9429. Bank of Missouri (St Louis, MO)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
October 6, 1857
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
37bb7ea4f514d070

Response Measures

None

Description

Contemporary dispatches report a run beginning Oct 6, 1857, and the bank suspended specie payments/closed on Oct 26, 1857. The panic was part of the broader 1857 monetary crisis (systemic). No clear evidence in these articles that the Bank reopened afterward; later reports describe it as closed.

Events (2)
1. October 6, 1857 Run
Cause
Macro News
Cause Details
Run occurred amid the nationwide money panic/financial crisis of 1857 and widespread loss of confidence in banks.
Measures
No specific remedial measures for this bank are described in the articles (meetings at the Merchants' Exchange to consider currency and receive country bank notes at par are mentioned).
Newspaper Excerpt
There is a run to-day upon the Bank of Missouri, and the Boatmen's and Germans' Savings Institutions.
Source
newspapers
2. October 26, 1857 Suspension
Cause
Macro News
Cause Details
Suspension reported as part of the continuing monetary panic; articles note other St. Louis banks also suspended or were expected to follow after heavy withdrawals and continued pressure.
Newspaper Excerpt
The Bank of Missouri suspended specie payments this morning.
Source
newspapers

Newspaper Articles (23)
1. September 29, 1857 Evening Star Washington, DC
Article from Evening Star, September 29, 1857

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The Monetary Crisis. The money panic continues to be the absorbing topic. On yesterday the principal suspensions were those of the Delaware and Rhode Island banks. The New England banks continue firm. The Boston Journal learns from an authentic source that the net gain of coin in the Boston banks for the week ending Saturday morning was $375,200. The Philadelphia papers of yesterday all comment upon the bank suspension in that city and the effect it is likely to have upon business. They are, however, at variance as to the propriety of an extra session of the Legislature. The Richmond Dispatch of yesterday says : The news of bank suspensions at the North, which came by telegraph last Saturday, created quite a stir in our city, and caused the price of specie to run up to high rates, some of the brohers holding it ten per cent., while others were selling for five." On Friday last, a run was commenced on the Farmers' Bank, of Laneaster, Pa., and was only stopped on Saturday by the suspension of all the banks there. The St. Louis papers of Friday announce that the Bank of Missouri had commenced discounting again, to a large extent, much to the relief of mercantile business. A despatch from New York city yesterday says: Terror seized upon the stock exchange this morning, and the whole list went down from one to twelve per cent. The most extravagant and groundless rumors are affoat, discrediting houses known to be beyond casualty. The presidents of the city banks have issued the following circular: The undersigned having been called upon to give their opinion as regards the effect likely to be produced upon the banks of this city by the suspension of institutions in neighboring cities, reply that it is their decided opinion that the banks of the city of New York are in a safe and secure position. and that they can not only sustain themselves as specie-baying banks, but, from the natural flow of coin and produce to this point as the common centre, soon be enabled to furnish further and more efficient aid to the mercantile community. Signed by the presidents of the Phenix, Merchants', Mechanics', Metropolitan, Union, and other banks. quiet." At the clearing house to-day everything was

2. October 1, 1857 The Weekly Pioneer and Democrat Saint Paul, MN
Article from The Weekly Pioneer and Democrat, October 1, 1857

