New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1847-06-17


Great Britain paid to Massachusetts, the sum Of
tleOoO0 Sterling for expenses in the expedition
against Looisburg, and with this sum that colony
redeemed her bills at the rate of fifty shillings per
ounce Of silver.
Soon after the Continental money issued during
the Revolutionary War ceased to circulate, Con.
eress under the Confederation at the suggestion
Of Robert Morris Superintendent Of Finance es'
tablished National Bank, by the name Of THE
President and Directors Of the Bank Of North
America" This institution went into successful
operation in December, ISL with a capital Of only
$500 coo, and the management of its protector aud
others associated with him. contributed, as far as
its limited means would allow to relieve the inan
cia distress of the country at that period. This
Bank is still in operation in Philadelphia with
enlarged capital and under q charter from the Lee
gislsture Of Pennsylvsnis- 1t has always sustain
ID a hisn credit and character among the institu
tons Of that State.
! The only Banks in existence when the United
States Constitution went into operation, in 1889,
were the Bank Of North America in Philadelphia,
the Bank Of NewYork in the City of New York,
and the Bank of Massachusetts, in Boston with
I
lars.
The Secretary of the Treasury, Alex'r Hamilton,
very early perceived National Bank, in his opin.
ion, was necessary in the management Of the f.
nances of the general government. He therefore,
in December 1890, recommended to Congress the
establishment of such an institution Banks had
existed in Europe for several centuries The first
/ Bank was said to have been established in Italy,
I A. ID. sos. by the Lombard Jews of whom some
settled in Lombsrd-st London. The Bank Of V enice
was founded in the year ll57, that OF Geneva In
\ l345; Barcelona, l40l Genoa, 1907 Amsterdam
/ 1907 Hamburger, 1919 Rotterdam, 1898; Stock
holm, loss; England, 1924 Scotland, 1895 Copen-
hagen, 1896; Berlin, 1865; Caisse d'Escompte,
/ France INC; Ireland, l7sa Petersbargh, l7s6
East Indies, 1887.
The benefits which the commercial countries Of
Europe had experienced from institutions Of this
kind as well as the advantages derived from the
Bank of North America, no doubt induced Congress
to comply with the Recommendation Of Hamilton,
aud to establish an institution of similar charsc.
ter, by the name Of the Bank of the United States
The act for this purpose was passed, on the 25th
February, 1871. The power Of the General Gov.
eminent to establish a National Bank was then
questioned, and on this account the measure was
opposed in Congress but passed and received the
signature of General Washington, then President
Of the United States
The capital Of the Bank was Ten Millions Of
Dollars two mllons of which were subscribed by
the United States, and the residue by individuals
Two millions Of the private subscriptions were paid
in specie, and six millions in the six per cent
81 10 mir Ia CHI
to continue until the 18th OF March, ISL.
According to Pi,kin, experience soon proved the
utility of the institution not only to the Govern
ment, but to the community at large. The stock Of
the Bank was in such high repate that in 1895 and
1897, s490 governmental shares were sold at rs per
cent. advance 2s7 in 1897 az 90 per cent advance
and in 1902, the residue being 222o were sold to
foreigners at IS per cent. advance-makins alto
sethers profit Of s67l 900. The Bank was also
profitable to the stockholders its dividends on an
average being about 81 per cent per snnum.
As the charter would expire in March, lsil, the
stockholders in the Spring Of lsos presented me
mortal to Congress praying for renewal oft The
Senate referred the memorial to the Secretary o
the Treasury Mr.. Gsllstinl TO consider and re
port thereon at the next session of Congress
A
March ;. 1899, In favor of renewal with an add
ton to the capital and sach other notifications as
be thought proper to suggest. He proposed that
the capital should DO ultimately increased to thirty
milions--ths, Of the additional twenty millions
fifteen millions should be subscribed by the States
in ten annual instruments and Eve millions By ID
dividuals-the Bank to pay bonus OF 81 COO
to pay interest on the public deposits when above
a certain amount and to be required to loan to the
United States, when required three hfths of III
capital Congress rose the day this report was
presented to the Senate this being the last day o.
Mr.. Jeffersons Administration
During the next session Mr. Madison being
President.l the subject did not come before Tho
Senate but in the House, in January 1870 the
memorial Of the snk was referred to Select Com
mi,,ee. The Committee having heard the pen
iionsrs IN relation to the terms on which they wsE'