Broken Bank Notes Message Board

Forum for Obsolete Currency Discussions
It is currently Mon Jun 17, 2019 9:30 pm

All times are UTC - 6 hours

Post new topic Reply to topic  [ 1 post ] 
Author Message
PostPosted: Sun Feb 11, 2007 4:04 pm 
Site Admin
User avatar

Joined: Fri Jan 19, 2007 11:11 pm
Posts: 1094
Excerpted from The History of American Currency:

December 31, 1781, the Bank of North America was chartered with a capital of $400,000. It took its origin in a union of citizens of Philadelphia, formed in the preceding year, to supply the army with rations. They were allowed to form a bank, and, as it seems, issue notes to buy the articles required. Congress ordered bills drawn on American ministers abroad to be deposited in the bank as a guarantee of payment. $70,000 in specie were subscribed in 1782 by individuals, and the remainder by the government out of the proceeds of a foreign loan. It issued convertible notes, redeemable in Spanish dollars ; but the people were slow to take them. According to the story given by Gouge, the Bank was not over strong, and tried to keep up its credit by parading and handling over its stock of silver. However, it made large dividends, and was at tacked by a rival which it was obliged to absorb, and secondly by an effort to have its charter repealed. The latter effort was successful so far as the state charter was concerned. It went on under the charter of the Continental CongOress until 1781, when it was re-chartered by Pennsylvania. It exists yet.

 Profile Send private message  
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 6 hours

Who is online

Users browsing this forum: No registered users and 1 guest

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Jump to:  
Powered by phpBB® Forum Software © phpBB Group