New-York tribune., 1876-07-03
BANKING-FlNANCE.

Two centuries ago Gov Dudley was paying
a sons college expenses at Harvard Win ih""h corn
iye DAYS after The battle of Bunker Hill T2,VJo"OJ o
'pnlileutal pc, issued. The colonies, ifo" pu
lent Massachusetts 10 easy golns Virginia. nAd thstr"
ne svets o paper initiation aud bad found 'nen to DC
.uhle pu.s1us. Eut the Continental Congress aad II"
terua,iye tie experiment was repocd wits TIE same
disastrous results; t paper issues were crtasei if"'
month month uuul tie aggregate was 7J1ooV0"V"'
and the uIs 50 utterly ottHieo, tHai Puiii"eil'hh
barrier papricd his shop with thch Nne 'He Ihh non
t, Of that dtg were Aeeruz the prntu- -p'eS, ~ G'-
.lou Robert Mon borrowed money wh'Tt us co'id "h
ais own no,cs. Hard money Tor ,ue army" wds h-
.,ue,,i 10 BIZ, wealthy Quaker acqnau.anccs. In
i5ol. uutwi,hst ndIug the RELIEF Afforded ny the
French luar. the treasury was S%)OooOo 'h arot i"i
current. exp aud the amy "a7 7'ar'mi hhu "'i'
clothed Nh. Morris sSuet ns own noirs Tor 9ilo"'0o
md Wasnu. .jou'- army uut fo rkuwn, wuc.e t"e
war clos H. after S92Is5.Gg3 toccj Ia oren expended
and a r.. ,icpi h.d been iacurrcd Not f!r from has
enc of triumph there was brought L. an end toward
ne close o q crmuIy ciyi that nad cost Notd ana
south nearly ~6OCo 100000. Between YORKTOWN anI
AppomaJtUK thee was century OF Ef""th. III Whi'"
the real and personal property ot the nHuoh hiu I'D
creased FROM II 900 900 900 70 $50 OUOOOO Ham
luln rescue tie from bankruptcy by ihtI"nuch4
u.erual taxation aud duties on imports; a N.t'nd
,auk was est.blisied and coinage acs were paS,o';
.ae expansion Of tho StIte hank circulation cut
minated in the panic of ISL; second Mamma
bank was Orygu zrd by the Democrats onh T."
be- o,eItnrowu 10 years aiterwasrd 10y their ieabr:
lirh tariff or low tu.n prevailed Tor q season
re paucs Of 1897 aud 1897 parlyzcd every industry n
lie country; at tie crisis OF the cyi wIr the Govern
mcnt borrowed the eXedient Of the conttucnfdi Con
.ress and Iesortrd paper; the Legal! Tender ahd
National BanS passed and thr larteat loantVer
,auctIOucd bl any government Was placed successfully
.pon tie foreign market But tie most marvellous
eature OF the ncI story OF tie hundred Net's L.
the growth 0f banking. Wnen the Declaration Oi ud'
rudCuce WAS ,gurd there not ~IuSle bank IN tht
thirteen colonies to aid Robert Morris keeping III" vol
IN tie United states 9J7 chartered State hauts 2llS
Naiona banks O06 savings bdn"s, ANA 2,j10 private
pauhs-G.O6G ln all TIE pioneer was the Bdnk
ol North Am Iica. estabi shed III Philadelphia BY Tie
Continental Congress IA l7@I with capital of oluo.uOo
il issued notes redcenabe spanish dollars ana 'ldc
Robert Morris ~ carry M the colonies tnrongh the
,,ju years of the war. Two wears later lie BHnI v
Ne York ,S.s ope .ed in the Walton House with Alex
,uG.r Himil o on The Boa OF Directors In 10" tIe
Bank of the Manhattan Company WAS ORGANIZED win
Aaron Burr a. one Z the managers WAen the second
war with Great Britain b oke out ~ hipks had oncn
lrsanzel under stat charters, with capital Of over
,4U.OJo,OUO Thr Stte banks Ht the present i'm" have
ritaI Of 81. 500, Cos wile the N ona rnks have
attracted over sjOO,OU0 i0n 60 ilcir support.