Bank ownership and lending patterns in New York and Pennsylvania, 1781-1831

Business History Review

Volumn 73, Issue 1, 1999, Pages 40-60

  Wright, Robert E ^a  

^a NONE

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EID: 0033468688     PISSN: 00076805     EISSN: None     Source Type: Journal    
DOI: 10.2307/3116100     Document Type: Article

References (136)

1. This thesis has been most forcefully presented in Richard E. Sylla, "U.S. Securities Markets and the Banking System, 1790-1840," Federal Reserve Bank of St. Louis Review 80:3 (May/June 1998): 83-98. The established scholars most actively researching the early development of capital markets include Sylla, Larry Neal, Howard Bodenhorn, and Winifred Rothenberg. A small legion of doctoral candidates and recent graduates have also taken up the study of early finance. Those not convinced that additional studies of early banking are needed should consult Edwin Perkins, American Public Finance and Financial Services, 1700-1815 (Columbus, Ohio, 1994). Perkins's survey of the extant historiography of early American finance indirectly shows the many gaps in our knowledge of the subject.
2. This thesis has been most forcefully presented in Richard E. Sylla, "U.S. Securities Markets and the Banking System, 1790-1840," Federal Reserve Bank of St. Louis Review 80:3 (May/June 1998): 83-98. The established scholars most actively researching the early development of capital markets include Sylla, Larry Neal, Howard Bodenhorn, and Winifred Rothenberg. A small legion of doctoral candidates and recent graduates have also taken up the study of early finance. Those not convinced that additional studies of early banking are needed should consult Edwin Perkins, American Public Finance and Financial Services, 1700-1815 (Columbus, Ohio, 1994). Perkins's survey of the extant historiography of early American finance indirectly shows the many gaps in our knowledge of the subject.
3. The term "customer" herein refers to individuals who were either borrowers or depositors. "Borrowers" refers to recipients of discounts (loans). It should be pointed out, however, that surprisingly often depositors became borrowers by overdrawing their accounts. Also, readers should bear in mind that early American banks did not keep separate "deposit" and "loan" accounts; loans created credits in customer accounts just as deposits did. Generally, loans are identifiable only by the subtraction of discounts. Because early banks did not pay interest, few "depositors" kept large balances; most lodged funds in the bank merely to draw upon by checks soon thereafter.
4. Bray Hammond, "Long and Short Term Credit in Early American Banking" Quarterly Journal of Economics 49:4 (1934): 79-103; Naomi Lamoreaux, Insider Lending: Banks, Personal Connection, and Economic Development in Industrial New England (New York, 1994). 7-8; Fritz Redlich, Molding of American Banking: Men and Ideas (New York, 1968), 11; James A. Henretta, "The 'Market' in the Early Republic," Journal of the Early Republic 18 (Summer 1998): 298. Redlich claimed that the Bank of North America was crippled by insider lending in the 1790s. Actually, it was the Bank of Pennsylvania that suffered from insider lending practices, not the Bank of North America. See Bank of Pennsylvania, Minutes of Stockholders (1793-1842), 29 Jan., 29 Dec. 1796, Historical Society of Pennsylvania [hereafter HSP]. That the Bank of North America did not encounter such difficulties can be seen by viewing its minute book and general and individual ledgers at HSP.
5. Bray Hammond, "Long and Short Term Credit in Early American Banking" Quarterly Journal of Economics 49:4 (1934): 79-103; Naomi Lamoreaux, Insider Lending: Banks, Personal Connection, and Economic Development in Industrial New England (New York, 1994). 7-8; Fritz Redlich, Molding of American Banking: Men and Ideas (New York, 1968), 11; James A. Henretta, "The 'Market' in the Early Republic," Journal of the Early Republic 18 (Summer 1998): 298. Redlich claimed that the Bank of North America was crippled by insider lending in the 1790s. Actually, it was the Bank of Pennsylvania that suffered from insider lending practices, not the Bank of North America. See Bank of Pennsylvania, Minutes of Stockholders (1793-1842), 29 Jan., 29 Dec. 1796, Historical Society of Pennsylvania [hereafter HSP]. That the Bank of North America did not encounter such difficulties can be seen by viewing its minute book and general and individual ledgers at HSP.
