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FINANCIAL CRISIS OF 1860 on Shadows of civil war cast gloom financial conditions of over souri and the United States in the fall of 1860. reaching an abrupt eliSt. max in this state on November 28, when all St. Louis banks but one suspended specie payment. Paradoxically, the financial erisis had come at time when business conditions seemed favorable. But of after the presidential election of early November, fears of the com. of ing war drove the country into financial crisis. by St. Louis November At on officials of all banks met to consider suspension of specie payments, The decision was against suspension, but two days later at another conference, the first action was reversed. The Bank of the State of Missouri, the official state bank, together with the Merchants Bank, had opposed suspension, but finally they consent. insistence of the other ed to the The exchange bank having very small circulation outstanding, the conference, and fused to attend bank in the state which was the only continued specie payment after November 28, Branch banks throughout the state followed the action of the main banks in St Louis, United States had The whole perienced crisis in 1857. but covery comparatively rapid, that was called From the darkest business history had evolved that the country into omparative prosperity. ies of good and had traffic. transportation ly completed a restoration ity The spectre of civil war, the face of good even conditions, so frightened capital that by 1860 another crisis inpended in Missouri of money decreased 000 from alone Even July 1859 to August of the the bank great bank of the State of Missouri always redeem its could lation Financial conditions changing financial condition better than her neighbors, but this unstable condition Missouri's difficulwhere added to banks 1860. ties. Arkansas had no thirteen There and Iowa had but were seventy two in Illinios, but the of that state was currency In Missouri there than chartered banks were forty-three in and thirty two private bank houses, seventeen of which were in St. Louis, specie payments Suspension the busi seemed to approved by editors of the and ness It was generally conceded that the suspension was wise, and would pre vent unnecessary depletion of specie, The Columbia Missouri Statesman said the general opinion was that the financial crisis was caused by political factors, and not by nancial errors or excesses." made on the Demands were soon relieve the banks and legislature to March 18, 1861, semi-suspension law went into effect. removing for and the penalties suspension of the providing for the payment state The July interest on the banks April, 1861, Louis in one anothers agreed to support but the whole war period was notes, periods of susmarked by varying The Expensions and Bank continued its policy change payment. feature Louis One financial in the was the issuing of war Although forbidden tional of St. Louis, in law, the Bank 1861, issued small notes August banks As small and other was scarce, the currency change passed banks, as MisThough Missouri divided by the souri people, were war. they were able to render considerable war service despite their weakness. The close division of shown in report issued timent 1861, showing the sympathies Three were Un the St. Louis Southern, but the ion and four were of the three Union banks ierculation was several dollars han that of the Southern banks. THIEF GETS SURPRISE GAS thief pursuing his gasoline at the Phil Hackarisky business home at 4:30 m. Monday, mack from the tank of drained the gas sedan and them Mr. the back seat of the reached into tool he car to get for further looting of the needed car. his hand came in contact Instead, of Dale Baskett who with the person work by Mr is empolyed in farm Hackamack and was spending part the nights napping of in the car. It's hard to say which suffered Dale was unable the greater lift his voice in protest or to the thief departed in such er, while left behind him the haste he had taken from the of gasoline he car The can, Mr. Hackamack discovwhich had disappearered, was one ed from his place in LaGrange Indicator.
