10693. Bank of St Louis (St Louis, MO)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 1, 1842*
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
c12130e3

Response Measures

None

Description

Articles (Dec 1842 and Mar 1843) describe that the Bank at St. Louis had experienced inconvenience during a prior period of widespread bank suspensions but that sound banks (including this bank) had resumed specie payments and confidence was returning. No explicit run is described; the material indicates a prior suspension and subsequent resumption/specie payments, so classified as suspension_reopening. Dates of the original suspension are not clearly given in the excerpts.

Events (2)

1. October 1, 1842* Suspension
Cause
Macro News
Cause Details
Part of the general nationwide/statewide period of bank suspensions and specie payment suspension affecting many banks; not due to a bank-specific scandal
Newspaper Excerpt
Heretofore, when there was a general state of Bank suspension throughout the United States, it was impossible for the Bank to furnish circulation for the ordinary transaction of business; but, since many unsound Banks have been repudiated, and sound Banks have generally resumed specie payments...
Source
newspapers
2. March 28, 1843 Other
Newspaper Excerpt
If there is any man who ought to be opposed to fraudulent Banks, it is myself... The day before I reached this City, the doors of the Bank were closed, and I was left a beggar by a Bank in which Col. Benton was a Director, and to which no was largely indebted. (anecdote referencing an earlier bank closure.)
Source
newspapers

Newspaper Articles (2)

Article from Boon's Lick Times, December 10, 1842

Click image to open full size in new tab

Article Text

856,381 72 From the above it will be seen that the whole amount of Missouri money in circulation on the 31 st of Oct. was $383,150 00. To redeem which our banks had at that date, in Treasury notes, Eastern funds and Gold and Silver, $431,202 66 The Bank at St. Louis has experienced inconvenience and loss from the reception of Illinois paper; but the committee say that since June last, the notes of all suspended banks have been repudiated and refused by the Bank, and a cautious and prudent course is pursued by its officers. The report closes as follows: "The Committee believe that the Bank is now managed in a manner that is safe, and calculated to render it safe and useful to the community. Heretofore, when there was a general state of Bank suspension throughout the United States, it was impossible for the Bank to furnish circula. tion for the ordinary transaction of business; but, since many unsound Banks have been repudiated, and sound Banks have generally resumed specie payments, and things have returned nearly to a specie basis there is reason to hope, that "The Bank of the State of Missouri," will soon be able to furnish to this State, a large portion of its circulating medium. The Committee have reason to believe, that a much greater degree of confidence, and a better state of feeling towards the Bank, is now entertained, among the mer. cantile community, than at any former period, and this will be favorable to the future prosper. ity and usefulness of the Institution."


Article from New-York Daily Tribune, March 28, 1843

Click image to open full size in new tab

Article Text

processes, &c. &c.c yet we are not at all nostile into a trial of the Mining experiment. We only sist that the guardians of the State's interests shall look well to their doings, and not pay tens of thousands for what may be worth only hundredsthat's all. Toe the Mark, Lindenwold! A great Calboun meeting was held in St. Helena Parish, S. C. on the 20th inst. at which a series of the most spirited resolutions were adopted, among which are the following: Resolved, That it is essential to the harmony of the party, and the success of its principles, that they should not nominate a candidate for the Presidency until Congress has set. tled the Tariff question; and that, therefore, the usual time and place for a National Convention should not be changed, and it sbould meet at Baltimore in May, 1844. Resolved, That we consent to be represented In BO convention of the party to nominate R President unless the Tariff shall have first been regulated consistently with justice to the South, and the pledges of the party. Ah Van Van you are a sly fox, but you will have to face the music All the cunning of Silas and the ferocity of Blair will not save you VIRGINIA-RICHARD H. TALER, Editor of the Lynchburgh Virginian, and for several years a leading Whig Member of the House of Delegates, is the Whig sandidate for Congress in the Fourth or Buckingham District, We have hopes of his election if Dr. Hubbard, the present Member, runs against him. GEORGE H. GILMER of Pittsylvania is the Whig candidate for Congress in the Pittsylvania District, which, with most of the Virginia Districts, is arranged so as to elect a Loco-Foco and not waste much majority. Perhaps the contrivers may be disappointed. The Loco-Focos of MISSOURI are at loggerheads on the Currency question. One side is in favor of well-guarded Banking; the dominant or Benton party ia opposed to all Banks whatever. Gen. Ramey, in a Speech against the Hard Money' doctrine at a Loco-Foco meeting at St. Louis, lately made the fellowing hard hit at the great Mokanna of modern imposture, viz : If there is any man who ought to be opposed to fraudulent Banks, it is myself. In early life. left my father' roof, and, after being buffeted about a good many years, found had acquired a considerable fortune, which converted into notes of the (old) Bank of Missouri with the intention of settling permanently in St. Louis. The day before I reached this City, the doors of the Bank were closed, and I was left a beggar by a Bank in which Col. Benton was a Director, and to which no was largely indebted." He might have added that Benton has never paid that indebtedness (some $50,000) yet, and never will begin to. The Whigs of ST. LOUIS have nominated a full City Ticket-JOHN F. DARBY for Mayor, JOHN M. EAGER (late of Newburgh, N. Y.) for City Attorney, &c. The enermous influx of population, largely of European birth, renders the result of their election doubtful. Hon. JOHN C. EDWARDS, Loco M. C. from Missouri, says in bis recently published Speech on the Revenue bill, I am not only opposed to this bill, but I am opposed to any Tariff." That is manly and to the purpose. Shall we never be able to smoke out Van Buren, Wright & Co. from their studied obscurity, and cause them to define their position' with equal frankness ? The Commercial says we are are all wrong about Gen. Case being solicited to take the post of Secretary of State, because Capt. Tyler urged Mr. Webster to lay it well on Gen. C. in their late controversy. That may be a reason to the Commercial-it is none to us, in view of what we know of John Tyler. The Commercial is sure also Mr. Tyler has no idea of displacing Collector Curtis. Again we must dissent, because our information is different. We believe the post of Consul at Liverpool has been hinted to Mr. Curtis, in lieu of the present. If no such change has been suggested to him, it has been to others. HENRY CLAY has commenced the practice of the Law in Kentucky, in connection with his son, J. B. Clay. IF DANIEL H. HARRIS, the Whig P. M. at Frankfort, Ky. has been removed, and Gen. Wm. Hardin appointed in his stead. The Governor of Massachusetts has recomcommended the 6th day of April to be observed as a day of Fasting and Prayer throughout the State. Gov. Paine, of Vermont, has appointed Friday, April 14th, as a day of fasting and prayer for that State. John Lagan, 8. shoemaker, of Keeseville, Essex County, was frozen to death in the attempt to cross the Lake to Burlington, a few days since. IF A mine of the Black Oxide of Manganese has been discovered near Jackson, Miss. The ore yield. 85 per cent. of the mineral. COURT MARTIAL.-The Court Martial which was ordered on board the Pennsylvania at Norfolk, for the trial of Commodore Ramsay and oth ers, convened on Saturday. D The March number of the SOUTHERN MESSENGER came to hand yesterday. Agents and others can be applied as The Tribune office this morning.