6. Bray Hammond, "Long and Short Term Credit in Early American Banking" Quarterly Journal of Economics 49:4 (1934): 79-103; Naomi Lamoreaux, Insider Lending: Banks, Personal Connection, and Economic Development in Industrial New England (New York, 1994). 7-8; Fritz Redlich, Molding of American Banking: Men and Ideas (New York, 1968), 11; James A. Henretta, "The 'Market' in the Early Republic," Journal of the Early Republic 18 (Summer 1998): 298. Redlich claimed that the Bank of North America was crippled by insider lending in the 1790s. Actually, it was the Bank of Pennsylvania that suffered from insider lending practices, not the Bank of North America. See Bank of Pennsylvania, Minutes of Stockholders (1793-1842), 29 Jan., 29 Dec. 1796, Historical Society of Pennsylvania [hereafter HSP]. That the Bank of North America did not encounter such difficulties can be seen by viewing its minute book and general and individual ledgers at HSP.
7. Bray Hammond, "Long and Short Term Credit in Early American Banking" Quarterly Journal of Economics 49:4 (1934): 79-103; Naomi Lamoreaux, Insider Lending: Banks, Personal Connection, and Economic Development in Industrial New England (New York, 1994). 7-8; Fritz Redlich, Molding of American Banking: Men and Ideas (New York, 1968), 11; James A. Henretta, "The 'Market' in the Early Republic," Journal of the Early Republic 18 (Summer 1998): 298. Redlich claimed that the Bank of North America was crippled by insider lending in the 1790s. Actually, it was the Bank of Pennsylvania that suffered from insider lending practices, not the Bank of North America. See Bank of Pennsylvania, Minutes of Stockholders (1793-1842), 29 Jan., 29 Dec. 1796, Historical Society of Pennsylvania [hereafter HSP]. That the Bank of North America did not encounter such difficulties can be seen by viewing its minute book and general and individual ledgers at HSP.
8. Bray Hammond, "Long and Short Term Credit in Early American Banking" Quarterly Journal of Economics 49:4 (1934): 79-103; Naomi Lamoreaux, Insider Lending: Banks, Personal Connection, and Economic Development in Industrial New England (New York, 1994). 7-8; Fritz Redlich, Molding of American Banking: Men and Ideas (New York, 1968), 11; James A. Henretta, "The 'Market' in the Early Republic," Journal of the Early Republic 18 (Summer 1998): 298. Redlich claimed that the Bank of North America was crippled by insider lending in the 1790s. Actually, it was the Bank of Pennsylvania that suffered from insider lending practices, not the Bank of North America. See Bank of Pennsylvania, Minutes of Stockholders (1793-1842), 29 Jan., 29 Dec. 1796, Historical Society of Pennsylvania [hereafter HSP]. That the Bank of North America did not encounter such difficulties can be seen by viewing its minute book and general and individual ledgers at HSP.
9. Robert E. Wright, "The First Phase of the Empire State's 'Triple Transition': Banks' Influence on the Market, Democracy, and Federalism in New York, 1776-1838," Social Science History 21:4 (1997): 521-58.
10. Transfer Books and General Ledgers, 1781-1830, Bank of North America Records, HSP; Lawrence Lewis, History of the Bank of North America (Philadelphia, 1882), 47, 53, 67, 89, 91. Mark Prager & Co. to James St. Ferrall, Philadelphia, 9 Feb. 1797, Prager letterbook, HSP.
11. Transfer Books and General Ledgers, 1781-1830, Bank of North America Records, HSP; Lawrence Lewis, History of the Bank of North America (Philadelphia, 1882), 47, 53, 67, 89, 91. Mark Prager & Co. to James St. Ferrall, Philadelphia, 9 Feb. 1797, Prager letterbook, HSP.
12. Robert E. Wright, "Banking and Politics in New York, 1784-1829," (Ph.D. diss., State University of New York at Buffalo, 1996), 705-735; Lamoreaux, Insider Lending, 82.
13. Robert E. Wright, "Banking and Politics in New York, 1784-1829," (Ph.D. diss., State University of New York at Buffalo, 1996), 705-735; Lamoreaux, Insider Lending, 82.
14. Manhattan Company, Ledger and Subscription Book, Record Group 1, Chase-Manhattan Archives. Longworth's American Almanac, New York Register and City Directory, 1802; Longworth's American Almanac, New York Register and City Directory, 1803. The most recent description of the origin of the Manhattan Company is Robert E. Wright, "Artisans, Banks, Credit, and the Election of 1800," Pennsylvania Magazine of History & Biography 122 (July 1998): 1-30. The best study of the functioning of that bank is Gregory Hunter, The Manhattan Company: Managing a Multi-Unit Corporation in New York, 1799-1842 (New York, 1989).
