The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-11-23
Tho Charleston Banks.

The Charleston Banks.
Public attention has already been directed
to the cheering fact that the revival is now
certain of some OF the old Charleston banks,
which, during their active career, were noted
for ability of management, high credit and
fair dealing. These establishments have, ii
is true, lost much of the capital which they
formerly possessed; but, overtaken as they
| were by the common disaster, it is pleasing
| to know that they have enough capital re-
naming TO pay of all their outstanding lia-
bilitics, and enable them TO resume opera
tons under the names so long familiar to
the merchants of the State. The Southern
States are fairly launched on the tide which
| leads to fortune, the whole Southern cOun-
try is steadily strengthening its position,
| and with prospect Of continued high prices
for the Southern staples and an active do
mand for business capital, the banking es-
tablishments which are now born again may
reasonably look forward to O long and sue
cessful career
The Charleston banks to which we par
ticularly refer are:
l. The Union Bank, which has been in ex-
istence for about half century, and has
always been marked by prudent manage
ment feature which was impressed upon
it especially by the late Rene GODDARD, for q
long time its president. The original capi-
tai of the Union Bank was $1,000, 0O0; hut
this was seriously diminished during the
war. The bank is now doing business, and
its means are expected to be enlarged at an
early day. W. B. Smith, ESQ.,, the presi-
dent, successful and wealthy merchant Of
this city, will doubtless continue to conduct
its affairs with prudence and cautious care
2. The Planters ani Mechanics Bank,
always favorite institution, was established
in the beginning OF this century by the late
William Aiken--father OF Ex-Governor
Mken-John Robinson, the MossrS. Rave
mel, and other prominent merchants. Mr..
Thomas Blackwood was its president for
many years, and Daniel Ravenel. Esq, the
present president, has been connected with
it almost from its foundation. The capital
OF this bank, $1,000, ,0Cj. was for the most
part swept away by the war; but IN ASSESS
meut on the stockholders is now making,
and il will go at once to work.
3. The Bank Of Charleston was establish
ed about 1886 to moet the wants OF the grow
ing trade of Charleston, and facilitate tho ne
gotiation OF foreign and domestic exchange.
In this department the bank did q large and
lucrative business, while its general credit
was 80 good that Bank OF Charleston bills
were taken at par in Europe. Among the
founders of the bank were the late General
James Hamilton, who was the first prcsi-
dent, James Adger, Kerr Boyce and H. W.
Conner, as we'll Us the Hon. G. A. T'ren-
holm, Eenry Gourdn, Esq, and G. T.
Lowndcs, ESQ, the present president, who
has contrived to meet all the liabilities
of the bank and retain surplus equal to
about 25 per cent. on the capital of So, o0o,-
600.
4. The Peoples Bank was established a
few years before the war, with capital OF
S1,0O0,O 900. This bank suffered heavily; but
judisious iinanciering has enabled it TO re-
deem its bills and have sufficient capital
with which to resume business. This bank
was well managed by the late president, ID.
L Mckay, end enjoyed . high reputation,
which ii still rctains
The three banks last namod moy be OK
pectod to go into business before The lst
January with an active capital OF about
81, 900, COO This, ad.od 70 the capital Of
the two national banks, the Loan and Trust
Company and the Union Bank, will give Us
All ac:ivc tGnking capital o. about s2. 250,-
900, which, although far below the $l4.-
0O1010 0f capital which We had in 1880,
will materially relieve the financial pressure
WHOA now rcstrahlB the froG course OF trade.
Tho gentlemen who will have charge Of
the noY banks will, we are sure, chow q
practical appreciation OF The peculiar ne
cessitie5 Of the situation, and will kno " how
to combine OH enlarged liberality with
proper circumspectioni nor will they neglect
TO use the means at their command 50 az To
encourage the rapid development OF the
commerce Of our city. 1t the same time it
mus. no: be efOrsotten that hero is no certain
safety far the banker o. merchant go long
ns orr business opcratioDs arc based upon
an irredeema6le paper currency, and, for
tais reason, there should be a persistent
pressing on xarl in the direction Of spseie
basis. The papers announce that the mer-
chants OF New York are organizing o pow
eriol establishment Shioh shall unite the