Truman M. Smith was a native of New England and established his banking house in Saint Paul in 1854 on the corner of Seventh and Jackson Streets. He also ran a retail establishment known as the Minnesota Marble Works where he sold sculpted products made out of American and Italian Marble. He closed his bank in October 1857 as a result of the financial panic. He then raised fruit for many years in Saint Paul, and later in San Diego, California.
The endorsed notes he issued are somewhat enigmatic. He overprinted the backs of notes from the Danby Bank of Danby, Vermont with a reprint of the notice published by the Receiver of that bank in January 1858. Smith added his endorsement, “Redeemable at my office in Saint Paul, Minnesota in Gold at current rates, until Dec. 1st, 1858. TRUMAN M. SMITH, Banker.” The Receiver indicated that notes had to be presented to him “for allowances” before December 23, 1858. Perhaps Smith had a quantity of notes of this bank on hand when the bank went into receivership, and thought this was the most efficient way to recover his funds.