15. Manhattan Company, Ledger and Subscription Book, Record Group 1, Chase-Manhattan Archives. Longworth's American Almanac, New York Register and City Directory, 1802; Longworth's American Almanac, New York Register and City Directory, 1803. The most recent description of the origin of the Manhattan Company is Robert E. Wright, "Artisans, Banks, Credit, and the Election of 1800," Pennsylvania Magazine of History & Biography 122 (July 1998): 1-30. The best study of the functioning of that bank is Gregory Hunter, The Manhattan Company: Managing a Multi-Unit Corporation in New York, 1799-1842 (New York, 1989).
16. Manhattan Company, Ledger and Subscription Book, Record Group 1, Chase-Manhattan Archives. Longworth's American Almanac, New York Register and City Directory, 1802; Longworth's American Almanac, New York Register and City Directory, 1803. The most recent description of the origin of the Manhattan Company is Robert E. Wright, "Artisans, Banks, Credit, and the Election of 1800," Pennsylvania Magazine of History & Biography 122 (July 1998): 1-30. The best study of the functioning of that bank is Gregory Hunter, The Manhattan Company: Managing a Multi-Unit Corporation in New York, 1799-1842 (New York, 1989).
17. Manhattan Company, Ledger and Subscription Book, Record Group 1, Chase-Manhattan Archives. Longworth's American Almanac, New York Register and City Directory, 1802; Longworth's American Almanac, New York Register and City Directory, 1803. The most recent description of the origin of the Manhattan Company is Robert E. Wright, "Artisans, Banks, Credit, and the Election of 1800," Pennsylvania Magazine of History & Biography 122 (July 1998): 1-30. The best study of the functioning of that bank is Gregory Hunter, The Manhattan Company: Managing a Multi-Unit Corporation in New York, 1799-1842 (New York, 1989).
18. Philip Hubert, Merchants National Bank of New York City, 1803-1903 (New York, 1903); Longworth's American Almanac, New York Register and City Directory, 1802; Longworth's American Almanac, New York Register and City Directory, 1803.
19. Philip Hubert, Merchants National Bank of New York City, 1803-1903 (New York, 1903); Longworth's American Almanac, New York Register and City Directory, 1802; Longworth's American Almanac, New York Register and City Directory, 1803.
20. Philip Hubert, Merchants National Bank of New York City, 1803-1903 (New York, 1903); Longworth's American Almanac, New York Register and City Directory, 1802; Longworth's American Almanac, New York Register and City Directory, 1803.
21. H. C. Carey, The Credit System in France, Great Britain, and the United States (Philadelphia, 1838), 82.
22. Bank of Geneva Minutes, Hawley Collection, Hobart College, Geneva, New York. Stockholder biographical information was taken from Gary Thompson, Index to the Newspapers Published in Geneva, New York (Geneva, N.Y., 1981). The early newspapers, as well as several histories of the bank, detail the changes in the directorship. Norman Kent, The National Bank of Geneva: Being an Account of the Bank & the Community it has Served for a Century & a Quarter, 1817-1942 (Geneva, N.Y., 1942); D. H. VerPlank, Geneva National Bank: Centennial Anniversary of the Geneva National Bank, Geneva, New York 1817-1917 (Geneva, N.Y., 1917).
23. Bank of Geneva Minutes, Hawley Collection, Hobart College, Geneva, New York. Stockholder biographical information was taken from Gary Thompson, Index to the Newspapers Published in Geneva, New York (Geneva, N.Y., 1981). The early newspapers, as well as several histories of the bank, detail the changes in the directorship. Norman Kent, The National Bank of Geneva: Being an Account of the Bank & the Community it has Served for a Century & a Quarter, 1817-1942 (Geneva, N.Y., 1942); D. H. VerPlank, Geneva National Bank: Centennial Anniversary of the Geneva National Bank, Geneva, New York 1817-1917 (Geneva, N.Y., 1917).
24. Bank of Geneva Minutes, Hawley Collection, Hobart College, Geneva, New York. Stockholder biographical information was taken from Gary Thompson, Index to the Newspapers Published in Geneva, New York (Geneva, N.Y., 1981). The early newspapers, as well as several histories of the bank, detail the changes in the directorship. Norman Kent, The National Bank of Geneva: Being an Account of the Bank & the Community it has Served for a Century & a Quarter, 1817-1942 (Geneva, N.Y., 1942); D. H. VerPlank, Geneva National Bank: Centennial Anniversary of the Geneva National Bank, Geneva, New York 1817-1917 (Geneva, N.Y., 1917).
