the gen- eral government and on the part of the several states thereof to adopt some banking system which could respond to the rapidly growing demands of this new country. It is true that they had before them, as their guide, the experience and the systems of the old country, but, for the purpose of this newly settled country, still in its development period, such systems had necessarily to be modified. For many years prior to the Eevolution, South Carolina, with the large export business of her port city, had formed commercial relations with the moneyed centers of England. As a matter of business, profitable to both parties, these relations largely con- tinued after the Eevolution and the great importance of a bank- ing system of her own did not immediately prove imperative. It was, therefore, some years after the Revolution before the 280 state of South Carolina found it necessary to establish a bank- ing system applicable to the conditions then existing. It must be remembered that at that time, and even until now, South Carolina was an agricultural community and any system of banking to be adopted must be responsive to that condition. It will therefore be seen that in all of the charters granted authority was given to issue bills based upon their assets, which bills were popularly known as "asset currency". One, and pos- sibly the main, feature of such currency was that it was elastic ; that is, it could be expanded or contracted as the demands of trade required. Experience has shown that such a system is scientific and has been adopted, to a large extent, by the civilized world. It may further be said that such a system is peculiarly suited to agricultural communities. Such a system, however, was not adopted by all of the states. Some of the states, in which commercial interest prevailed rather than agricultural, adopted another system, whereby banks were authorized to issue bills only upon deposit of approved securities. That system is popularly known as "bond secured currency." The time which has elapsed during the past century has suf- ficed to bring into sharp contrast banks issuing "asset currency" and those issuing bills based upon deposit of bonds, or other ap- proved security. Experience has shown the former to be elastic, responding to the growing demands of trade, and the latter to be wholly inelastic and therefore irresponsive to the fluctuation of trade. Established upon the former theory, the banks chartered by the state of South Carolina afforded that commonly known as an "elastic currency" and that too which is responsive to the wants of a new country and especially of agricultural com- munities. Until the Confederate War, the plantation system existed in this state in all of its essential features. Until the changes brought by that terrible war, we were essentially agricultural. Since then, however, because of the change of our social and po- litical condition manufacturing interest has grown to be a prom- inent feature in this state. It is, therefore, difficult at this time, when our manufacturing industries have grown to such large proportions, to draw a fit comparison between our banks of former days and those which adopted the bond secured cur- rency. In order to do so intelligently we must remand ourselves largely to the ante-bellum period. We will admit at the outset 281 that bills issued by state banks would be wholly inapplicable to the present time. The result of the war has tended largely to wipe out state lines and to conform us very largely to a national system, and trade among the various states has become so unified that we need a national system. The construction of the Su- preme Court of the United States upon the laws of commerce be- tween states, or "interstate commerce", has been such as to unify business ; added to this the telegraph and telephone further tend to make the country one in commercial transactions. Apart,. therefore, from the fact that bills issued by state banks were practically prohibited by the ten per cent tax imposed by law, these considerations all combined to render state banks no longer efficient or useful. While admitting so much, we may still compare our system with those of our sister states and our national government which had adopted the bond secured cur- rency. The banking system which provides for an issue of currency secured by a deposit of approved bonds or stock prevailed in certain states where different conditions existed and where com- merce, rather than agriculture, was the prevailing industry. In order to draw a fair contrast between the two systems it will suffice to refer to the banking laws of one of the prominent states using a bond secured currency. For this purpose we refer to, and quote briefly from, a well known authority on the banking laws of the State of New York.^ The general banking law of the state of New York with its amend- ments, and all statutes relating to it, consist of more than three hundred octavo pages. The system is hampered with superfluous provisions, but with the voluntary guards thrown around it, and especially that of the clearing house in the city of New York, it is probably the best now existing in any part of the world. The principal features of it are as follows : I. The deposit in the Bank Department at Albany of ample securities for the redemption of all bills issued for circulation. The original law ad- mitted as security, stocks of the United States, and stocks of the several states which should be satisfactory to the Comptroller, to the amount of one half at least of the bills called for by any person or association, the same to be equal to a stock producing five per cent per annum. The se- curity for the other half of the bills might consist of bonds and mortgages on unincumbered, improved, and productive real estate, within the state of New York worth by appraisement double the amount of their face, in- dependently of any buildings thereon. This latitude of security proved unsafe. The stocks of several of the Western States especially, fell much below par, and the real estate in many cases was accepted at a fictitious valuation. The consequence was, the bills of banks which were forced iJ. S. Gibbons : The Banks of New York, p. 14. ■282 into liquidation, were not redeemed in full. The amendments of the law suggested by its longer operation, have corrected this ground of insecurity and the bank-bills of tne state of New York may now be considered "as good as gold", with the advantage of more convenience for many of the practical uses of trade. The basis of their issue is restricted to stocks of the state of New York, and of the United States with a proportion of mortgages on real estate not exceeding two-fifths of its appraised value. The kind of security is always expressed on the face of the bill. Those which are based on real estate are therefore distinguishable by the public, and are treated with little favor. The Bank Superintendent has recommended to the Legislature to admit only stock-securities hereafter. The plates, from which the bills are printed are not allowed at any time to be in the keeping of the bank. On satisfactory securities being deposited in the banking department at Albany the Superintendent issues an order to the engraver to prepare a plate under the direction of the bank requiring it, and to print therefrom as many bills as are covered by them. The bills are sent to the Department to be numbered, registered, and countersigned, and they are then forwarded to the bank. The plate is deposited with an agent of the Superintendent of the same city with the engraver from whom the latter obtains it by order, for any future printing. The bills thus issued had printed upon their face the serial letter and serial number, also the name of the bank for which the bills were issued together with the following promise: "Will pay Dollars on demand to bearer". Each bill was also dated and bore the name of the president and cashier, and across one end of the bill the following statement: "Secured by deposit of public stock, countersigned and registered in the banking de- partment." The bills thus printed were delivered to the officers of the bank, and, when all blanks were filled with the signatures of the president and cashier; they were ready to be paid out as money. One significant feature of the law appears in the foregoing statement. The bills thus secured by deposit of approved bonds or stocks were not always paid. Further features of the New York law required quarterly statements of the condition of each bank; that there should be placed annually a list of the stock- holders; liability of stockholders for the debts of the bank and amount of their corporate interest and other provisions common to all charters for the protection of creditors and stockholders. To still further draw the contrast between "asset currency" and "bond" or "stock currency" we may with great propriety re- view the system adopted by the national government in the or- ganization of national banks. In 1861, when President Lincoln declared war against the South, the national government was without a banking system. The government had for years relied for its support on the in- 283 come derived from the tariff and other modes of taxation. To meet the demands of the war, year by year growing into great magnitude, resort was had to the sale of bonds and to the issue of bills known as legal "tender notes", subsequently known as "green backs". This latter form of credit was limited in volume and the time was soon reached when the bonds of the government could not be sold for coin. The resources of the government were, therefore, greatly curtailed. Early in 186-3 gold had well nigh reached a premium of fifty per cent; the government was straightened and those in authority were put to their "wits end." Mr. Chase, then the Secretary of the Treasury, and a distin- guished financier in 1863, recommended to the Congress the form of a national banking system whereby the government bonds were required to be put up as security for notes issued by banks. The law was largely patterned after the New York law. Upon the bonds so placed with the government bank notes were issued at the rate of ninety per cent of the face value of the bonds, which was in character and essence a bond secured currencj'. While the purpose of the bill, upon its face, seemed to offer to the public a form of currency absolutely safe — for bank bills secured by government bonds rendered the bill as safe as the government itself — the true purpose of the bill was to create a market for government bonds. Mr. Hepburn, in his work entitled History of Currency in the TJnited States, at page 429, refers to this Act as follows : The national banking system was planned to make a, market for gov- ernment bonds and to furnish a currency secured by such bonds which should supplant United States notes, and also to create a demand and use for United States notes in the reserves which the banks were re- quired to hold. Such currency was perfectly safe but not at all responsive to the varying needs of trade. No currency based upon bond security can be elastic. A bank is required to invest as much or more money in the purchase of bonds to secure circulation than the amount of circulation it is permitted to use. Its ability to extend accommodations to its patrons is thereby limited rather than increased. The currency thus issued by the banks was safe indeed and as safe as the government itself, but the currency was lacking in that essential feature of an "elastic currency." The issue was limited by law; could not be increased nor diminished, and so lacked the essential feature of a currency which responded to the demands of trade; nor could it respond to the demands of panics or other conditions arising in times of panic. The Act creating the national bank too, like that in the New York law. 284 was lengthy and cumbersome. It contained five hundred and twenty-one sections and made a volume of five hundred and forty-six pages. The original bill imposed a tax upon state bank bills which put that issue to a great disadvantage, and in 1866 a law was passed imposing a tax of ten per cent on all state bank bills put in circulation and the state banks were thereby taxed out of existence. That left to the country, as the only circulating medium, in the form of bills, legal tender notes issued by the gov- ernment and national bank bills. The tax of ten per cent on state bank bills was regarded as unconstitutional, but when that question reached the Supreme Court of the United States the law was Upheld.^ The circulating medium thus left the country proved wholly inadequate in time of stress and strain and so in times of panic resort had to be had to a "bastard form of asset currency", called "clearing house certificates." The certificates thus issued in large money centers were only used in settling balances between the hanks, but at times in small banks of country communities these clearing house certificates were put in circulation and passed as money for the payment of debts. It seems as if the clearing house certificates so issued would be subject to the ten per cent tax imposed by law, and yet those in authority, realizing the de- fect in the banking law and the necessity upon the people, have never raised the question. They have recognized that it was a temporary resort necessary to meet the defect of the existing law. In order to meet the defect of the law, another form of bastard asset currency had been for years resorted to by the country banks ; and especially country banks in agricultural communities, where capital was insufficient to meet the demands of their cus- tomers in carrying through to the harvest season the crops of the country. During the summer months when the crops were in the ground in process of development, or awaiting harvest, money was necessary, and, to bridge the chasm, a country bank would send to its New York correspondent a batch of approved receiv- ables (say $100,000), and based upon these collaterals, with the note of the bank, this correspondent would give a credit of $100,- 000. against which checks could be drawn, or, in turn, give $100,- 000. of its bills. This was essentially a form of asset currency ^Veazie Bank vs. Fenno, 8 Wallace, 533. 285 ■ created, however, by necessity, which has been said to be the mother of invention. We have thus referred to some of the methods adopted to meet the defect of the nonelastic currency under the National Banking System. The authorities charged with the administration of the national banks fully realized the defects of the system and time and again have brought the matter to the attention of the Congress, making certain suggestions which would enlarge the benefits derived from the National Banking System, but that without avail. It has been stated that for at least two reasons the Congress turned a deaf ear to all of these suggestions and failed to provide the remedy. One of the reasons was the con- stant agitation of the silver question which for years had en- gaged the attention of the Congress. The other was a suspicion that these amendments intended to better the operation of national banks emanated from Wall Street, and were intended to benefit the moneyed interest. The country had suffered time and time again, and especially during periods of panic, because of the inelasticity of the cur- rency afforded by the National Banking System, and as far back as 1884 Henry W. Cannon, then Comptroller of the Currency, who had succeeded John J. Knox in that important position, discussed in his annual report and recommended to the Congress certain changes to correct that defect. His suggestion however was the introduction, by way of amendment to the national banking laws, of a plan for a very mild form of asset currency. In support of his recommendations, he undertook to show the very small safety fund which would insure the payment of every bill of a failed national bank outside of the bond deposit. In his report he says : The experience with these 104 banks shows ahiiost conclusively that if their issues to the amount of 65 per cent, of ^;heir capital had been se- cured by a deposit of bonds to an equal amount, the remaining 35 per cent might have been issued without other security than a first lien on the general assets ; and if a, safety fund had been in existence it would, in the case cited, have been drawn upon to the extent of $62,000 only upon a circulation amounting to $5,464,700.00. For a beginning, therefore, it might be safe to authorize banks to issue circulation amount- ing to 90 per cent of their capital 70 per cent to be secured by an equal amount of United States bonds at par value, the remaining 20 per cent being issued without other security than a first lien on such assets. But if the law should provide for the accummulation of a safety fund in the manner suggested, then as such safety fund increased the percentage of circulation unsecured by bonds might be increased as the diminution of the public debt might require and the safety fund warrant. 