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THE WEEKLY PIONEER AND DEMOCRAT. A two weeks ago, and are believed to be geneverthing, CITY NEWS. port erally in a healthy condition. Jam is Bills of Hopkinton Bank, Westerley, paying LAW SCITS AHEAD.The City Council are ven from New Rhode Island, were refused at the Suffolk about getting themselves into trouble in relathat Bank to day. they Sep lation to street certificates, which they have amount trad In New Jersey, the following dispatch issued against various property in the city for becks. Lea street improvements. No less than six adverindicates a run upon the banks, but hopes Meand info tisements appeared in the Minnesotian of Thursthey will be able to weather through. for paying exa day, cautioning the public against purchasing TRENTON, N. J., Sept. 26. can certificates issued by Street Commissioners, or Our banks had a steady and moderate paying we whomsoever else, against the property of the run to-day, and paid out about $8,000 in for advertiser, for grading on Fourth street, bespecie, each. They are in very good condispepay to / tween Rosabel and Jackson, and on account of tion. and it is thought will weather the lyn storm. of sewer in Robert street. alleging that all such ownship app on James S. Sterling, our herviest merchant. certificates are illegal and will not be paid by othing nec them. has assigned; his accounts are ample. hav BusiThe sewer on Robert street is alleged by the The following indicates the feeling in of s Commissioners of the Second Ward to be a New York: hav no deposnecessary and valuable improvement not conNEW YORK, Sept. 26. con fined in its advantages to the property on that Our money market is in a very excited resolua rep street, but to a greater or less extent benefitstate, owing to the gloomy intelligence from aliv all setting the whole of the Second Ward, lying bethe South. The advice of the suspensions be rep may tween Robert street and Wabashaw street; and at Washington, Baltimore and Philadelfrie the of city phia, created much surprise, as it was genwith this view of the matter they propose to asrece erally believed that the first disastrous news sess the lots on Third and other streets for a for specie would come from the East. The market, portion of the expense of building the sewer. nan however, remained firm, and there is no sign This is objected to by the parties owning pro only. of weakness from any one of our banks. for perty on said streets, mainly, we believe, bebanks in The advices from Boston, received at noon, Ran cause the sewer is of no real or practical adhave were as unexpected as they were cheering. day vantage to their lots. Our banks have passed the crisis, and the G M. The sewer, about which this difficulty with P. market closed with a quieter feeling. nan Banks of the city is to arise, at present. commences on Gor There were rumors of several failures, Pie that Sixth street, and extends to the river. At no portad but nothing definite. ard adjournOur exchange brokers were at a stand as point in its whole length, are there proper openAle rmination. ings for side drains to enter it, nor has there to their business, and generally declined to E. I a on fix a rate. There was one offer to sell PhilNas been any provision made for a surface drainof the mul adelphia funds at I pr at discount. age from any of the streets inclining towards it. generation At the first board if the stock market J. and taking it altogether. it appears to have Mechanics' there was quite a parie, and stocks fell E. been built without any special reference to use, a eceiving P. rapidly. At the second there was a still except to drain the swamp lands, of which The further decline, and sixes fell off to 5 1-2, at Seventh street from Robert to Minnesota streets H. 8 Cashiers which price, however, all offering was Bre are the centre. is not quickly taken. M. SECOND DISPATCH. Among said lots or parcels of lands by the P. I be made Street Commissioners, with the assistance of son Banks are all strong, and the utmost extra hor sesconfidence is exhibited in them. the City Surveyor, Provided. however, That Jan of afThe Banks have issued a circular on when sewers are constructed through alleys ou the peno lots shall be assessed therefor, except those account of the suspension of the PhiladelA nposed by situated in the block or blocks through which phia Bank, notifying their customers that the banks, ceiv all collections maturing out of the city of such sewers may be constructed, and where inlaw, stro New York, will at the option of the dealer sewers are constructed through streets, no lots Meand Ant be either recalled or paid. shall be assessed therefor, except those situaestern. Above is embraced all the important nig ted in the blocks fronting on such streets. 26. financial intelligence to the latest dates. this Sept. Sewers may be ordered by the Street Comthe The excitement, it will be seen, is still conamong Sale missioner, and built at the expense of the lots to future fined to the country cast of the Ohio river. cort or parcels of lands benefitted thereby. which coin In St. Lonis, the Bank of Missouri had pay con shall be apportioned. and resumed discounts, having received large ings For public information. we publish the folCitiand supplies of silves within a few days. A und made lowing extract from Sec. 5, Chap. 7, of the very good feeling was existing, and hopes Beit but reCity Charter, relating to this subject: were entertained of the crisis being over. 800 brokers. From Chicago, we have no unfavorable The costs and expense of sewering streets, nec to news, and the impression is general that the pay alleys, sidewalks, sewers, and estimating work our trouble in the West is about over. thereon, and of repairing and cleansing streets app

3. October 7, 1857 Wheeling Daily Intelligencer Wheeling, WV
Article from Wheeling Daily Intelligencer, October 7, 1857

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BANK EXCITEMENT. DRTHOIT, Oct. 6.-The Farmers & Mechanies' Bank of this city has been placed under injunetion by the Attorney General. ST. Louis, Oct. 6.-There is n run on the Bank of Missouri and Boatmans' and German Savings Institutions, no evidence of suspension yet el The regular Banks are strong. At a meeting at the Merchants Exchange yesterday to consider the currency question, Mr. Henry, Bank Commissioner from Illinois, made a statement of the condition of the Banks of that state, which was generally considered satisfactory. The committee appointed to report on the subject, convened this afternoon without coming to any definite. conclusions The vote on securing currency at par stood a tie. Previ ous to adjournment a re olution was passed to petition the Legislature to issue no more bonds at present and to create a sinking fund for the payment of interest on those already issued.-Another meeting will be held at the Exchange to-day. Suspended-Lucas & Co.; creating no excitement; assets ten times greater than their liabilties. BOSTON, Oct. 6.-At the instance of the Bank Commissioners a temporary injunction on the the Western Bank of Spri gfield, was issued. NEW YORK, Oct. 6.-The Mercantile Bank at Hartford, Conn., and the Bank of Watertown, New York, have been thrown out.

4. October 7, 1857 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 7, 1857

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MONETARY AFFAIRS IN ST. LOUIS. Sr. LOUIS, Mo., Oct. 6, P. M. A meeting was held yesterday at the Merchant's Exchange to consider the currency question. Mr. Henry, Bank Commissioner of Illinois, made a statement of the condition of the banks of that State, which was generally regarded as satisfactory. The Commit tee appointed to report on the subject convened in the afternoon, but adjourned without coming to a definite conclusion. The vote on receiving the currency at par stood at a tie previous to the adjournment. A resolution was passed to petition the Legislature to issue no more bonds at present, and to create a sinking fund for the payment of the interest on those already issued. Another meeting was held at the Exchange to-day. The suspension of Lucas & Co. created no excitement, as their assets are known to be ten times greater than their liabilities. There is a run to-day upon the Bank of Missouri, and the Boatmen's and Germans' Savings Institutions. There are no evidences of suspension yet. The regu. lar banks remain strong. At the meeting at the Merchants' Exchange to-day, & resolution to receive and pay out the currency at par was adopted by an overwhelming vote.

5. October 7, 1857 The New York Herald New York, NY
Article from The New York Herald, October 7, 1857

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CRITICAL STATE OF AFFAIRS IN ST. LOUIS. Sr. LOUIS, Oct 6-R-M A meeting was held yesterday as the Merchants' Ex change, to consider the currency question. Mr. Henry, Bank Commissioner of Illinois, made a statement or the condition of the banks of that State, which was generally regarded as satisfactory. The committee appointed to roport on the subject subject comvened in the afternoon, but adjournw without coming to a definit econolusion. The vote on receiving the currency at per stood at a the previous to the adjourament A revolution was passed to petition the Legislature to issue no more bonds at present, and to create a sinking fund for the payment of the interest on those already ssued. Another meeting was held at the Exchange to day, when a resolution to receive and pay out the ourrency at par, was adopted by an overwhelming vote. The suspension of Lucas & Oo. created no excitement, as their assets are known to be ten times greater than their liabilities. There is a run to-day upon the Bank of Missouri, and the Boatmen's and German's savings institutions. There are no evidences of suspension yet. The regular banks remain strong.

