By Ken Edwards
For more than a decade after Arizona achieved territorial status, there were no banks closer than Santa Fe, New Mexico and the major cities of California. Gold and silver were the accepted currency; paper money was not always trusted.
During the 1860s, merchants carried out many of the functions of banks. They would grubstake miners, extend credit, keep customers' valuables and a supply of cash in their safes, redeem government pay vouchers and advance money on future crops and freight.