A History of Modern Banks of Issue With An Account of the Economic Crises of Th
A History of Modern Banks of Issue With An Account of the Economic Crises of Th
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This act was passed in England after the bursting of the South Sea Bubble in 1720 and forbade the formation of banking companies without a special charter, but it was not until 1740 that it was declared by Parliament to extend to the colonies.
The history of banks of issue in the United States can hardly be said to have begun, however, until the foundation of the Bank of Pennsylvania. The bank originated in the plan of a number of citizens of Philadelphia to supply the army with rations, and th...eir first bills, issued in 1780, were nothing more than interest-bearing notes payable at a future time. The advances in Continental money made by the shareholders were secured by bills of exchange for ^"150, 000 drawn on the envoys in Europe, but not intended to be negotiated. 1 Approval was given by Congress May 26, 1781, to the plan of Robert Morris for the Bank of North. America, with a capital of $400, 000, to be increased if desired. Morris arranged with the Bank of Pennsylvania to transfer the foreign bills it was holding to the new bank and paid in cash its claims against the Federation.
What to read after A History of Modern Banks of Issue With An Account of the Economic Crises of Th?
You can find similar books in the "Read Also" column, or choose other free books by Conant, Charles A. (Charles Arthur), 1861-1915 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
This act was passed in England after the bursting of the South Sea Bubble in 1720 and forbade the formation of banking companies without a special charter, but it was not until 1740 that it was declared by Parliament to extend to the colonies.
The history of banks of issue in the United States can hardly be said to have begun, however, until the foundation of the Bank of Pennsylvania. The bank originated in the plan of a number of citizens of Philadelphia to supply the army with rations, and th...eir first bills, issued in 1780, were nothing more than interest-bearing notes payable at a future time. The advances in Continental money made by the shareholders were secured by bills of exchange for ^"150, 000 drawn on the envoys in Europe, but not intended to be negotiated. 1 Approval was given by Congress May 26, 1781, to the plan of Robert Morris for the Bank of North. America, with a capital of $400, 000, to be increased if desired. Morris arranged with the Bank of Pennsylvania to transfer the foreign bills it was holding to the new bank and paid in cash its claims against the Federation.
What to read after A History of Modern Banks of Issue With An Account of the Economic Crises of Th?
You can find similar books in the "Read Also" column, or choose other free books by Conant, Charles A. (Charles Arthur), 1861-1915 to read onlineMoreLess
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