25. James Karmel, "Banking on the People: Banks, Politics and Market Evolution in Early National Pennsylvania," (Ph.D. diss., SUNY Buffalo, forthcoming), Tables 5-3, 5-4, 5-5.
26. This is not to say that shares were not widely held in some "western" states. Ohio bank shares, for example, were widely held in the early 1840s (see below). Ownership of Bank Stock in Ohio: Occupation/Category $ amount Percent Females 515,424 2.00 Retired/aged 1,951,720 29.59 Minors 632,547 9.59 Merchants, mechanics, farmers, traders 2,431,837 36.87 Savings banks 226,500 3.43 Physicians and clergymen 140,350 2.13 Lawyers 141,671 2.15 Insurance and other corporations 297,029 4.50 Officers of other banks 118,714 1.80 Counties 132,410 2.00 Brokers 8,000 0.12 Total 6,596,302 100.00 Source: Philadelphia Commercial List and Price Current, 27 Feb. 1841. The following text accompanied this table: "By a statement in the Cincinnati Gazette, it appears that the capital stock of twenty-three bank[s] in that State, amount to $9,019,222, is distributed, as far as ascertained, among the following classes of persons." See Howard Bodenhorn, A Watchful Trade: Banking, Economic Growth and Financial Integration in Antebellum America (New York, forthcoming), ch. 1; ibid., "Private Banking in Antebellum Virginia: Thomas Branch & Sons of Petersburg," Business History Review 71 (Winter 1997): 513-42; ibid., "Free Banking and Financial Entrepreneurship in Nineteenth Century New York: The Black River Bank of Watertown," Business and Economic History 27 (Fall 1998): 102-14.
27. This is not to say that shares were not widely held in some "western" states. Ohio bank shares, for example, were widely held in the early 1840s (see below). Ownership of Bank Stock in Ohio: Occupation/Category $ amount Percent Females 515,424 2.00 Retired/aged 1,951,720 29.59 Minors 632,547 9.59 Merchants, mechanics, farmers, traders 2,431,837 36.87 Savings banks 226,500 3.43 Physicians and clergymen 140,350 2.13 Lawyers 141,671 2.15 Insurance and other corporations 297,029 4.50 Officers of other banks 118,714 1.80 Counties 132,410 2.00 Brokers 8,000 0.12 Total 6,596,302 100.00 Source: Philadelphia Commercial List and Price Current, 27 Feb. 1841. The following text accompanied this table: "By a statement in the Cincinnati Gazette, it appears that the capital stock of twenty-three bank[s] in that State, amount to $9,019,222, is distributed, as far as ascertained, among the following classes of persons." See Howard Bodenhorn, A Watchful Trade: Banking, Economic Growth and Financial Integration in Antebellum America (New York, forthcoming), ch. 1; ibid., "Private Banking in Antebellum Virginia: Thomas Branch & Sons of Petersburg," Business History Review 71 (Winter 1997): 513-42; ibid., "Free Banking and Financial Entrepreneurship in Nineteenth Century New York: The Black River Bank of Watertown," Business and Economic History 27 (Fall 1998): 102-14.
28. This is not to say that shares were not widely held in some "western" states. Ohio bank shares, for example, were widely held in the early 1840s (see below). Ownership of Bank Stock in Ohio: Occupation/Category $ amount Percent Females 515,424 2.00 Retired/aged 1,951,720 29.59 Minors 632,547 9.59 Merchants, mechanics, farmers, traders 2,431,837 36.87 Savings banks 226,500 3.43 Physicians and clergymen 140,350 2.13 Lawyers 141,671 2.15 Insurance and other corporations 297,029 4.50 Officers of other banks 118,714 1.80 Counties 132,410 2.00 Brokers 8,000 0.12 Total 6,596,302 100.00 Source: Philadelphia Commercial List and Price Current, 27 Feb. 1841. The following text accompanied this table: "By a statement in the Cincinnati Gazette, it appears that the capital stock of twenty-three bank[s] in that State, amount to $9,019,222, is distributed, as far as ascertained, among the following classes of persons." See Howard Bodenhorn, A Watchful Trade: Banking, Economic Growth and Financial Integration in Antebellum America (New York, forthcoming), ch. 1; ibid., "Private Banking in Antebellum Virginia: Thomas Branch & Sons of Petersburg," Business History Review 71 (Winter 1997): 513-42; ibid., "Free Banking and Financial Entrepreneurship in Nineteenth Century New York: The Black River Bank of Watertown," Business and Economic History 27 (Fall 1998): 102-14.