6. October 8, 1857 Evening Star Washington, DC
Article from Evening Star, October 8, 1857

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TELEGRAPHIC NEWS. FROM THE ASSOCIATED PRESS. The Financial Crisis, &c. NEW York, Oct. 7.-In financial affairs there is but little change to-day. Several failures are reported, including Bulkley A Co, importers; Blake & Brown, silk dealers, M. 6. King, fur house. and Mellas & Ayres, lace and general British good importers. The Bank of Addison, in the State of New York, is thrown out here to-day. The money market generally closes with less excitement and with a more steady feeling. At the second board to-day stocks closed weak. The payments at the sub-treasury amounted to £200,000, and the receipts to $260,000, including $200,000 from Philadelphia mint There was a meeting of the merchants this afternoon to consider upon the crisis, at which several bank officers were present. Mr. Tileston, the president of the Phenix Bank declared that in his opinion the true remedy for the pressure was a prompt and liberal enlargement of discounts by the banks, and that this was the conviction of the merchants also. Resolutions were adopted recommending the banks to increase their loans to seven millions of dollars, and from that to ten millions at an early day. A committee was appointed to meet the representatives of the banks, and hopes are entertained of a favorable result. The city banks favor the policy of receiving and paying out the notes of the country banks which are secured by Statestocks. DETROIT, Oct. 6-The Farmers and Mechanics' Bank in this city has been placed under an injunction by the Attorney General. Bosron, Oct. 6.-Judge Merrick, upon the motion of the Bank Commissioners, has granted a temporary injunction on the Western Bank of Springfield, Mass. HARTFORD, CONN., Oct. -There was a heavy run on the banks here to-day, particularly the State Bank. All demands, however, were promptly met, and the excitement subsided LOUISVILLE, Oct 7.-Finaneial matters are gradually tightening throughout the West, and unless the bankers discount beyond prudence or relief comes from other sources, many good houses will fail from the 1st to the 3d prox. That period is anticipated with terrible anxiety. Sr. LOUIS, Oct.6-A meeting of the merchants of this city was held at the Exchange yesterday, to consider the currency question. Mr. Henry, the Bank Commissioner of Illinois, made a state. ment of the condition of the banks in that State, which was generally regarded as satisfactory At the meeting of merchants to-day a resolution to receive and pay out the bank currency of the State at par was adopted by an overwhelming vote. A committee was appointed to report on the subject. This committee convenedin the afternoon, but adjourned without coming to any di finite conclusion. The vote on receiving currency at par was a tie. Previous to the adjournment a resolution was passed to petition the Le. gislature to issue no more bonds at present, and to create a sinking fund for the payment of the interest on those already issued. At the other meeting at the Exchange, held to-day, the an. nouncement of the suspension of Lucas & Co. created no excitement. The assets of the firm are ten times greater than their liabilities A run on the Bank of Missouri and on the Boatmen's and German Savings Institution bas been made, but there is no evidence of their suspendcondition. ing yet. The regular banks continue in a strong NEW ORLEANS, Oct. 6-The receipts of cotton are large, but sales small, in consequence of the tightness in the money market, which is unsettled. Exchange on London is at par, but rates are generally nominal.

7. October 9, 1857 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, October 9, 1857

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FINANCIAL AFFAIRS. The Howardsville and Scottaville Banks in Albemarle county have not suspended specie payments. The present bank crisis is leading to a general discussion of the banking system, and the current is running for a more enlarged specie basis. for further limitation of discounts, and against small bills, under $10 or $20. The New York Courier has this view: I. A limitation of bank circulation of three dollars for one of specie. IT. No bills under five dollars for the present; and none under $20 after January, 1859. III. Loans on all to be limited to five per cent. of capital. IV. Long credits to be relinquished by our importers and jobhers: 4 to 6 months to be substituted for 8 to 9 months. V. No loans to be granted to railroad companies except in extreme cases; no railroad company can be well managed whose expenditures exceed their receipts. VI. Abolish the usury laws, and let money be free between the borrower and ender. A dispatch from New York, Wednesday, says: In financial affairs there is but little change today. Several failures are reported, including Bulkley & Co., importers; Blake & Brown, silk dealers; M. J. King. for house; and Meliss & Ayres, lace and general British goods importers. The Bank of Addison, in the State of New York, is thrownfout here to-day. The money market ge. nerally closes with less excitement, and with a more steady feeling. At the second board to-day stocks closed weak.The payments at the sub-treasury amounted to $200,000, and the receipts to $260,000, including $200,000 from the Philadelphia mint. There was a meeting of the merchants this afternoon to consider upon the crisis, at which several bank officers were present. Mr. Tileston, the president of the Phenix Bank, declared that in his opinion the true remedy for the pressure was a prompt and liberal enlargement of discounts by the banks, and that this was the conviction of the merchants also. Resolutions were adopted recommending the banks to increase their loans to seven millions of dollars, and from that to ten millions at an early day. A committee was appointed to meet the representatives of the banks, and hopes are entertained of a favorable result.The city banks favor the policy of receiving and paying out the notes of the country banks which are secured by State stocks. A dispatch from St. Louis, dated 6th, says: A meeting of the merchants of this city was held at the Exchange yesterday to consider the currency question. Mr. Henry, the bank commissioner of Illinois, made a statement of the condition of the banks in that State, which was generally regarded as satisfactory. At the meeting of merchants to-day a resolution to receive and pay out the bank currency of the State at par was adopted by an overwhelming vote. A committee was appointed to report on the subject. A committee was convened in the afternoon, but adjourned without coming to any definite conclusion. The vote on receiving currency at par was a tie. Previous to the adjournment, a resolution was passed to petition the Legislature to issue no more bonds at present, and to create a sinking fund for the payment of the interest on those already issued. At the other meeting at the Exchange, held to-day, the announcement of the suspension of Lucas & Co. created no excitement. The assets of the firm are ten times greater than their liabilities. A run on the Bank of Missouri and on the Boatmen's and German Savings' Institution has been made. but there is no evidence of their suspending yet. The regular banks continue in a strong condition. The following is an extract from the proceedings of the Pennsylvania Legislature, Wednesday In the House. a bill was presented authorizing a loan of $1,000,000 to the State Treasury. occasioning much excitement and enquiry as to the necessity for such a loan. The House of Representatives passed a resolution requiring the Banks to report at once a statement of their condition. This is considered as an expression by the House that it will pass no bill legalizing the suspension this session. The Senate amended their bill legalizing the suspension and fixing the resumption for the 1st of February, making it February, 1858.

