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The Bank of North America was the first chartered bank in the United States, and served as the country's first de facto central bank. [1] It was chartered by the Congress of the Confederation on May 26, 1781, and opened in Philadelphia on January 7, 1782. [2] [3] [4]
[2] Investment banking began in the 1860s with the establishment of Jay Cooke & Company, one of the first selling agents for government bonds. [2] In 1863, the National Bank Act was passed to create a national currency and a federal banking system, and to make public loans. [2] But at that time not all parts of the country had become states.
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While the banking systems of several states were initially unstable, over time financial indicators in most states stabilized. [5] In the early years of free banking in many Western states, the banking industry degenerated into "wildcat" banking because of the laxity and abuse of state laws. Bank notes were issued against little or no security ...
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The overseas credit allowed colonists to develop a system of domestic credit. The domestic credit was administered in two forms: book credit and promissory notes. Promissory notes are very similar to bonds, because they detailed the amount of debt, date of issue, date of redemption, form of repayment and an interest rate.
Bank of Pennsylvania building designed by Benjamin Henry Latrobe.Engraving by William Birch. Civil War memorial Adrian Michigan. In 1793, the Bank of Pennsylvania was established with a charter from the Commonwealth of Pennsylvania, and branches were opened in Pittsburgh, Harrisburg, Lancaster, Reading, and Easton. [2]
The loan was made, the bulk of it for military supplies, 3 million in gold specie, with the promise that France would underwrite with Dutch agents a later loan for 10 million should it be needed. Purchases began, and by early May Laurens sailed with 3 ships and Jackson went to Holland where John Adams had contracted with a captain for a fourth ...