Norwich bulletin., 1921-10-12
ODD INCIDENTS IN AMERICAD
 HISTORY
oUR FIRsT EFFoRrs AT BANKING

OUR FIRST EFFORTS AT BANKING
 Previous to the Revolution little or no effort was made to establish a system of banking in this country, and the exig- encies of that conflict forced the adoption of the first measures of that character. In 17So the financial distress of the coun- try was so great that no man could see how the war was to to be brought to a happy conclusion.
 In 1781 matters had even come to worse state. The troops were unpaid, unfed, without clothes and without arms The clerks employed in the government offices received not one cent of salary. In short, the work of our government dragged one like a heavily-loaded car riage without wheels, and the most hope ful began to despair.
 At this junction the credit Of the na- tion was restored by the happy genius of Robert Morris trough he establishment of national bank, the Bank of North America, at Philadelphia. This vener- able institution was started in November, l 17S1, and incorporated by resolutions of i congress of December 23 of the same | year.
 The early operations of this institution were attended with innumers ble difficult ties both on account of the universal f4n- I ance distress and the utter inexperience I of those who were called on to conduct i it's affairs. Little by little however, | through prudent management the ob- stacles to it's success were overcome Its notes regularly circulated unto all parts of the Union and confidence in it's entire ability and disposition to redeem its | SIIad more than realized the most sanguine ex- pectatfons of r.s projectors. Not only i was it enabled to afford the national l treasury direct and valuable aid by ire 1 quent and large loans, but it was of in- valuable service in affording facilities for l discounting bills given by the superin- | tendent of finance to army and govern | ment contractors, thus enabling the treas ury to pay in cash and yet according ii reasonable time to make payment. Nor | were it's services to the state and city less valuable by it's aid the enemy was | driven from the harbor of Philadelphia | the western boundaries of the state de tended the town lighted and the poor fed
 The merits of the institution were gen erally recognized. Pennsylvania, Massa- chusetts and Delaware grantfd confirma- tory charters and other state were not backward in indirectly acnnowledging Its existence. The large profits, however which accrued from so prosperous a bus mess, soon served to raise for the bank a host of enemies. In 17S5 an anti | bank agitation arose, which, after a war ] of pamphlets and broad sheets, finally led to a repeal by the assembly of Penn 1 sylvania of the charter by it to the in- 1 stitution-
 So disastrous, however, was the effect of this step upon the interests of the community that within two years the as. sembly acknowledged their error and, fin 1 obedience to an overwhelming po2ula- outcry, restored the corporate franchise although not without some new and har- asfng restrictions
 | From henceforth the Bank of North America lost the distinctively national | character by which it's early operations had been marked At the breakout of war of the rebellion the Bank of North America was one of the first to disclose it loyalty Nor did it confine itself tc words only, butt actually advanced four and a half million of money, either di- rectly to the government or upon United States securities In 1884 it became a na. tional bank under the. provisions of the
 act of congress, retaining alone of all the national banks in the country 1t, original title, The Bank of North Arneri. ca," without the usual prefix of nation. aI."
 CTomorrow-When We Adopted Standard Time)