29. This is not to say that shares were not widely held in some "western" states. Ohio bank shares, for example, were widely held in the early 1840s (see below). Ownership of Bank Stock in Ohio: Occupation/Category $ amount Percent Females 515,424 2.00 Retired/aged 1,951,720 29.59 Minors 632,547 9.59 Merchants, mechanics, farmers, traders 2,431,837 36.87 Savings banks 226,500 3.43 Physicians and clergymen 140,350 2.13 Lawyers 141,671 2.15 Insurance and other corporations 297,029 4.50 Officers of other banks 118,714 1.80 Counties 132,410 2.00 Brokers 8,000 0.12 Total 6,596,302 100.00 Source: Philadelphia Commercial List and Price Current, 27 Feb. 1841. The following text accompanied this table: "By a statement in the Cincinnati Gazette, it appears that the capital stock of twenty-three bank[s] in that State, amount to $9,019,222, is distributed, as far as ascertained, among the following classes of persons." See Howard Bodenhorn, A Watchful Trade: Banking, Economic Growth and Financial Integration in Antebellum America (New York, forthcoming), ch. 1; ibid., "Private Banking in Antebellum Virginia: Thomas Branch & Sons of Petersburg," Business History Review 71 (Winter 1997): 513-42; ibid., "Free Banking and Financial Entrepreneurship in Nineteenth Century New York: The Black River Bank of Watertown," Business and Economic History 27 (Fall 1998): 102-14.
30. This is not to say that shares were not widely held in some "western" states. Ohio bank shares, for example, were widely held in the early 1840s (see below). Ownership of Bank Stock in Ohio: Occupation/Category $ amount Percent Females 515,424 2.00 Retired/aged 1,951,720 29.59 Minors 632,547 9.59 Merchants, mechanics, farmers, traders 2,431,837 36.87 Savings banks 226,500 3.43 Physicians and clergymen 140,350 2.13 Lawyers 141,671 2.15 Insurance and other corporations 297,029 4.50 Officers of other banks 118,714 1.80 Counties 132,410 2.00 Brokers 8,000 0.12 Total 6,596,302 100.00 Source: Philadelphia Commercial List and Price Current, 27 Feb. 1841. The following text accompanied this table: "By a statement in the Cincinnati Gazette, it appears that the capital stock of twenty-three bank[s] in that State, amount to $9,019,222, is distributed, as far as ascertained, among the following classes of persons." See Howard Bodenhorn, A Watchful Trade: Banking, Economic Growth and Financial Integration in Antebellum America (New York, forthcoming), ch. 1; ibid., "Private Banking in Antebellum Virginia: Thomas Branch & Sons of Petersburg," Business History Review 71 (Winter 1997): 513-42; ibid., "Free Banking and Financial Entrepreneurship in Nineteenth Century New York: The Black River Bank of Watertown," Business and Economic History 27 (Fall 1998): 102-14.
31. This is not to say that shares were not widely held in some "western" states. Ohio bank shares, for example, were widely held in the early 1840s (see below). Ownership of Bank Stock in Ohio: Occupation/Category $ amount Percent Females 515,424 2.00 Retired/aged 1,951,720 29.59 Minors 632,547 9.59 Merchants, mechanics, farmers, traders 2,431,837 36.87 Savings banks 226,500 3.43 Physicians and clergymen 140,350 2.13 Lawyers 141,671 2.15 Insurance and other corporations 297,029 4.50 Officers of other banks 118,714 1.80 Counties 132,410 2.00 Brokers 8,000 0.12 Total 6,596,302 100.00 Source: Philadelphia Commercial List and Price Current, 27 Feb. 1841. The following text accompanied this table: "By a statement in the Cincinnati Gazette, it appears that the capital stock of twenty-three bank[s] in that State, amount to $9,019,222, is distributed, as far as ascertained, among the following classes of persons." See Howard Bodenhorn, A Watchful Trade: Banking, Economic Growth and Financial Integration in Antebellum America (New York, forthcoming), ch. 1; ibid., "Private Banking in Antebellum Virginia: Thomas Branch & Sons of Petersburg," Business History Review 71 (Winter 1997): 513-42; ibid., "Free Banking and Financial Entrepreneurship in Nineteenth Century New York: The Black River Bank of Watertown," Business and Economic History 27 (Fall 1998): 102-14.
