Biography of the Signers to the Declaration of Independence volume 5

Cover Biography of the Signers to the Declaration of Independence volume 5
Biography of the Signers to the Declaration of Independence volume 5
John Sanderson
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— Mr. Morris, in order to remove the doubts and hesitations M^hich attended the first emission of his notes, established a kind of private bank, under the care of Mr. John Swanwick. Here were displayed great piles of specie dollars; and all notes presented for payment were at once discharged. Very soon after this prompt payment became known, little demand was comparatively made on Mr. Swan- wick's banking establishment: many persons, on their way to exchange notes for specie, returned home with...out presenting them, on seeing those who had been at the ostensible bank, burthened with dollars. Many others, finding the specie cum- brous, returned, and redemanded their notes, being 276 ROBERT MORRIS.
satisfied that they could always receive their specie amount. — Now this bank was, in its commencement, supported by loans of specie from all Mr. Morris's friends, who possessed it, in sums, large or small, as each individual could furnish. When the duty of the dollars at the bank had been performed, they were returned to their owners, to be called out again either for show or real service.


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