Search results
Results from the WOW.Com Content Network
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]
A group calling themselves Regulators called for the printing of paper money, believing that issuing paper notes on credit would help to stimulate the state's economy. Many towns held conventions to draft petitions to the legislature over the issue of paper currency. These petitions fell on deaf ears.
Main page; Contents; Current events; Random article; About Wikipedia; Contact us; Help; Learn to edit; Community portal; Recent changes; Upload file
After the adoption of the Constitution, the First Bank of the United States succeeded it as a de facto central bank. Concerns remained, however, over the strength of public credit as unstable banknotes remained a medium of exchange. [2] [3] During this time, speculation was the investment of choice, leading to the Panic of 1792.
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.
Nicholas Biddle was born into a prominent family in Philadelphia, in the Commonwealth of Pennsylvania, [6] on January 8, 1786. [7] Ancestors of the Biddle family had immigrated to the Pennsylvania colony along with the famous Quaker proprietor, William Penn, and subsequently fought in the pre-Revolutionary colonial struggles. [8]
Thompson's Bank Note Reporter was a periodical published in New York City by John Thompson beginning in 1842. As a bank note reporter, its main purpose was to convey information about the notes issued by each of the hundreds of different banks operating in North America at the time, including the discounts at which their notes traded, and descriptions of counterfeits currently in circulation.
Morris hoped that the bank would help finance the war, stabilize the nation's currency, and bring the country together under one unified monetary policy. [83] As the bank would take some time to begin functioning, in 1781 Morris presided over the issuing of a new currency, referred to as "Morris notes," backed by Morris's own funds. [84]