286 In the year 1894, the American Bankers Association met in Baltimore and at that meeting a proposition was made, and, in order to eliminate the idea of its emanating from Wall Street, it was termed the "Baltimore Plan." The plan proposed to permit an issue, under Federal supervision, to the extent of thirty-two per cent of the paid up unimpaired capital of banks subject to one- half per cent, taxation and an additional note issue equal to twenty-five per cent of the capital subject to a heavier tax in order to insure its retirement when the necessity for its issue had disappeared. The notes were to be a first lien upon the assets of the bank and a five per cent guaranty fund was to be provided and maintained for the redemption of notes of failing banks. The silver sentiment of the country at that time was so strong that no currency scheme, however well devised, could obtain a favorable hearing and the proposed plan also failed. In 1894 James H. Eckels, then Comptroller of the Currency in Cleveland's second administration, in a very elaborate report, brought the matter most forcibly to the attention of the Con- gress. We quote from his report : The present law, it must be conceded, has been successful in every material feature, excepting' in the matter of bank-note issue, and here the failure has been but a partial one. The notes issued by the banks under the government supervision have been uniform in appearance and under any and all circumstances of the full face value which they purport to carry. They have jjossessed the first requisite of a good bank-note issue — immediate convertibility into coin upon presentation. It is probable that there could be no better plan for simply insuring the note holder against loss than the present requirement of a deposit of bonds to secure a bank's circulation, but it is equally certain, however, that a method could be devised not less safe in this respect and in ad- dition thereto possessing that ^vhich is an essential and is now w^holly wanting — elasticity of issue. The complaint therefore made against the present system is that lacking in elasticity of issue, it fails to meet as fully as it ought the varying wants of the country's trade and commerce. This defect must attach to everj- scheme for currency issued by the banks against a depo.sit of bonds, the market value of which fluctuates ^vhile the percentage of issue, less than the value of the bonds, granted the banks remain unchanged. It must also be wanting in such a method because of the delay in the face of a pressing need, occasioned by a tight money market or other reason, in securing and depositing the bonds required and taking out the circulation thereon. * * * It is respectfully suggested that not only as good but better results would be obtained if the present banking act were amended by repealing the provision thereof requiring each bank, as a prerequisite to entering the sj'stem and issuing bank-note currencj-, to deposit Govern- ment bonds. In lieu of such provision should be substituted one permitting the bank to issue circulating notes against their assets to an amount equal to at least 50% of their paid-up unimpaired capital. * * * 287 All of these suggestions, howcTer, so earnestly urged by suc- cessive Comptrollers of the Currency, failed to receive the favor- able action of the Congress. The agitation continued and the re- sult was that in the early days of the present century a "monetary commission" was appointed to revise entirely the banking system of our country. That did not reach the Congress in time for any favorable action and one of the triumphs of the Wilson adminis- tration was the passage in 1913 of the "Federal Eeserve Act" which stands as a monument to the wisdom of the Wilson admin- istration. By the terms of that Act we have practically a national bank note issue based upon assets. The consensus of opinion among the bankers of this country now is that by the terms and operation of that Act panics are practically avoided and, in fact, there need never be such strin- gency in the money market as to prove embarrassing to business. Mr. Hepburn, in his work heretofore referred to, speaks of this Act in the most flattering terms.* The Federal Reserve Bank Act will eventually do away with notes secured by United States bonds, one distinctive feature of the national banking- system ; it also does away with the power to act as reserve for other national banks, and it takes away from the latter United States de- posits and places the same with the Federal Reserve Banks ; it also admits to full membership banks chartered by state authority — state banks and trust companies ; it may make a better and broader system, but it cer- tainly marks the passing- of the national bank system as it has existed for over 50 years. The system had Its defects and has come in for severe criticism from us all and yet its good qualities were far in the ascendant ; it financed the country through 52 years of growth unparalleled in re- spect to population, the creation of industries, the production and dis- tribution of commodities, the prosperity and happiness of a great people. With this brief review of the bond secured currency, let us compare the bank system adopted by South Carolina after the Revolution. Prior to 1895 the state had not adopted a general banking law. Before that time each bank incorporated by this state had its charter by which it was to be governed fully set forth in the act of incorporation. These acts were simple yet scientific and efficient. Instead of a bulky_ volume, the charter rarely exceeded thirty-two sections and that was condensed in less than one-half dozen octavo pages. All of the fundamental principles of banking were clearly set forth and at the same time pains and penalties were provided for any violation of these provisions. It has been shown that any currency based upon a deposit of bonds was necessarily inelastic and therefore not responsive to the de- ^Page 436. 288. mands of trade ; whereas the currency based upon the assets of a bank was not only elastic but could be made to respond to the de- mands of trade by expansion or contraction as business required. By a critical reading of the charters granted by this state, and by comparing them with the banking laws of New York and the national government, it will be seen that the charters granted by this state contained all of the full fundamental principles of true banking save and excepting that which required a deposit of bonds as the basis upon which currency could be issued. To one at all familiar with the times and with the people of our state, it will appear that the persons entrusted with the organization and administration of the banks were among the most prominent citizens of the state. The two essential features of safe banking were thereby assured. For sixty years (1801 to 1861), during which time our system of banking was in operation, no bank failure occurred and the bills passed current throughout the land. Each of the banks chartered had a redemption agency in some great commercial center (generally in New York City) where the bills were at all times redeemable in gold. That fea- ture at once rendered the bills current in all of the states. The system adopted by our state proved to be safe both in theory and practice. The consensus of opinion throughout the civilized world ap- proved the issue of bills based upon assets of banks. By our law the indebtedness of our banks with the exception of dues to de- positors could at no time exceed three times the amount of the paid up capital. In fact, experience showed that the issue of bills rarely ever exceeded the amount of paid in capital. The capital thus paid up was regarded as a reserve and experience shows that such reserve against bills issued is conservative and safe. But in addition to that protection, in contemplation of law, each bill put in circulation had against it a valued asset. The theory was therefore safe. The principle was not only safe in theory but it proved safe in practice. Experience of sixty years bore testimony to that fact, for during that time not one of the banks chartered by the state suffered failure. In fact for every bill issued the bank held ~ against it a valuable asset. The bill issued was in the form of a noninterest bearing promise to pay, while the asset held against it was an interest bearing promise to pay. 289 The system was suitable to the conditions of an agricultural community. The main crops of our country required long time credits and with the meager circulating medium of the South a liberal issue of bank bills was found necessary. The credit sought by the planters was in contemplation of a crop peculiarly ours, which commenced with the preparation and epded only with the harvest. It practically covered a period of twelve months. The system also enjoyed the precedents of other countries: "A few English Banks operating under old charters, issued notes to a limited extent, which circulate as money. Otherwise the paper currency of England and Wales consists wholly of notes of the Bank of England." "Scotland has an independent banking system; there are eleven banks with approximately 1900 branches, averaging a branch to about 4,000 persons. By the law of 1845 they are allowed to issue $13,000,000.00 in notes against their credit or assets, and as much as they choose provided it be covered by coin on hand." Canada : "In addition to the issue of notes to the amount of its unimpaired capital banks may issue notes to the amount of current gold coin and of Dominion notes held for the said bank in the Central Gold Eeserve. A bank may also during the sea- son of moving crops, i. e : September 1st to last of February in- clusive, issue an emergency circulation but the amount must not exceed fifteen per cent of the combined unimpaired capital and the Kest or Reserve Fund of the bank." France: "The paper currency of France is issued wholly by the Bank of France * * * the maximum amount of note- issue by law, arbitrarily and by occasional increase is kept well ahead of the country's necessities; no fixed legal reserve is re- quired, but the total note-issue must be covered by gold, silver, securities and com/merciai paper.'''' Germany: "The notes of the Reichsbank ordinarily must be covered one-third by gold and silver and two-thirds by com- mercial paper." We need extend this illustration no further, but the note issue of banks of the civilized world, experience shows to be based upon assets of banks and not upon deposit of bonds. In our ante-bellum days bank credits were extended not so much upon deposits, but more largely by the issue of bank bills. The amount of current money in the country and especially in the Southern country was not so large as now, and as a rule the 290 capital of our country banks was wholly inadequate to respond to and meet the demands of extended credits. The issue of banlt bills which could be multiplied to meet the demands were largely resorted to. That class of paper being noninterestbearing liability proved very profitable to banks. The customers' notes which bore interest as a rule at the rate of seven per cent per annum were largely used as the basis of the issue of bank bills which carried no interest. One of our old bankers frequently referred to a source of reve- nue which proved very profitable to the banks. He had reference to the Kentucky drover who came to the state with horses and mules and speedily converted his live stock into planters' notes, payable in the fall, bearing seven per cent interest. The business was largely done upon credit. These notes were regarded as first-class bankable paper and would be offered to the banks for discoimt. The banks would discount them and pay for them in bank bills. The drover would then return to his home with bills of the banks with which he would pay his debts and thereby put them into circulation. They were rarely, if ever, returned to the banks for redemption before the maturity of the planters' notes, which then afforded the means of redemption, and, in addition to that, the profits to the bank would be increased whenever bills were hoarded or lost, by fire or otherwise. That was all profit to the bank. Now, with the banks, as a matter of book- keeping, the transaction was simple. They would issue non- interestbearing obligations — a bank bill — and buy interest bear- ing assets in the form of planters' obligations. In fact, many bank transactions, other than those with planters, were of like nature ; exchanging a noninterestbearing liability for an interest- bearing asset. Profitable transactions. As experience showed, the banks were conservatively managed. The duty of the organization, as well as the duty of the manage- ment, was always entrusted to men of the highest character and ability: men of means and men of good judgment. The law- makers, having the interest of the people at heart, saw to it that in creating these charters the authority was extended only to men of the highest character. That was evidenced by the ex- perience of sixty years during which time the banks were in suc- cessful operation. And during which time not one of them suf- fered failure. 291 In the absence of reliable records, little can now be known of the financial condition of the banks of this state prior to the panic of 1837. George W. Williams, a prominent merchant and banker of Charleston many years prior to the war and there- after, in a short history of banking in South Carolina published in 1900 makes the following statement : In 1812 there were five State banks, with an aggregate capital of $5,- 000,000. which was increased to $8,800,000. in 1835, by the organization of the BanK of Charleston, with $3,000,000 Capital, and the Southwestern Kailroad Bank, with $800,000. capital. All these banks were located in Charleston. In 1839 there were twelve banks, with $11,600.00 capital, $5,000,000 in circulation, and $2,500,000 deposits and by 1859 the capital had increased to $15,000,000, the circulation to $12,000,000, and the de- posits to $5,250,000. At the beginning of the war in 1861, there were twenty-two state banks in South Carolina, with an aggregate capital of $18,000,000., Circu- lation, $10,000,000; Deposits, $12,000,000. The banks were so carefully anu successfully managed, that there had not been a failure of a bank in South Carolina since the close of the Revolutionary War in 1783. Mr. Williams has fallen into an error in stating that there were twenty-two state banks in South Carolina. There were eighteen incorporated banks and three branches of the Bank of the State of South Carolina, making in all twenty-one banks. To this we also attach a tabulated statement showing the con- dition of the banks from 1835 to 1861. Years .o. Loans Specie Capital | Circulation Deposits Banks and Discounts stock 1835 4 $ 3,886,441 $ 754,21;, * 2,288,030 $ 2,156,318 $1,600,956 1840 14 18,347,002 1,847,498 11,584,355 4,439,404 2,279,218 1845 11 14,440,112 1,864,999 11,065,668 4,306,991 1,772,498 1850 14 20,601,137 1,711,902] 13,139,571 8,741,765 3,322,132 1855 19 23,149,098 1,283,284 16,603,253 6,739,623 2,871,095 1861 20 22,230,759 1,628,336 14,952,486 6,089,036 3,334,037 The career of the banks of the state of South Carolina ended untimely as the result of a disastrous war. The war which fol- lowed the inauguration of Lincoln as president of the United States was ruthlessly waged against the South for four long years without intermission. The wanton destruction of property during that period brought financial ruin upon the South. Its institutions, social, financial and commercial, were destroyed and its prosperity wasted. The record of this war has passed into history as one of the most destructive of civilized warfare. 292 The state of South Carolina was leader in resenting the vio- lation of its constitutional rights by various Acts of the Con- gress inimical to the South. In the conduct of that war South Carolina was the object of special vengeance and suifered from all manner of acts of vandalism by an invading army. The properties in which the assets of the banks were invested were practically destroyed, so that with but a single exception all of the banks found it necessary to go into liquidation. The loss to stockholders and creditors was the result of that war and no evidence whatsoever of fault in the principles upon which the banks were organized. The loss in that class of investments proved no greater than the loss in other investments common to the South. The fundamental principles embodied in the bank- ing laws of South Carolina has been in these latter years vindi- cated by the changes and amendments of the national banking laws as embodied in what is known as the Federal Reserve Act. In concluding this imperfect sketch of the ante-bellum banks of South Carolina, we crave an indulgent criticism. The work was fraught with many difficulties. The lack of records; the lapse of well nigh three quarters of a century since the banks passed from activities of service ; the passing away of all of those who had been actively engaged in their management, have all combined to render the work difficult and the result unsatis- factory. With this plea, however, we submit the work, trusting that it may prove of some interest to the banking fraternity ; that it will bear testimony to the wisdom of our law-makers and to the hon- esty and integrity of those entrusted with the management of the banks, and that it will prove of interest to the descendants now living of those distinguished bankers who made successful a system so useful to the state and so profitable to the people. Like many of the customs peculiar to Southern civilization our banking system too has passed away never to return, but its his- tory should be preserved. APPENDIX. Description of Bills. the bank of south carolina. One Hundred Dollar BUI. Vignette: Female standing with a sickle in right hand. The title of the bank is on either side of the vignette in a scroll. On the left end is a pillar of a building and the words one hundred.