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Domestic News
July 16, 1875
The Weekly Union Times
Union, Union County, South Carolina
What is this article about?
Small amount of county funds deposited in failed Solomon's Bank; no expected loss but payment delays until Receiver T. C. Dunn allows access. Call for law to require deposits in sound local banks.
Clipping
OCR Quality
98%
Excellent
Full Text
As many enquiries have been made of us as to whether any of our County funds were deposited in Solomon's Bank, when it bursted, we made the necessary enquiry and learn that a small amount is in the wreck; but it is confidently believed the County will not lose a dollar eventually. Great inconvenience will be felt, however, because it will delay the payment of County claims until the Receiver of the Bank, T. C. Dunn, unlocks the vaults and allows the Treasurer to draw the County funds. We hope the failure of Solomon's Bank will cause a law to be passed compelling County Treasurers to deposit all County funds in some sound bank in the County to which they belong; or if there is no bank in the County, then in some sound bank located nearest to that County.
What sub-type of article is it?
Economic
Politics
What keywords are associated?
Solomon's Bank
Bank Failure
County Funds
Receiver Dunn
Financial Delay
Treasurer Deposit
Bank Law
What entities or persons were involved?
T. C. Dunn
Domestic News Details
Key Persons
T. C. Dunn
Outcome
county will not lose a dollar eventually, but great inconvenience due to delayed payment of county claims
Event Details
Enquiries made about County funds deposited in Solomon's Bank when it bursted. Small amount in the wreck. Receiver T. C. Dunn to unlock vaults for Treasurer to draw funds. Hope for law compelling County Treasurers to deposit funds in sound local banks or nearest.