For the immense business transacted, Saint Louis certainly has the fewest monetary facilities- of any city
in the country. The recent action of the Legislature, however, warrants us in anticipating an important
increase in this respect, in the speedy organization of several new Banks in this city and state, to consum-
mate which the incipient steps have already been taken.
There is now but one bank in Missouri authorized to issue notes for circulation. Its total capital is only
about $1,200,000. The part of this allotted to Saint Louis, is about $600,000.
The bank is well managed—gives all the facilities its limited ability will justify. It never suspended
“specie payment” even in the general suspension of 1838. Its notes only pass here as coin, all others are
denominated “currency.” The bank only takes her own notes or coin, and pays out nothing else. All
transactions here are for specie. Currency, that is the paper of other states, circulates, but is subject to dis-
count, according to the locality and condition of the banks issuing.
There are also thirteen private banks of deposit, which detl in specie, currency and exchange. These possess
large capital and credit, and do an immense business. They afford great facilities to the business of the