^ Fifty Dollar BUI. Vignette: Female erect with spear and right hand resting in a shield. Word fifty. Bank of South Carolina, Charleston, S. C. Left end: fifty, female seated : 50. Eight end 50, female seated, fifty.' Twenty Dollar BUI Vignette : Arms of seal of the state in center. Justice holding scales on the right ; Commerce and Industry on the left ; railway train in the distance on right and ship in the offing on the left. Negro man picking cotton in lower left corner. 20 in medallion above. Unidentified likeness of a man in lower right corner, 20 in medallion above, twenty in red on the face. Issued in serial letters A, B, C and D. Dated 23"' Feb" 1857 ; signed Geo. B. Eeid Cash'. W". Bimie Pres*. ; engraved by Toppan, Car- penter & Co. Philad' & New York. (See illustration.) Ten Dollar BUI. Vignette : Steamships and sail vessels at sea. Palmetto tree at bottom. Statue of Calhoun, as a Roman Senator in right end. Sea gods on left end. 10 in medallion above and steam- ship below. TEN in red on the face. Color white and black. Issued in serial letters A, B, C and D. Dated 14 Nov. 1851; signed Geo. B. Reid Cash'. ; W°. Birnie Pres*. ; engraved by Rawdon, Wright, Hatch & Edson, New York. (See illustration.) Ten Dollar BUI. Vignette: Full rigged ships at sea, with steamer in the dis- tance. Roman heads on both right and left end. Color tan and black. X and X in lighter color on the face. Serial letters A, ^Thifl description taken from Hodge's A-mericmh Bank Note Safeffuard. =ilbid. 294 B, C and D. Dated Nov 1859. Signed Geo. B. Keid, Cash'. ; W". Birnie, Pres*. ; engraved Underwood, Bald, Spencer and Hufty. Five Dollar Bill. Vignette : Agriculture laying wreath on bust of Washington ; Liberty standing to the left ; ships at sea in the distance. At the bottom a palmetto tree with the arms and reverse of the seal of state leaning thereagainst. Calhoun on the right end with Com- merce above and a train of cars below, five across left end; 5 in medallion above and five in medallion below. Color white and black, five in red on the face. Issued in serial letters A, B, C and D. Dated 13 Apl 1861; signed W". C. Breese, Cash'.; Geo. B. Eeid Pres*. ; engraved Eawdon, Wright, Hatch & Edson, New York. (See Illustration.) THE STATE BANK OF SOUTH CAROLINA. One Hundred Dollar Bill. Vignette : Ceres holding a sheaf of wheat ; C in a medallion below; above and to her right a large C in a medallion; above and to her left, Cupid holding a medallion with 100 on its face. One left end Washington with a medallion above and another below. On right end three medallions. Color tan. Two large C's on face in lighter color. Issued in serial letters A, B, C and D. Dated 8 Jan'y. 1859; signed B. M. Lee, Cash'.; Edward Se- bring, Pres'.; engraved by Dnirant & Wright. (See illustration). Fifty Dollar Bill. A^'ignette: In center, on a shield a cotton plant upright; on the left America civilized ; on the right primitive America. An ancient Roman is seated in the left lower corner ; a river steamer in the right lower corner; midway between is a mermaid swim- ming. In each upper comer is 50. Color tan ; fifty in the face in lighter color with red border. On the back is a red medallion with the letter L in the center, surrounded by state bank CHARLESTON s. c. ; the whole surrounded by mantlings and at each end the figure 50. Issued in serial letters A, B, C and D. Dated 4 Mch 1859; signed B. M. Lee Cash'.; Edward Sebring, Pres*.; engraved Danforth, Bald & Co., Philad" & New York. (See illustration.) Fifty Dollar Bill. Vignette: St. George slaying the dragon. 50 in medallion on either side above; anchor of Hope in center at bottom; ^t 295 left end L in medallion; right end Jackson, with 50 above and below. Color white and black. Issued in serial letters A, B, C and D. Dated Oct 4'\ 1854; signed Henry Trescot, Cash'.; Edward Sebring Pres*. (See illustration.) Twenty Dollar Bill. Vignette: Venus seated; below agricultural implements and products. Left end Franklin; Right end Washington, with medallions above and below both. Color white and black; TWENTY in red on the face. Issued in serial letters A, B, C and D. Dated 1 July 1858 ; signed by B. M. Lee, Cash'. ; Edward Se- bring Pres'.; engraved by A. E,. Durant & Wright. (See illus- tration.) Ten Dollar BUI. Vignette : Eailway trains, both passenger and freight, original type, crossing a trestle. At the bottom a portrait of Elias Horry in medallion around which is inscribed: E. Horry, President of Rail Road Company south Carolina. On each end is a goddess of Liberty seated. Color white and grey. Issued in serial letters A, B, C and D. Dated 1 Jany 1851; signed Henry Trescot, Cash'.; Edward Sebring, Pres'.; engraved Draper, Underwood, Bald & Spenlcer. (See illustration.) Ten Dollar Bill. Vignette: Full rigged ship and other sail vessels at sea; a light house in the distance. Left end Ceres with sheaf of wheat on left shoulder held in place by left arm, a reap hook in right hand; 10 in medallions above and below. Right end 10 in me- dallion above and ten in medallion below. Color white and black; ten in red on the face. Issued in serial letters A, B. C and D. Dated 4 Jan" 1860 ; signed by B. M. Lee Cash'. ; Edward Sebring, Pres'. ; engraved by Bald, Consland & Co., Philad" and Bald, Adams & Co., New York. (See illustration.) Five Dollar Bill. Vignette : Bank building at corner of Broad Street and East Bay. V. in medallion across left end. On right end 5 in me- dallion above; V in medallion below. Color white and black. FIVE in red on face. Issued in serial letters A, B, C and D. Dated 20 Deer 1860; signed B. M. Lee, Cash'.; Edward Sebring, Pres'.; engraved by Bald, Adams & Co., New York, Bald, Cons- land & Co., Philad'. (See illustration.) 296 Five Dollar Bill. Vignette: Portrait of Elias Horry, President of Rail Road Company. At the bottom are two women in a sail boat. A train of cars across each end with 5 above and below. The serial issued under the letter B 2 is white and steel grey. Dated 3 Nov 1852. Signed by Henry Trescot, Cash^; Edward Sebring Pres'.; engraved by Underwood, Bald, Spencer & Hufty. (See illustration.) Five Dollar Bill. No. 1356 V No. 1356 Upper right corner with ship in base. Upper left corner five in small medallion. Lower right comer V in small medallion. FIVE across left end of bill. Color white and black. Small size bill 3" X 6", no serial letter, dated Charleston So. Car. 20 Febry 1815. Signed John Dawson Cashier Jno. C. Faber Presdt. THE UNION BANK OF SOUTH OAROLDfA. One Hundred Dollar Bill. Vignette: Woman reclining, man plowing on right, shop and sloop on left, one htjn. on left end ; one hundred on right end. Union Bank of South Carolina, Charleston, S. C.^ Twenty Dollar Bill. Vignette: Woman seated, a ship in the offing, twenty across the left end. South Carolina across the right end; XX at the bottom. Color tan and steel grey. Issued in serial letters A, B, C and D. Dated Sept. 1, 1859; signed by W. D. Clancy, Cash'.; W. B. Smith Pres'. ; engraved by Murray, Draper, Fairman & Co. Ten DoUar BUI. Vignette: Sea scene; goddess with tripod in right hand; sailing vessel in distance. X in medallions on right and left. ten across left end. ten dollars across right end. ten in pink color on the face. Color tan and steel grey. Issued in serial letters A, B, C and D. Dated 1 Sept 1859; signed by W. D. Clancy Cash'.; W. B. Smith Pres'.; engraved by Murray, Dra- per, Fairman & Co. (See illustration.) Five Dollar Bill. Vignette : A large V with two United States flags crossed in the opening, with an eagle stretched between them, and resting on the sides of the V are medallions, showing the faces of Wash- ^ThiB description taken from Hodge's American Bank Note Safeguard:. 297 ington, Adams, Jefferson, Madison and Monroe; 5 in medallion on either side. Large 5 in each upper comer. Cotton plant in lower left corner. Justice lower right corner. Color tan and steel grey. Issued in serial letters A, B, C and D. Olive col- ored back with four medallions grouped to form a cross, with 5 in the medallion on each end. Dated 1" Jany 1859; signed W. D. Clancy, Cash'.; Henry Kavenel Pres'. (See illustration.) Five Dollar BUI. Vignette : Pallas and Ceres sitting on a bale of cotton ; factory and cotton press in distance. 5 in medallion surrounded with red on each side. Bust of Calhoun at bottom, chari^ston across left end. so. Carolina across right end. Colors tan, steel grey and red. five in light color on the face. Issued in serial letters A, B, C and D. in German type. Dated Deer 15"" 1859; signed by W. D. Clancy Cash'.; W. B. Smith Pres'.; en- graved by American Bank Note Company. (See illustration.) THE PLANTEKS'S AND MBCHANICS'S BANK OF SOUTH CAROLINA. Five Hundred Dollar Bill. Vignette: Farming implements and sheaf of grain. Title of bank. Below, mechanic's implements. 500. On left end post NOTE. On right end 500 dollars.' One Hvmdred Dollar BUI. Vignette: Two females, one seated and one standing; one on the right holds sickle; sheep on the ground and ship in the distance. Male portrait to left and 100 above. Male portrait to right and 100 above. On the left end portrait of Franklin on the right end portrait of Washington. Below title of bank.^ Fifty Dollar Bill. Vignette: Three females, eagle and ornamental figure, 50 to left and 50 to right. On left end male portrait. Fifty Dollars on right end, male portrait; Fifty. Title of bank.' Twenty Dollar BUI. Vignette: Eagle, shield and ornamental figure. Below Plan- ters and Mechanics Bank, Charleston, S. C. Left end male ^Hodge's American Bank Note Safeguard. 298 portrait, 20 above and 20 below. Eight end 20, with male portrait above and male portrait below.^ Ten Dollar BUI. Vignette: American eagle with train of cars to the left and sea view in the distance, 10 in medallion on each side. Black- smith and anvil at bottom. Bacchus on left end, with ten above and below ; Roman head on right end, with ten above and below. Color white and steel gray. Issued in serial letters A, B, C and D. Dated 18 Oct. 1844; signed by S. T. Robinson, Cash'.; Daniel Ravenel, Pres'. ; engraved by Danforth, Spencer & Hufty, New York. On back a scroll bearing large 10 and large ten printed over all. (See illustration.) Same type with 10 in red on back dated 1, Sept. 1855; signed C. H. Stevens, Cash'.; Daniel Ravenel, Pres*. Five Dollar BUI. Vignette : Columbia seated by a globe bearing America, with the national flag and eagle on her right arm; 5 in red on each side of her. A dog's head at the bottom. On left end locomotive with 5 above and five below. On right end five with 5 above and below. Color white and steel grey. Issued in serial letters A, B, C and D. Dated March 5, 1853 ; signed by C. H. Stevens Cash.; Daniel Ravenel Pres*.; engraved Toppan, Carpenter & Co., Philad'. & New York. (See illustration.) Five Dollar BUI. Vignette : Two cupids sitting with their backs resting against a sheaf of wheat, the one facing right reading a book, the one facing left knitting. At the bottom an eagle with wings dis- played. Across the left end five. On the right end three medal- lions, the centre containing five, the upper and lower 5: Issued in serial letters A, B, C and D. Dated 4 Apl. 1846; signed S. T. Robinson, Cash'.; A. H. Goodman, Pres'. (See illustration.^) THE BANK OK THE STATE OF SOUTH CAROLINA. One Hundred Dollar BUI. Vignette: Seal of South Carolina, with supporters; on either side a C in heroic size. On left end C in medallion, 100 above iHodge's Am&ncan Bank Note Safeguard. aThere is a mystery about this bill. Daniel Kavenel was president of the bank in 1846 and the name A. H. Goodman does not occur at any time as an officer of the bank. The engraver given is Underv^ood, Baid, Spen- cer & Hvirty, Philad' & N. York a deviation from the correct name of the firm. 299 and below. On right end woman holding palm branch in her hand, one hundred above dollars below. Hundred in red on the face. Color black and white. Issued in serial letters A, B, C and D. Dated December 14, 1846; signed by C. M. Furman, Cash'.; F. H. Elmore, Pres'. ; engraved by Rawdon, Wright & Hatch, New York. (See illustration.) Fifty Dollar Bill. Vignette: Two females seated; one holding liberty pole and cap, the other shield and spear; cars on the right in distance, steamboat on the left. Left end 50 above and 50 below medallion head. Right end 50 below. Bank of the State or South Carolina at the bottom.^ Twenty Dollar Bill. Vignette : Plantation scene, palmetto trees, wagons loaded with cotton, barrels of rice ; factory in distance, 20 in medallion on each side. Seal of South Carolina at the bottom. On left end woman in medallion with palm branch in hand, X X in medal- lion above and below. On right end plantation scene, X X in medallion above and below. Color black and white. Issued in serial letters A, B, C and D. Dated December 10" 1844; signed by C. M. Furman Cash'.; F. H. Elmore, Pres'.; engraved by Rawdon, Wright & Hatch, New York. (See illustration.) Ten Dollar BUI. Vignette : Full rigged ships at sea ; to the left Calhoun, to the right Jefferson. Seal of South Carolina at the bottom. At the left end Freedom, 10 above and below. At the right end Justice and an eagle perched on a shield in a medallion, 10 above and be- low. TEN in red on face. Color white and black. Issued in serial letters A, B, C and D. Dated 6" deer. 1850; signed by Tho R. Waring Cash'.; C. M. Furman, Pres'.; engraved by Rawdon, Wright & Hatch, New York. (See illustration.) Ten Dollar BiM. Same type without ten in red on face dated 1 Nov. 1842; signed J. Fisher, Cashier, R. H. Goodwyn Prest. (Issued by the branch bank at Columbia.) Ten Dollar Bill. Vignette: The Rescue (from painting by John Blake White of Jasper and Newton rescuing prisoners from the hands of British iHodge's American Bank Note Safeguard. 300 guards) . 10 in medallion in upper right and left corners. Lower left corner Gen. Daniel Morgan ; lower right corner Gen. Andrew Pickens. Color white and green. Issued in serial letters A, B, C and D. Dated Aug. 17 1861; signed Jas. W. Doby Cash'.; C. J. Shannon, Pres'. ; engraved by American Bank Note Com- pany. (Issued by the branch bank at Camden. See illustration.) Five Dollar Bill. Vignette: General Marion entertaining a British officer at a meal of sweet potatoes/ large V on either side. Left end Gen. Sumter in lower corner, 5 in medallion above. Right end Gen. Moultrie in lower corner, 5 in medallion above. Seal of the state in the middle at the bottom. Issued in serial letters A, B, C and D. Color white and black. Dated Aug. 3 1861; signed Jas. W. Doby Cash'. ; C. J. Shannon, Pres'. ; engraved by American Bank Note Company, New York. (See illustration.) Five Dollar BUI. Vignette: General Marion entertaining a British officer at a meal of sweet potatoes, heroic green 5 on either side. Left end Maj. Gen. Nathanael Greene, 5 in medallion above and below. Right end Maj. Gen. William Moultrie, 5 in medallion above and below. Seal of the state in middle at the bottom. Issued in serial letters A, B, C and D. Color white and green. Dated Oct. 12 1860; signed Jas. W. Doby, Cash'.; C. J. Shannon, Pres'.; en- graved by Rawdon, Wright, Hatch & Edson, New York. (Is- sued by the branch bank at Camden. See illustration.) Five Dollar Bill. Vignette: The sea, Neptune with trident; land, Tellus, 5 in medallion on right and left. Left end Washington. Right end Franklin. Center at the bottom two Greek heads. Color white and steel grey. Issued in serial letter L. Dated June 2 1862; signed Jas. W. Doby Cash'.; C. J. Shannon, Pres'.; engraved by Evans & Cogswell.^ (Issued by the branch bank at Camden. See illustration.) Four Dollar Bill. Vignette: Fort Moultrie, flag flying, men and women prom- enading the beach, carriage and horses, boat in surf, steamer ^Prom John Blake White's painting based on Mason L. Weems's ficti- tious story in his self acknowledged "military romance", which is often dignified with the title of "Life" of Marion. ^Charleston, S. C. 301 and sail boat in the harbor. 4 in each upper corner. Left lower comer Robert Y. Hayne. Eight lower corner Langdon Cheves. FOUR in red on the face. Color white and black. Issued in serial letters A, B, C and D. Dated 1 June 1862; signed by J. L. Clark, Gash^ ; J. Fisher, Pres'. ; engraved by Bald, Adams & Co., New York, Bald, Consland & Co., Philad'. (Issued by the branch bank at Columbia. See illustration.) Three DoUar Bill. Vignette: A farmer eating lunch; a farmer seated holding cup, a female erect pouring water into it, a dog nearby, men reaping; theee on each side of the vignette. On the right end a female erect in large figure 3. On left end a female portrait, 3 above and 3 below .