The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-15
SOUTH CAROLINA.
SUSPENSION or THE BANK OF THE STATE.

From the CHARLESTON SIAN lard, Ool IL
The financial osisis, which Tor some time has Deen i'm
DIP By he failure Of The Bank o. the safe 70 conasue
specie payment me day before was unde rtood that
Bank Of South Carolina and soon aner the doors we're
opened yesterday an unusualy largo number OF bill
and balances The specie aod b Of other banks we're
all drawn out - The day advAnoeds nj about t~elve
O'Clock notice VS. zen by the direct NJ NAT no furhes
oocasiousd, but tnevc no excisment II was Known
Of ihs bank sbundantly suseni for ~
possible dsaasnuy the sas Asle % msks good; and
besides the Inconvenience ocauoued W deposings and
bD holders BY their inability 70 make these svslsbe I'm
medlately IN seemesb pIth other banks there were
sar,nns painful Giro instances attending The occur-
renee.
has occaaoued thus result ~ reference V .he monhy
bank statements for the LAST Few yew viii appear that
ne circulation, deposits and ether Liabilities OF THIS bank
are about the they have been ~ specie exchange
foreign and domestic other cash Assets have becn
diminish cd and the calamity therefore, oce 10 which
.ss u.s be aSsys liable snssr The prcseal sysnm q
This stem, 70 say The least Of an unrorursse one
90, crops when cold In foreign markets. sive credit
abroad but Ne have no pay mems comparatvey 70 mste
abroad and must cell our oeedv, hereforc where there
bsrss, therefore, 70 snss merchants 70 puronsse
oouep mua take their bills on Europs or Nev
York TO make ,se, sis y on saso's nn a,s.o,s
binary circumstances the system u no. prvducdve
OF embarrassment me bsuks, 70 fulal their Of
doe facilitating The sale Of produce o. The south, must
nvcs portion Of thor cAoisal " thai o,cc,
bot hey bring The Specie on from New FORK 70 meet
emergencies, and II The sane In cfeos ~ thoush tbs
specie II hard Bat The commercial system Of N,~
York convuhed They not able respond
70 drafts upop them for our money there 70 credit
they are not able purchase exchange Euro and
the banks tho south therefore, though In the Strongest
poesible sondion liable " be oushed By tue oonvul
Of another commercial system upon which they have
happened 10 become dependent the evidence Of this
fact will app.G from . comparison between The buk
ssss ncr Of the month the sAme month In 1855
From this II vi1 be seen that the circuhton OF al
the banks In August. 1851, was F,o2ss7t ne,
p,onu on hand, si,17ei3; derosw, ~ $50 are ;
masrr IN Aggregate OF Immediate liabilities. sl7,
AGA 2e8 In 1865 tho circulation 1874 7o8
net profits 81 se7 600; deposits, ss,2sa ga making
On sasregss n Immediate nsnucs ia 1850 sl2, ,si2
sbov Ing an Increase OF liabilities " the sxsest Of ons
about 500 600 Al ,ht Same time the Assets o
I,v, in 1881 specie, 49, 0ts domestic exonange
$40 p5 aga fofern ercnsnse s2a3 s7t making ssgrs
rrste Of cab sses sf2 oss, Isl ami IN 1850 SPECIE
al s,8 aos: Domestic exchange, a. $50 22l; foreign
change, s27b17e; mskios an asg'esse fc that yew Of
40 Bsi sOs; MAKING ncfesFe ossn for 1887, OF
s2b4Ooco md " we were s5tndsntlv es,v In 1850 u
cannot have arpened that the nreent embsrrssn nt
have occurred from any ursdeto error n banking
Ssem, bat from causes sh "A are ousS.de q y, and