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

Fnc Chnrleston Banks.
Public attention has already been directed
to the cheering TACT that the revival is now
certain OF some OF the old Charleston banks,
which, during their active career, were noted
Tor ability OF management. high credit and
| fair dealing. These establishments have il
Is true, lost much of tho capital which tho,
formerly possessed; hut, overtakcn rs they
were by the common disaster, il is pleasing
TO know that they have enough capital re-
| manning TO pay off all their outstanding, Lin.
| bililicS, and enable them To resume opera.
lions under the names 80 long familiar tu
| Che merchants Of the State. The Southern,
! States arc fairly launched ON the tide which
| leads 10 fortune, the whole Southern coun-
| try is steadily strengthening its position.
/ ana with prospect of continued high prices
| Tor tl'c Southern staples and all active dc.
| mand for business capital, the banking es-
Establishments which arc now horn again may
| reasonably look forward 10 Il lonr aud suc-
ccssful career.
The Charleston banks TO which we par-
ticularly refer arc:
|. The Union Bank, which has been in CT.
istence for about half century, and has
always been marked by prudent manage
ment, foature which was impressed upon
1t especially by the late Rene GODDARD, for q
long time its president. The original cnpi-
| tai Of the Union Bank was $1,000. COO: I'M,
this was seriously diminished during tho
war. The bank is now doing business, and
its means arc expected to bc enlarged at an
early day. W. b. Smith, ESQ.,, the prcsi-
dent, . successful and wealthy merchant OF
this city, will doubtless continue to conduct
its affairs with prudence md cautious care.
2. The Planters AMI Mechanics Bank.
always fayorite institution, was established
in tho beginning of this century by the late
William Aikcn-father OF cX-Goycrnor
AiEcn-John Robinson, the Messrs. Rave
mel, and other prominent merchants. Mr..
Thomas Blackwood was its president for
many years, and Daniel Rayenel, Esq. the
present president. has been connected with
it almost from its foundation Tho capital
OF this bank. ST 900, 0G0, was for the most
part swept away by tho war, but an assess
ment on the stockholders is now making.
and it will go ut once to work.
3. The Bank Of ofCharleston was establish
CD about 1886 to meet the wants OF the grow
Ing trade OF Charleston, and facilitate the ne
EQUATION OF foreign and domestic exchange.
In This department the bank did largo and
lucrative business, while it's general credit
was so good that Bank OF Charleston bills
were taken at par in Europe. Among the
founders OF the bank we're the late General
James Hamilton, who was the first presi-
dent, James Adger, Kerr Doyce and II. w.
Conner, as well as the Hon. G. A. Tren-
holm. Henry Gourdin, ESQ.,, and C. T.
Lowndes, Esq, the present president, who
has contrived to meet all the liabilities
or the bank and retain a surplus equal to
about Is per cent on the capital OF So, OOO,-
900.
4. The Peoples Bank was established a
few years before the war, with q capital OF
81 100000. This bank suffered heavily; but
judclous financiering has enabled 1t to re-
deem Its bills and have sufficient capital
with which to resume business. This bank
was we'll managed by tho late president, D.
l. Mckay, and enjoyed high reputation,
which 1t still retains.
Tho three banks last named nav ho cx-
peeted to go into business bufore the LIST
January with an active capital of about
Sl,260,000. This, added to the capitai OF
tho two national banks, the Loan and Trust
Company and the Union Bank, will give US
an active banking capital OF about So, ,25o,-
600, which, although far below tho S14,-
600, 900 OF capital which VIC had In 1880.
will materially relieve the financial pressure
which now rcstrains the free course OF trade.
The gentlemen who will hayo charge of
tho new banks will, we are sure, show u
practical appreciation OF tho peculiar ne
ceasitie5 OF the situation, and will know how
TO combine on enlarged liberality with
proper circnmspection; nor will thoy neglect
to use the means Mt their command so as to
encourage tho rapid development Of tho
commerce OF our city. At tito samo timo Il
must not BIO forgotten that there is no certain
safety for Lhc banker or merchant 80 long
ns our business operations arc based upon
an irredecmahlo paper currency. and, for
this reason, there should he o persfEtent
pressing onward In tho direction OF specie
basis. The papers announce that the mer-
chants Of New York aro organizing pow
orfal establishment which shall unite tho