^ Two Dollar BUI. Vignette: Commerce seated, shipping in the distance. Agri- culture standing on left, with a white medallion with 2 on its face between; 2 on each side; Clark Mills's equestrain statue of Andrew Jackson, which stands in front of the White House in Washington, at the bottom on the right of the bill is an uni- dentified portrait of a man, two above and below. On the left end is an unidentified portrait of another man, 2 above and below.2 Dated 3 June 1841, Serial letter E. Signed D. L. De- Saussure Cash. ; Tho°. Salmond Pres'. (Issued by the branch bank at Camden. See illustration.) Two Dollar BUI. Vignette: Calhoun with Agriculture on his right and Com- merce on his left, sailing vessels in the distance. Palmetto tree and seal of state in miniature at the bottom, two in medallion in upper left corner, locomotive engine below, two dollars across the right end. Color white and steel grey. Issued in serial letters A, B, C and D. Dated 5 May 1854; signed D. L. DeSaus- sure, Cash'.; Tho Salmond Pres'.; engraved by Danforth, Bald & C"., Philad". & New York. (Issued by the branch bank at Camden. See illustration.) 'Description by Gwynne & Day. 2Tlie specimen at hand is so much defaced as to render identification very difScult. 302 Two Dollar Bill. Vignette: Original design of the present State House. 2 in medallion in upper left corner ; two in medallion in upper right ; lower left Elmore; lower right Calhoun, rwo in red in face. Issued in serial letters A, B, C and D. Color white and black. Dated May 18 1861; signed by Rob' H. Wardlaw, Cash'.; A. Simonds Pres'. ; engraved by American Bank Note Company. (Issued by the branch bank at Abbeville. See illustration.) Two DoUar Bill. Vignette : Eagle with wings displayed, 2 in medallion on either side. Left end Franklin. Right end Washington. A Grecian head in medallion at the bottom. Color white and steel grey. Issued in serial letter K. Dated Feby. 9, 1862 ; signed Thos. R. Waring, Cash'.; C. M. Furman, Pres'.; engraved by Fahman, Draper, Underwood & Co. (See illustration.) One Dollar BUI. Vignette: Goddess of Liberty resting against a shield, flag with Liberty pole in right hand; 1 in medallion on either side. On left end woman with palm branch in hand, one above and below. Venus on the right end. Seal of the state at the bot- tom. ONE in red on the face. Issued in serial letters A, B, C and D. Color white and steel grey. Dated Sep. 11, 1861; signed Rob*. H. Wardlaw, Cash'.; A Simonds, Pres'.; engraved by Rawdon, Wright, Hatch & Edson, New York. (Issued by the branch bank at Abbeville. See illustration.) One Dollar Bill. Vignette : Wharf scene, loading cotton and rice, bust of Mc- DufRe to the right. On left end statue of Calhoun as a Roman senator holding a scroll. On right end palmetto tree, one in medallion above, one in red on face. Color white and black. Issued in serial letters A, B, C and D. Dated Nov. 6, 1856 ; signed J. Fisher Cash'.; R. H. Goodwyn, Pres'.; engraved by Bald, Adams & -Co., New York, Bald, Consland & Co., Philad". (Is- sued by the branch bank at Columbia. See illustration.) One Dollar Bill. Vignette: Railroad train with farm house in the distance, 1 in medallion on either side. Miniature palmetto tree with 303 seal of state at the bottom. On left end statue of Calhoun as a Roman senator holding a scroll. In lower right corner palmetto trees and cotton plants, one in olive color on face. Color white and steel grey. Issued in serial letters A, B, C and D in script. Dated 8 May 1854; signed D. L. DeSaussure, Cash^; C. J. Shan- non, Pres'.; engraved by Danforth, Bald & C°., Philad". & New York. Eed back. (Issued by the branch bank at Camden. See illustration.) One Dollar Bill. Vignette : The old State House as remodeled, 1 in square me- dallion on each side. Goddess of Peace with palm in right hand and a scroll bearing one in left hand in medallion at each end, with one in medallion above and below each. The seal of the state at the bottom. Color white and steel grey. Issued in serial letters A, B, C and D. Dated Jany 23, 1862 ; signed Tbos. R. Waring, Cash'.; C. M. Furman, Pres'.'; engraved by Under- wood, Bald & Spencer. (See illustration.) One Dollar BUI. , Same type with one in red on face and back. One Dollar BUZ. Same type with one in red on ba;ck. Twenty Five Cents. Vignette: Picture of Fort Sumter on fire, beneath are the words "Fort Sumter". 15 April 1861. 25 in medallion in each upper comer. On face: the bank of the state of south Caro- lina WILL pay bearer ON DEMAND TWENTY-FIVE CENTS. Signed by W. F. McMillan for Cashier. Printed by F. W. Borneman, Charleston, S. C Fifty Gents. 1st July 1861. Vignette: Bust of Washington, three cupids on each side. FIFTY CENTS across each end. 50 above and below "Promise to pay on demand". Signed by W. F. McMillan for Cashier. Twenty Five Gents. July 1st 1861. Vignette: Cock crowing, twenty-five in medallion at the top. 25 in medallion on left end. XXV in medallion on right end. PROMISE to pay on demand. Signed by W. F. McMillan for Cashier. ^The parent bank was located in Charleston; one branch in Columbia, one in Camden and one in Abbeville, each having separate officers, pres- ident and cashier, and so the bills issued by this bank are signed by the officers of the branch bank from which they were issued. 304 Twenty-Five Cents. 1st July 1861. PROMISE TO PAY BEARER ON DEMAND. Signed by Jas. W. Doby for Presdt. Ten Cents. 1st July 1861. Vignette: 10 cents in a circle, promise to pay bearer on de- mand. Signed by W. F. McMillan, for Cashier. Five Cents. 1st July 1861. Vignette : 5 in a circle ; cents in the lower part of the circle. PROMISE TO PAY BEARER ON DEMAND. Signed by Jas. W. Doby, for Presdt. Fifty Cents. January 1, 1862. Vignette: Fort Moultrie, 50 in a medallion on each upper corner. Signed by J. Clark for Cashier. Fifty Cents. March 1, 1862. Vignette: Elaborate design on the face, promise to pat BEARER ON DEMAND. Signed by J. Fisher for Cashier. Twenty Cents. March 1, 1862. Vignette : Steamship and sail vessel at sea, X X in medallion in upper left comer. 20 in medallion in upper right corner. WILL pay BEARER ON DEMAND. Signed by J. L. Clark for Cashier. Printed by F. W. Borneman, Charleston, S. C. Ten Cents. March 1, 1862. Vignette: A train to the right, X in a medallion in upper left corner, ten in a medallion in upper right comer, will PAY BEARER ON DEMAND. Signed by W. W. Sale for Cashier. Printed by F. W. Borneman, Charleston, S. C. Five Cents. March 1, 1862. Vignette: Farm implements and farm products, five in me- dallion in upper left comer. 5 in a medallion in upper right corner, will pay bearer on demand. Signed by W. W. Sale for Cashier. Printed by F. W. Borneman, Charleston, S. C. Fifty cents (in Hue). June, 1862. Vignette: A palmetto tree in black, a scroll below. 50 in small type in blue on each side, fifty in red on the back, june 1862 in lower left comer, will pay bearer on demand. Signed by W. W. Sale for Cashier. 305 Fifty cents {in blue). Vignette: A palmetto tree in a medallion. 60 large type in blue on each side, fifty in red on the back, will pay bearek ON DEMAND. JUNE 1862 in lower left corner. Signed by W. W. Sale for Cashier. Evans & Cogswell, Printer, across the right end. Fifty Cents {in ilioe). Vignette : A palmetto tree in black, above scroll. 50 in small type in blue on each side, fifty in red on the balck. will pay BEARER ON DEMAND IN CURRENT FUNDS printed below FIFTY-CENTS. JUNE 1862 in lower left corner. Signed by J. H. Honour, Jr. for Cashier. Twenty-Five Gents {in blue). Vignette: Same design as Fifty Cents. 25 in blue on each side. TWENTY FIVE in red on the back, will pay bearer on de- mand IN CURRENT FUNDS below TWENTY-FIVE CENTS. June 1862 in lower left corner. Signed by W. F. McMillan for Cashier. Fifteen Gents {in blioe). Vignette: Same design as Fifty Cents. 15 in blue on each side. FIFTEEN in red on the back, wili, fay bearer on demand IN CURRENT FUNDS bclow FIFTEEN CENTS. JUNE 1862 in lower left corner. Signed by W. F. McMillan for Cashier. Ten Gents {in blice). Vignette: Same design as Fifty Cents, 10 in blue on each side. TEN in red on the back, will pay bearer on demand in CURRENT FUNDS bclow TEN CENTS. JUNE 1862 in lower left cor- ner. Signed by W. F. McMillan for Cashier. Five Gents {in blue). Vignette : Same design as Fifty Cents. 5 in blue on each side. 5 in red on the back, will pay bearer on demand, june 1862 in lower left corner. Signed by J. L. Clark for Cashier. Five Gents {in blue). Vignette : The same design as Fifty Cents, except in current FUNDS below FIVE CENTS.'^ *It appears that all these bills were drawn will pat beaeee on de- mand and the words in cubeent funds were added on those bills put in circulation at a later date because of the depreciation in value of Con- federate currency. 306 Seventy-Five Cents (in Hue). Vignette: A palmetto tree above a scroll, 75 in large block letters in blue on each side. sEVENTr-nvE in red on the back. WILl, PAY BEAKER ON DEMAND "iN CDBBENT FTJNDS" On the faCe. Feb. 1, 1863 in lower left corner. Signed by J. H. Honour, Jr. for Cashier. (See illustration.) Seventy-Five Cents (in Hue). Vignette : Same design as above, 75 in small figures in blue on each side. SEVEN'ry-rrvE issued under act eeb. 1860 in red on the back. WILL PAY BEARER ON DEMAND "iN CUBIffiJNT FUNDS" On the face. Feb. 1, 1863 in left lower corner. Signed by N. T>. Bailey for Cashier. Fifty Cents {in blue). Vignette: A palmetto tree above a scroll, 50 in blue on each side. riFTY issued under act feb., 1863 in red on the back, will PAY bearer on demand "in CURRENT FUNDs" on the facB. Feb. 1, 1863 in lower left corner. Signed by J. H. Honour, Jr., for Cashier.\ (See illustration.) Twenty-Five cents {in hlue). Same type as Fifty Cents. (See illustration.) Fifteen Cents {in Hue). Same type as Fifty Cents. (See illustration.) Ten Cents {in Hue). Same type as Fifty Cents. (See illustration.) Five Cents (m Hue). Same type as Fifty Cents. (See illustration.) THE BANK OF CHARLESTON. Five Hundred Dollar BUI. Vignette: A palmetto tree, 500 to the left, 500 to the right. Male portrait on each end of bill. Below : Bank of Charleston, Charleston, S. C.- One Hundred Dollar BUI. Vignette : The Seal of South Carolina, with supporters, a head in a medallion on each side, 100 above each medallion, the bank ^These bills were signed by different persons representing the cashier, according to the bank from which they were issued, the parent bank in Charleston, or the branch banks at Columbia, Abbeville or Camden. 2Hodge's American Bank Note Safeguard. 307 OF CHARLESTON, SOUTH CAEOUNA on the face. The Goddess of plenty on the left end with 100 below; Ceres on the right end with 100 below. Color tan. hundred in light color on the face. The arms of South Carolina at the bottom. Serial letter B. Dated 5 May 1858. Signed J. Cheesborough, Cash'.; J. K. Sass, Pres'. ; engraved by Draper, Toppan, Longacre & Co., Phil" & New York. (See illustration.) Fifty Dollar BiU. Vignette: Attack on the fort on Sullivan's Island, June 28, 1776, by a British fleet under Admiral Sir Peter Parker, with Jasper replacing the flag of the 2nd South Carolina Regiment; 50 in medallion on each side. Female figure on each end of the bill with a liberty pole and cap in her right arm which is resting on a table ; 50 in a medallion below. Color tan, with 50 in lighter color on the face. Name of the bank above the vignette and SOUTH CAROLINA below it. Serial letter C. Dated Apl 1, 1858. Signed by J Cheesborough Cash'.; J. K. Sass, Pres'.; engraved by Draper, Toppan, Longacre & Co., Phil' & N. Y. (See illus- tration.) Twenty Dollar BiU. Vignette: Trade and Navigation seated, to the right vessels at wharf; to the left a canal and a factory. At the left end Washington in a medallion; 20 above and below. At the right end Minerva seated with a shield and a liberty pole; 20 in a wreath facing her. 20 lower right comer. An eagle with wings expanded at bottom. Issued in serial letters A, B, C and D. Color tan. 20 20 on face in light tan. Dated April 14 1858. Signed by J. Cheesborough Cash'. ; J. K. Sass, Pres'. ; engraved by Toppan, Carpenter & Co., Philad. (See illustration.) Ten Dollar BUI. Vignette: Liberty seated guarding a money chest, a Eoman head in a medallion on each side. A train of cars on each end, 10 above and below. Color tan. XX and ten on face in light color. Issued in serial letters A, B, C and D. Dated 13 June 1858; signed J. Cheesborough Cash'.; J. K. Sass, Pres'.; En- graved by Draper, Toppan, Carpenter & Co., Phil" & N. Y. (See illustration.) Ten Dollar Bill. Vignette: Two female figures representing trade and com- merce seated, with insignia at their feet ; to the right in the offing 308 a steam ship on a rough sea ; to the left in their rear a capitol building, Avith a monument nearby. An open cotton boll to the right of the vignette, with 10 above. On the left end ten across the lower corner with X in a medallion above. On lower right end portrait of Calhoun, with 10 in medallion above, bank of CH^LESTON above the vignette; socth caroltxa below; ten DOLLARS below in red. Color buff with red trimmings. Serial letter C. Dated 6", Dec'. 1861; signed by J. Cheesborough, Cash'.; J. K. Sass, Pres'.; engraved by American Bank Note Company. (See illustration.) Eight Dollar BUI. Vignette: A stage coach four-in-hand, with passengers and baggage in waiting, river landing and steamboat in the distance. 8 in medallion to left; bank of Charleston below vignette. On left end a bust in armour, the head helmetted, in a medallion eight above, 8 below ; the same except a different bust on the right end. Color white and steel grey. Serial letter A. Dated Sep'. 30, 1846; signed by A. G. Rose, Cash'.; H. W. Conner, Pres*.; engraved by Draper, Toppan, Longacre & Co., Phil'. & N. Y. (See illustration.) Seven DoUar BUI. Vignette : A female figure seated, a building in the distance in the rear, above soitth Carolina, 7 in medallion on each side. THE BANK OF CHARLESTON SOUTH CAROLINA bcloW the vignette. On the left end train of cars and bridge over river and another train crossing the bridge, 7 in medallion below. On right end ancient locomotive and train and a modem train crossing a gorge above, figure 7 in medallion below. Color white and steel grey. Serial letter A. Dated ;20 August 1861; signed by J. Chees- borough, Cash'.; J. K. Sass Pres*. ; engraved by Draper, Top- pan, Longacre & Co Phil* & N. Y. (See illustration.) Six Dollar Bill. Vignette : Goddess of "War with bow in hand, forest and mountains in distance, 6 in medallion on each side, bank of CHARLESTON SOUTH CAROLINA beneath. On left end a Roman warrior with shield in right hand and spear in left, figure 6 in me- dallion below. On right end ilinerva with a spear in right hand, a shield with an anchor at her left, figure 6 in medallion below. Pods of cotton at the bottom. Color white and steel grey. Serial letter A. Dated 9 Aug 1861; signed by J. Cheesborough Cash'.; 309 J. K. Sass, Pres'. ; engraved by Draper, Toppan, Longacre & Co. Phil". & N. Y. ( See illustration. ) Five Dollar BUI. Vignette : Hope with an anchor and a cornucopia at her feet, 5 in a medallion on each side. On the left end an Indian prince. On the right end an Indian princess. 5 in upper left corner. 5 in lower right corner. Color tan. five in lighter color on the face. Issued in serial letters A, B, C and D. Dated 3 Febry 1858; signed by C. L. Edwards, Asst Cash'.; J. K. Sass Pres'.; engraved by Draper, Toppan, Carpenter & Co., Phil*. & N. Y. (See illustration.) THE SOUTH- WESTERN EAH. ROAD BANK. One Hundred Dollar Bill. Vignette: Ships in Charleston Harbor, 100 in medallion to right and left. On the left end 100, with a part of the seal of South Carolina above and the seal of Kentucky below. On the right end 100, with the seal of North Carolina above and the seal of Tennessee below. Color white and steel grey. Issued in serial letters A, B, C and D. Dated 1". December 1838 (en- graved on the bill) . Signed by J. G. Holmes Cash'. ; James Rose, Pres*.; engra.ved by Draper, Toppan, Longacre & Co., Phil". & N. Y. (See illustration.) Fifty Dollar BUI. Vignette: [The same as that described for the twenty dollar bill.] On the left end 50 in a medallion, a part of the seal of South CaroUiQa above ; the seail of Kentucky below. On the right end 50 in a medallion, the seal of North Carolina above, the seal of Tennessee below. An early type of railroad train at the bottom.' Twenty Dollar Bill. Vignette: Ships in Charleston Harbor, steeples of St. Michael's and St. Philip's in view ; 20 in medallion on each side. On the left end 20 in medallion, a part of the seal of South Caro- lina above; the seal of Kentucky below. On the right end 20 in a medallion, the seal of North Carolina above ; the seal of Ten- nessee below. An early type of railroad train at the bottom. Color tan ; twenty shaded on the face. Issued in serial letters A, B, C and D in German type. Dated 1 Jan. 1860; signed by Jn°. C. Cochran, Cash'.; James Eose, Pres'.; engraved by Draper, Toppan, Longacre & Co., Phil". & N. Y. (See illustration.) ^Description from Gwynne and Day. 310 Ten Dollar Bill. Vignette : A locomotive engine, tender, etc., 10 in a medallion on each side. 10 and seals of the states, as decribed for the twenty dollar bill, on the ends. A sailing vessel at the bottom. Color tan with large ten on many small tens shaded on the face. Issued in serial letters A, B, C and D in script. Dated Aug 6, 1859 ; signed by Jn°. C. Cochran, Cash'. ; James Rose, Pres*. ; engraved by Draper, Toppan, Longacre & Co., PhiP. (See il- lustration.) Ten Dollar Bill. Same type as above, except color tan and steel grey and date (1 December, 1838) engraved. Five Dollar Bill. Vignette: A locomotive engine, tender, etc., 5 in a medallion on each side. All other devices like those of the twenty dollar bill. Color tan, with large pive on many small fives on face in lighter color shaded dark. Issued in serial letters A, B, C and D in German type. Signed by Jn°. C. Cochran, Cash'.; James Eose, Pres*.; engraved by Toppan, Carpenter & Co., Phil'. (See illustration.) THE FARMERS' & EXCHANGE BANK OF CHARLESTON. O-ne Hwndred Dollar Bill. Vignette: C, title of bank below. On left end vessels and small boats in front of a ship, C above. On right end a female erect with a rake, haymaking scene in the background, 100 above. Fifty Dollar Bill. Vignette : the farmers' & exchange bank with of Charleston just beneath. 