32. Samson Fleming to William Edgar, Philadelphia, 9 Feb. 1784, Papers of William Edgar, New York Public Library (hereafter NYPL).
33. Stockholders are creditors and borrowers are debtors. Samson Fleming to William Edgar, Philadelphia, 28 Mar. 1784, Alexander Henry to William Edgar, Montreal, 4 Dec. 1784, Papers of William Edgar, NYPL.
34. Stockholders are creditors and borrowers are debtors. Samson Fleming to William Edgar, Philadelphia, 28 Mar. 1784, Alexander Henry to William Edgar, Montreal, 4 Dec. 1784, Papers of William Edgar, NYPL.
35. George Anthon to William Edgar, Detroit, 26 Sept. 1785, Papers of William Edgar, NYPL.
36. Papers of Elkanah Watson, Journal E, New York State Library. Emphasis added.
37. Papers of Elkanah Watson, Isaac Bronson to Elkanah Watson, New York, 26 Feb. - 2 Mar. 1803, New York State Library.
38. New York State Bank, Minutes of the Board of Directors, 1 Sept. 1803, Special Collections Manuscript 1034, Albany Institute of History & Art.
39. For New York, see Wright, "Banking and Politics," 463-91, 769-86, 806-12, 835-43, 850-60, 985-97. For Pennsylvania, see Karmel, "Banking on the People," ch. 5.
40. For New York, see Wright, "Banking and Politics," 463-91, 769-86, 806-12, 835-43, 850-60, 985-97. For Pennsylvania, see Karmel, "Banking on the People," ch. 5.
41. Journal of the Senate of the State of New York, 35th Session, (1812), 5-9.
42. Based on a dataset of weekly prices, semiannual dividends, and daily trade volumes built from tables and lists in the Philadelphia Commercial List and Price Current, 1830-1839.
43. This assertion is based on a careful reading of over one hundred contemporary newspapers. For a list of the New York papers consulted, see Wright, "Banking and Politics," 1,075-1,078. Important Philadelphia papers consulted included a full-text searchable version of the Pennsylvania Gazette, 1781-1800; Dunlap and Claypoole's American Daily Advertiser [Philadelphia], 1791-1795; Finlay's American Naval and Commercial Register [Philadelphia], 1795-1798; Hope's Philadelphia Price Current, 1805-1813; Grotjan's Philadelphia Public Sale Report and General Price Current [Philadelphia], 1805-1825; Political and Commercial Register [Philadelphia], 1804-1819.
44. This assertion is based on a careful reading of over one hundred contemporary newspapers. For a list of the New York papers consulted, see Wright, "Banking and Politics," 1,075-1,078. Important Philadelphia papers consulted included a full-text searchable version of the Pennsylvania Gazette, 1781-1800; Dunlap and Claypoole's American Daily Advertiser [Philadelphia], 1791-1795; Finlay's American Naval and Commercial Register [Philadelphia], 1795-1798; Hope's Philadelphia Price Current, 1805-1813; Grotjan's Philadelphia Public Sale Report and General Price Current [Philadelphia], 1805-1825; Political and Commercial Register [Philadelphia], 1804-1819.
45. This assertion is based on a careful reading of over one hundred contemporary newspapers. For a list of the New York papers consulted, see Wright, "Banking and Politics," 1,075-1,078. Important Philadelphia papers consulted included a full-text searchable version of the Pennsylvania Gazette, 1781-1800; Dunlap and Claypoole's American Daily Advertiser [Philadelphia], 1791-1795; Finlay's American Naval and Commercial Register [Philadelphia], 1795-1798; Hope's Philadelphia Price Current, 1805-1813; Grotjan's Philadelphia Public Sale Report and General Price Current [Philadelphia], 1805-1825; Political and Commercial Register [Philadelphia], 1804-1819.
46. This assertion is based on a careful reading of over one hundred contemporary newspapers. For a list of the New York papers consulted, see Wright, "Banking and Politics," 1,075-1,078. Important Philadelphia papers consulted included a full-text searchable version of the Pennsylvania Gazette, 1781-1800; Dunlap and Claypoole's American Daily Advertiser [Philadelphia], 1791-1795; Finlay's American Naval and Commercial Register [Philadelphia], 1795-1798; Hope's Philadelphia Price Current, 1805-1813; Grotjan's Philadelphia Public Sale Report and General Price Current [Philadelphia], 1805-1825; Political and Commercial Register [Philadelphia], 1804-1819.