8. October 10, 1857 Sunbury American Sunbury, PA
Article from Sunbury American, October 10, 1857

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NEW YORK, Oct.-The bills of the Lee Bank, Massachusetts, Charter Oak, and Exchage Banks at Hartford Connecicut, and the Bank of Watertown, N. Y., have been thrown out. HARTFORD, Oct. 6.-The Charter Oak, Mercantile and Exchange Banks have suspended specie payments. The other banks of this place have resolved not to suspend. Bosron, Oct. 6.-At the instance of the Bank Commissioners a temporary injunction has been granted on the Western Bank of Springfield Mass. BOSTON, Oct. 6.- The monetary panic has entirely disappeared. There were no failures to-day. NEW ORLEANS, October 5.-Business is still restricted by the impossibility of selling exchange. Small sales of bills on New York have been made at 11 a 1. No sales of sterling have been reported. Sr. LOUIS, October 6.-A meeting of the merchants of this city was held at the Exchange yesterday to chusider [the currency question. Mr Henry the Bank commissioner of Illiuois made a statement of the condition of the Banks in that State which was generally regarded as satisfactory. A committee was appointed to report on the subject. This committee convened in the afternoon, but adjourned without coming to any difiniet conclusion. The vote on receiving currency at par stood tie. Previous to the adjournment a resolution was passed to petition the Legislature to issue no more bonds at present and to create a sinking fund for the payment of the interest on those already issued. At the other meeting at the Exchange held to-day, the announcement of of the suspension of Lucas & Co. created no excitement. The assets of the firm are ten times greater than their liabillities. At the meeting of mechants to-day a resolution to receive and pay out the bank currency of the State at par was adopted by an overwhelming vote. A run on the Bank of Missourri, and on the Boatmen's and German Saving Institution has been made but there is no evidence of their suspending yet. The regular banks continue in a strong condition. DETROIT, Oct. 6.-The Farmers and Me. chanic's Bank, of this city have been placed under an injunction by the Attorney General. PETERSBURG, Oct. 6.-The Express says it is rumored here this evening, that the Banks of Wilmington and Cape Fear, North Carolina, refused to redeem their notes yesterNay The Commercial Bank and Bank of the State redeemed everything. They are all said to be perfectly solvent.

9. October 10, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 10, 1857

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ST. LOUIS. Oct. 6, M.-There is a run on the Bank of Missouri, and the Boatsmen's and German Saving Institution. No evidences of a suspension yet. The regular banks are strong.

10. October 10, 1857 Nashville Union and American Nashville, TN
Article from Nashville Union and American, October 10, 1857

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THE BANKS. ST. LOUIS, Oct. 6, M.-At the meeting at the Merchants Exchange vesterday to consider the currency question, Mr. Henry, Bank commissioner of Illinois, made a statement of the condition of the banks of that State, which was generally regarded as satisfactory. A committee was appointed to report on the subject to a meeting to be convened this afternoon. The meeting adjourned without coming to a definite conclusion. The vote on receiving the Illinois currency at par stood a tie. Previous to adjournment a resolution was passed to petition the Legislature to issue no more bonds at present, and create a sinking fund for the payment of the interest on those already issued. Another meeting will be held at the Exchange to-day. The suspension of Lucas & Co., created no excitement. The assets are ten times greater than the liabilities. DETROIT, Oct. 6, M.-The Farmers' and Mechanics' Bank of this city has been placed under an injunction by the Attorney General. BOSTON, Oct. 6, M.-At the instance of the Bank of commissioners a temporary injunction has been laid upon the Western Bank at Springfield. CINCINNATI, Oct, 6, M.-Money matters more unsettled. Exchange on the East firmer and tending upwards. 5 premium generally asked. Weather clear at intervals. Thermometer 64. ST. LOUIS. Oct. 6, M.-There is a run on the Bank of Missouri, and the Boatsmen's and German Saving Institution. No evidences of a suspension yet. The regular banks are strong. NEW ORLEANS, Oct. 5, M.-Voorhies, Griggs & Co.,'s suspension is announced, but is supposed to be only temporary. BOSTON, Oct. 6, P. M.-The monetary panic has entirely disappeared. No suspensions to-day. The suspension of John A. Lowell is authoritatively contradicted. Among the bequests of the late John E. Thayer, was $40,000 to Harvard College, the income of which is to be applied to the aid of the best ten under-graduates who may be in need of pecuniary assistance.