50 in medallion in each upper comer. On lower left comer plantation scene on river, loading cotton and rice, palmetto trees in foreground. In lower right corner a bust por- trait of Daniel Webster. Heroic size L on face in olive color. Color white and black. Issued in serial letters A, B, C and D. Red colored work on back. Dated 5 Aug 1853; signed by Wm. C. Breese, Cash'. ; W. M. Martin, Pres'. ; engraved by Rawdon, Wright, Hatch & Edson, New York. (See illustration.) Fifty Dollar Bill. The same description, except fifty and L. in red on the face and other red coloring. No coloring on the back. Dated Sept. 1 1859 signed as the preceding. 311 Twenty Dollar BUI. Vignette : The name of the bank as above described, save that SOUTH cAEOi-iNA is above. 20 in a medallion in each upper cor- ner. In the lower left corner the same plantation scene as on the fifty dollar bill. In the lower right comer a bust portrait of Washington. Color white and black. X X in olive on face. Red design on back. Issued in serial letters A, B, C and D ; signed as the fifty dollar bill. Dated 9 Aug' 1856 ; engraved by Rawdon, Wright, Hatch & Edson, New York. (See illustration.) Ten Dollar BUI. Vignette: Ships under sail, view of Charleston from harbor, old Exchange and church steeples in view. 10 in a medallion in each upper corner. In the lower left corner bust portrait of Mc- Duffie. In lower right corner negroes picking cotton. Color white and black. Issued in serial letters A, B, C and D. Red design on baick. Diated Aug 5 1856; signed as foregoing. En- graved by Toppan, Carpenter, Casilear & Co., Phila & N. Y. (See illustration.) Five Dollar BUI. Vignette: Plantation scene, a six ox team hauling cotton. 5 in a medallion in each upper corner. Bust portrait of F. H. Elmore in left lower comer; Calhoun in right lower corner. Color white and black. Red back. Issued in serial letters A, B, C and D. Dated 28 July 1856; signed by J. S. Davies, Cash'.'; W. M. Martin, Pres'. ; engraved by Toppan, Carpenter, Casilear & Co., Phila & N. Y. THE PEOPLE'S BANK OF SOUTH CAROLINA. One Hundred Dollar BUI. Vignette: People's Bank of South Carolina ; game cock crow- ing. On the left end of the bill, Collins steamer under full head of steam and sails set, a ship in the distance. Letter C below. On the right end of the bill a male portrait with figure 100 above.^ Fifty Dollar BUI. Vignette : People's Bank of South Carolina. Portrait of John C. Calhoun below. On the left end of the bill two female figures iBiUs of this bank are also signed by M. D. Strobel and Wm. C. Breese as Cashier. zHodge's American Bank Note Safeguard. 312 seated surveying a cotton field and negroes at work with railroad cars in the distance. On the right end of the bill blacksmith standing beside his anvil, hand resting on the handle of his sledge, anchor and cog-wheel near him.^ Twenty Dollar Bid. Vignette: People's Bank of South Carolina, portrait of W. E. King of Alabama. On the left end of the bill a female seated with sickle, below 20 in figures. On the right end of bill, a stone mason at work, tools at his feet.^ Ten Dollar BiU. Vignette : A mechanic with an anvil and tools. 10 in. a medal- lion in right upper corner. Maid lower right corner. Across left end Faith, Hope and Love holding aloft a shield. XX in red on the face and on the back. Color white and black. Issued in serial letters A, B, C and D. Dated April 6th 1854; signed by H. G. Loper, Cash'.; E. P. Starr Pres'. ; engraved by Toppan, Carpenter, Casilear & Co., Phila & New York. (See illustra- tion.) Five Dollar BUI. Vignette: Plantation scene, herd of cattle. 5 in a medallion in the right upper comer. A bust portrait of Memminger in the lower right comer. 3 V's in medallions across the left end. Color white and black, five in red on the face and on the back. Serial letters A, B, C and D. Dated June 8, 1854; signed by H. G. Loper Cash'. ; E. P. Starr, Pres'. ; engraved by Baldwin, Adams & Co., New York, Bald, Consland & Co., Philad*. (See illus- tration.) THE BANK OF CHERAW. Ten Dollar Bill. Vignette: Equestrian statue of George Washington, encamp- ment in the rear. Bridge over Peedee River and steamboat on the river at the bottom. On the left end Franklin, with a medal- lion above and below. On the right end Lafayette, with a medal- lion above and below. Color white and steel grey. Issued in serial letters A, B, C and D. Dated 26 Decern 1825; signed by Richard Maynard Cash'. G. T. Hearsey, Pres'. ; engraved by A. R. & C. Durand & Wright.' (See illustration.) iHodge's Amerioan Bamk Note Safeguard. ^Hodge's Ameriean Bank Note Safeguard. 'So far as can be ascertained this is the only denomination issued by this bank. The bank was in business but a few years when it was put in liquidation — sometime prior to 1833. 313 THE MERCHANT'S BANK OP SOUTH CAROLINA, AT CHERAW. Fifty Dollar Bill. Vignette: Negroes picking and carrying cotton, the mer- chants above vignette, bank of south Carolina at oheraw below vignette. On the left end of bill a sailor. State arms, band, masts, etc.; nrxr above and below. On left end of the bill a cotton weighing scene ; 50 above.' Twenty Dollar BUI. Vignette : An anvil. Agriculture on the left, cotton field in the distance; Industry on the right, cotton factory in the distance. XX in left upper corner. 20 in right upper corner. Portrait of a woman in the left lower corner. A railroad train in the right lower corner, twenty on the face shaded dark green. Issued in serial letters A, B, C and D. Color patent green tint. Dated July 10 1857; signed by W. Godfrey Cash'.; J. Eli Gregg, Pres'.; engraved by Eawdon, Wright, Hatch & Edson, New York. (See illustration.) Ten Dollar BUI. Vignette: A river steamer under full head of steam moving toward left, an alligator beneath; an antiquated train of cars and locomotive moving toward the right. On left end portrait of David R. Williams with 10 in medallion above and below. On right end a wagon loaded with cotton hauled by a yoke of four oxen. Cherub riding deer at the bottom. Color white and steel grey. Issued in serial letter B. Dated Oct 1 1850; signed by W. Godfrey, Cash'. ; J. Wright Pres'. ; engraved by Rawdon, Wright, Hatch & Edson, New York. (See illustration.) Ten Dollar BUI. Vignette: Commerce seated, a steamship in mid-ocean in distance; Minerva to her left, tools of art at her feet and view of the Church of the Madeline in the distance. 10 in a medallion in each upper corner. In the lower left corner Calhoun. In the lower right corner a mariner with his chart and compass. Color patent green tint. Issued in serial letters A, B, C and D. ten shaded in white on the face. Dated July 2, 1857 ; signed by W. Godfrey Cash'.; J. Eli Gregg, Pres'.; engraved by Rawdon, Wright, Hatch & Edson, New York. (See illustration.) ^Hodge's American Bank Note Safeguard. 314 Five Dollar BUI. Vignette: The seal of South Carolina., with crest and sup- porters, a full-rigged ship in the distance; five in a medallion on the left, 5 in a medallion on the right. V in the upper right corner. Statue of Calhoun as a Roman senator on tiie left end. Palmetto trees and a train of cars on the right end with a steamship in the distance. Color patent green tint. 5 and V shaded in white on the face and five shaded in white at the bot- tom. Issued in serial letters A, B, C and D in script. Dated Jany 10 1858 ; signed by W Godfrey Cash'. ; J. Eli Gregg Pres*. ; engraved by Rawdon, Wright, Hatch & Edson, New York. (See illustration.) THE BANK OF HAMBURG. One Hwndred Dollar BUI. Vignette: River scene, steamboat in channel, sailing vessel at wharf loading; a bridge across a river^; head of Minerva on either side. On the left end a milk maid, 100 above, C below. On the right end a farmer with a sickle in his hand, C above and 100 below. Color tan and steel grey. Issued in serial letters A, B, C and D. Dated Nov'. 12 1853'; signed by J. J. Blackwood, Cash'.; H. Hutchison Pres'.; engraved by Toppan, Carpenter & C. Philad. (See illustration.) One Hundred Dollar BUI. Vignette: Head of a woman wearing a Liberty cap, sur- rounded by sixteen stars. At each end 100 above a C upon a red seal. Color tan and red. Issued in serial letters A, B, C and D. Dated 7 Sept 1857 ; signed by J. J. Blalckwood, Cashier ; J. W. Stokes President; engraved by Danforth, Wright & Co., New York & Philad*. (See illustration.) Fifty Dollar Bill. Vignette: Ceres seated, with implements of agriculture at her feet ; a river scene in her rear. On the left end fiftt with L above and below, fifty across the right end. A steamship at sea at the bottom. Color light tan and steel grey. Issued in serial letters A, B, C and D. Dated Dec 10 1851 ; signed by J. J. Blackwood Cash'.; H. Hutchison Pres'.; engraved by Raw- '^This a probably a representation of Shultz's bridge across the Savan- nah between Hamburg and Augusta. ^The month and year are engraved; the day of the month filled in in ink. 315 don, Wright, Hatch & Edson, New York and N. O. (See illustra- tion.) Fifty Dollar Bill. Vignette: An eagle surmounting a shield with scroll in its talons, inscribed vietcte liberty and independence; two horses in combat in front; in the rear factories on a river bank, show- ing train of cars, steamer and a cotton boat on the river. 50 in red medallion in each upper comer, fifty doi^ars upon red ground at the bottom. Color light tan and red. Serial letters A, B, C and D. Dated 17 Sept 1857 ; signed by J. J. Blackwood Cashier ; J. W. Stokes President ; engraved by Danf orth, Wright & Co., New York and Philad'. (See illustration.) Twenty Dollar Bill. Vignette : An eagle surmounting a shield bearing a palmetto tree on its face, at the base Liberty and Commerce; a river in the rear on which is a steamboat and a ship, factories in the distance, twenty below upon a red field. 20 in red medallion in eajch upper corner. X X in red medallion in each lower corner. Color pink and red. Issued in serial letters A, B, C and D. Dated June 8, 1859; signed by A. C. DeCottes Cashier; J. W. Stokes President; engraved by Danforth, Wright & Co., New York and Philad*. (See illustration.) Ten Dollar Bill. Vignette: Goddess of Liberty, a mantle over her shoulders, a Liberty pole and cap in her left hand; a river scene in her rear, with a steamer moored at a landing near warehouses. On the left end a medallion containing a portrait of Washington, with a medallion above and below. On the right end a bust portrait of Franklin in a medallion, with a medallion above and below. Color white and steel grey. Issued in serial letters A, B, C and D in German type. Dated July 2" 1824; signed by J. M. Tillman, Cash'. ; Henry Shultz, Pres'. ; (See illustration.) Ten Dollar BUI. Vignette: Unidentified portrait, a farmer with implements and live stock on his right; Industry with a spinning wheel to his left, a river with a city in distance. On the left end Goddess of Liberty with a Liberty pole in her right hand, her left hand upon a shield bearing the arms and motto of South Carolina, 10 above and TEN below. On the right end a Continental soldier support- 316 ing the reverse of the seal and the crest of South Carolina, 10 above and ten below. Color white and steel grey. Issued in serial letters A, B, C and D. Dated November 5, 1850' ; signed by J. J. Blackwood Cash'.; H. Hutchison Pres'.; engraved by Draper, Toppan, Longacre & Co. Phil'. & New York. (See illustra- tion.) T&n, Dollar BUI. Vignette : A farm house, a woman at a well, a farmer arriv- ing, a boy watering a horse. In the upper left corner X over ten in a medallion. In the upper right corner 10 in a red medallion. Color tan and red. Issued in serial letters A, B, C and D. in German type. Dated 29 May 1838; signed by A. C. DeCottes Cashier; J. W. Stokes, President; engraved by Danforth, "Wright & Co., New York and Philad*. (See illustration.) Five DoUax BUI. Vignette : Similar to that on the ten dollar bill of July 2, 1824, save that it is located in the center of the bill instead of at the top. All other devices are similar and similarly located on the bill. It is signed by the same officers, July 3, 1824'. Five Dallas BUZ. Vignette : Industry guarding a strong box, with money bags at her feet; locomotive engine in the distance, an eagle with outstretched wings on each side. On the left end a locomotive train with 6 in medallion above and below. On the right end a river on which are a steamer and a row boat, 5 in medallion above and below. Color light tan and steel grey. Issued in serial letters A, B, C and D. Dated Aug. 10, 1847; signed by J. J. Blackwood Cash'.; H. Hutchison Pres*.; engraved by Toppan, Carpenter & C°., Philad. (See illustration.) Five Dollar Bill. Vignette: Farm scene; a farmer sharpening his scythe, reapers, barns and hogs in the background. Portrait of a girl below, with a large V on each side. Miniature five shaded in many times on the face. 5 in red medallion in each upper corner. iThe month and year are engraved; the day of the month filled in in ink. ''In the description of counterfeit bills found in Peterson's Philadelphia Counterfeit Detector and Bank Note List, we find this note in referring to the bills of the Bank of Hamburg: "Beware of notes signed J. M. Tillman Cash, and Henry Shultz Pres.'' 317 A boy with a sheaf of wheat in lower left corner. A girl with a basket of fruit in lower right corner. Color white with red finish. Issued in serial letters A, B, C and D. Dated July 18, 1860; signed by A. C. DeCottes, Cash'.; J. W. Stokes Pres*.; engraved, by American Bank Note Company. (See illustration.) THE COMMERCIAL BANK OP COLUMBIA. One Hwndred Dollar BUI. Vignette: Liberty and Commerce seated, 100 in medallion on right and left. On the left end Goddess of Music, 100 above and below. On right end Justice, 100 above and below. Color white and steel grey. Issued in serial letter A in script. Dated Nov 1". 1849; signed by B. D. Boyd Cash'.; J. A; Crawford Pres'.; engraved by Cha". Toppan & Co., Phil". (See illustra- tion.) Fifty Dollar BUI. Vignette: Pallas pouring water in urn with left hand on urn, behind an eagle expectant with outstretched wings, in right upper corner. Seal of the state at the bottom of the bill. On the left end John Eutledge, 50 above and below. 50 in medallion in lower right corner. Color white and steel grey. Issued in serial letters A, B, C and D. Dated Oct 4 1849 ; signed by B. D. Boyd Cash'. ; J. A. Crawford, Pres'. ; engraved by Cha'. Toppan & Co., Phil". (See illustration.) Twenty Dollar BUI. Vignette : Medallion with X X on face, an eagle with out- stretched wings above, the Goddess of Peace on the left, the God- dess of Justifee on the right; a river with a sailing vessels in the rear, 20 in medallion on either side. On the left end Gen. C. C. Pmckney, 20 above and below. On the right end General Moultrie, 20 above and below. Color white and steel grey. Issued in serial letters A, B, C and D. Dated Oct 2* 1849; signed B. D. Boyd Cash'. ; J. A. Crawford Pres'. ; engraved Cha'. Toppan & Co., Phil'. (See illustration.) Ten Dollar BUI. Vignette: Industry seated, a spinning wheel on the right and a shield and anchor of Hope on left; factories and train of cars in the distant in the rear, 10 in medallion on either side. Head of woman at the bottom, ten in red on the face, ten across the 318 left end and X in a medallion across right end, with a medallion above and below. Dated Feb 19*" 1849; signed by B. D. Boyd Cash'.; J. A. Crawford Pres'.; engraved by Eawdon, Wright & Hatch, New York. (See illustration.) Ten Dollar Bill. Vignette: Seal of South Carolina surmounted by an eagle with outstretched wings. Liberty on left, Justice on right, 10 in medallion on each side. On the left end "Washington, X above and below. On the right end Lafayette, X above and below. Color white and steel grey. Issued in serial letters Aa, Bb, Cc and Dd. Engraved by Cha'. Toppan & Co., Phil". Dated Oct 7, 1850; signed by B. D. Boyd Cash'.; J. A. Crawford Pres'. (See illustration.) Five Dollar BiU. Vignette: Neptune with his chariot and sea horses, 5 in a medallion on each side, five in red on the face. A river steamer at the bottom, five across the left end. A canal, sail boat and lighters on the right end, V above and below. Color white and grey. Issued in serial letters A, B, C and D. Dated Jan 10 1849 ; signed by B. D. Boyd Cash'. ; J. A. Crawford. Pres'. ; engraved by Rawdon, Wright and Hatch, New York. (See illustration.) Five Dollar BiU. Vignette: Agriculture and Commerce, 5 in medallion on each side. Seal of state at the bottom. On the left end Col. Thomas Taylor (1743-1833), 5 above and below. On the right end Sumter, 5 above and below. Color white and grey. Issued in serial letters A, B, C and D. Dated May 6 1856; signed by Edwin J. Scott, Cash'.; J. A. Crawford Pres'. ; engraved by Cha'. Toppan & Co., Phil". (See illustration.) THE EXCHANGE BANK OF COLUMBIA. One Hundred Dollar Bill. Vignette: Three graces and a cupid below, exchange bank OF COLUMBIA. Farming tools. On the left end a portrait of a female, 100 above. On right end a female erect, 100 above.' Fifty Dollar Bill. Vignette: Engine and train of cars. Below exchange bank OF coltjmbia, s. c. On the left end a large anchor and chain, ^Hodg-e's American Bank Note Safeguard. 