St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-06

Violent remuneration IrOlD the great
body of the people.
The discrediting of the railroad bond
loan and the currency based upon II
left the people absolutely without
money until returns could be had from
sales of the new crops, lumber supplies
and other products of the infant state,
The hardship of poverty was, however,
Invested of humiliation, chief element
of its bitterness, for ali were alike
poor. Creditors and debtors dwelt upon
the same plane, ana the former were
careful not to Cypress the latter. lest
those to whom they were indebted
should crush them. Generally speak
ing, mortgages were secure againstfOre-
closure, because mOrtgagors could not
spare the necessary sums for sheritf's
and advertising fees, nor realize any
thing from sales of property. Even
Taxes Were Not Paid
and the local government betrayed their
expenses by emitting city and county
orders-drafts on the future. Even the
publication of the city directory was
suspended from 1859 till 1868. In 1861
the war with the Southern states began.
and there was never better condition
of affairs to make recruiting easy. Here
was offered speedy and certain pay for
"ninety days" service. free from hard
ship and hunger. 1t was far ahead 1T
digging ginseng or trapping muskrats,
and the boys went in gladly. They
fairly ''reyeled in PATRIOTISM" and
MismeSota sent the first regiment TO
the front. In 1862 the Indian out
break came like thunder peal from
cloudless sky. PoyertY-stricken
and with two wars OH hand. for the
rebellion did not cease in ninety days.
the people felt hopeless. These wars were
certainly calamitous, but they opened
way for the betterment of the condition
of affairs in this state. The demand Tor
agricultural products, horses, cattle,
lumber, etc. OccaSioned by the calling
of armies into existence, had tend
ency. of course, 10 advance prices,
and money sOOn became comparatively
plentiful; business revived and affairs
moved happily forward. The dark days
the state had passed through served TO
make its people more prudent, aid
when we take up the next volume OF
the directory, that of 1868, we find
things wearing
Wholly Different Aspect.
Instead of numerous banking estab
lishments, doing business in some in
stances on imaginary capital. or upon
inconYertible securities, We find eight
sound banking establishments reported.
These are the Bank OF Minnesota, Third
street, west of Robert, under the man.
agement of James f. and Horace
Thompson and Charles Scheffer; the
Marine bank. with Z. K. Wells preSl-
dent and o. 3. Terrell cashier, on Jack
son street, between Fourth and Fifth;
Willius Bros. q Dunbar, Third street,
west of WabaSha; Parker Paine, III the
brick TOW corner Third and Minnesota;
EdgertOn, Third and Franklin streets;
Berry. Dawson Il Clayton, Third and
Wabasha streets: Bidwen q VALIDITY,
corner of Robert and Third streets; and
BOrup az Cakes, still occupying their
Old ground east of Jackson street.
We come next to 1864. Up to this
time the banking business in st. Paul
was carried on about as in most West
err cities, except that the conservatism
which has always been marked char
acterlstic of her people saved the clty's
reputation from the consequences OF
reckless speculation. Very few Df
those whose names are mentioned in
the foregoing list were ever sus-
pected of a disposition TO take ad
vantage of their patrons. and the
general sentiment was so decidedly
opposed to whatever was dishonest or
unfair IN the conduct Of bankers. that
none dared give Offense if so inclined.
True, there were occasional failures and
losses, but these were so obviously the
result of circumstances beyond their
control that very little blame was ever
attached to the firms which suffered
them. In 1864 the
National Banking Law
was in operation. and the house OF
Thompson Bros. 81 Scheffer reOrganiZed
as the First National Bank of ST.
Paul. with James Z. Thompson. presi-
den; Horace Thompson, vice president,
and Charles Schefer, cashier. There
was but little change in other establish
mentS, though some one of the manage
menis was constantly dropping out to
be replaced by new man. For instance,
in 1850, l.. L. Reed took the place of
Peter Berry with Dawson d CO., and
the same year Mr.. EdgertOn, in connec-
ton with John Nicos and ID. A. Mon
fort. recognized his institution as the
Second National Bank. L. A. Harrison
became an officer OF the First National,
and j. S. Prince was made president
and G. a. B. Shaw vice president of the
Minnesota Savings association in
1867. H. 7. Upham hrst APP
pears as cashier of the First
National in 1869, taking the place of II.
NJ. Knox, who became assistant cashier.
There were three national banks in the
city that year, the First. Second and
Marine. The City bank was organized
in 1870, and it was during this year, we
think, that the decease of James Z.
Thompson occasioned the promotion of
his brother Horace 10 the presidency of
the First National. In 1878 the Farmers
and Mechanics bank. John Harrington
president, Alfred Horton vice preSi-
dent, and G. A. Morton cashier, and
the Merchants National, NJ. Auerbach
president, Walter Mann vice president,
w. r. Merriam cashier, and 4. J. Bond
assistant cashier, commenced doing
business, making four national and two
state banks. In 1874 the Willius Bros.
IL Dunbar firm gave place TO the Ger
man-American bank, with +. Willius
president. j. b. Sanborn vice president,
and g. WilliuS cashier. The Savings
Bank of st. Paul was also organized, W.
r. Marshall president, II. Sahlgaard
vice president, John S. Prince cashier,
and Z. A. Prendergast assistant
cushier. In 1877 the National Marine
bank and the house of Parker Paine
closed, Mr.. Paine having died. Horace
Thompson died in 1850 and was sue
ceeded by Mr.. Upham in the presidency
of the First National.
The Farmers and Mechanics Ma
tional bank ceased to exist about this
time. and the Capital, state bank, was
organized in 1882, with II. Z.
Reed president and W. d. Kirk
cashier. G. ID. GiIfillan became
vice president of the First and
Mr.. COwlev of the Second. also in 1882.
and W. A. Culbertson then established
his private banking house. In 1888 the
clearing house of St.Paul was organized
with Walter Mann president and II. z.
Upham vice president. Dawson q Co.'s
banking house became the State Bank
OF Minnesota in 1882, according to the
record, and the Peoples bank was Or
ganiZed the same year. The St. Paul
National appears first on the record of
1884. when the German-American be-
came the National German-American
Soon after the latter removed to their
new banking house Oh the corner of
III IDlNn