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Three pence issued by the Bank of North America on August 6, 1789, printed by Benjamin Franklin Bache on marbled paper obtained by Benjamin Franklin. [6]In May 1781, Alexander Hamilton revealed that he had recommended Robert Morris for the position of Superintendent of Finance of the United States the previous summer when the constitution of the Articles of Confederation-era executive was ...
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The bank did not engage in the full range of modern banking activities, but it did accept deposits and provide a potential model for monetary reforms at the national level. [68] The success of the bank provided a boost to Morris's popularity, and in October 1780, he won election to the state legislature. [ 69 ]
The Second Bank of the U.S. had also maintained some control over other banks, but in its absence banks were only under state regulation. [118] One of the main problems with banks was over-issuance of banknotes. These were redeemable in specie (gold or silver) upon presentation to the chief cashier of the bank.
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An early American attempt at central banking along these lines was the Bank of North America which played a meaningful role in helping the Congress of the Confederation to arrange its finances during the 1780s, but its rechartering in 1786 prevented it from continuing to act as a central bank.
Download as PDF; Printable version; In other projects ... 1780s; 1790s; 1800s; 1810s; 1820s; ... This list may not reflect recent changes. B. Bank of Ireland