319 merchandize and cotton, 50 above. On the right end a portrait of a male, 50 above/ Twenty Dollar Bill. Vignette : Liberty seated, with fascines on either side, a sword and an anchor to her right, an eagle perched on a shield to her left; a city on river, with sail vessels in the distance, on her right; a train of cars ci-ossing the river on her left. A hand fire engine at the bottom. On the left end Faith, Hope and Love, twenty below. 20 in medallion in upper right corner. Bust portrait of McDuffie in lower right comer. Color white and black. Issued in serial letters A, B, C and D in script. Dated Nov 8 1853; signed by Ja'. S. Scott Cash'. ; Jas. V. Lyles Pres'. ; engraved by Toppan, Carpenter, Casilear & Co., Phila & New York. (See illustration.) Ten Dollar Bill. Vignette : Liberty with a spear and liberty cap in right hand, an eagle perched on fascines on her right with her left hand holding a shield. An eagle with outstretched wings at the bottom. Calhoun in the upper left comer, 10 in a medallion below. Portrait of a woman in lower right corner, 10 in medallion above. TEN in red on the face. Color white and black. Issued in serial letters A, B, C and D. Dated Sept 8 1853 ; signed by Ja" S Scott Cash'.; Jas. V Lyles Pres'.; engraved by Toppan, Carpenter, Casilear & Co., Phila & New York. (See illustration.) Five Dollar Bill. Vignette : Bust of Calhoun, seal of the state below ; Ceres hold- ing a wreath over the seal, a cotton plant to the right, 5 in Red on either side. Elmore in the upper left corner, 5 in a medallion below. Portrait of a woman lower right corner, 5 in a medallion above. Color white and black. Issued in serial letters A, B, C and D. Date'd Dec 21 1853; signed by Ja". S. Scott, Cash'.; Jas. V. Lyles Pres'.; engraved by Toppan, Carpenter, Casilear & Co., Phila & New York. (See illustration.) THE BANK OP CAMDEN. One Hvmdred DoUar Bill. Vignette : Two shields ; cupid at top ; soldier on right ; female on left. C — BANK OF Camden — C. $100. on left end of bill ; male portrait; 100 above. On right end of bill female portrait; 100 above.* ^Hodge's American Bank Note Safeguard. 320 Fifty Dollar BUI. Vignette: bank of camden, plantation scene; negroes in cot- ton field. 50 L 50. On left end of bill ; male portrait, 50 above. On right end of bill a girl's head ; 50 above/ Twenty Dollar BUI. Vignette: Bust portrait of Washington, 20 in a medallion on each side. Left end Lafayette with monument beside him inscribed WASHINGTON LAFAYETTE YORK TOWN 1781; munitions of War behind him, XX below. On the right end Justice with scales in right hand, left hand resting on a shield ; bales of cotton and bar- rels of rice behind, 20 in a medallion above and below. Color white and steel grey, with 20 in red on the face. Issued in serial letters A, B, C and D. Dated 1 Octo 1859 ; signed by W. H. K. Workman, Cash'.; W. E. Johnson, Pres'.; engraved by Rawdon, Wright & Hatch, New York. (See illustration.) Ten Dollar BUI. Vignette: An obsolete locomotive and train (the first that reached Camden) at station, with horse and dray and drayman and workmen at work; X on each side. Franklin on right end, woman above and below. A helmetted head on the left end, ten in medallion above and below. Color white and steel grey. Issued in serial letter A. Dated 1 Nov 1838 ; signed by W. J. Grant Cash', and W. McWillie Pres*. (See illustration.) Ten Dollar BUI. Vignette : Minerva seated and leaning on a shield, a steamship on the water in the distance, a Grecian head in a medallion with TEN thereon on each side. • On the left end Bacchus, 10 above and below. On the right end a Roman head, 10 above and below. Color white and black. Issued in serial letters A, B, C and D. Dated 6 May 1850; signed by W. J. Grant Cash', and W. E. Johnson Pres'. ; engraved Danforth, Underwood & Co., New York. (See illustration.) Ten Dollar BUI. Similar to , the preceding note with ten in red on the face Ten Dollar BUI. Similar to the preceding note, but on pink paper with ten in white on the face. iHodge's American Bank Note Safeguard. 321 Five Dollar BUI. Vignette: The Presbyterian Church at Camden with the DeKalb monument in front, Gov. E. I. Manning to the right, Chancellor Henry William DeSaussure to the left. Bacchus on the left end, 5 above and below. Three 5's on the right end, the middle one being on a head in a medallion. The head of a dog in the center at the bottom. Color white and blatek. Issued in serial letters A, B, C and D. Dated 2 Nov. 1841 ; signed by W. J. Grant Cash^ ; W. McWillie Pres'. ; engraved by Danforth, Underwood & Co., New York. (See illustration.) Five Dollar BUI,. Similar to the preceding note with 5 in red on the face and on the back. Dated 5 April 1854; signed by W. J. Grant, Cashier, and W. E. Johnson, President. Five Dollar BUI. Similar to the preceding note, but on pink paper with ffve in white on the face. Dated 1 May 1859 and signed by W. H. E. Workman, Cashier, and W. E. Johnson, President. Five Dollar Bill. Vignette: A river steamer lying at a wharf and a wagon drawn by six horses loaded with cotton, 5 in a medallion on each side. A locomotive and cars in the center' at the bottom. A portrait of Franklin on left end, V in a medallion above and below. David E. Williams on the right end, five in a medallion above and below. Color white and steel grey. Issued in serial letters A, B, C and D. Engraved by Eawdon, Wright & Hatch, New York. (See illustration.') THE BANK OF GEORGETOWN. T^venty Dollar BUI. Vignette: Commerce seated, full rigged ships out at sea, XX in medallion on each side. A sheaf of rice and implements of agriculture at bottom. On the left end bust portrait of Wash- ington, 20 above and below. On the right end bust portrait of 'This is a genuine bill of the Bank of Camden but is not signed by any authorized officer of the bank. The signatures which appear on the bill are J. F. Stage Cash', and L. D. Stage, Pres*. On the back of the bill is written : "This is a seces bill that came from Hatteras J. F. Stage." The inference is that this bill was one among those taken when Camden was sacked by Sherman and that it later fell into the hands of the parties signed as cashier and president. 322 Lafayette, 20 above and below. Color white and steel grey. Is- sued in serial letter E.' Dated May 15 1845; signed by D. L. McKay Cash'.; J. W. Coachman, Pres'.; engraved by Burton, Gurley & Edmonds, N. York. (See illustration.) Twenty DoUar Bill. Vignette : Name of the bank over XX of heroic size. On the left end an eagle surmounting a shield, with a scroll in its mouth bearing the emblem states sovereignity national ttnion, TWENTY above and below. Goddess of War with a spear in her right hand and holding shield in her left. Color tan. Issued in serial letters A, B, C and D in German type. Dated 1 June 1852 ; signed by J. G. Henning, Cash'. ; D. L. M°Kay Pres'. ; engraved by Toppan, Carpenter & Co., N. Y. (See illustration.) Ten Dollar BUI. Vignette: Name of the bank over X of heroic size. On the left end 10 in elaborate medallion. On the right end portrait of a woman, 10 in medallion above. Color white and steel grey, with design in red on the back. Issued in serial letters A, B, C and D. Dated 1 Nov 1865; signed by E. E. Eraser Cash'.; J. G. Henning Pres'. ; engraved by Eawdon, Wright, Hatch & Ed- son, New York. (See illustration.) Ten Dollar Bill. Similar in design to the preceding bill, except printed on light tan and black; dated 1 July 1846 ; signed by D. L. McKay, Cash'. ; J. W. Coachman, Pres'. ; engraved by Eawdon, Wright & Hatch, New York. Ten Dollar BUI. Vignette: Busts of Washington and Franklin in group of four cupids with X on face. On the left end a portrait of a young woman, 10 in a medallion above. On the right end a palmetto tree with cotton and rice at its base, 10 in medallion above. Color tan. Issued in serial letters A, B, C and D. ten in light color on the face. Dated Oct 1 1856 ; signed E. E. Eraser, Cash'.; J. G. Henning Pres'.; engraved by Toppan, Carpenter & C°., Philad" & New York. (See illustration.) ^Thls is the only bill bearing the serial letter E that the writer has seen. 323 Five Dollar BUI. Vignette: Name of the bank over a V of heroic size. On the left end an eagle surmounting a shield and holding a scroll in its mouth, emblem state sovereignity national union, five above and FIVE below. Goddess of war with a spear in her right hand and holding a shield in her left. Color light tan. Issued in serial letters A, B, C and D in German type. Dated July 1 1852 ; signed by J. G. Henning Cash'. ; D. L. M=Kay Pres*. ; engraved by Toppan, Carpenter & Co., N. Y. (See illustration.) Five Dollar Bill. Vignette : Name of the bank over a V of heroic size. On the left end a portrait of a woman, 5 in a medallion above. On the right end, 5 in an elaborate medallion, five shaded above and DOLLARS shaded below. Color white and black, with a design in red on the back. Issued in serial letters A, B, C and D. Dated Oct 1, 1854 ; signed E. E. Fraser Cash'. ; J. G. Henning Pres'. ; engraved by Eawdon, Wright, Hatch & Edson, New York. (See illustration.) Five Dollar BUI. Similar in design to the preceding bill, except that the design on the back in red is wanting, and it is dated July 1, 1847, and signed by J. G. Henning, Cashier, and D. L. McKay, President. Five Dollar BUI. Vignette : Ceres with a sheaf of rice in her hand, seated behind a V of heroic size, 5 in a medallion on either side. On the left lower corner a portrait of a gentleman. On the right lower comer a portrait of young girl. Color tan and black, five in white on the face. Issued in serial letters A, B, C and D. Dated Oct 1 1860; signed by R. E. Fraser Cash'.; J. G. Henning Pres'.; engraved by Toppan, Carpenter & Co., Phila & New York. (See illustration.) THE PLANTEBS' BANK OF EAIBFIELD. One Hundred Dollar BUI. Vignette: The Capitol at Washington. Bust portrait of Washington in the lower left corner, C in a medallion above. The American Eagle with olive branch and scroll, e pltjribus unum in its claws, with a shield beside in lower right comer, 100 in a medallion above, hundred in red on the face. Color white and black. Issued in serial letters A, B, C and D. Dated 324 4 July 1854 ; signed by H. L. Elliott, Cash'. ; Jas. R. Aiken, Pres'. ; engraved by Toppan, Carpenter, Casilear & Co., New York & Phila. (See illustration.) Fifty DoUar BUI. Vignette : Bust of Calhoun, seal of the state in front. Liberty seated to left, a cotton plant to right. In the left lower comer Ceres seated, a sickle in her right hand, a sheaf of wheat in her left, agricultural products at her feet, 50 in a medallion above. Jackson in the right lower corner, 50 in a medallion above, fifty in red on the face. Color white and black. Issued in serial letters A, B, C and D. Dated 4 July 1854 ; signed H. L. Elliott Cash'. ; Jas. R. Aiken Pres'.; engraved by Toppan, Carpenter, Casilear & Co., New York & Phila. (See illustration.) Twenty Five Dollar Bill^ Vignette : Name of the bank, with 25 in blue on the face. In the left lower corner Ceres and Proserpina, view of negroes in cotton field with a train of cars in the distance, 25 in a medallion above. In the right lower comer bust portrait of Calhoun, 25 in medallion above. Color white and black. Issued in serial letters A, B, C and D. Dated 4 July 1854 ; signed by H. L. Elliott, Cash'. Jas. R. Aiken, Pres'.; engraved by Toppan, Carpenter, Casilear & Co., New York & Phila. (See illustration.) Twenty Dollar BUI. Vignette : A palmetto tree with farming implements and farm products at its base; a train of cars in the distance to the left, a steamship in the distance to the right. Goddess of Liberty on left end, 20 in a medallion above. Equestrain statue of Washing- ton across right end, 20 in a medallion above, twenty in blue on the face at the bottom. Color white and black. Issued in serial letters A, B, C and D in script. Dated 4 July 1854 ; signed by H. L. Elliott Cash'. ; Jas. R. Aiken Pres'. ; engraved by Top- pan, Carpenter, Casilear & Co., New York & Phila. (See illustra- tion.) Ten Dollar BUI. Vignette: A palmetto tree with the seal of the state at its base, Ceres sitting with agricultural implements and agricultural products about her, a train of cars in the distance. A sheaf of 'The only twenty-five dollar bill issued by any South Carolina bank. 325 wheat and agricultural implements at the bottom. On the left end a plantation scene, a wagon load of hay and a drove of cattle ; X in a medallion above. On the right end a train of cars, 10 in a medallion above, ten in red on the face. Color white and black. Issued in serial letters A, B, C and D. Dated 10 Oct 1853 ; signed by H. L. Elliott, Cash'.; Jas. E. Aiken Pres'. ; engraved by Toppan, Carpenter, Casilear & Co., Phila & New York. (See illustration.) Five Dollar Bill. Vignette: A planter on horseback, negroes picking cotton. Palmetto tree at the bottom. On the left end Ceres standing with a reap hook in hand, five beneath. Portrait of a woman in lower right comer, 5 in a medallion above, five in red on the face. Color white and black. Issued in serial letters A, B, C and D. Dated 2 June 1856; signed by H. L. Elliott, Cash'.; Jas. R. Aiken, Pres'.; engraved by Toppan, Carpenter, Casilear & Co., Phila. & New York. (See illustration.) Five Dollar Bill. Similar to the preceding bill with five in blue on the face. THE BANK OF NEWBERRY, One Hundred Dollar BUI. Vignette: bank of newbeery, newberry, s. c. Red C. 100 — 100. On the left end a palmetto tree, 100 above. On the right end negroes in a cotton field, 100 above.^ Fifty Dollar BUI. Vignette : Figure 20. On the left is a soldier and female on either side of a shield. On right a negro on a cart drawn by two horses. Below bank of newberry, newberry, s. c.^ Twenty Dollar Bill. Vignette : A soldier returning from the Mexican War meeting his wife and child. A palmetto tree and cotton plants at the bottom. 20 in a medallion in each upper corner. Portrait of a woman, in left lower comer. Bust portrait of Calhoun in the right lower corner. Color white and black. Issued in serial letters A, B, C and D. twenty in red on the face. Dated Nov 8 1856 ; signed by R. L. M-^Caughrin, Cash'. ; B. D. Boyd, Pres'. ; ^Hodge's American Bank Note Safeguard. 326 ejigraved by Toppan, Carpenter, Casilear & Co., Phila & New York. (See illustration.) Ten Dollar BUI. Vignette : Three females and a eupid floating in water. Bank of Newberry, S. C. Tree below.' Five Dollar Bill. Vignette : A group of seven persons, men and women, hailing the arrival of the first railway train that reached Newberry. A pal- metto tree at the bottom. A bust portrait of Judge O'Neall in the lower left corner, 5 in medallion above. Portrait of a woman in the lower right corner, 5 in a medallion above. Color white and black. Issued in serial letters A, B, C and D. Dated May 5 1857; signed by R. L. M'Caughrin Cash'.; B. D. Boyd Pres'.; engraved by Toppan, Carpenter, Casilear & Co., Phila & New York. (See illustration.) THE BANK OF CHESTER. One Hundred Dollar BUI. Vignette: Capitol at Washington, bank of Chester, s. c. Palmetto tree; with cotton on each side of it. On left end por- trait of female; 100 above. On right end eagle. 100 above.' Fifty Dollar BUI. Vignette: Horses; buildings in the distance. On the left end female figure, 50 above. On the right end portrait of W. R. King, 50 above.' Twenty Dollar Bill. Vignette: A train of cars, to the left X X in red medallion. A palmetto tree at the bottom. On the left end a sailor holding a flag aloft, Hope and an anchor at his feet, twenty beneath. In the lower right comer portrait of a woman, 20 in a medallion above. 20 XX 20 shaded on the face over twenty in miniature. Color white and black, twenty in red on the back. Issued in serial letters A, B, C and D. Dated 7 May 1860; signed by John A. Bradley, Cash'. ; Geo. S. Cameron, Pres'. ; engraved by Ameri- can Bank Note Co., New York. (See illustration.) Twenty Dollar Bill. Similar to the preceding, with twenty in red on the face. 'Hodge's American Bank "Note Safeguard. 