At 16, George Trenholm had begun working for a major
cotton broker, John Fraser and Company in Charleston. He rose to become a partner, and by 1853, when he was 46, he led the company. Fraser died in 1854, and it became Fraser and Trenholm. By 1860 Trenholm became one of the wealthiest men in the Southern United States, owning real estate worth $90,000 () and personal property (including
enslaved people) valued at about $35,000 (). His financial investments included steamships, hotels, wharves,
cotton and
plantations. Trenholm's family enslaved about 39 persons as domestic staff Trenholm was also director of the Bank of Charleston and a South Carolina railroad. A member of the Democratic Party, Trenholm was elected to the South Carolina legislature in 1852 and served until 1856. After President
Abraham Lincoln's election in 1860, Trenholm strongly supported the secession of the Confederacy, which South Carolina led among the top six of the major slave states. Trenholm's wealth increased as his 60 commercial ships ran the U.S. Navy blockade. The ships carried cotton, tobacco, and turpentine to England and brought back coal, iron, salt, guns, and ammunition.
Josiah Gorgas, the Confederate chief of ordnance, estimated that by March 1863, Trenholm's company had made $9 million (equivalent to $ million in ) by
blockade running. His company - now called Fraser, Trenholm and Company - became the Confederate government's overseas banker. The office in
Liverpool arranged cotton sales and financed its own fleet. The U.S. consul in Liverpool, Thomas Dudley, estimated Trenholm's fleet imported $4.5 million of cotton into Great Britain. However, Confederate President
Jefferson Davis vetoed Trenholm's suggestion that the Confederacy buy decommissioned
British East India Company ships for $10 million. Trenholm and his Liverpool-based partner
Charles K. Prioleau (son of a Charleston lawyer) worked with fellow American
James Dunwoody Bulloch as Confederate foreign agents in Britain to manage their arrangements, especially shipping munitions home. Britain depended on the South's cotton exports. Continuing cotton exports to Britain helped the Confederacy financially and shaped British public opinion toward the Confederate cause. Trenholm served again in the South Carolina legislature from 1860 to 1863. In January 1864, Trenholm's daughter Emily married William Miles Hazzard, a Confederate scout. Trenholm deeded the Annandale and Beneventum plantations to Hazzard shortly after the war's end, trying to protect them from potential confiscation by the United States government. Confederate Treasury Secretary
Christopher Memminger, a fellow Charlestonian and friend, used Trenholm as an unofficial adviser for almost four years. When Memminger resigned on July 1, 1864 (due to public outcry after he issued millions of Confederate bank notes at one-third the value of the old ones), and moved back to
North Carolina, Trenholm succeeded him. He was formally appointed on July 18, 1864. Trenholm was a more charismatic figure than his predecessor. Together with his constant published updates, he had better
press relations and contact with the Confederate Congress. Trenholm had a "never give up the ship" personality but could do little to stop the financial havoc as the rebel government grew insolvent and printing money caused inflation. Trenholm advocated direct taxation, reducing the circulation of paper currency, further public subscriptions for war bonds, and purchasing blockade runners (rather than continuing to rely on private shippers), but the Confederate Congress refused to pass those measures. The last published account of it reported $86,000 in specie hidden in the false bottom of a carriage and entrusted to James A. Semple, a Naval paymaster and son-in-law of ex-President
John Tyler. He was supposed to take it to
Liverpool to pay Confederate accounts. Secretary of State
Judah Benjamin used a $1,500 gold warrant signed by Trenholm to secure his passage on a boat to Britain. Days later, Trenholm was transported by ambulance to another train carrying the Confederate government into North Carolina, where they learned President
Abraham Lincoln had been assassinated on April 14. Eventually, the Confederate government, including Trenholm, reached
Fort Mill, South Carolina. Upon hearing of General
Robert E. Lee's surrender at
Appomattox Court House, Virginia on April 9, the local commander in
Charlotte, North Carolina, General
John Echols, had offered his troops the choice of surrendering or continuing to fight. Half his cavalry and almost all infantry left for home. Only 1,000 men followed General Echols to meet with President
Jefferson Davis and the remaining Confederate cabinet members in Fort Mill. Trenholm asked President Davis to accept his resignation, citing his ill health, and Davis accepted with his thanks on April 27, 1865.
