Bank of St Louis - St Louis, MO

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: November 12, 1839
Location: St Louis, Missouri (38.627, -90.198)

Metadata

Model: gpt-5-mini
Short Digest: f0707756

Response Measures

Accommodated withdrawals

Description

All articles describe heavy withdrawal pressure in St. Louis in Nov. 1839 tied to the Bank of Missouri's refusal to receive notes of suspended banks. The provided bank name is 'Bank of St Louis' but the articles repeatedly refer to the 'Bank of Missouri' in St. Louis; I flag bank_name_unsure=true and note this likely refers to the Bank of Missouri. The bank faced runs (mid-November 1839) but there is no mention of suspension, receivership, or closure; reports indicate the bank met withdrawals.

Events (2)

1. November 12, 1839 Run

Cause: Local Banks
Cause Details: Bank refused to receive notes of suspended banks (Illinois, Indiana, etc.); neighboring banks had suspended specie payments and their notes depreciated, provoking depositor demands for specie and runs.
Measures: Met a general demand for deposits in specie and continued to meet withdrawals throughout the day; used its available means to withstand the run.
Newspaper Excerpt: A heavy run was making on the Bank by depositors and holders of its notes, which required all its means to withstand; and even violence was threatened.
Source: newspapers

2. November 13, 1839 Run

Cause: Local Banks
Cause Details: Merchant-organized agitation/protests following the bank's notice refusing to take non-specie-paying banks' notes, resulting in organized withdrawals by opponents.
Measures: Public meetings rallied supporters; bank continued to meet demands and reportedly remained stronger in specie after the runs.
Newspaper Excerpt: On the 12th and 13th of November, runs were stimulated upon the bank ... drew the greatest sum, about ten thousand dollars. Another ... drew about three thousand.
Source: newspapers

Newspaper Articles (4)

1. November 26, 1839 True American New Orleans, LA

Article from True American, November 26, 1839

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# The Banking System Great excitement exists in St. Louis in consequence of the Bank of Missouri refusing to receive the notes of the Banks in Illinois, Indiana, &c., in payment or on deposit. The Bank persists in receiving nothing in payment from merchants, planters and others who owe it, but gold and silver or the notes of specie paying Banks. The neighboring Banks in Illinois and other states have suspended specie payments, but their notes pass currently and constitute a principal part of the circulation in St. Louis and Missouri. It is further stated that the Banks of Missouri aided in giving these bank notes curreney and an extensive circulation, and now refuses to take them. The people of St. Louis have resolved that they will not submit to the dictation and arbitrary decree of the Bank, but demand that it shall receive the current notes of non-specie paying banks, which it was instrumental in circulating but a short time since. At the latest dates there was a tremendous excitement against the Bank. The President of the Bank, in the true gasconading, Bentonian style, bid defiance to the almost universal voice of the people in demanding redress A heavy run was making on the Bank by deposi-tors and holders of its notes, which required all its means to withstand; and even violence was threatened. This is another exemplification of an exclusive state banking system, and is but the beginning of troubles. It is impossible for so many local institu-tions to harmonize and act in concert, so as to give uniformity and stability to the currency.