11. October 15, 1857 The Weekly Pioneer and Democrat Saint Paul, MN
Article from The Weekly Pioneer and Democrat, October 15, 1857

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Sr. Louis, Oct. 6.-A meeting wa held at the Merchant's Exchange yesterda to consider the currency question, at which Henry. Bank Commissioner of the stat ment of the condition of the Banks of the State. which was generally regarded as sati factory. A committee was appointed 1 report on the subject, convened in the afte noon, but adjourned without coming to an definite conclusion. A vote on taking currency at par. stoo previous to adjournment. A resolutio was passed petitioning the Legislature t issue no more bonds at present, and to creat sinking fund for the payment of the into on those already issued Another meeting is to be held at the E change to-day. The suspension of Lucas & Co., create excitement. Their assets are ten time greater than their liabilities. There is a run on the Bank of Misssour and the Boatman's and Germans' Savin suspension. The regular Banks are consie ered strong BOSTON. Oct. Among the large be quests of the late John E Thayer. is on $5,000 to Harvard College, the incom to be applied to the best ten undergraduate who may need pecuniary assistance. The financial panic has about subsided and business in State street is beginning t assume its usual quiet. No failures to-day The suspension of John II. Howell authoritatively contradicted. W ASHINGTON, Oct. Messrs. F. & A Dodge, merchants and importers here. ar said to have made an assignment. Hereto fore they were considered the heaviest bus ness firm in the district. Nkw YORK. Oct. 6.-There is not muc change in the aspect of money affairs. Th Bank statement had depressing inflnene upon stocks at the 1st board. At the 2 board the quotations were still lower, but a the close a firmer feeling was manifest, th day closing upona very tight money market The difficulties of negotiating exchang have induced merchants to order grain sen forward, guaranteeing the expenses here. Sterling bills closed at 99a102. To cove actual transactions some names sell a littl higher. but only in small sums. The receipts at the Sub Treasury wer 8228 867. and payments 81,228,810. balance $6,560,046. The receipts including $1 000,000 transferred from Boston, and th payments include $112.000 Californi trafts, $200,000 in small pieces sent to th mint, for which large gold will be returne to-morrow, and $600,000 to Blocker S Savings Institution in paymer tfor redeeme S. Stocks. The American Exchange Bank afte nonoring the drafts of Messrs Sates / Church up to the close of business yester lay, refused to pay them this A M. and were protested to day HARRISH Pa Oct 6 Gov. Pollo k's message to the Legislatur recommends that the Banks which may b relieved from the penalties on such susper by existing law, be req i ed to make atisfactory arrangement with the Stat Treasurer, by which he will be enabled 1 convert the current funds in the Treasury and the balances to his credit in any soive LA Bank into specie as necessary for the pay nent of the funded debt. and solvent Bank which paid specie for all their liabilities in mediately prior to the late general susper sion, be required under limitation and E striction to receive the notes of each other continuing solvent at par in payment of a lebts. The Banks resuming specie pay mests to be relieved from this condition 10 the relief of debtors That a provision L made for the extension of the time i whic xecution in judgement may issue The is of relief notes of a small denominatio should not now be authorized, nor the Bank during their suspension be permitted to de clare dividends exceeding 1, per cent. IM annum He thinks that the monied institutions . . State are in a sound and solvent cond tion, that if the measures suggested in adopted, all will be right. In the House before the reading of the message, a resolution was offered requirin the Banks to reseit the account concernin their condition ere the Legislature as journed. After reading the message the House post poned. Theresolution requiring statement

12. October 21, 1857 The Burlington Weekly Hawk-Eye Burlington, IA
Article from The Burlington Weekly Hawk-Eye, October 21, 1857

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Cincinnati dispatch says that Kentucky, Ohio and Indiana banks will not suspend.A St. Louis dispatch says there was a run on the Bank of Missouri on Wednesday, and opinions were conflicting as to its ability to hold out. DO

13. October 27, 1857 Wheeling Daily Intelligencer Wheeling, WV
Article from Wheeling Daily Intelligencer, October 27, 1857

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BANKING MATTERS. CINCINNATI, Oct. 26.-The notes of Jas. Robbs Bank, Union Bank and Bank of New Orleans were thrown out to-day. The Missouri paper will continue to be taken, notwithstanding their suspension. Exchange on New York nominally the same. Sr. LOUIS, Oct. 26.-The Bank of Missouri, Merchants Bank and Southern Bank suspended this morning. The Mechanics Bank is still firm. NEW YORK, Oct. 25.-The statement of the Banks ofthis city, for the week past, shows an increase of specie of $2,568,000. Decrease of loans, $1,652,000. Decrease in circulation, $1,202,000, Increase of deposits, $4,635,000.

14. October 28, 1857 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, October 28, 1857

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The Bank of Missouri suspended specie payment on Monday. We are right glad to see the old fogy concern "go under" at last. Her policy and influence have damaged the interests of all within the limits of the circle of commercial dependence on St. Louis beyond computation.