327 Twenty Dollar BUI. Similar to the above but lacking the 20 XX 20. Dated Dec. 4, 1855. Engraved by Toppan, Carpenter, Casilear & Co., Phila. & New York. Ten Dollar Bill. Vignette: Bust portrait of Calhoun encircled beneath by give U8 OUR EIGHTS UNDER THE coNSTiTtTTiON. Bust portrait of Ebnore in the right lower comer, 10 in a medallion above. Bust portrait of McDuffie in the left lower comer, 10 in a medallion above. Large X X on the face in red. Color white and black. Issued in serial letters A, B, C and D. Dated Deer 5 1855 ; signed by John A. Bradley, Cash'. ; Geo. S. Cameron, Pres*. ; engraved by Top- pan, Carpenter, Casilear & Co., Phila & New York. (See illustra- tion.) Ten Dollar BUI. Vignette: Bust portrait of Calhoun. 10 in a medallion in each upper corner. Bust portrait of McDuffie in left lower corner. Bust portrait of Elmore in right lower corner. X in red (small size) on face of bill on each side of Calhoun. Color white and black. Issued in serial letters A, B, C and D. Dated April 10, 1854, signed by John A. Bradley Cash'. ; James Hemphill Pres*. ; engraved by Toppan, Carpenter, Casilear & Co., Phila & New York. Ten Dollar BUI. Vignette : Calhoun in a medallion. Elmore in a medallion in the right lower comer. McDuffie in a medallion in the left lower comer. 10 in a red bordered medallion in each upper comer. 10 in red square medallion to right and left of Calhoun. Letters Bb. Plain black. Engraved by American Bank Note Co. Five Dollar BUI. Vignette : Surrender at Yorktown. A palmetto tree and cot- ton plants at the bottom. 5 in a medallion in each upper corner. Jefferson in the lower left corner. "Washington in the lower right corner, five in red on the face. Color white and black. Issued in serial letters A, B, C and D. Dated Nov 1 1854; signed by John A. Bradley, Cash'. ; James Hemphill Pres'. ; engraved by Toppan, Carpenter, Casilear & Co., Phila & New York. (See illustration.) 328 Five Dollar BUI. Same type as preiceding bill except five in red on the face of bill in smaller letters. Dated Nov. 1, 1854. Signed James Hemp- hill Pres*. Five Dollar BiU. Same type as preceding except 5 in upper corners in red medal- lion and FIVE across the face in bright red. Dated May 1, 1860 ; signed John A. Bradley, Cash'. ; Geo. S. Cameron Pres'. SPURIOUS BILLS. The following is an extract from Peterson's Philadelphia Count- erfeit Detector and Bank Note List, Col. 11, No. 25, Philadelphia, January 1, 1859, corrected by Drexel & Co., 34 South Third Street, published by T. B. Peterson & Brothers, 306 Chestnut Street : South Carolina. There are no notes under $5.00 issued by any bank, except the Bank of the State of South Carolina; therefore all others are spurious. Bank of Charleston, Charleston, i/^% J. K. Sass, Pres.; Jno. Cheesborough, Cash. Bank of Charleston, payable in New York, Par. Agencies at Abbeville, and Greenville, S. C, E. H. Wardlaw ; Albany, Geo., J. L. Dunham; Carrolton, Miss., J. M. Watt; Columbus, Geo., R. B. Murdock; Eufaula, Ala., E. B. Young; Lagrange, Geo., J. E. Morgan; Memphis, Tenn. ; Mobile, Ala., H. O. Brewer; Newnan Geo., A. J. Berry; New Orleans, C. Moise ; Palatka, Fla., James Burt ; Jacksonville, Fla., A. M. Reed ; Newport, Fla., McNaught & Ormond; Apalachicola, Fla., Sam. Cassin. $8,00 spurious — vig. stag and horses at full speed. $10,00, imitation— on one end "Ten" none on genuine. $10,00, $100,00, spurious — vig. a female, sheaf, &c. $10,00, spurious — have a head on right margin. $20,00, imitation — vig. eagle on the right upper corner. $20,00, spurious— vig. railcars and mountain scenery. $50,00, imitation — vig. at the bottom of the bill partly left out, likewise names of engravers. $20,00, $50,00, spurious— payable at Bank of State of N. Y. $100,00, vig. female, sheaf of grain, bridge, train of cars, &c., train of cars on right end, steamship on left end. 329 Bank of Camden, S. C. Kershaw Co.' 1/2% Wm. E. Johnson, Pres. ; W. H. E. Workman, Cash. $5,00, impression from genuine plate, signed by M. Maxwell, .Pres., M. Johnson, Cash. $100,00, vig. beehive and an eagle on a shield, female with shield on the lower right corner. Bank of Chester, Chester, Chester Co. %% Geo. S. Cameron, Pres. ; J. A. Bradley, Cash. Agency at Yorkville, John A. Brown, Agent., Agency at Unionville, S. C, Keenan Bros., Agents., Agency at La Grange, Geo. B. B. Amos, Agent. $1,00, vig female, ships, &c., female on each end. $3,00, female, anchor, shield, ships, and two children on lower right corner; girl and bundle of wheat on lower left corner. $50,00, altered from $5,00, vig. surrender of Comwallis; Wash- ington on right end, and Jefferson on left end. Commercial Bank of Columbia, %% John A. Crawford, Pres.; E. J. Scott, Cash. $10,00, spurious — vig. steamboat ; left end vulcan. $20,00, $50,00, spurious— vig. Genius of Commerce, &c., $20,00, altered. $50. spurious. Bank of Georgetown, Georgetown County, 1?^% J. G. Henning, Pres., R. E. Eraser, Cash. $5,00, vig. female, ship, &c. ; engraved signatures. $5,00, $10,00, $20,00, spurious— on right end Liberty ; on left end eagle; purports to be engraved by Toppan, Carpenter & Co.; genuine were engraved by Rawdon, Wright, Hatch & Edson. $8,00, imitation — Goddess of Liberty on each end. $10,00, spurious — on the right of bill a wreath, below it a female with three roses in her hair ; on the left a wreath surrounded by a crown ; in center of bill a large "X". $10,00, imitation — very coarse engraving and blurred; the eyes of persons are mere dots, and their figures very stiff. $20,00, imitation — vig. female, ship, &c. ; Washington on left, Lafayette on right; XX on each side of vig., in a round die ; genuine in an oblong die. $20,00, spurious — vig. eagle, shield, scroll; others, United States Bank, Philadelphia. *There were no counties in South Carolina prior to 1868. It was Ker- shaw District Irom 1798 to 1868. 330 $50,00, spurious — vig, railcar train ; State arms below. Bank of Hamburg, Edgefield Co. 1/2% J. W. Stokes, Pres.; A. C. DeOottes, Cash. Beware of notes signed J. M. or W. Tillman, Cash, and Henry Shultz, Pres. $10,00, spurious — vig. portrait of Calhoun, &c. $20,00, imitation — vig. shield and eagle, female on each side. $20,00, spurious — vig. horses, cattle, wagon, &c. $50,00, spurious — vig. female, sheaf of wheat, &c. $100,00, vig. river steamboat, bridge, &c., female bust each side; man with sickle on right, milkmaid on left. Bank of Newberry, Newberry Co. 1^% B. D. Boyd, Pres., R. L. McCaughrin, Cash. Agencies at Abbeville, S. C, J. G. Wilson; Greenville, S. C, T. M. Cox ; Spartanburg, S. C, Foster & Judd ; Sumpter,^ S. C, L. B. Hanks; Union ville, S. C, John L. Young; Anderson, S. C, Daniel Brown. Bank of South Carolina, Charleston, i/^% Wm. Birnie, Pres., Geo. B. Reid, Cash. Agencies, at Camden, S. C, A. M. & R. Kennedy; Dalton, Georgia, C. Baily; Laurens, S. C, B. Rush Campbell; Rome, Georgia, Wm. Johnson. $5,00, vig. female and Mercury, bales of goods, ships, &c., ship on right end — spurious. $10,00, vig. female holding liberty cap with shield.' $20,00, spurious — vig. female, ships, &c., Washington. $20,00, vig. holding a vase to a spread eagle ; small eagle between officers names ; "promises" instead of promise. $50,00, imitation — letter A. vig. on left an Indian with uplifted tomahawk. Bank of the State of South Carolina, Charleston, i/^% C. M. Furman, Pres., T. R. Waring, Cash. Branches, at Camden, D. L. DeSaussure, Cash. ; Columbia, John Fisher; New Orleans, La., Purris, Gladden & Co.; Marion, S. ^The usual incorrect spelling of Sumter. 2"The public are cautioned against counterfeit notes on tlie Bank of South. Carolina, of the denomination of ten dollars, some of which, are in circulation in this city, and are so well executed (as to engraving) as probably to deceive nine persons out of ten. The paper is thinner than that of the genuine notes, and has a glossy appearance. The signature of the Cashier is well imitated, but not so that of the Presi- dent, which is badly executed and easily detected." — The Oharleston Courier, May 23, 1823. 331 C, W. W. Durant ; Eome, Geo., D. S. Printup ; Sumpterville, S. C, M. Moses. $1,00, spurious — vig. State house, trees, &c., light. $2,00, imitation — payable at Camden Branch, engraving and signing poor; different dates. $4,00, spurious — vig. female, shield, &c. ; female, sheaf, and sickle, on the right; figure 4 each side of Vig. $10,00, altered — vig. female and shield. $10,00, vig. human figure between the denominations; "S" in dollars not right ; figure ten defective. $20,00, spurious — vig. Commerce. $50,00, vig. St. George and the Dragon, 50 each side. $100,00, spurious — vig. female, guitar, steamer, ships. $100,00, altered — vig. an eagle; 2 been extracted. Exchange Bank of Columbia, %% James S. Scott, Pres., Jesse Drafts, Cash. $1,00, $2,00, $3,00, $5,00, $10,00, $20,00, $50,00, spurious— vig. agricultural scene ; some have cars, others female with eagle, others hunting buffalo; three females, 5 each side; two females, eagle and shield. $5,00, $10,00, spurious — vig. wheat field, &c. ; some, cattle under tree. Farmers & Exchange Bank, Charleston, %% Wm. M. Martin, Pres., W. C. Breese, Cash. Agency at Athens, Tenn., G. W. Eoss, Agent. Agency at Col- umbus, Ga., E. T. Taylor, Agent. Agency at Anderson, S. C, B. F. Crayton, Agent. $50,00, altered — vig, man driving oxen. Merchants Bank of South Carolina, Cheraw, Chesterfield Co. 1/2% J. C. Coit, Pres.; W. Godfrey, Cash. $1,00, vig. forest scene, wild horse and buffalo. $3,00, spurious — vig. female, cows, sheaf, &c. $5,00, $10,00, $20,00, $50,00, spurious— vig. two human figures, monster on chest, &c. ; poorly engraved. $10,00, imitation — engraving very coarse. $10,00, spurious — have no $100,00, issued ? Peoples Bank of South Carolina, Charleston, 14% ^- l*. McKay, Pres. ; H. G. Loper, Cash. Planters and Mechanics Bank, Charleston, y2% D. Eavenel, Pres. ; C. H. Stevens, Cash. Agency at Camden, John Eosser, Agent. 332 $5,00, $10,00, $20,00, $50,00, $100,00, variously filled up ; writing all in one hand. Planters Bank of Fairfield, Winnsboro, i/^% J. K. Aiken, Pres. ; H. L. Elliott, Cash. Southwestern Eailroad Bank, Charleston, i/^% John' Rose, Pres. ; John C. Cochran, Cash. Agency at Tallahassee, Fla., H. I. Rudgers, Agent. $20,00, spurious — vig. female sitting down, cattle, &c. $50,00, and $100,00, spurious — railcars each side of vig. State Bank, Charleston, 14% E. Sebring, Pres.; B. M. Lee, Cash. Agency at Holly Springs, Miss., D. B. Molly, Agent. $5,00, imitation — medallion heads on right, very poor. $20,00, imitation — figure "20" on black ground; sheaf of wheat on left ; genuine has Franklin on left. $20,00, spurious — vig. female, three bales of cotton. $50,00, spurious — vig. St. George and dragon, 50 each side. $100,00, altered from $2,00, Union Bank of South Carolina, Charleston, %% H. Ravenel, Pres.; W. D. Clancy, Cash. $2,00, $3,00, $5,00, $10,00, spurious— vig. man, sledge, cars. $5,00, spurious — vig. female and shield. '^Should have been James. 333 o SI T) to ■S'O O 5 334 5 2; 336 ^ ca rH ft O R p M Q O 337 t'-tr^ -Ht^^i B m i ^i! ^^ P 4 o'^ 338 >^g ^^" ^^^' ^^ -'1 J ':^ 1 ^^4 f^ o ^ C"! <1 o; ^ bj; M c3 & K „ w C o B CO 0) M O fi B O ?30 O to o 340 341 342 o fe 343 b o 01 tr 9^ i^ •tS — e H a H 344 >^" < a z- bo d5 Si S !» H 3 346 347 ■--1 o 3 O \ ^*»>i l#% ?i^ S W "'^"-3^ 348 2^ i 5£ - 349 H O o > CO 25 K CO 2 O -n ^ 2i O a 350 351 o o H 71 H m 5i 352 W ^ O 353 o 'A a o > ft ^. w 5' ? O ft a H ^^ O >^ o a o 354 o o D C H.2 o H 355 356 rv CO 357 358 359 o td > 21 ^2 0) HH r' tsl CfO " "a, o " ■ H 360 361 o o c r* > S-. > >0 O o CI s [ 3G2 o C3 M CO y to H s <1.o O W 1^ o p o 3G3 b o s CD 2 H u o o Kl 364 ^-1 O < o SP ii H 0^ ; CO o « }A O H 365 is t) O O >^ re W ^ TJl P O to %«.t^' 3G6 I — (i, o ^ 3GT o 2; o H t O e. CO 1 P3 ■ K 5 o gisjsffiifssw"' 368 o O C3 sg O o ><. o 309 The Bank WILL PAY BEARER ON DEMAND •'^) v",*-^ r^r'^.'r. L-;*-- )]:■' ;._!J*:;- V- ■ 'V', of the S9a F». 1, IBM. -for Casltimr. BILL ]'01; FIFTY CEXTS, HANK OF 'I'lIF STATE OF SOUTH CAi;OLINA, FEBIICARY 1. 1S6P.. See desi'ription, page :il>(). ;70 The Bauk of the '?> ■<^^ 25 2tl ^ WXr.fi PAY BEARER ON UEMAN'Il "IS CITRRESfT PUKBS" BILL FOE TWENTY-FIVE CENTS, BiVNK OF THE STATE OF SOUTH CAROLINA, FEE. 1, 1863. See description, page 306. The Booit -:-'^.-'* ."■••■^^^^' fei n^ ) ,'■*■:• ._ -PAY rKVftHB ON 1%IIAN» "iB> cimBEafT'VBinBs" - HLL J-'Oj; FJFTEEX CENTS, LANK OF I'HIC STAI'I': OF SOUTH CAKOLINA, FEBEUiVKV 1, ]S63. See Oeseription, ]>age 306. 371 BILL FOK TEX CEXTS, EAXK OF THE STATE OF SOUTH CAKOLIXA, F]-:i!];iTAriY 1, 186:J. See description, page o06. The Bank <^3 S ^: of the k' Fbi.MS63. VflLh PAY BEAR.KR ONf Dli>fANO VIX e«8RBlfT PUN IMS" a / / 'if, -^ < BILL FOU ]'"IVE CEX'l'S, BAXK OF Till'] STATIC OF SOUTH CAPiOLUyA, FICnKUAR^' U ]Sii.;. See (lesei"i|iti<)n, i"i:i.ue ilOG. 372 o H CO H ^ CO O ^ ^ faj) 5 f^ P5_5 iJ a, J m O fi o « P o 373 f^.^% .^Vv. 374 '■■H -■ .-i ^.^x:^ V v^ M % o o I, o g P5 S <: hj 1^ o ^ W 375 o O i_ 376 377 > S o crq isl so 378 H m D C3 <; ^'■ o H . <1 §:■ O &( c PJ o 379 b o ^ -Jl 380 OS ^ ■ ■ J 5 C 381 c 2 5 H 382 < c C c 383 O o o y 2 W p ?3 t rH ■ o > 384: pq o H a c ffl " p < o W cS ^^ ^ 2 m ft WE M i-f « o P 3S£ 386 387 O o W CO ft tj O ' no C o td o 388 389 H H o t-l t-l > SI a> O ?!2 ' O 2 ^, O 390 3 o 'Jj (t O P- Hi; o ^ 1-1 O P 391 H b O CD LU o'O p w to -<3 b O G 392 mm' MS w o a e o 393 o O > H CO (I S 2. -^§ Id H Crq ^ «» a 1-^ o H M c o o 394 P h3 O < O Eh oj >-, bo O Q^ xn ^ o; ;^ O O P H 39; 396 397 o a O w b b o &. H '^ - p o 10. hr'. en P 03 H 3 td 308 w w ft O a o ►^ ft pq g H <" m < O o 399 o 1^ IB M CO H ^^ o'O ■^ w P CO s 400 D d 5 ° o p !>| H 401 O o (t - cn H ■ c; P 402 P4 m o es o p o C ft WSJ l-f k:1 O P H 403 H O o t-l CD CD F^ CD H rji " O 404 .■^^' <:« C ^ ■ XT, O o 405 o o "5 CO ' !0- S ; 406 t-3 O 5 ;z; o J Si 407 V. _: &C- _ > 408 O O p. hi Ofj J. 2 .i^^^ J J 409 SO Q O 410 K w fj CO O V O w H o o w H 411 '^ ^ ^>^' ''^i?*-!^'' K^''^' 1^ 'ot \ - \^ 412 o . O Q fQ g o " (A ^ %% W H 4 f4 <; O O 413 o CD O O ~ ^ o (-»- I— I IK3 & CO 2 3 414 Ph S > O D e.g. O Q >5 415 o S P. §§ P o s8 CO K B 416 '^H'''^' :^v ^^C) 417 418 419 O O Ti O " o CO >- O ^ • O ^ 420 Uh -*^ : ^ m i-i" O O > 421 <1 a o 2 K ^ OJ O 422 '^ CO Ph bp ti - B| o 41' 3 424 425 sa^i a 2 o o > H a> PI ft a > O ^ 2. W §■-0 o w 3 -■ CTQ O "2 o 2 o o d td *>- CO £» 1^ u O 427 o > 2: O 2 >^ O o O 428 o H o o O c8 O'-P wo H '1' W << 1-1 O o 429 o w w a a K t) O O > a - IS t^ a > o 2; CJq (73 a> - « W CO in, CO -< o b a i^':^-L'Si" 430 « o " m ^. <^ M 4 o n H 431 H !^ H Ki <^ M < e o 1-1 a ^-' o H ^^ o >^ w 1-1 432 05 — m <; o 433 b o t-l ;> H w 2 H "2, cc IK O CO ^^ • to O H O td iU w •z R r ■"' O " a; W 5j P5 P^ CO '-P W P- m K y < O 435 b o t-l > CO 1^ '^. ^ 5' w a I'' ^^ CO /Renwick, James A., 176. Renwick, John S., 176. Reports of Cases Heard and De- termined in the Supreme Court J of South Carolina^ 374, 275. Rescue, The (painting), 399. Revolution, 8; Debt of the, 83 (2). Reynolds, George, 208. Reynolds, George N., 178, 183, 198. Eeynolds, John S., Reconstruction in South Carolina by, 245. Eeynolds, Joshua, 301. Eeynolds, E. F., 173. Reynolds, W., 200. Rhett, A., 189. Rhett, Roland, 193, 194. Rhett, William, 13. Ehodes's Journal of Banking, 96. Eice, 118. Rice, B. H., 213. Eice Bills, 25. Rice Culture, The Introduction of, into South Gotfolina (Salley), 6. Eichards, Frederick, 257 (2). Eichardson, James B., 79. Eichardson, John S., 154, 155, 156, 158. Eichardson, James Sanders, Reports 4C5 of Supreme Court by, 374, 275. Eichardsou Street, Columbia, 98 (2), 173, 173, 196, 199, 203, 307, 213. Richland CountJ^ 275, 276. iKiehmond, Va., 340, 341 (3). Kldpath, J. C, History of the United States by, 216-217. Kiley, John, 80. Eiley, Samuel P., 178, 190. Kion, James H., 174 (3). Epaeh, Nash, 73, 73. Eoach, William, 41, 257 (2). Eobb, William, 171. Eobb, Hallett & Co., 224. Robert T. Hayne and Bis Times (Jervey), 139. Eoberts, J. F., 172 (2). Eoberts, James S., 187. Eobertson, Alexander, 135, 307. Eobertson, George, 198. Eobertson, James, 98, 198. Eobertson, L. F., 173, 187. Eobertson, Thomas J., 174. Eobertson, William E., 174. Eobinson, J. K., 196. Eobinson, John, 73, 101, 139, 195. Eobinson, E., 47, 305, 206. Eobinson, S. A., 306. Eobinson, S. T., 193, 196, 398 (3). Eobson, J. N., 356 (3). Eoche, Jordan, 29. Eodgers, E. H., 173. Eoger, Thomas J., 195. Eogers, B. M., 110. Eomare, P., 175. Eome, Ga., 330, 331. Eoosevelt, H. S., 169, 171. Eoper, William, 34. Eose, Arthur G., 46 (2), 118, 120, 125 (3), 204 (2), 207, 308. Eose, James, 198, 310, 313, 254, 309 (3), 310 (2), 333. Eose, John, 69 (3). Eoss, G. W., 331. Eoss, James, 69, 193. Eoss, Mitchell & Co., Toronto, Can- ada, 234. Eosser, John, 160, 196, 303, 331. Eothmahler, E. B., 139. Eouse, William, 79. Eout, William G., 46, 306. Eoux, Lewis, 69, 192. Eowell, Volentine, 80. Eudgers, H. I., 332. Eudolph, Zebulon, 99 (3). EufE, D. H., 174. Eussell, Nathaniel, 33, 40, 46. Eutledge, Edward, 40, 137. Eutledge, J. E., 210, 211. Eutledge, John (1739-1800), 30, 137, 317. Eutledge Avenue, Charleston, 207. Eyan. Thomas, 184, 186 (3), 198. Sabb, John, 64. Saint Nicholas Bank, New York City, 220. Sale, W. W., 196, 304 (3), 305. Salley, A. S., Jr., 3, 6, 137, 142, 226. Salley, George E., 80. Salmond, B. B., 201. Salmond, Thomas, 301, 301 (2). Saluda Eiver, 137. San Francisco, Calif., 333. Santee Canal, 136-138; Porcher's History of the, 137. Santee Eiver, 136 (2), 137 (4). Sarrazin, Jonathan, 34. Sass, J. K, 204 (2), 305, 307, 307 (4), 308 (3), 309 (3), 338. Sass, William H., 46 (3), 47. Sather & Church, 233. Saunders, F. A., 169, 171. Saunders, Eoger, 35. Savage, John, 30. Savannah, Ga., 39, 111, 113 (3). Savannah Eiver, 113, 113, 139 (3). Savannah Daily Neios and Herald, 182. Savings Bank, Albany, N. Y., 222. Saxby, George, 29. Saxon, B. T., 199. Scarborough, William A., 173-4. Schirmer, Jacob F., 183 (2). Schnierle, John, 178. Schuylerville, N. Y., 222. Scotland, 389. 