47. This assertion is based on a careful reading of over one hundred contemporary newspapers. For a list of the New York papers consulted, see Wright, "Banking and Politics," 1,075-1,078. Important Philadelphia papers consulted included a full-text searchable version of the Pennsylvania Gazette, 1781-1800; Dunlap and Claypoole's American Daily Advertiser [Philadelphia], 1791-1795; Finlay's American Naval and Commercial Register [Philadelphia], 1795-1798; Hope's Philadelphia Price Current, 1805-1813; Grotjan's Philadelphia Public Sale Report and General Price Current [Philadelphia], 1805-1825; Political and Commercial Register [Philadelphia], 1804-1819.
48. This assertion is based on a careful reading of over one hundred contemporary newspapers. For a list of the New York papers consulted, see Wright, "Banking and Politics," 1,075-1,078. Important Philadelphia papers consulted included a full-text searchable version of the Pennsylvania Gazette, 1781-1800; Dunlap and Claypoole's American Daily Advertiser [Philadelphia], 1791-1795; Finlay's American Naval and Commercial Register [Philadelphia], 1795-1798; Hope's Philadelphia Price Current, 1805-1813; Grotjan's Philadelphia Public Sale Report and General Price Current [Philadelphia], 1805-1825; Political and Commercial Register [Philadelphia], 1804-1819.
49. This assertion is based on a careful reading of over one hundred contemporary newspapers. For a list of the New York papers consulted, see Wright, "Banking and Politics," 1,075-1,078. Important Philadelphia papers consulted included a full-text searchable version of the Pennsylvania Gazette, 1781-1800; Dunlap and Claypoole's American Daily Advertiser [Philadelphia], 1791-1795; Finlay's American Naval and Commercial Register [Philadelphia], 1795-1798; Hope's Philadelphia Price Current, 1805-1813; Grotjan's Philadelphia Public Sale Report and General Price Current [Philadelphia], 1805-1825; Political and Commercial Register [Philadelphia], 1804-1819.
50. Robert W. Bingham, ed., Reports of Joseph Ellicott as Chief of Survey (1797-1800) and as Agent (1800-1821) of the Holland Land Company's Purchase in Western New York (Buffalo, N.Y., 1937), 466-67.
51. Diary of Henry Van Der Lyn, 246, New York Historical Society (hereafter NYHS).
52. New York American Citizen, 28 Apr. 1800.
53. New York Morning Chronicle, 26 Apr. 1804.
54. Journal of the Senate of the State of New York (1818), 225.
55. Benjamin Franklin Butler, Remarks on Private Banking Addressed to the Honorable Isaac Pierson, Chairman of the Committee Appointed by the Assembly of New York on the Currency of the State (Albany, N.Y., 1818), 12; Kingston Plebeian, 31 May 1817.
56. Benjamin Franklin Butler, Remarks on Private Banking Addressed to the Honorable Isaac Pierson, Chairman of the Committee Appointed by the Assembly of New York on the Currency of the State (Albany, N.Y., 1818), 12; Kingston Plebeian, 31 May 1817.
57. New York Patron of Industry, 22 July 1820.
58. Rochester Telegraph, 25 Feb. 1823.
59. "One of Their Constituents," Letter on the Use and Abuse of Incorporations, Addressed to the Delegation from the City of New York in the State Legislature (New York, 1827), 18, 27-28.
60. New York Spectator, 1 Apr. 1823.
61. New York Political Bulletin, 22 Dec. 1810.
62. Verna Walker, "Banking in Buffalo Before the Civil War," (masters thesis, University of Buffalo, 1933), 15; William Chazanof, Joseph Ellicott and the Holland Land Company: The Opening of Western New York (Syracuse, N.Y., 1970), ch. 8.
63. Verna Walker, "Banking in Buffalo Before the Civil War," (masters thesis, University of Buffalo, 1933), 15; William Chazanof, Joseph Ellicott and the Holland Land Company: The Opening of Western New York (Syracuse, N.Y., 1970), ch. 8.
64. Wright, "Banking and Politics," 255-64, 313-19, 336-44, 364-80, 382-88, 394-417, 497-511, 804-6, 812-14; Karmel, "Banking on the People," ch. 2.
65. Wright, "Banking and Politics," 255-64, 313-19, 336-44, 364-80, 382-88, 394-417, 497-511, 804-6, 812-14; Karmel, "Banking on the People," ch. 2.
