New-York tribune., 1876-05-31
AMERICAN BANKING.

TUKY-FINANCIAL MEASURES DCtlNG Iuis CIV IL
wAR-rnE GREAT BaUNDER.
'D''''''' Glt<-lal nal Es1bii,oa. Nay 30. 1901
After few preliminary remarks on the sig
piAcance tho Exhibition its International and CEN
nua aspects, Mr. spaulang proceeded to speak Of the
wonderful pro rcss maze in the banking business during
the last hunl lrol years At tie time OF the Declaration
OF Independence. he said there orsanizol bank
In the thirteen colonies furnish sry all support to
the Revolutionary army. Previous to that time meI-
chau,s assisted IN qualified way in carrying on I'm
tied commerce. aui the foreign exchanges were primer
paly furnished by thoso engaged in shipping TO oresn
countries. Tle exchange Of commodities was I'FslB
rarr1o1 ON in ALI parts of the by what WIS called
barter namely exchanging ous commodity for anotheT
aud the stuid ycOn any manufactured ther o"" "o"'
ing apparel in their homes Cold ana S"'er ""f''
however the basis Of the limited for n commerce 'o
carried on Now there within the United Saes 'V'
chartered banks, 2,2ls national bAnRs go saw
ms banks aud $50 private bankers, MAXIM total OF
6.OG6 banks and bankers.
without assuming 10 present treatise on BANKING
Mr. spauiding traced tho origin Of banking IN the Od
World 10 the establishment OF tne iank OF Nonce dur
,nc tho Cr,sades lie recounted the circumstances
un1er which the Banks Of Genoa, Amsterdam and am
burg were founded and eierrel /, the BAnI OF England
as a striking example of the comoinol power OF pubic
aufhorty anI private influence in sustaining govern
ment as We, the agricultural, BanuiacsuTinS' aud
commercial business OF an empire.
Tie American Revolution and Robert Morris was Mr..
5pauldlngs next topic. There was neither regularly
organized Treasury Department nor an organized bank
and consequently great embalrassments were eApci-
enced in Raising the prosecute tc war Robert
Morris able experienced hnaucier and true PARROT
was very Efficient in managing the fiscal affairs OF the
eountrF He several times pledged his private credit Ior
public supplies. In tho beginning of l1ol he furnished
the suffering army With several thousand barrels oi hour
and in the cam. .ai2n OF that year he supplied nearly
everything required tho upon The British
For 4 as "A
OF the means use his nJes to the amount
OF 81, 100000. which were haslly paid
FIRST BANK N TUE UNITED STATES.
The first bank organized the United States was the
Bank of North America, Philadelphia. ID l7sl. This
iusttuuon was established under the auspices OF Mr..
Morris supe rim, endcnt OF Finance On May 10. l715,
soon after the battle OF Lexington Congress made pro
vision 10 Continental paper TO circulate - money
81 600 600 Of winch pat ia circulation commencing
five days afor the memorable battle oi Bunker tihl
From month month these issues, which III tine aEgre-
gate reached $3.50 100000 deprecated untl eventually
they became entirely volucless Notwithstanding the
laws making Them legal tender for private debts Un-
Ill the issues exceeded ~ 900 600. Continental currency
according to the concurrent testimony Of MI Jefferson
aud Mr. Paine passed at its nominal value The drpre-
citation was aijerward great In May. 1871, this
currency ceased 10 circulate as money ut w'a "lte
waFd bought speculation al !Ilmt- Ir-o - ICu 4p ~
n y tional biak was suhmtttd to the COnlhchia CON
GTess. On Doc. 81 toli1wias C'ufro5s passed - - an
of S',rfh ..,a TIE la President was Thomas
Wiling ana t.o bank formed u most important aux
iliary in aid finances " the tOttrlmt"t u th'
cofporafcd by he State OF Penn .yiyania April IS
1882 The bank commenced buNaess o. January, l1o4
with caii ct 100000. oi which 9@'',"yJ W"S S'' u,
scrbcd by tHr GU'euneut. ITr'ionN I" tIe tle N'oH
this bank went into "pHtt'h the C1ntin NAL army be
cane very "uca edoc,di tAe n'cgS7tFy a.dcg' t %.
soldiers b,cut desdtsi 2, AND fears were entertained
that tue caIlpai-n must terminate uu.avoia"J, or I'D
reinQnisin al Ell" rVeryta ivr iiuU tIe an. n lCO
pie u % ltcul-, OWNS however, l." l"t uc.Iy
ala OF Mr. io MS aod other pA.rotc clzHs, ana the
suto ri, u u fLe financial department OF the Govern
hi III, bans, cOuddeaee Was la great HeStI" re-
stored 20 tae army pr, sions ana suHiaS m'1T re, o. w.
s,ao,'; tame, ,i re- 80 Si t ris t,,y he Isr.d the ex.
pulsion VI british from Jl, Southern states
I)NrER BANKS or NEw-YORK
Mr. spruIdus uox described tho establishment oi tAc
pioneer banks OF NewYor. The first OF these was the
Bank of NevYurE. organ zei IN l1sf It's oince WAS W
tho Walton House, iianS"n-7t The hIst president was
gen klexaud. r DlcDOuEIu; tho hro Cashier, William
sexton; one of ts directors Gen AloNanier Ham.l
ton The baui rcuoyod 10 HaHJyo.-,io.ae and CON
tnacd business a. an association uaul i19l, when
charcr granted by the Legislature or Ne"-l"TA ioi
4 period OF 20 years, with capital oi e3"J"Jo u''u"
into $40 shares OF $500 eacn. with the addlon o.
eu5scripOn the part OF The SiJt or iCO sH'S Oh 'Le
same amount t,ta!, SJ50.OOO.
The Bank OF tho Manhattan Company was organized
n 1852 will "a c.idtal OF a2,OJ0OU0, Aaron Burr being
on OF the directors. Tho Merchants EsnA was eotao-
Tac IlaS o sitssa. .husetts ~. nc irst bank orgni
zaticu New i.taid IL began business III I|ol win
u aiit..l o. .5Ju,uOo.
uA0iLroy SUGGESTS NATIONAL BANK
Under the old confederation formed n l7'1 The evils
arising from tie OF Uui orn currency, retetia2De
In gold on demand under some general con"o "cIc Sc
var,l ielt Tins was one Of The that Ted TO the
adoption Of the Federal Constitution Upon tho organ
zaton Of our present Govcnm Mt tur currency OF the
country ana the esttbs o tine public credit were
amons tile first subj cts OF LEGISLATION that engaged ne
attention OF Congress Accordia-Iy by resolution OF