Imprisonment and parole Trenholm had six rice plantations to manage in
Georgetown County, South Carolina alone, having bought many in 1863 before assuming his public role. He traveled from Abbeville to
South Carolina College in
Columbia, South Carolina for the wedding on June 1, 1865, of his son Frank to Mary Elizabeth Burroughs in the house of the college president. Trenholm, his wife, and daughters moved into their newly purchased estate, now named
DeGreffin, near Columbia, South Carolina. U.S. Army troops had burned it in a raid. They left the Abbeville house to William and his family. Around June 12, a U.S. officer asked Trenholm to come to them in Charleston to answer questions. Escorted by his future son-in-law James M. Morgan (or by his son William, under alternate accounts) and carrying a bag of gold pieces, Trenholm drove to
Orangeburg, South Carolina. He took the train to Charleston, where he was arrested at the depot and escorted to jail by
United States Colored Troops on June 13. The U.S. government accused him of making off with millions in Confederate assets. He was soon joined in jail by Theodore Dehon Wagner, the manager of Trenholm, Fraser & Co. Trenholm was briefly imprisoned at
Hilton Head, South Carolina, but General
Quincy Gillmore, who knew him and of his kindnesses toward U.S. prisoners during the war and recognizing his physical disability, issued him a written parole on June 25 to allow him to return to his home and the corporate limits of
Columbia, South Carolina. In July, Gillmore was relieved of his command, and Trenholm was arrested again on July 12. He was allowed guests, including many former high Confederate officials. Fellow prisoners included
James A. Seddon,
David Yulee, R.M.T. Hunter, former Florida governor A. K. Allison, Charles Clark of Mississippi, A. G. Magrath, and assistant Secretary of War, James A. Campbell—all of whom were allowed liberty around the island after giving their parole of honor on August 21.
Postwar business, charity and politics Pardoned by President
Andrew Johnson and ordered released on October 11, 1865 (along with Clark, Campbell, Confederate Vice President
Alexander Stephens, and Postmaster
John H. Reagan of Texas), Trenholm returned to his business. Manager James Welsman had been pardoned in August. On September 29, President Johnson had ordered property returned to Charleston firms, including Trenholm's, over the objection of Quartermaster General
Montgomery C. Meigs. U.S. lawyers filed suit in Britain against the firm's assets to recover funds and against several principals, including T.D. Wagner and Charles Prioleau. The U.S. Government sued Canada for reparations for damages caused by British firms acting on behalf of the Confederacy but settled claims including $3 million for damages to U.S. shipping by the British-built
CSS Alabama. Trenholm's son Fred sailed home from England to attend his sister Helen's wedding to James Morris Morgan. Trenholm also created trusts and deeded plantations to his children and their spouses. The U.S. government ultimately confiscated some of these properties based on the failure of the Trenholm firm to pay customs duties on the many items imported by blockade runners during the war. Trenholm's cotton brokerage firm went bankrupt in 1867. It successfully reorganized as George A. Trenholm & Son and shifted to take advantage of the state's postwar
phosphate mining boom. Trenholm was elected as a director of the
Blue Ridge Railroad in 1868; the railroad was planned to link Charleston and the American Midwest, but it reportedly went bankrupt due to embezzlement by an official who escaped to the North. It was also likely to have been mismanaged, as the southern railroads were over-capitalized in this period. In the postwar period, Trenholm became known for his philanthropy to blacks and whites in the South Carolina Low County. He wrote in 1865 that emancipation of blacks was necessary and argued for their uplift. Many South Carolinians were unhappy with
Congressional Reconstruction and governor
Robert Kingston Scott. He led an effort to invest in public welfare and infrastructure, which resulted in a trebling of state debt as there had been little public investment before the war. He survived an impeachment vote. Voters elected Trenholm to the South Carolina legislature in 1874, and he died in office. The 1874 campaign season for governor was filled with violence as white Democrats worked to suppress the black Republican vote. The
paramilitary Red Shirts were armed and rode openly in groups; they were particularly militant and succeeded in intimidating many black voters. Despite the black Republican majority, Democrat
Wade Hampton III, a former Confederate general, was elected governor. White Democrats retained state legislature control for most of the following century. ==Death and legacy==