Bank of North America

The Bank of North America was chartered in 1781 by the Continental Congress and opened on January 7, 1782, at the prodding of Finance Minister Robert Morris, and was rechartered in 1784. This was thus the first modern United States bank. It was succeeded by the First Bank of the United States. After Robert Morris became superintendent of finance in May 1781 continental currency had ceased. Morris persuaded Congress to charter the bank of North America, the first private commercial bank in the United States. He deposited large quantiti

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1781 in topic: Arts Architecture - Literature - Music Other topics Canada - Mexico - Science Lists of leaders: Colonial governors - State leaders From Categories: births - deaths 1781 was a common year starting on Monday (see link for calendar). 1781 - Events. January 5 - American Revolutionary War: Richmond, Virginia is bu ...

Including:

• 1781 - Events
• 1781 - Births
• 1781 - Deaths

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United States Banking began in 1781 with an act of United States Congress that established the Bank of North America in Philadelphia. During the American Revolutionary War, the Bank of North America was given a monopoly on currency; prior to this time, private banks printed their own bank notes, backed by deposits of gold and/or silver. Robert Morris, the first Superintendent of Finance appointed under the Articles of Confederation, proposed the Bank of North America as a commercial bank that would act as fiscal agent for the g ...

Including:

• Banking in the United States - The Era of Free Banking
• Banking in the United States - The Dual Banking System
• Banking in the United States - The Federal Reserve System
• Banking in the United States - Deregulation
• Banking in the United States - Bank Mergers and Brands

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1782 in topic: Arts Architecture - Literature - Music Other topics Canada - Mexico - Science Lists of leaders: Colonial governors - State leaders From Categories: births - deaths 1782 was a common year starting on Tuesday (see link for calendar). 1782 - Events. January 7 - The first American commercial bank opens (Bank of N ...

Including:

• 1782 - Events
• 1782 - Births
• 1782 - Deaths

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A popular urban legend or bar bet suggests that Hanson was the "first President" of the United States. Before the adoption of the Constitution in 1787, the colonies operated under the direction of the Continental Congress, although they remained in principle a confederation of independent states. Even after the adoption of the Articles of Confederation, there was no executive branch. As such the President of the Continental Congress, which was a position similar to a Prime Minister, was the highest authority; under the Articles, the position ...

See also:

John Hanson, John Hanson - Personal life, John Hanson - Political career, John Hanson - Hanson as first President, John Hanson - Legacy, John Hanson - The John Hanson Highway, John Hanson - Further resources

Read more here: » John Hanson: Encyclopedia II - John Hanson - Hanson as first President

The Commonwealth Bank of Australia was founded by an Australian Act of Parliament in 1911. Bank Nationalisation was the policy of the Andrew Fisher Labor Government. In a rare move for the time, the bank was to have both savings and general bank business. The bank was also the first bank in Australia to receive a Federal Government guarantee. In 1958 and 1959, there was a controversy concerning the dual function of the bank as the central bank on the one hand and a general bank on the other. As a result of this, the bank was split, giving the reserve bank function to the Reserve Bank of Australia and the general bank functi ...

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National bank, National bank - Australia, National bank - New Zealand, National bank - United States, National bank - External link

Read more here: » National bank: Encyclopedia II - National bank - Australia

Some of the problems of the free banking era were solved with the National Banking Act, besides providing loans in the Civil War effort of the Union. The provisions were To create a system of national banks. They had higher standards concerning reserves and business practices than state banks. The office of Comptroller of the Currency was created to supervise these banks To create a uniform national currency. In order to achieve this, all national banks were required to accept each other's currencies at par value. This ...

See also:

History of Central Banking in the United States, History of Central Banking in the United States - 1791-1836: The First and Second Bank of the United States, History of Central Banking in the United States - 1837-1862: Free Banking Era, History of Central Banking in the United States - 1863-1913: National Banks, History of Central Banking in the United States - 1913: Creation of the Federal Reserve System, History of Central Banking in the United States - 1913-present: Recent changes, History of Central Banking in the United States - Source

Read more here: » History of Central Banking in the United States: Encyclopedia II - History of Central Banking in the United States - 1863-1913: National Banks

Robert Morris merchant - Before the Revolutionary War. The Stamp Act of 1765-1766 affected Morris's business due to its dependence on imports. In 1775, Morris began his public career by serving on a local committee organized to protest the Stamp Act. Although he remained loyal to England, he believed that the new laws constituted taxation without representation and violated the colonists' rights as English citizens. Before the Revolution England controlled the port of Philadelphia. The British Crown wanted ...

