The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-11-30

The Board of Directors of the peoples Bank
of South Carolina, on this occasion OF their
second general meeting Of stockholders since
the termination Of the war, submit for their
Sconsideration q detailed statement Of their
arrangement Of this bank since its suspension
ofbusiness, and Of It's present condition.
The advent Of peace, accompanied az 1t was
sby the destruction Of the currency in universal
use, and the ruin Of the agricultural and COM
mercial interests Of the State, found the bank
I Il, an almost hopeless condition. Its assets
Dad been invested in State and public securi-
Mes, In shares Of the great corporations OF the
ecornfSy, and In discounted paper, and these
we're all afected by the common ruin. Early
IN the year 1856, D. L.. Mckay, our late presi-
: dent. to whose efficient management the bank
had. In q large measure, been indebted for It's
former prosperity, came to this city, and be-
gan at once to examine the wreck and TO see
what could be saved. He called to his AID
those of the directors who were then In the
city. and we soon took such measures as the
Immediate emergency required. At that time
there was but little money In our community,
and ro bank, accommodation. Sensible OF
the pressing need, and anxious to afford 10 our
people such aid as was in their power, the
board determined to open the bank, and with
the iittle capital at their command, to make an
eaort to relieve the wants Of our commerce.
Tnisaction was approved by the stockhold-
ors at their meeting in June, 1855.
z On the 20 Of June, 1866, our books were
opened, and from that day until the lst OF
November ensuing, the bank transacted busi-
ness. The advantage flowing to the commu-
nisy; ffom the course thus pursued is part OF
tsenistory of the period. But it win always
be.a source Of pride and congratulation to us,
that even in this crippled condition our bank
was enabled to contribute somewhat to the re-
syiyal of our commerce, and to Its restoration
stom almost total destruction. The following
items show the aid the bank gave our com
mercial community during its short existence:
Exchange purchased. ............. 4Sl ,z69 ~
Sterling purchased. ............... 39,foo ~
i 81 Total. ACKNOWLEDGEMENTS. ..S534, ,2i9 O4
The profits on these operations now COM
nose part of the assets Of the bank.
II soon became manifest that the bank, with
It's large circulation still in existence, could not
( be carried on with safety to its depositors. 1t
had supplied, however, the Immediate necessi-
81. Capital began slowly to flow in, other
banks were In process Of formation, and the
board felt that the necessity which had in
tA,ced their action having ceased, due regard
4 for the interest OF their stockholders compell-
= ed . suspension of the operations Of the bank.
Prom the ist of November, the business OF
she bank was conducted under the name OF
Mckay & Gibbes; and on the I'd January, 1865,
the operations OF this new firm were closed
Slso. The profits of the business conducted by
4his firm amounted to s762S 80, for the benefit
: Of the stockholders, and now compose part
of the assets of the bank.
III may Ee Of some interest to etate that the
bank opened ON the goth June, 1866, with
6eoosIt account of sy3, 900, and that from thai
dsy to the day of closing its doors the deposits
averaged about s50,OOO.
q Being thus compelled to abandon for a time
: ri, hope o. gong on with the regular business
az the Dank, the board addressed themselves
TO che preservation and improvement OF lis as
sets, and The ascertaining and liquidatlns Its
liabilities.
me following statement will exhibit the