15. October 28, 1857 The Weekly North Iowa Times McGregor, IA
Article from The Weekly North Iowa Times, October 28, 1857

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LAT EST. The Baltic with dates from Liverpool, reachel N. Y. 26 h. The India news is more fa orable. Cawnpore is holding out gallantly. The rebels were defeated in several battles. Prioles3, the American mare beat Elkh rn and Queen Bess by a length and a half. On the 1st trial the result wasa deadheat. The S cond race Prioress won the money $10,000, amid great rejoicing. Locompte is dead. Great money pressure in London, Dublin and Vienna. The Baltic bring S $73,000 sterling, and 160 passen ers. The Red Jacket from Australia reac' So tham ton with 70,000 ounces of gold. Liver ool market dull and clining.Rate of discount in Bank of England 7 per cent. The Chicago market is still dull-wheat at 65 to 70 for spring and winter. The Bank of Missouri, Merchants Bank and Southern Bank at St. Louis, suspended Oct. 26th. Mechanics Bank still firm. Se ere gale on the Lakes, much property destroyed. A fire at Port Stanly C. W. on the 26 h, destroyed the steamer Free Trader, Schooner Buchanan, with several valuable war houses. Aug. 30 h Kimball of Salt Lake made a speech announcing the determinatic n of the Mormons to resist the U.S. Troo sto the death. Women and children are called on to arm themselves. Sr. LOUIR, Oct. 26. A protest, signed by several prominent citizens of Kansas, was filed on the 15th, against fraudulent returns of the Oxford precinct, Johnson county, in re. to which, after personal investigation, Walker and Stanion ublished a proclamation in the Horald of Freedom of 20th, expressing the determinati n to reject the entire vote of Oxford, and give certificates to the free state candidates. The prodamation produced intense excitement among the extreme P o-slavery men. Threats of vengeance were made against the Gov. and Secretary. On the 19th a protest was made against the assembling of the Constitutional Convention at Lawrence.

16. October 28, 1857 The Day Book Norfolk, VA
Article from The Day Book, October 28, 1857

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Supension of the Bank ofMissouri. ST. LOUIS, Oct. 26.-The Bank of Missouri suspended specie payments this morning. The announcement created considerable surprize, as it was believed the bank had passed the crisis. It is now feared that the remaining Banks of the city, if not the entire State, will be compelled to adopt a similar course.

17. October 28, 1857 The Day Book Norfolk, VA
Article from The Day Book, October 28, 1857

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The Largest Circulation in the City. a The News. The Bostonians are beginning to doubt the utility of the long credit system. A letter received yesterday at New York, per Baltic, from Glasgow, announces failures in that city for upwards of a million pounds sterling. The bank of Missouri, at St. Louis, suspended specie payments Monday morning. Governor Walker of Kansas has issued a proclamation rejecting the late election returns from the Oxford precinct and Johnson county, giving certificates of election to the Free State candidates. The New York markets yesterday, dull for Flour and Pork; very dull for Lard; firm for Wheat, Corn, Beef and Whiskey. There were 300 bales of Cotton sold yesterday in Charleston (S. C.,) at full prices; and 200 bales at Angusta (Ga.,) at 11} to 12 cents.

18. October 28, 1857 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, October 28, 1857

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8 New Orleans Daily Grescent. THE COMMERCIAL DEPARTMENT. New Orleans Money Market. CRESCENT OFFICE, No. 70 Camp street, } Tuesday Evening, Oct. 27, 1857. Although we cannot say a more cheerful feeling was prevalent to-day in commercial and financial circles, yet there WAS nothing to create any further uneasiness. After so severe and exciting a panic and pressure as that which this community has passed through, it is hardly expected that It can recover its former position in a day or a week. There are very few calls on the Banks for coin, and those few are for very small sums. We have advices of several shipments of coin hither, and the low rate of sight exchange on Northern cities will probably be the cause of large shipments from the West, a point from which it is expected there would be very few shipments. Though the Banks in St. Louis, with only one exception, have suspended, all the coin in the country did not happen to be in their possession. The Banks in Louisville still hold out. All the Banks in Tennessee have gone by the board but what surprises the pub. lic the most is the suspension of the Bank of Missouri. This was thought to be one of the strongest Banks in the Union, and with all the appearances of vast crops of grain, the very essence and life of commerce, it has suspended coin payments. St. Louis, like many other places, has grown too fast in latter years. The business relations between the two cities, St. Louis and New Orleans, are great, very great, and we hope they may continue to increase, but there is such a thing as going too speedy, and we have evidence of it in the suspension of so many Banks and banking houses in the former city, with the very largest crops of produce to sustain them. All that is required is confidence, and when that returns, we may look for an immediate amelioration of affairs. According to the views of some political theorists, it would be supposed that all trade was to come to an end. We can only intimate to the West to send forward their produce end their gold, we shall have an abundance of sugar, molasses and exchange to liquidate any amount they may have over. Gold is coming, and it will keep coming for - eeks. $150,000 came by Adams' Express yesterday, $70,000 of which was for the Union Bank, the balance to parties unknown. The Philadelphia is due with a large amount. It is hardly necessary for us to remark there is no paper market here. Some paper considered double A1 was offered at 4 per cent per month and no buyers. In Exchange there were sales of sight drafts on New York at 5@5½ per cent. discount. The Banks were selling checks at 11/2@21/4 per cent. d'scount. About 75,000 france were sold at 6.50, though the extreme rates for Al on Paris direct closed at 6.30@6.10. We only heard of some small sales of sterling at 90@93. It is difficult to effect sales of foreign exchange in New York, even with the best of signatures, because there is no demand for foreign importations of merchandise, and bankers have no money for investment. They are apprehensive of a panic and a crash on the other side D of the water, and it is intimated that the Bank of England may suspend coin payments, which it is supposed would result in some benefit to American interests. How or in what way is not yet clearly brought to our conviction. There have been no public sales of stocks for months past, of nor have there been any sales by private contract for weeks, excepting two or three parce's. There is some life yet remaining. Palfrey & Co. open the ball for the season on Saturday next, the U 31st inst., at the Arcade, when they will offer for sale Bank, Railroad, Water-Works, St. Charles Hotel Stocks, Bonds, Railroad and Consolidated Insurance Scrip, etc. Business may as well be opened first as last. The Louisville Journal, of the 20th, has the following remarks on a recent transaction in that city : We heard yesterday of an instance of bank-management in to this city which seems to us an extremely suicidal policy, and ill one which, if practiced to any extent, will most unquestionably not only greatly discommode our business men, but shake the stability of our banks. Some time ago one of our citizens nd shipped a quantity of produce to New Orleans, and drew against it. At the present moment this produce is altogether unsaleable there, and yesterday the shipper applied for a renewal of his bill, which was refused. He then tendered the money, with a request that the bill should be recalled, which was also refused, and his application to purchase exchange at any rate the bank might choose 10 charge, was also rejected. If the other banks had been equally selfish and unaceommodating, he would have Rhad no alternative but to procure gold, and ship it to New Orleans to meet his draft. This is not the way for banks to sustain the confidence of the people, by refusing accommodations of the nature as required. The following will exhibit the production of the precious metals throughout the world in 1856

