The Delaware register, or, Farmers', manufacturers' & mechanics' advocate. [volume] (Wilmington, Del.) 1828-1829, 1828-11-01
ORIGIN oF BAMKs IN THE UNITED sTarES.

OHfGIJN Or BHJVhS nv THE OVI1'ED SIXTIES.
To TN III ve . nlnya e,.
was much pleased looking your prospectus find
that attempt about be made to sustain periodical
paper Borough other than newspapers and with
disposition a beyond my ability aid in the experiment
to make your columns interesting, send you historical
details of the origin and effect of of the oldest Banking
Institutions this continent viz the Bank of North America
and the old bank of the United States Ithese details should
be deemed of sufficient interest t.obtan place in your paper
the writer will be induced osearch further back in the moudy
volume of History, for the origin and progress of Banks in
Europe.
The Bank of North America owes its origin to the
vigorous mind and enterprisng genius of Robert Nor
ris, Esq. who conceived the idea of it when superin
tendent Of the public finances, and submitted to Con
gress in the month of May, 1881, the plan for cstab-
fishing the National Bank of North America Arree
ably TO this plan, the capital stock was to consist of
100000 dollars in shares of 400 dollars each navnbn
in gold and silver to be increased bv new subscriptions
from time to time at the pleasure of the Directors
The Directors, twelve in NUMBER were to be chosen
by the Stockholders, and to be entrusted with
the management of the Institution. The notes of the
Bank, payable on demand, to be made LEGAL ten1er
in the discharge of duties and taxes, &c. On the 26th
Of the same month Congress approved the plan. and
passed several resolutions by which they pledged them
selves to support the proposed institution; to incorDo-
rate the subscribers under the name of the President
Directors and Company of the Bank of North Ame,i-
ca to recommend to the several states the prevention
Of similar establishments, within their respective iuri-
dctlons. during the war; to receive the notes of the
institution in the payment of taxes duties and all 9TH
debts, owing to the United States and to use their
influence with the several legislatures, to have laws
passed, which should make it felony counterfeit the
notes of the Bank, &c
After this, subscriptions were Immediately opened
and iled, during the and autumn of the same
year. In November, Directors were chosen n De-
cenber Congress, confonnably to their previous re.
solves, passed ordinance which created the subscr
bers to the Bank, corporation for ecer, under the
aforementioned title. The original features Of the
plan proposed were preserved, but the bank was re-
strcted from holding property exceeding the amount
Of 100000 of dollars
The institution commenced its operations in the
month OF January following, and Robert Morris, who
may be Justly styled the father of the system of credit
and paper circulation in this country, succeeded in Sc
curing to II the good will aud confidence of the peo.
pie at large, by various udieious measures of which
circular letter. addressed to Tue governors Of the sew
eral states, cXpoining the objects of the institution
and the certain advantages to be derived from it, was
not the least effectual.