New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-18

present time, our national financial history and its
IL intimate relation public policies is most fasci-
mating story.
Long after the adoption of the Constitution variety of
currency issues various the value of money in
circulation confusing that part of the curriculum in
every hghgadc school teach the boys what the money
ofNewYork or Connecticut worth in Maryland or some
other state.
In the years gone by three banks have been closely con-
nected with the Government the Bank of North
America established by Robert Morris $751; which aided
in financing the Revouon the First Bank of the United
States established by Alexander Hamilton 7o1 and the
Second Bank of the United States chartered in 1876 But
there real nationally banking system
In this until the passage the National Bank in
1863 which ultimately brought order chaos in bank
note circulation.
This Act cured evils in the currency situation and based
national banknotc circulation the security of United
States Government bonds 1t also threw strong safeguard
around the funds of dcpostors and gradually worked
banking system stability great that there was rarely
failure Of National Bank.
With the approval Of the Federal Reserve Act on De-
cember nation embarked new banking era
1t fortunate that this Actthc of many years of
studyshoud have been approved prior the World War
which began the first of the following August This
devised able
hnancers carried the nation through the most serious f.
nanca strain in the worlds history with unassaed credit
without moratorium or notable bank failures
The "First Bank of the United States
WHEN the charter of the First Bank of the United
States expired in June 1871 and Congress refused to
grant extension and private banking institutions
had free hand
et7rarc Of ~
the possibilities in the First Bank of the United
States much of the financial distress of the early years of
history would probably have been avoidedY
When became apparent hatits charter would not cx
tended group of leading business in New York. real
lzng that there be strong institution to take its place.
organized the City Bank of New York. which was ncorpor
ated June 16, 1872, under the title of "The President
Directors, and Company of the City Bank of New York.
The institution arranged that the holders of stock in
the Bank of the United States exchange that stock
upon equitable for stock of the City Bank This offer
avaied of the of 900 shares or
par value of City Bank stock
AS this comprised than majority of its original
capital the City Bank may be fairly said to have been d.
offspring of Alexander Hamilton First Bank Of the
United States The bank also acquired the property
in Wall Street which that bank had occupied as its New
York headquarters.
Co.. SAMUEL OsGooD, who became the first president of
the City Bank in 3d. of the country most dis
ngushed citizens During the Revolution he had rendered
conspicuous military and other public services When Con-
grcss in 1855 appointed him Commissioner of the Board
ofTeasuy the legislature of Massachusetts of which State
he then citizen, forward in body and became
his bondsman honor said to have been conferred
any other individual He had also rendered important
services in the establishment Eedera