19. October 29, 1857 The National Era Washington, DC
Article from The National Era, October 29, 1857

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Suspension of the Bank of Missouri. St. Louis, Oct. 26.-The Bank of Missouri suspended specie payment this morning It is supposed that the remaining city banks will follow suit this afternoon or to-morrow.

20. October 31, 1857 Muscatine Weekly Journal Muscatine, IA
Article from Muscatine Weekly Journal, October 31, 1857

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BANK OF MISSOURI USPENDED ! By n private dispatch received from St. Louis by Sells & Watt, we learn that the 3ank of Missouri closed its doors yesterday. There had been a heavy run on it for some time.

21. November 12, 1857 Glasgow Weekly Times Glasgow, MO
Article from Glasgow Weekly Times, November 12, 1857

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auverusement requested, willbe givenand charged for, THE BANK SUSPENSION BILL HENDERSON, of Pike, chairman of the of Mr. committee on Banks, and author the bill legalizing suspension, said:suspension of the Bank of interested Missouri A taken place: the people are in it; the has bank; they have stock and we are in that School Fund is there, Seminary Common of that fund; the guardithe guardians there also, and we are the the genFund is that fund; and I will inform should ans of of another fact, that at least House tleman and to which the some consideration of that bank was State suspension have should some give weight, partly the now, occa- the of the indebtedness of Missouri has sioned by to it. The State of bank accommodation from to the of interest upon its bonds and received Missouri that we, in payment of $160,000 and upwards, the mount State of Missouri, finding the in difficulty, having of bank and like other make we have been unable to payments, great suspended creditors fact worthy specie specie the bank, I say that that is a pospayment. consideration. I have also in my of the of statement of the condition suspension, session a to the day before the if she can bank up proves to my mind, that affairs of this which permitted to wind up the withbe as she should, in my view, of the institution distressing the mercantile interest you out Missouri, and in proportion as along State of farmer and mechanic, distress merchant, if we to be conducted in a affairs that with bank the the country proper permit man- of I that this exhibit of the and given ner. say now in my possession high the bank by a gentleman who stands and who throughout to me the State of Missouri Bank-I intimately connected with ly we ink can is Mr. Barnes-that that clear allude all to of its liabilities and have statement a pay of $75,000. That is the ld be actprofit I do think we sho liquithat I have. to force that Bank school into fund, ing wrong the detriment of our dation the to utter prostration, as I conceive of the and to great mercantile interests Louis. I do of the and of the city of St. State represent the constituency he of not gentlemen, pretend to because I know to that do that. the better able and qualified represented much constituents are ably to say Those floor; but, sir, I undertake upon representing a that am in the solvency Sir, interested this constituency Louis. and prosper- who if are merchants of St. urged to of the urged to protest so will these be are and who is it that, in protest, Who is it, sir, that can meet to can Gentlemen have gone they ity pay? who times, never pro- his liabilities? the city of St. Louis, have test in of such a thing; merchants who never dreamed forced to refuse payment, when they been that the day could come liabilities; thought be ready to meet their not I think that under the and, at least, to take ces tion would sir, ought, circumstan speedy sibly can. the acthis floor The we upon gentleman this question is well as aware, we po and are all aware other would not take away his or urge upon members an measure; that I members upon over single speedy right, but, our or hasty consideration stated, of we this have upon as I bill covering all the tables a bill now under embraced sir, before in the essential country considera- points and sir, the condition of the community, tion, and of the mercantile the the commercial condition interest of Missouri, conthe interest and every interest demand railroad with our prosperity seems to we can nected like action as soon as and evesomething Sir, the farming interest demand take it. interest within our State consideration ry other that we should take into some now, measure of this sort. not constitutional objections be to These bill. are I am confident that there can to me that and if the gentleman can prove to none, is a constitutional objection meet it, that there no member will more gladly say than I. and more feature of in the matter it that every unconstitutionality. gladly strike that from that there is a provision the 37th It is suspending true the operation of they are bill of the law under which hand section requiring them to keep on and chartered, of coin equal to thirty-three But, an third amount per cent. of their circulation. of the a that