466 Scott, Edwin J., 303 (3), 375, 318, 339 ; Random Recollections of a Long Life by, 98, 111, 112, 113. Scott, Georg-e S., 357. Scott, Henry E., 203, 203. Scott, James S., 173 (2), 319 (3), 331. Sdott, John (son of Jonathan), 34. Scott, John S., 173 (3). Scott, Jonathan, 34. Scott, M. T., 203. Scott, Governor Robert K., 247 (2), 253. Scott, William, Jr. (1776), 32. Screven, K. E., 171. Scruggs, J. W., 173. Seabrook, Governor Whitemarsh B., Message respecting the Bank of the State by, 235-236. Sebring, Edward, 188, 190, 394 (3), 395 (5), 296, 333. Second Regiment, South Carolina Line, Continental Establishnaent, 307. Seibels, John T., 203. Seigling, Rudolph, 356 (3). Shackelford, P. R., 198. Shackelford, John, 100, 101. Shand, Rev. Peter J., 303. Shannon, Charles J., 201, 202, 300 (4), 303. Shannon, William, 301. Shannon, William M., 160, 308. Shepherd, J. H., 198. Sheppard, John L., 360 (3). Sherman, Gen. W. T., 331 ; Destruc- tion of Columbia by, 98 (2), 172, 173, 199, 303, 213. Shingler, William P., 193. Shirras, Alexander, 51. Short Life of Paper Money in Bank- ing (Gouge), 104. Shubrick, Thomas, 57 (2), 64. Shultz, Henry, 110, 111 (4), 113, 139, 315, 330 ; E. J. Scott's account of, 111-113; State loan to, 113; Bridge across the Savannah built by, 314. Shultz, John, 97, 98. Shnltz & Breithaupt vs The State Bank of Georgia, 113. "Shylock", 376. Sickles, Gen. D. E., 246. Silver, 36, 37, 73, 103 (3), 109 (2), 116 (3), 146 (3), 147, 153, 155 (2), 165, 167, 168, 335, 236 (2), 339, 263, 363 (3), 389 ; Agitation of the question of, 385, 386. Simmons, Ebenezer, Jr. (1761), 30. Simms, William Gilmore, 169. Simonds, Andrew, 177 (3), 198, 303 (2). Simons, Harris, 190, 197. Simons, James, 189. Simons, Keating, 32, 51, 55 (2). Simons, Maurice, 32. Simons, R. L., 198. Simons, T. G., 188. Simons, Thomas, 46. Simons, William, 189, 197. Simonton, Charles H., 173. Simonton, J. R., 305, 206. Simonton, John, 160, 174. Simpson, Dr. John W., 176. Simpson, Oliver, 111. Simpson, W. D., 365. Sims, C. B., 173. Sims, Peter J., 184. Sinlder, James, 138 (Sinclair). Skinner & Co., P., 233. Skins and furs, 6 (2), 7, 8 (2), 141. Slann, Peter, 13. Slaves, 11, 14, 17, 20, 21, 246. 250. (See Negroes.) Sloan, J. B. E., 257 (2). Smidt & Co., John, 333. Smith, A. C, 69, 191 (2), 193. Smith, Benjamin R., 55, 188. Smith, C. M., 192. Smith, Charles, 176. Smith, Hugh, 46, 47. Smith, J. E., 66 (3), 191 (2). Smith (LeSerurier), James, 9. Smith, James E., 207. Smith, Joel, 209. Smith, Josiah, 40, 42, 46. Smith, R. C, 307. Smith, Richard D., 101, 200. 467 Smith, Samuel, of South Carolina, 40. Smith, Samuel, of Liverpool, Eng- land, 118. Smith, Savage, 78, 79. Smith, Theodore D., 191. Smith, Landgrave Thomas (1664- 1738), 11. Smith, Thomas (1719-1790), 29, ?0, 31. Smith, Thomas P., 357 (2). Smith, W., 66 (3). Smith, W. Walter, 198. Smith, William (16..-1710), 11. Smith, William (1762-1840), 78, 79. Smith, William Burrovs^s, 191, 192, 256 (5), 357, 396 (2), 297. Smith, William S., 97, 98. Smyth, John, 34. Snovrden, G. T., 110, 203. Snowden, Prof. Yates, 3, 141. Sollee, Henry, 193 (3). "Some Notable Banks", 95. Somerall, William, 43, 51. Sondley, Richard, 203. South Carolina and\ Georgia Alma- nac, The, 40 (3), 42. South Carolina Canal and Bail Eoad Company, 135 (3). SoutJi-Gair'olina Gazette, The, 9. South-Carolina Gazette, and the Public Advertiser, The, 137. South Carolina Historical Society, 3; Collections of the, 4 (2). South Carolina Railroad Company, 231, 254. South Carolina Reports, 3, 94, 156. South-Western Rail Road Bank, The, 45, 93, 121 (3), 130-144, 209- 213, 223, 230, 231, 232, 233, 354, 391 ; Suspension of specie pay- ment by, 226, 228, 329, 233; Description of bills of, 309-310; Spurious bills of, 332; Illustra- tions of bills of, 381-384. Southern, J. P., 174. Southern Bank, St. Louis, Mo., 224. Spaniards, 8, 13. Spann, James G., 203. Sparks, A., 304. Spartanburg, 105, 110, 330. Spartanburg and Union Railroad, 367, 368. Spears, Archibald, 73, 194 (2), 195. Spratt, L. W., 198. Spring, John, 209. Spring Street, Charleston, 186. Springfield, Mass., 222 (2), 233. Springs, A. B., 175. Spurious Bills, 328-332. St. Amand, M. W., 186 (3), 187. St. Augustine, Expedition against in 1703, 7, 8 (4), 9, 10, 11, 13. St. Bartholomew's Parish, 99. St. Louis, Mo., 222 (5), 224. (3). St. Matthew's Parish, 99. St. Michael's Church, Charleston, 309. St. Michael's Parish, 67, 88, 138, 179, 182. St. Philip's Church, Charleston, 309. St. Philip's Parish, 67, 88, 138, 179, 183. Stage, J. P., 321 (2). Stage, L. D., 331. Stanland, T. W., 260 (2). Star of the West (California steamer), 333. Stark, Robert, 99, 100. Stark, Theodore, 300. Stark Bank, The, Bennington, Tt., 332. Starke, Reuben, 79. Starke, William Pinkney, 113. Starke, Wyatt W., 101, 111, 112, 113, 300, 209 (2). Starr, Edwin P., 138, 212, 312 (2). State Bank of Georgia, The, 113. State Bank of North Carolina, 103. State Bank of South Carolina, The, 44 (2), 45, 50 (2), 51 (3), 56-66, 68, 74, 83, 89, 120, 158, 169, 170, 181, 188-190, 226 (2), 338, 231, 233 (2), 239, 360; Description of the bills of, 394-396; Spurious bills 468 of, 333 ; Illustrations of bills of, 336-344. State House, 88, 98, 137, 247, 302, 303. State Printer, 76. State Eights, 39. State Savings Bank, St. Louis, Mo., 322. State Street, Charleston, 46, 117, 252, 255, 356. Statutes at Loirge of South Carolina, 3, 5, 6 (4), 7 (4), 8, 9 (3), 10 (3), ■ 12 (3), 20 (2), 21 (3), 32, 23, 25, 26, 27, 38, 39 (2), 30, 31 (2), 33 (3), 42, 50, 64, 68, 72, 88, 90, 91 (3), 92 (6), 94, 100, 101 (4), 102 (3), 104, 110 (3), 113 (3), 117, 138 (3), 136, 151, 159, 165, 168, 174 (2), 175, 176, 177 (3), 180 (2), 181, 183, 185, 235, 337 (2), 239, 242, 253, 355, 260 (2), 363 (2), 364, 365, 367, 268, 369 (2), 370. Staunton, Va., 222. Steedman, Charles J., 80. Steele, John A., 73, 194. Steinmeyer, J. H., 198. Steinmltze, J. E. A., 67. Sterling, 12, 36, 37, 38, 29. Stevens, Clement H., 193 (2), 196, 298, 331. Stevens, Joel, 184, 186 (2). Stevens, Thad., 250. Stevens, Thomas, 68, 69 (2), 191. Stewart, J. S., 174. Stewart, Ttobert L., Jr., 46, 47 (3), 204, 205 (2). Stewart, Thomas, 42. Stokes, J. M., 309. Stokes, J. W., 209, 314, 315 (3), 316, 317, 330. Stoll, William F., 55 (2). Stone, E. G., 198. Story, Justice Joseph, 96. Street, H. T., 193. Street, Thaddeus, 69, 125, 307, 256. Strickhysen, Mr., Claim of, 84. Strobel, M. D., 171 (2), 186, 311. Strohecker, H. F., 171-2, 198. Strohecker, J. L., 198. Strohecker, John, 178, 183. Suffolk Bank, New York City, 222. Sullivan's Island, A watch at, 6 ; Fort on, 307. Summers, William, 80. Sumter, Gen. Thomas, 137, 300, 318. Sumterville (Sumter), 139, 160, 166 (misprinted Sumnaerville) , 167, 168, 337, 330, 331 ; Gazette of, 161 ; Bank in the town of, 176- 177. Supreme Court of South Carolina, 361; Act (1868) to organize, 360; First chief -justice of, 260, 262 ■,Beports of the, 274, 275. Suspension of circulation of paper currency, 35 ; of specie payments by banks, 126, 150-151, 152, 153, 165, 166, 214-238. Swift, Brothers, Johnson & Co., 222. Swift, Sanson & Co., 222. Syracuse, N. Y., 224. Taber, W. E., 196. Taft, A. E., 169, 171, 183, 184, 188, 190, 357 (2). Tallahassee, Fla., 333. Talley, S. O., 202. Taney, E. B., 316 (3). Tariff of Abominations, The, 140. Tarrant, Eichard, 80. Taxation, 4-8, 13, 30-33; Exemp- tions from, 56, 113. Taylor, A. E., 200. Taylor, B. F., 200. Taylor, E. T., 331. Taylor, J. H., 183. Taylor, John, 105, 204. Taylor, John, Jr., 100 (2). Taylor, John M., 100, 101. Taylor, Josiah, 55 (3), 65 (3), 188. Taylor, Col. Thomas (1743-1833), 318. Taylor, Thomas (1779-1874), son of above, 99 (3), 100 (2), 200. Taylor, William, 80. Taylor, William J., 203. Taylor Street, Columbia, 173. 469 Teasdale, Richard, 188. Temperance Hall, 181. Temporary Acts in Trott's com- pilation, 21. Tennessee, 130 (3), 132 (2), 135, 143 (2), 223, 309; Seal of, 309 (3). 'lennent, J. S., 194 (2), 195. Terry, Harvey, 275-277. TEKET VS. CALNAN, 276 (2). TEBRY VS. MAETIN, 277. TEEET V. TUBMAN, 277. Tesson & Danjen, 224. Texas, 118. Thayer, John E., 222. Thayer, William, 189 (2), 205, 256 (3). Theus, Simeon, 64. Thomas, Francis, 46 (3). Thomas, John, 79. Thompson, Benjamin, 80. Thompson, George, 178. Thompson, H. T., 205. Thompson, Josiah, 80. Thompson, O. R., 174. Thompson Bank, The, Thompson, Conn., 222. Thomson, Thomas, 268. Thurston, R., 190. Thurston, Samuel L., 100 (2). Tiedeman, Otto, 260 (3). Tileston, Thomas, 231 (2). Tillman, J. M., Ill, 315, 330. Timbs, Curiosities of History by, 215. Times, The, 138. Tlmmons, Georg-e, 69, 191, 192. Timothy, Peter, 33. Tinkham & Co., E. I., 222. Tobacco, 6, 118 ; Inspection at Hamburg of, 113. Tobias, A. L., 171. Tobias, Abraham, 192. Tobias, Joseph L., 193. Todd, Samuel R., 176. Toomer, Anthony, 32. Toppan & Co., Charles, 317 (3), 318 (3). Toppan, Carpenter & Co., 293, 298, 307, 310, 314, 316, 322 (2), 323 (2), 329. Toppan, Carpenter, Casilear & Co., 311 (2), 312, 319 (3), 324 (4), 325 (2), 326 (2), 327 (4). Toronto, Canada, 222, 233, 224. Tovey, Henry M., 183. Townes, Joseph H., 101. Townsend, Paul, 32. Tradesmen's Bank, New York City, 220. Trapier, William M., 100. Trapman, Lewis, 65, 190. Treasurer of tte province, 33, 25, 27, 31, 32. Treasury of South Carolina, 72. Trenholm, George A., 125, 207, 254, 256 (2). Trescot, Edward, 34. Trescot, H., 48. Trescot, Henry, 189 (2), 395 (2), 296. Trezevant, Peter, 64. Trott, Nicholas, 4 ; MS. compilation of The Laws of the Province of South Carolina by, 4 (2), 5 (7), 6 (7), 7 (6), 8 (3), 10 (4), 12 (3), 13, 20 (4), 21 (4). Trout, T., 190. Tucker, Staring, 79. Tunno, Adam., 40, 46. .Tupper, F., 256. Tupper, Samuel Y., 190, 357 (3). Tupper, T., 178, 183. TurnbuU, Robert J., 57 (2), 64, 65 (2). Turner, Andrew, 176. Turpin, Thomas, 46 (2). Tuscarora Indians, 19. Tuttle, Moses, 101, 129. UfEerhardt, William, 257 (2), 260 (3). Underwood, Bald & Spencer, 303. Underwood, Bald, Spencer and Hufty, 394, 396, 398 (incorrectly given on a spurious bill). Union Bank, New Orleans, La., 323. Union Bank of South Carolina, The, 470 44, 45, 66-69, 72, 118, 120, 166-168, 170, 191-193, 226 (2), 228, 231, 233 (2), 234, 237, 256-257, 257; Description of the bills of, 296- 297 ; Spurious bills of, 332 ; Illus- trations of bills of, 345-384. Union Bank of Tennessee, 223. Unionville (Union), 105, 129, 329, 330. United States, 38, 39, 43, 44, 67 (2), 71 (2), 77, 89, 90, 91, 95, 97 (2), 103, 106 (4), 109, 115, 116, 118, 123, 132, 133, 161, 162, 181, 242, 244, 249, 255, 279, j381, 282, 283, 291 ; Constitution of the, 339, 247, 251, 261, 266 ; Provision regard- ing- money in Constitution of the, 38; First Bank of the, 39-40; Second Bank of the, 40, 46 (2), 48-49, 75, 114, 147 (2), 214 (3), 216, 329 ; Branch at Charleston of the Bank of the, 40-43, 43, 44, 45-50, 66, 114, 117, 118 (2), 120 (2) ; Supreme Court of the, 96, 113, 277, 281, 284; Circuit Court of the, 5th Circuit, 113 ; Circuit Court of the, District of South Carolina, 276, 377 ; Banking laws of the, 154 ; Reports of the Su- preme Court of the, 96, 377, 384 ; Kidpath's History of the, 216-217 (2) ; Troops of the, 245, 247, 265. United States Bonds, 243, 359, 283, 284, 287. United States Reports, 96 (Peters), 377, 284. Utica, N. Y., 222. Up-Country, 136, 138. Valk, J. Lawrence, 66 Valk, J. R., 66 (3). Van Buren, President, 148, 149. Vance, William, 80. Vander Dussen, Alexander, 29. Vander Horst, Arnoldus, 40. Vander Horst, Elias, 98. Vander Horst Street, Charleston, 181. Veazie Bank vs. Fenno, 284. Vermilion towers, 170. Verree, J., 80. Villepigue, Paul T., 208. Vincent, H. K, 186. Vincent, W. J., 66. Voorhees, Daniel W., 350, 351. Wadsworth, J. C, 204. Wadsworth & Co., 333. Wagner, George, 189. Wagner, S. J., 183, 184. Wakefield, James, 33. Wales, 289. Walker, Isham, 80 (erroneously recorded J.) Walker, James M., 153, 187. Walker, John F., 73 (3). Walker, L. G., 100, 101. Walker, Legarg J., 256. Walker, Samuel, 80. Walker, W. A., 175. Wall Street, N. Y., 3, 219, 285, 286. Wallace, Andrew, 110, 203. Wallace, John, 200. Wallace, Samuel M., 79. Wallace, Sarah, 276. Wallace, William, 303. Wallace, William H., 365. Walpole, H. E., 205 (2), 207. Walter, George H., 198. , Walter, J. F. W., 205. Walter, Thomas, 137. Walterborough, 105. Walton, A. Y., 74, 195. War of Secession, 94. Ward, Henry Dana, 99 (2). Ward, John, 46. Ward, Joseph, 175. Ward, Joshua, 33. Ward Manufacturing Co., 233. Wardlaw, David L., 155, 156, 158. Wardlaw, F., 309. Wardlaw, Robert H., 177 (3), 303 (3), 338. Waring, Benjanniin, 30. Waring, D. J., 98. Waring, M. A., 64, 97 (4). Waring, Morton, 57 (2), 64. 471 Waring, T. M., 357. Waring, Thomas E., 196 (3), 197, 353, 399, 303, 303, 330. Warley, Charles, 98. Warren, Samuel, 79. Washington, President, 38, 39, 394, 395, 396-7, 397, 300, 303, 303, 307, 311, 315, 318, 330, 331, 333, 337, 339 (3), 330; Busts of, 394, 323; Equestrian statues of, 313, 334. Washington, William, 139. Washington, D. C, 39, 317, 333, 301 ; The capitol at, 333, 336. Washington Street, Columbia, 98, 203. Wateree Kiver, 138, 137. Waterman, E., 100. Watt, J. M., 338. Weare Bank, The, Hampton Palls, N. H., 223. Weaver, D., 323. Webb, Daniel C, 97, 98 (3), 198. Webb, John, 33. Webb, William, 64. Webber, Miss Mabel L., 3. Webster, Daniel, 49 ; Portrait of, 310. Webster vs. Bannister, 158, Weems, Mason L., 300. Weir, John A., 177. Wellington, Duke of, 315. Wells, Jacob H., 176. Wells, Dr. Thomas, 303. Welsman, J. T., 183, 188. Wesner, F., 98. West, Charles H., 171, 173, 178, 183, 183 (3), 184, 357 (3). West, J. C, 308. West, Governor Joseph, 4 (3), 5. West Indies, 35. Western Bank, Springfield, Mass., 222, 333. Western Bank of South Carolina, at Anderson, 166-168, 334, 337. Weston, Plovyden, 34. Weyman, Joseph T., 98. Whaley, William, 171 (2). Wheeler, C. A., 205. Wheeling, Va., 233. Whilden, W. W., 194, 357, 260. Whitaker, L. L., 303. Whitaker, L. L., Jr., 303. Whitaker, William B., 303. White, Anthony, Sr., 160. White, Horace, Money and Banking by, 95. White, James, 184, 186 (2). White, John, of Charleston, 55 (2), 188. White, John, of Abbeville, 177. White, John Blake, 399, 300. White, Sims, 34, 42, White House, Washington, D. C, 30],. White servants purchased, 31. Whitefleld, William, 79. Whitner, Benjamin P., 110. Wliittemore & Co., E. P., 333. Wickenberg, P. W., 356 (3). Wickenberg, G., 356. Wightman, William, 67. Wigington, Henry, 17. Wilde, Eichard H., 113. Wiley, L. M., 118, 125, 307. Wilkes, John, 190. Wilkie, William B., 68, 69 (3), 191. Wilkinson, Christopher, 13. Wilkinson, Willis, 100 (3), 101. Williams, Charles, 80. Williams, David P., 313, 331. Williams, E. C, 357. Williams, George W., 188, 354 (3), 391 (2) ; A Review of the Bank- ing Laws of South Carolina by, 3 ; Eistory of the Banks of South bmroUna by, 42, 118, 242, 391. Williams, J. H., 176. Williams, John, 312. Williams, Robert, 34. Williams, W. B., 169, 171. Williamsburgh, N. Y., 223. Williamson, John, 43, 51, 67. Williamson, William, 30. Willard, A. J., 360, 361 (3). Willington, A. S., 73, 195. Wilson, J. G., 330. Wilson, J. H., 254 (3), 257 (3). Wilson, J. M., 183. 472 Wilson, John, Jr., 80. Wilson, John L., 80. Wilson, Samuel, 236. Wilson, W. M., 206. Wilson, Woodrow, History of the American People by, 148; Admin- istration of, 287. Wines, 5. Winnsboro, 110, 129, 160 (3), 161 (4), 165, 166, 167, 174, 332; Gazette of, 161. Winslow, Lanier & Co., 223. Winthrop, Ang-., 47, 48 (2), 205, 206. Winthrop, Joseph A., 47, 48, 65 (2). 192. Withers, — , 54. Withers, President" of the Bank of the State of New York, 221. Withers, Kobert F., 100 (3). Witherspoon, James, 160. Witherspoon, Thomas, 80. Witsell, John, 197 (2). Woddrop, John, 40, 46. Woed, Robert, 80 (Wood). Wohltman, J. N. M., 254. Woodbridge, Thomas M., 43. Woodward, John, 80. Woodward, 0., 174. "Workman, John, 208. Workman, W. H. E., 308 (misprint- ed K), 330, 331, 339. Wragg, John, 30. Wrag-g-, Joseph, 27 (3). Wragg-, Samuel, 65, 97, 98, 100 (2), 189. Wragg, Thomas L., 190, 207. Wright, James, 104, 105, 304 (2), 313. Wright, William, 175. WulfE, Jacob, 68, 69. Wurdeman, Mrs., 120. Wynn, J. D., 203. Yancey, Benjamin Cudworth, 78 (3), 80. Yates, D. S., 199. Yates, Francis S., 187 (3). Yates County Bank, Yates County, N. Y., 222. Yeadon, Richard, 46, 97, 197. Yeamans, Governor Sir John, 5. Yemassee War, 30 (3), 31. Yonge, Francis, 25 (2). York Court House (Yorkville, York), 105, 160, 329; Gazette of, 161. Yorktown, Surrender at, 327. Young, E. B., 328. Young, John L., 176, 330. Youngblood, William, 80. Zealey, Joseph, 151, 192. Zealey, W. E., 193. HG 2611.87059""'™"'""-"'"'^ mrniilllSJS.P.f.,'*'^ banking institutions 3 1924 007 830 460