Evening Star Newspaper, December 15, 1929, Page 146

SHILLING aoms UsSED BY THE AMERICAN COLONISTS. HIGH LIGHTS OF HISTORY B: CoLONIAL TIMES THERE WAS ALWAYS THE EARLY AMERICAN SETTLERS AND YHE INDIANS NOMONEY EVER CHANGED HANDS. CoRrN AND FURS WERE BARTERED FOR CLOTH, IETTLES ANDAXES. EVENTUALLY THE BEAVER SKIN BECAME THE STANDARD OF VALUE . n 1784 THE FIRST STATE BANK WAS CHARTEREP> IN MASSA - CHUSETTS. SOON AFTERWARDS STATE BANKS WERE ESTABLISHED IN NEW YORK AND> VERMONT, —° BBIHE NEW BANK WENT INTO OPERATION WITH A CAPITAL OF 10 MILLION DOLLARS, OF WHICH ONE-FIFTH WAS SUBSCRIBED BY THE GOVERNMENT., THE BALANCE WAS RAISED BY PUBLIC SUBSCRIPTION WITHIN TWO HOURS. THE BANK WAS LOCATED IN PRILADELPHIA WITH BRANCHES IN OTHER CITIES. %9 VIRGINIA PAPER MOMNEY — 1777 —° No.3/0:86 °Fi v Thus Bill entiies the bearer o Tecene 2) g Fifty Sranish mulled Dol ;’/ tarsor the value [4 / Hureel nGold av /2 Stiver accor: Philadelphia, Sep- tember 26, 1778 - 50 DOSEARS VA3 D Ulilbose 1 % ConminenTaL CURRENCY -1778. History of Banking in America /LT A SHORTAGE OF COINS IN AMERICA. THE NG OF ENGLAND PERMITTED THE COLONIES] 7O ISSUE TIHEIROWN PAPER MONEY, BUT FOR" BADE THEM TO MINT COINS. IN THEIR TRADE AMONG THEMSELVES THE COLONISTS OFTEN MERELY SWAPPED ONE ARTICLE FORANOTHER, ALEXANDER MHAMILTON. — = ElN 1789 CONGRESS AUTHORIZED THE CREATION OF ATREASURY DEPARTMENT, ON THE RECOMMENDATION OF ALEXANDER HAMILTON, FIRST SECRETARY OF THE TREASURY, CONGRESS ADOPTED A CUR- RENCY BASED ON THE DECIMAL SYSTEM WITH THE DOLLAR AS THE MONEY UNIT, JERFERSON AND HAMILTON . — ——— = LU g 0 LBIHOMAS JEFFERSON, SECRETARY OF STATE, AND HIS SUPPORTERS VIGOROUS- LY OPPOSED THE NATIONAL BANK -‘NSTEM, DECLARING THAT IT GAVE “THE FEDERAL GONERNMENT POWER THAT SHOULP HAVE BEEN RESERVED FOR THE STATES AND THE PEOPLE. (Copyright 1929 by lfi-mul«:‘ i iuuoueu THERE WERE NO BANKS IN AMERICA BEFORE THE REVOLUTIONARY WAR THERE WERE A FEW COMPANIES THAT ISSUED NOTES FOR USE AS CURRENCY, SECURED BY MORTGAGES ON REAL ESTATE. WASHINGTON VISITING THE MINT — o - GOVERNMENT MINT WAS ESTAB- LISHED IN PHILADELPHIA IN 1T9) HERE , 14 OCTOBER OF THE FOLLOWING YEAR ,THE FIRST UNITED> STATES COINS, — HALF-DIMES—, WERE MADE. —* TRATION JEFFERSON ANP> HAMILTON QUARRELED OVER THE BANK “LIKE Two GAMECOCKS. TN 1811 THE RENEWAL. OF THE BANKS CIHARTER BECAME A POLITICAL ISSUE THAT LED TO A LONG ANP HEATED DEBATE IN CONGRESS. B e eeris ONE OF THE WORTHLESS PAPER BILLS 1ISSUED BY THE CONTINENTAL CONGRESS (1'178) WHICH GAVE RISE 70 THE FAMILIAR EXPRESSION "NOT WORTH A CONTINENTAL" - 1789 - THE THIRTEEN LINKS REPRESENT THE THIRTEEN ORIGINAL STATES. ——o By J. Carroll Mansfield HE FIRST REAL BANIK INTHE UNITED STATES WAS TNE BANK OF NORTH AMERICA FOUNDED IN PHILADELPHIA BY ROBERT MORRIS IN 1781, THE CLOSING YEAR OF THE REVOLUTION, —* .Amuou, A STAUNCH ADNOCATE OF A STRONG CENTRAL GOVERNMENT, URGED THAT A NATIONAL BANK BE ESTABLISHED TO GUARD PUBLIC FiINDS AND LEND MONEY TO THE TREASURY, 1IN IT91 THE FRSTNATIONAL BANK, THE BANK OF THE UNITED STATES, WAS CHARTERED>- v THAT TIME THZ PowER OF HAMILTONS PARTY (THE FEp- ERALISTS) WAS RAPIDLY WANING AND THE OPRONENTS OF TRE BANK WERE ABLE TO BLOCK THE RENEWAL OF THE CHARTER , STePHEN GIRARD, A PuiLA- DELPHIA FINANCIER, BouGHT THE ASSETS OF THE FIRST BANK OF THE UNITED STATES AND CoNducTED ITAS A PRIVATE INSTITUTION UNDER A PENN- SYLVANIA CHARTER. N 1812 GIRARD'S BANK LOANED LARGE SUMS TO THE GOVERNMENT TO FINANCE THE SIECOND WAR WITH ENGILAND>,