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Robert Morris merchant, Robert Morris merchant - Early life, Robert Morris merchant - Public career, Robert Morris merchant - Before the Revolutionary War, Robert Morris merchant - During the War, Robert Morris merchant - Later political career, Robert Morris merchant - Personal information, Robert Morris merchant - Later life, Robert Morris merchant - Legacy

Read more here: » Robert Morris merchant: Encyclopedia II - Robert Morris merchant - Public career

Main article: U.S. Highway 50 in Maryland The John Hanson Highway is a freeway in central Maryland, named after John Hanson. It links New York Avenue in Washington, D.C., with the Chesapeake Bay Bridge near Annapolis, Maryland. It is U.S. Highway 50, although most of it is also the unsigned Interstate 595, and part of it is also multiplexed with U.S. Highway 301. Part of it in Prince George's ...

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John Hanson, John Hanson - Personal life, John Hanson - Political career, John Hanson - Hanson as first President, John Hanson - Legacy, John Hanson - The John Hanson Highway, John Hanson - Further resources

Read more here: » John Hanson: Encyclopedia II - John Hanson - The John Hanson Highway

On March 2, 1769, at 35 years old, Morris married 20-year-old Mary White. Together they had five sons and two daughters. Morris was an Episcopalian. ...

See also:

Robert Morris merchant, Robert Morris merchant - Early life, Robert Morris merchant - Public career, Robert Morris merchant - Before the Revolutionary War, Robert Morris merchant - During the War, Robert Morris merchant - Later political career, Robert Morris merchant - Personal information, Robert Morris merchant - Later life, Robert Morris merchant - Legacy

Read more here: » Robert Morris merchant: Encyclopedia II - Robert Morris merchant - Personal information

New Zealand currently has one state-owned bank, Kiwibank created by Labour- Alliance coalition government. The New Zealand government formerly owned two other banks in New Zealand: The Bank of New Zealand, from 1945 to 1992 when it was privitized by Bolger's National government, and the Post Office Savings Bank from when it was created by seperating New Zealand Post's functions to when it was privitized and sold to ANZ New Zealand in 1989. ANZ became known as ANZ-PostBank ...

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National bank, National bank - Australia, National bank - New Zealand, National bank - United States, National bank - External link

Read more here: » National bank: Encyclopedia II - National bank - New Zealand

Born on January 31, 1734 near Liverpool England, Morris moved to live with his father, tobacco exporter Robert Morris, Sr., in Oxford, Maryland at the age of 13. The younger Morris enrolled in school in Philadelphia, but apparently learned little. In 1750, when he was 15, his father passed away, ironically as a result of being wounded by the wadding of a ship's gun that was fired in his honor. At age 16 Morris was apprenticed to the shipping and banking firm of the wealthy Philadelphia merchant Charles Willing. After Willing's death f ...

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Robert Morris merchant, Robert Morris merchant - Early life, Robert Morris merchant - Public career, Robert Morris merchant - Before the Revolutionary War, Robert Morris merchant - During the War, Robert Morris merchant - Later political career, Robert Morris merchant - Personal information, Robert Morris merchant - Later life, Robert Morris merchant - Legacy

Read more here: » Robert Morris merchant: Encyclopedia II - Robert Morris merchant - Early life

In the United States, the term "national bank" originally refered to the revolutionary era Bank of North America, its successor First Bank of the United States, or its successor the Second Bank of the United States. All are now defunct. In the modern U.S. the term "national bank" has a precise meaning: a banking institution chartered by the Office of the Comptroller of the Currency ("OCC"), an agency in the U.S. Treasury Department, pursuant to the National Bank Act. Notwithstanding the name, not all "national banks" have nationwide o ...

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National bank, National bank - Australia, National bank - New Zealand, National bank - United States, National bank - External link

Read more here: » National bank: Encyclopedia II - National bank - United States

John Hanson was first elected to represent Charles County in the colonial assembly in 1757. He also served as their representative in 1758-1763, 1765, 1766, 1768-1769. At various times he held several positions in local government, including that of treasurer of Frederick County. When the colonial assembly was dismissed or prorogued in 1774, Hanson became a representative in the Annapolis Convention which replaced it as a revolutionary government. Over the next several sessions of that assembly, he gained a reputation as an outspoken supporter of moves towards revolution. His speeches contributed to Maryland's decision t ...

See also:

John Hanson, John Hanson - Personal life, John Hanson - Political career, John Hanson - Hanson as first President, John Hanson - Legacy, John Hanson - The John Hanson Highway, John Hanson - Further resources

Read more here: » John Hanson: Encyclopedia II - John Hanson - Political career

John was the third generation of his family in Maryland. Named after his grandfather John, who came from England, he was born near Port Tobacco in Charles County, Maryland. John's parents were Samuel (1684-1740) and Elizabeth Story Hanson (1689-1764) who owned a farm there. John had no extended formal education while growing up in Maryland, but he read broadly in both English and Latin. He followed the family tradition as a p ...

