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  Creation of the Bank of the State of Missouri
Category:  Economy/Employment
Brief Description:  The state created a bank in St. Louis in 1837, and while it was never the biggest bank in town, it earned a reputation as the soundest bank west of the Appalachians. Until 1857, the bank held a legislated monopoly in Missouri, which contributed to the slow growth of industry during this period. During the Panic of 1837, the Bank of the State of Missouri refused to accept notes from other banks that did not pay in specie. This strengthened the bankĀ“s position in St. Louis, as other banks were closing due to the economic downturn. The bank did not bail out customers who had overextended their credit, choosing to keep itself from going under.
Year:  1837
Decade:  1830 - 1839
Beginning Date:    1837
Ending Date:     Dec. 31, 1841



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