2. November 27, 1839 Morning Herald New York, NY

Article from Morning Herald, November 27, 1839

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This Railroad institution is the first to connec with the Western and Atlantic Railroad, for the continuance. which a bill has been introduced into the Georgia legislature, and t authorise the sale of scrips to raise funds for that purpose. Money is becoming daily more plenty for commercial purposes and there is also a greatly decreased demand. The rate for good paper is not over 11 per cent per month. It has become equally cheap in Philadolybia The supply or money nas been increased by the gradual realization of means from the south, and the decreased demard is incident upon the progressive settlement of former indebtedness. and the disinclination to enter into new arrangements, which has pervaded the mercautile community during the past few months. The demand for uncurrent money and southern exchange, has caused the rates to improve. The Tuscaloosa (Ala.) Bank is said to be advancing on cotton at the rate of 8 cents per lb. On the 14th a large meet. ing of the citizens of St. Lonis was held on the subject of the notice published by the Bank, and given by us yesterday. It appears that there is in circulation in St. Louis not more than $20,000 of the notes of specie paying banks. These were in common with specie at a premium of 64 a 7 per cent. Subsc. quent-to the notice of the Bank, the rate rose to 17 per cen'. The bank has been in the habit of receiving the notes of the IIIII nois, Indiana, Cincinnatti, Wheeling, Lou sville and New Orleans banks. The constant depreciation of these bills by reason of the late suspension, renders it incumbent on her now tore fue them. The merchants cannot therefore pay their bille except at a less of 15 per cent. This caused the following resolutionto to be past unanimously at a meeting held on the vesing of the 13th. REFOLVED, That, as the sense of this meeting, it will be DO discredit to any in ividual having paper maturing this day at the Bank of Missouri. to allow said paper to go to protest, if a tender is made at the bank, or to the notary, of currency hitherto bankable, and IS refused The next day this was followed up by a general demand for deposites in specie, which demand she continued to meet promptly throughout the day. Not one single note of all those falling the bank on that day was paid. There is, however, a large pertion of the citizens who are in favor of honesty and sustaining the bank; and as the process of resumption has al. ready commenced with those banks, the bill, of which are in dispute, particularly those of Ohio, the matter will end in favor of the bank. T e returns of the United States Bank have fallen stillborn upon the market. The public have not the slightest confidence in the statement of the bank, as represented by the mass of figures they have published. The public mind is teeming with the shuffing stock operations of the bank, and the whole return is regarded as a lame attempt to cleak its utter mismanagement. The stock transactions are all summed up under the h.ad of stock a counts," with the exception of the late Pennsylvania loan, which is down as a separate item. By this means DO light is thrown upon the operations by which the bank obtained pos. session of those Mississippi and Michigan state stock, which are known to be pledged for the London loan, which is now on the London market for sale, through the agency of Gurney & Co. and other houses. The state of Michigan holds the Morris Canal Co. respons sible for the stock. The Mississippi stock was issued by the. state as A capital stock for the Union Bank, and the for amount, $5,000,000, was taken by Nicholas Biddle, Esq. a. d payable mostly in post note instalments of $1,000,000 each, on the 1st November, 1838, and January. March, May, and July 1839. although the law authorising the loan expressly stated that the stock should be sold for gold and silver, or its equivalent only. On this loan the bank commenced business OR the 22d February 1838. The follow is the last return. of the bank :Statement of the UNION BANK, of Mississippi, on the 25th September, 1939.

