Catoctin clarion. [volume] (Mechanicstown, Md.) 1871-1940, 1893-09-28
Bank king.
[Cont.nued Jivm last aoeeh


The Bank of North America was Els.
tabllshed through the lntluance Of Rob-
ert Morris, a distinguished financler
and representative of Pennsylvania in
Congress, this was the first authorized
bank IN the United States. The credit
of Congress and the States, from the
fact that they had issued the bulk Of
the currency in bills OF credit,was almost
exhausted, this currency being so de-
preciated in value that it WAS almost
impossible to procure the Necessary
supplies for the support OF the Army
The Soldiers became dissatisfied and 1t
was feared the cause for which the
people had fought would be abandoned.
On June II 1880, ameeting of citizens
of Philadelphia P was held to deyisc plans
Tor raising money necessary tor the sup
port of the revolutionary Army. A res
olutlon was adopted to open security
subscription to the amount Of S3Oo.O0O'
Articles Of Incorporation were adopted
and at the close Of 1871 the bank Was
established with Recommendation by
congress that the several States should
grant charters to taht organization.
The first Bunk of the United States
was founded by Alexander Hamilton
and incorporated Feb'y 3 l7ol to Goa.
tlnue twenty years The Capita!
was fixed at3D,o) )). -f2,o))oO),
being contribute by ths g'7ern nent to
be :etun Icl in ten elnll in,taliment5.
The notes Of the bank v're le,l! tenler
for all debts due to tn, Unltcl States.
This bank was lntanlel to be to the
United States what the bank Of Eng
land is to England, but when the char
ter expired in 1917 it was not renewed
On April 10 1864 second bank of the
, United States, with c,pjt,l Of ?}5 ooJ
OOO,was chartered, ,andwhen the charter
expired in 1886, Congress refused to re.
new it. If Il similar ass 5)cia;ion We're to
he established nov, b"tcin5a Ike pro
portion to the country, It's capital woa!d
be oyer SGoO,o,o,O)O. B!aina5 "Tyen
ty Years in Congress l,'4lS says:
The contemplation Of such m enormous
power, placed in tha hands o: men gives
Us Just apprecMti N Of the conduct OF
President Jackson's altitude toward Tins
bank. He realized that such An lnstu
ton growing with the growth Of their
nation, would surely tend to corruption,
while its unlimited power might be
/ directed to interfere with the lnaepen
hencc CT Congress an | with the Liberty
of the people.
The b4n,, Of England was founded BY
charter granted By William and Mary
July 7th, 1904, for a period ofl2 years,
terminable on 4 years lotice. The
: capi'al originally subscribed was 9l,-
0o0,0OO Sc, 100000 in constellation
Of loau>ng the government the amount
of plyht per cent interest. This is no"
The strongest and most wealthy bank IN
| the world. 1t was TIE first 70 Issue
notes payable to bearer on demand
The bauk Of England inillances com.
merce and credit over all the world
The building ltsellis q plain, unPreten.
tious granite building Of one story in
height, and presenting a prison like hp-
pearance, having no windows to the
outside world. Inside 1t is a town OF
ITSELF made up Of many buildings, courts
and apartments, al, Of which are utilized
in carrying on the different branches OF
the establishment. Underneath are the
vaults, in which are stored the securi-
ties, gold and bullion. The stall, from
| the highest to lowest, consists OF about
one thousand and the system Of busl =
ness Is 50 methoGlaal, there seems to BE-
a crowd nowhere, and 70 one ever in a
hurry. Strangers visiting the ba k are
treated will Ike utmost courtesy, and
if proyiled with an order, which Is cas-
NV obtained, are shown oyer the prin-
cip,.l parts. 1t is really two banks in
one, tie note issues are based on lne
Governments Indebtedness TO the bank
and can be indefinitely extended by q
pledge Of an equal umou"t Of gold and
bullion odged i'll the issue department
These notes are printed on .he bank 5
premises upon paper manufactured by
a secret process and under the bank
direction. They are issued in denomi-
nations Of from Ej to GlOOO Al
transactions of less than Is must DC
made in gold and silver. They are
legal tender for thepoyment OF all debts
other than The banks own.
The same note Is never paid ont The
second time, but cancelled and replace,
by new one. The banking depart,
mor.t is based upon capital Of $50
900, 600, is the depository OF all govern
! Al Ia. .,,,J