The Portland daily press., 1870-05-09
The international Bank mud the First
National Bank Of Portland

In following out our plan of giving brief
history of our different banks, we now consid-
er one whose career has been rather more
marked, having less of historic note coming
from old local associations than some of the
more ancient institutions, but perhaps illustrat-
ing fully as well the spirit of that enterprise
which has been SO apparent in this city within
the past fifteen years.
Previously to the organization of this bank
in September, 1859, the minds of our capital
lists were imp ressed that more facilities for our
merchants were needed to carry out the rapid
ly extending business relations, which were
turning country trade SO largely into our city.
The existing capital employed in banking was
strained to its utmost and the men who pro-
jected and fought out the Atlantic railroad,
and who built our wharves and were then
about opening new relations with our friends
in the Provinces were not the men to suffer
trade here to be cramped, when by so little eff
fort the tide of industry could be swelled.
Hence this new bank; modestly starting in
the Office OK the Portland Savings Bank and
then taking for season the den of the old
Atlantic Bank, on the corner of Lime and
Middle streets.
A capital of $3.50 900 was subscribed and rep
resented al different people and corporations
This was soon found insufficient, and in March,
1S60,-the bank having then moved into it's
own building on its present site-the capital
was increased to 100000.
In those days of State banking such an
amount Of capital drew forth very large pro-
portionate circulation, and it was clear to the
people that lack had been filled. But in
1861, February, further increase followed,
making $75O, 900 capital Then came the days
of war. Washington officials looked to New
York for help against a bankrupt treas ury, as
much as to country for troops; and in April,
1861, while still State bank in response to an
appeal made quietly by New York bankers
this International Gas it was then) did what ii
is believed was the first thing of the kind in
the State; made loan to Uncle Sam of $780,.
600, taking in pay the common illegal TENDER
which although now SO common, yet it may
not be forgotten, were not received by a large
majority of banks-Boston included-for qui lite
a while after they had been issued. The banks
said, "How can we get rid of the things!'
Early in 1861 Maine was called upon to furn.
ish men and they must be paid. Her treasur
ary was lean; chaos was in money matters
But in eight days after the passage of an Ac
by the Legislature, authorizing loan, a tend
err Of $4,000 was make to the Governor to ena
BILE him to start off the First Maine. This ma,
be called cheap patriotism viewed by presen
light. But in that day -money was worth 1
Der cent we notice for choice business pape
in N. Y The Middle States had generally sus
pended and New York was shaky and consid
ing.
A few months rolled along and in Sept 1861
the bank was appealed to by some New Yorl
bankers to join them in making up loan t.
the Treasury of the United States. Tue ia
nous Seven-Thirties (the first set) were prom
Used in return as security. Rebels were thicl
at home and gaining at the South.
But perhaps the people have not forgotten
the steam which was infused into our sectio
by the efforts to sell these bonds. Still Stat
bank, the Government could not treat with
officially, but for all that, many hundr eds
thousands of that popular loan whose frui
are now quoted at LIS, were sold by the Int
national. These were the first ever Introduce
into the State. There was no other agel
working directly at that time.
Suspension OF all the banks followed In ID
cember of the same year.
The first five-twenties were sold in 1862 AN
among the earliest subscriptions were $1,000
to the international. In August of that yes
$4,000 was loaned to our Governor to hur
off few more regiments.
At this period the National Banking La
passed Congress and the directors seeing VIII
must follow, promptly organized as the r"
National Only two small banks in other pal
OF the State were then working under this la
On.yy one or two in Boston and' the same
New York The immediate result of L
change was the selection by the Goyernme
of this bank as its agent both for public demo
its and the sale of the bonds TO be issued ri
large payments to all the Maine troops bv Il
regular paymasters were conducted tbrou.
this medium. 1t would fail us to write he