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John Hanson, John Hanson - Personal life, John Hanson - Political career, John Hanson - Hanson as first President, John Hanson - Legacy, John Hanson - The John Hanson Highway, John Hanson - Further resources

Read more here: » John Hanson: Encyclopedia II - John Hanson - Personal life

In this period, only state-chartered banks existed. They could issue bank notes against specie (Gold and Silver coins) and were regulated by the states in reserve requirements, interest rates for loans and deposits, the necessary capital ratio etc. The Michigan Act (1837) allowed the automatic chartering of banks that would fulfill its requirements without special consent of the State legislature. This eased creating unstable banks even further, lowering the supervision by the states that adopted it. The value of bank bills could be below it ...

See also:

History of Central Banking in the United States, History of Central Banking in the United States - 1791-1836: The First and Second Bank of the United States, History of Central Banking in the United States - 1837-1862: Free Banking Era, History of Central Banking in the United States - 1863-1913: National Banks, History of Central Banking in the United States - 1913: Creation of the Federal Reserve System, History of Central Banking in the United States - 1913-present: Recent changes, History of Central Banking in the United States - Source

Read more here: » History of Central Banking in the United States: Encyclopedia II - History of Central Banking in the United States - 1837-1862: Free Banking Era

The first bank with central banking powers in the US was the Bank of North America (chartered 1781). After independence, in 1791, the First Bank of the United States (1791-1811) was chartered. It was modelled after the Bank of England and differed in many ways from today's central banks. For example, it was partly owned by foreigners, who would share from its profits - the reason for its eventual break up. It was al ...

See also:

History of Central Banking in the United States, History of Central Banking in the United States - 1791-1836: The First and Second Bank of the United States, History of Central Banking in the United States - 1837-1862: Free Banking Era, History of Central Banking in the United States - 1863-1913: National Banks, History of Central Banking in the United States - 1913: Creation of the Federal Reserve System, History of Central Banking in the United States - 1913-present: Recent changes, History of Central Banking in the United States - Source

Read more here: » History of Central Banking in the United States: Encyclopedia II - History of Central Banking in the United States - 1791-1836: The First and Second Bank of the United States

Morris founded several canal companies, a steam engine company, and launched a hot air balloon from his garden on Market Street. He had the first iron rolling mill in America. His ice house was the model for the one Washington put in at Mount Vernon. He backed the new Chestnut Street Theatre, started the Horticultural Society and had a green house with lemon trees in it. He purchased essentially all of Western New York. His son Thomas settled the peace with the Six Nations, who had sided with the English during the Revolution. Then Morris sold m ...

See also:

Robert Morris merchant, Robert Morris merchant - Early life, Robert Morris merchant - Public career, Robert Morris merchant - Before the Revolutionary War, Robert Morris merchant - During the War, Robert Morris merchant - Later political career, Robert Morris merchant - Personal information, Robert Morris merchant - Later life, Robert Morris merchant - Legacy

Read more here: » Robert Morris merchant: Encyclopedia II - Robert Morris merchant - Later life

Early in 1907, New York Times Annual Financial Review published Paul Warburg's (a partner of Kuhn, Loeb and Co.) first official reform plan, entitled "A Plan for a Modified Central Bank," in which he outlined remedies that he thought might avert panics. Early in 1907, Jacob Schiff, the chief executive of Kuhn, Loeb and Co., in a speech to the New York Chamber of Commerce, warned that "unless we have a central bank with adequate control of credit resources, this country is going to undergo the most severe and far reaching money panic in its h ...

See also:

History of Central Banking in the United States, History of Central Banking in the United States - 1791-1836: The First and Second Bank of the United States, History of Central Banking in the United States - 1837-1862: Free Banking Era, History of Central Banking in the United States - 1863-1913: National Banks, History of Central Banking in the United States - 1913: Creation of the Federal Reserve System, History of Central Banking in the United States - 1913-present: Recent changes, History of Central Banking in the United States - Source

Read more here: » History of Central Banking in the United States: Encyclopedia II - History of Central Banking in the United States - 1913: Creation of the Federal Reserve System

The Fed's power developed slowly in part due to an understanding at its creation that it was to function primarily as a reserve, a money-creator of last resort to prevent the downward spiral of withdrawal/withholding of funds which characterizes a monetary panic. At the outbreak of World War I, the Fed was better positioned than the Treasury to issue war bonds, and so became the primary retailer for war bonds under the direction of the Treasury. After the war, the Fed, lead by Paul Warburg and New York Governor Bank President Benjamin Strong ...

See also:

History of Central Banking in the United States, History of Central Banking in the United States - 1791-1836: The First and Second Bank of the United States, History of Central Banking in the United States - 1837-1862: Free Banking Era, History of Central Banking in the United States - 1863-1913: National Banks, History of Central Banking in the United States - 1913: Creation of the Federal Reserve System, History of Central Banking in the United States - 1913-present: Recent changes, History of Central Banking in the United States - Source

Read more here: » History of Central Banking in the United States: Encyclopedia II - History of Central Banking in the United States - 1913-present: Recent changes