New Britain herald., 1920-12-23

l656, and in l65s the first bank-n0te
 issued through this institution.
 Ih England, private banking with
 goldsmiths developed to very co erable extent during the 10th ccnl Bank-notes, in fact. originated to goldsmiths' receipt of that day. By was not until 1694 that the BAnl England, probably the most fa1 bank in the world today, was f0ux By 1776, the clearinghouse had established in England and the pr ples of modern banking had bc< pretty well established. In the n time, Scotland had established her National Bank in 1895, Ireland in and France in I7l6. The present of France was established in the ISOO Tn the American colonies many ci banking experiments were made, ma ing numerous projects for iss| paper money. But banking in United States did not begin until founding by a number of Philadel| citizens of the Bank of Pennsylv4 It's purpose was to supply the C@ mental Army with rations. Its first issued in l7So were simply intercst-h ing notes made payable at future ! The first public bank in this cou| was the Bank of North America noted by Robert Morris and author by the Continental Congress on Md l7SI. Because confidence in the visional government of the Confeders was lacking, this bank began bust in I7S2 under a charter issued byI State of Pennsylvania.
 In I79l, the Bank of the UI| States was incorporated under the| recting genius of Alexander Hami1
 This bank did business until 1911. w
 owing to political reasons. its cha
 was not renewed. In 1916, the sc(
 bank of the United States was foun|
 This bank fiourished until 1883, v
 Andrew Jackson suspended depo|
 ana in 1s41 it finally went out of H
 ness.
 In the meantime, beginning with
 Bank of North America, State B4
 had been founded in many places,
 ticularly after the closing of the F| Bank of the United States. They aI
 furnished the banking facilities of country until the establishment in of National Banking System. q began the fundamentals of our prc| National Banking System, culminai in the founding of the Federal Resl
 Bank in l9l4. A minor but important phase of
 posit bank development is the SavI
 Banks, created to receive the savI
 of small depositors. They were fCt ed generally by benevolent persons
 the purpose of promoting thrift axn
 the poorer classes. These banks, ur
 proper legal safeguard, invest their
 posits at compound interest. It is teresting to note that this form of bd ing was first suggested by Daniel D' in 1897, but none were actually es
 lished until the latter part of the century.
 The final development of the mod banking system is the trust comp which Is confined almost exclusively the United States and is a growth the last half of the 18th century. trust company differs from the ordis
 bank of deposit in numerous feat1 1t is incorporated only under State I It must invest capital in first-class curities and deposit large amounts United States or city bonds with s
 banking superintendcnts. It does
 issue circulating notes. 1t pays into
 On deposits. It makes loans on real
 tate. It acts in fiduciary capacity
 cxecutor. trustee, receiver, agent
 corporations. fiscal agent. agent hs
 ling securities, and depository of
 curities.