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MISSOURI HISTORY
BIRTH OF HENRY SHURLDS One of the achievements of which Missourians may be proud in that of the position which their State holds in the annals of American bank ng. In the days of financial anarchy which characterized Western banking from 1935-1850 following upon Andrew Jackson's destruetion of the U. S. Bank, Missouri stands out unique in the soundness of her banking record. To no other institution or man does she owe this record more than to the "grand old Bank of the State of Missouri of the institutional monuments in the history of the State-and to its cashier, Henry Shurlds. Shurlds, the 138th anniversary of whose birth occurs this week, was born November 21, 1796, in Gloucerter county, V rginia whence he brought from his native to his adop. ted state the advantages of a thorough classical education and the benefits of the best that was to be had in the legal training of the "Old Dominion." Missouri adopted him in 1819, when, at the age of 23. he moved to St. Louis. After remaining here about a year, he moved to Potosi, at that time a center of wealth and the home of a number of the most distinguished men in the West, among them. Moses Austin, and engaged in the practice of law. The legal profession, however, did not hold Henry Shurlds long, for, upon the ogranization of the new State government in 1820. he was drafted into its services, occupying successively the posts of circuit judge, secretary of state, and auditor of public accounts. The last position he resigned in 1837 to become cashier of the newly organized "Bank of the State of Missouri" in St. Louis, a position which he held for 15 years. On first appearance, it seems strange that a man of the ability and record of Henry Shurlds should gain the distinction that he did in the capacity of a mere cash'er. Yet due to him more than to any other one man, the "Bank of the State" was able to maintain its financial integrity and with t the integrity of the financial structure of Missouri in an era when the "rag currency" and "wild cat" banking of ILnois, Indiana, and other Western states threatened chaos to the banking in. stitutions of the Commonwealth and complete prestration of is business. So well did the bank withstand the rising tide of cheap paper money which beset its borders between 1835-1850, that it became known in the financial circles of the nation as the "Gibraltar of the West". "rienry Shurlds," says J. Ray Cable, "was doubtless the greatest single reasno for the success of the bank. The manner in which the "Old Bank" mainta ned its high standards of financial integrity, and taught the principles of sound banking to the State, is well Illustrated by the war between it and St. Louis business men in the panie of 1837. In consequence of the suspension of specie payment involving the banks of the nation except those of New England and New York, the "Bans of the State," in order to protect itself from a similiar suspension, de. clared, November, 1839, that would no longer receive on deposit the notes of the banks of those neighboring states which had suspended specie payment. Thereupon St. Louis business men, who carr ed on a large trade with the citizens those states whose banks were at fected, expressed indignant protest. Mass meetings were called and reso. lut were passed against the acton of the bank. As a last means of pressure upon the bank, deposits were withdrawn. From January 1. 1840 to January 1, 1841, the deposits fell from $212,465 to $42.354 The pressure was successfully with. stood, however. and the "Bank of State" was the only bank in the West not to suspend specie payment. Similarly, the bank withstood the panic of 1857. Though Shurlds died in 1852, the policies which he did so much to maintain were de- en. finitely impressed upon the bank. Not only did the bank weather the storm, but in addition, it was able to advance aid to legitimate business at a time when the refusal of such aid meant ruin. It is a notable fact New York City. of the State of Missouri," which,