22. January 22, 1879 The Sun New York, NY
Article from The Sun, January 22, 1879

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# Capt. Eads's Bank. Day before yesterday the Grand Jury of the United States Court in the St. Louis district, after a long investigation of the causes which led to the disastrous failure of the old and solid Bank of Missouri, indicted JAMES A. BRITTON, ex-Mayor of St. Louis and lately President of the bank, for a wilful misapplication of its funds and credit. If BRITTON'S trial results in a conviction, he will be sentenced to imprisonment in the penitentiary at Jefferson City for a term of not less than five, or more than ten years. An indictment was also found against CURTIS, the cashier of the wrecked bank, charging him with complicity in the criminal acts of the President and other directors. Besides BRITTON, there survive but two of the directors active in the management of the Bank of Missouri during the period in which it was gutted by the men who captured it in 1866. One of these, BARTON BATES, is insolvent, and has lost position and influence in St. Louis. He is indicted with BRITTON, and, like BRITTON, is liable to imprisonment for from five to ten years, if found guilty upon trial. The other surviving director is Capt. JAMES B. EADS. Socially and commercially he still possesses great influence in St. Louis. He is at present engaged in constructing the jetties at the mouth of the Mississippi River, an enterprise by which St. Louis hopes to profit more than any other city. When the bank failed, Capt. EADS and members of his immediate family were found to be its debtors to the amount of $750,000. Part of this indebtedness, after the crash and exposure, Capt. EADS hastened to secure by placing in the hands of the receiver assignments of future payments to be made to him by the Government on account of jetty work. If Capt. EADS should be convicted and imprisoned, the construction of the jetties would be stopped, the Government payments to Capt. EADS would cease, Capt. EADS's notes held by the receiver of the bank would be worthless, and the stockholders, who have already suffered so much by him and his associates, would suffer still more. Capt. EADS was not indicted by the St. Louis jury, although his name was presented to them for indictment, together with BRITTON'S and BATES's. About a month ago THE SUN printed the first public exposure of the transactions which ruined this famous bank. The facts then given are the facts on which BRITTON, BATES, and CURTIS have been indicted and are to be tried. The main charge against the fraudulent directors is that they used their position to secure a loan of $1,000,000 from the Bank of Commerce of this city to the Bank of Missouri, and then took the money and employed it to pay for the shares on which they controlled the institution. This whole affair was engineered by Capt. EADS in person. He negotiated for the $1,000,000 loan. He held the State's shares of stock in his own name. He allotted these to BRITTON, BATES, and his other associates, and set up BRITTON as President. He used a part of the Bank of Commerce's loan to pay for his own stock. Under oath he has testified as follows: "Q-Did you individually receive the benefit of any portion of the $1,000,000 loan? "EADS-Yes, sir. Q-How much, in round figures, as near as you can remember? "EADS-Something over $200,000. "Did the notes given to the Bank of Missouri by its directors) have any endorsers, or were they secured by any collateral security? "EADS-No, sir." Messrs. BRITTON and BATES cannot be tried in open court without practically trying Capt. JAMES B. EADS, their associate and leader.

23. April 16, 1896 The State Republican Jefferson City, MO
Article from The State Republican, April 16, 1896

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ting down of all our banks in St. Louis. "The old Bank of Missouri had $400,-000 of the city's money and refused to let us check out a dollar, and at the end of two months the street cleaners and other working men collected in front of the City Hall and threatened a 'mob.' The oxcifement got so great (the police sympathizing with the crowd of 4,000 or 5,000) that something had to be done as neither the police, the fire department nor any of the employes of the city had been paid, and they were in sympathy with the laborers. In the meantime, I, as mayor, had been in consultation with the comptroller, treasurer and others, and we decided to issue if we could, some sort of a 'Due Bill' that we hoped would pass current, so I stepped out on to a box in front of the City Hall, and said to the crowd, 'I am very sorry that the money of the city is locked up. I hoped from day to day to have found relief and hated to stop the work that I knew you men so much needed at this time, when everything else is stopped. If you will go to the grocerymen and tell them that I will pledge them my honor that in ten days you shall all have your money I think they will credit you until the expiration of that time. I can't tell just how I will have you your money, but I will have it.' A lot of them threw up their hats and said, 'We'll trust you,' and the men that were getting ready to break into bake shops and groceries, started away to tell those they owed what I said. "That night I started for New York City alone, but with the signatures of the comptroller and treasurer and knowing Joseph Seligman, then living. I first consulted him about issuing money and he shook his head and said, 'You will get into the penitentiary if you attempt to issue anything to circulate as money.' "I went to Mr Morgan and he dissuaded me, and the same with Luther Clarke, who was then living; but I was in for it, and while I was willing to pledge my entire fortune (then a million) no one would consider that. "Finally I went to Rawson, Wright & Hatch, who were then lithographers and engravers for the government, and told them what I wanted, but they said they would be held liable. I then offered to hold them harmless to the extent of my entire fortune and gave them a bond to hold harmless, and they printed me $450,000 in 1's, 2's and 3's, of a due bill on the same paper the government used, with only this difference, that the back of the bill was brown instead of green, and that was done to try to avoid the law against circulating paper or following the style of paper of the government. I was home in ten days and the money was taken by everybody in the city and in Chicago and all over the country. "When the banks opened again after the panic and I made arrangements with them to take, and we to redeem it every night, which we did; but the large bulk of it never got into the banks, and no one had any confidence in the banks and ones, twos and threes were handy change. "The government got onto it in a short time and sent out two detectives to look into it and I laid the whole matter before them, showing that it was do that or the beginning of riots all over the country, and they could see that the revenue of the city was pledged to take up which we did. "They finally left and did nothing and some of that money was two years in coming in, and indeed every few days it turns up now and is redeemed." I desire to acknowledge my indebtedness to Mr. Brown for his valuable letter, and to "A Tour of St. Louis," by J. A. Dacus and Jas. W. Buel, members of the St. Louis press in 1878, for information which I have used relative to the early history of St. Louis.