3. December 12, 1839 The Charlotte Journal Charlotte, NC

Article from The Charlotte Journal, December 12, 1839

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to the Secretary of the Commonwealth, to declare, by proclamation, the names of the respective persons duly elected in each district; and he shall, AS SOON AS CONVENIENTLY may be thereafter, transmit the said returns SO made to him, to the House of Representatives in the Congress of the United States."--U. S. Gazette. Bank Excitement in St. Louis.-We learn from the Missouri Republican of No. vember 14, that great excitement existed in the city of St. Louis during the whole of the preceding day, in consequence of a certain resolution published by the direc. tors of the Bank of Missouri on the 12th, that no but specie or the bills of specie-paying currency banks falling would due be the received bank.- in payment of notes at One or two public meetings had been held. and a correspondence had taken place beand the in conwere entertween sequence the of bank which of rosolutions merchants, indignation ed into expressive great at the conduct of the bank, and of a determination to resist it even to the extent of stopping payment on all notes held by the bank, unless payment should be received, as heretofore, in notes usually current in that part of the country. Our latest account is from the St. Louis Bulletin of November 15, which says The excitement prevailing here at present in regard to the movement of the bank is immense. Business, in a manner, is suspended, and the all engrossing theme is the conduct of the bank."--Nat. Intel. Messrs. Strange, Gab'l Holmes and oth. ers, speak of Bank Stock owners, and Bank Officers as usurers and speculators," vet the one is a Director of the Bank of Cape Fear, and the other is a Director and is, or was, Bank they.--Wilmington Advertiser. Good out of Evil.-There are five States in choice to has been gress which the improperly have of Senators of deferred. the five Con- We shall now 4 susviz: one the pended Senators, probably in each of States of New York, Michigan, Virginia and Delaware, while the Locos must be content with one from Pennsylvania.-N. Y. Whig. Important.-The Baltimore Chronicle of yesterday contained the following paragraph. We regret to learn that three gentle. of this men city, occupying arrested respectable and held positions in society, were to bail on Saturday, upon a charge of be. ing concerned in fitting out vessels designed to be employed in the Slave Trade. Look out for more Murrel men.-A few days since, two gentlemen in a carriage, into the neighborhood of Joseph in sold to Spurgen, came a Negro Esq. Mr. Davidson Jacob County, Yokely, and for $600. Mr. Yokely paid them in two horses, and $100 in cash-after which left the negro seemed well new they pleased neighborhood. with his The home until Saturday night last, when he decamp. ed, and has not been heard of since. The is, the was negro presumption whole designed from circumstances, by the his that and men, to swindle Mr. Yokely out of property. After the men left, he was seen to have $100 bill, and some specie. Mr. is said to be an Yokely, a honest, hard-work- to ing man, but not SO well qualified judge between a Murrel man and an honest man. It would be well for some of our honest farmers and tradesmen to be more on the alert towards strangers trafficking through the in stolen country, negroes Carolinian. and other property.-Western What is wanting," said Napoleon, that the youth of France be well educated? MOTHERS!" replied Madame Campan- This reply struck the Emperor.Here," said he, ' 18 a system of educa tioninone word! Be it your care to train up mothers who shall know how to educate their children.--AIME MARTIN. Great Pigeon Shooting.-Mr. Henry Keats shot last week, at eighteen shots, 784 pigeons. This is the greatest shooting we ever heard of, and we question whether it has ever been or can be beaten. The place at which he shot them was on a sand-

4. December 21, 1839 Columbus Democrat Columbus, MS

Article from Columbus Democrat, December 21, 1839

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THE WAR ON THE BANK OF MIS. SOURI. The outbreak against the Bank of Missouri, is one of the events on which the public mind ought to fix itself, and examine well into its nature, origin and progess. It is avowedly and notoriously a war of Whig merchants against a bank, and against it because it will not be forced to suspend, by submitting to receive the notes of suspended banks. It is no longer a false cry of Go. vernment war upon a bank, but the true case of mercantile war upon a bank. It is the merchants attacking a bank to destroy it ; and for what Because the bank wonk pay 1 No : but because it will ! Because it will receive and pay out depreciated paper No: but because it will not Because it will not pay deposites in specie, although made in paper No : but because it will! Because it curtails enormously I No: but because it asks for five per cent. on the renewal of discounted paper Such is the cause of the mercantile war upon the Bank of Missou11 by Whig merchants, who range under the lattered and disgraced banner of the Bank of the United States. This case shows who it IS that make war upon the local banks ; shows it to be merchants in the train of the Bank of the United States, and not the Government of the United States. The St. Louis Argus gives animating details of this war upon the Bank of Missouri. The Whigs have the majority, and use it in calling a rapid succession of public meetings, adopting violent resolves, uttering furious speeches, and hissing, brow-beating, and insulting all who as. tempt to speak in favor of the bank. On the 12th and 13th of November, runs were stimulated upon the bank--8 Mr. COLLIER and PETTIS. believed to be agents of the Bank of the United States, were leaders, and drew the greatest sum, about ten thousand dollars. Another Whig broker, his name not given, drew about three thousand. The two runs, however, were feeble, and left the bank much stronger in specie tban they found it. The friends of LAW and ORDER are confident of a successful defence, and rally to the support of the honest and brave letter of President SMITH. We await the result with anxiety, and call upon the whole country to look upon this mercantile war upon a bank, because it will not suspend, nor use the notes of those which do.--Globe.