66. Walker, "Banking in Buffalo," 15; New York Herald, 20 Apr. 1803; Belden L. Daniels, Pennsylvania: Birthplace of Banking in America (Harrisburg, Pa., 1976), 63; Cleveland, Citibank, 1-13; Wright, "Banking and Politics," 1,028, 1,032.
67. Walker, "Banking in Buffalo," 15; New York Herald, 20 Apr. 1803; Belden L. Daniels, Pennsylvania: Birthplace of Banking in America (Harrisburg, Pa., 1976), 63; Cleveland, Citibank, 1-13; Wright, "Banking and Politics," 1,028, 1,032.
68. Walker, "Banking in Buffalo," 15; New York Herald, 20 Apr. 1803; Belden L. Daniels, Pennsylvania: Birthplace of Banking in America (Harrisburg, Pa., 1976), 63; Cleveland, Citibank, 1-13; Wright, "Banking and Politics," 1,028, 1,032.
69. Walker, "Banking in Buffalo," 15; New York Herald, 20 Apr. 1803; Belden L. Daniels, Pennsylvania: Birthplace of Banking in America (Harrisburg, Pa., 1976), 63; Cleveland, Citibank, 1-13; Wright, "Banking and Politics," 1,028, 1,032.
70. Walker, "Banking in Buffalo," 15; New York Herald, 20 Apr. 1803; Belden L. Daniels, Pennsylvania: Birthplace of Banking in America (Harrisburg, Pa., 1976), 63; Cleveland, Citibank, 1-13; Wright, "Banking and Politics," 1,028, 1,032.
71. A large number of newspapers in New York and Pennsylvania quoted bank note prices, especially after the War of 1812. Depreciation rates varied, but rarely exceeded a few percent unless a bank suspended specie payments, or its lending practices were questioned, in which cases discounts larger than 50 percent were common. For examples, see the Rochester Telegraph, 17 Aug. 1819; Saratoga Farmer, 17 Jan. 1821. For the Bank of Niagara, see Walker, "Banking in Buffalo," 6-17. For the Bank of Columbia, see Anon., History of Columbia County, New York (Philadelphia, 1878), 177-79. For the Middle District Bank, see Beatrice Reubens, "State Financing of Private Enterprise in Early New York," (Ph.D. diss., Columbia University, 1960), 50. For tables of depreciation rates in Pennsylvania, see Karmel, "Banking on the People," chaps. 6, 7.
72. A large number of newspapers in New York and Pennsylvania quoted bank note prices, especially after the War of 1812. Depreciation rates varied, but rarely exceeded a few percent unless a bank suspended specie payments, or its lending practices were questioned, in which cases discounts larger than 50 percent were common. For examples, see the Rochester Telegraph, 17 Aug. 1819; Saratoga Farmer, 17 Jan. 1821. For the Bank of Niagara, see Walker, "Banking in Buffalo," 6-17. For the Bank of Columbia, see Anon., History of Columbia County, New York (Philadelphia, 1878), 177-79. For the Middle District Bank, see Beatrice Reubens, "State Financing of Private Enterprise in Early New York," (Ph.D. diss., Columbia University, 1960), 50. For tables of depreciation rates in Pennsylvania, see Karmel, "Banking on the People," chaps. 6, 7.
73. A large number of newspapers in New York and Pennsylvania quoted bank note prices, especially after the War of 1812. Depreciation rates varied, but rarely exceeded a few percent unless a bank suspended specie payments, or its lending practices were questioned, in which cases discounts larger than 50 percent were common. For examples, see the Rochester Telegraph, 17 Aug. 1819; Saratoga Farmer, 17 Jan. 1821. For the Bank of Niagara, see Walker, "Banking in Buffalo," 6-17. For the Bank of Columbia, see Anon., History of Columbia County, New York (Philadelphia, 1878), 177-79. For the Middle District Bank, see Beatrice Reubens, "State Financing of Private Enterprise in Early New York," (Ph.D. diss., Columbia University, 1960), 50. For tables of depreciation rates in Pennsylvania, see Karmel, "Banking on the People," chaps. 6, 7.
74. A large number of newspapers in New York and Pennsylvania quoted bank note prices, especially after the War of 1812. Depreciation rates varied, but rarely exceeded a few percent unless a bank suspended specie payments, or its lending practices were questioned, in which cases discounts larger than 50 percent were common. For examples, see the Rochester Telegraph, 17 Aug. 1819; Saratoga Farmer, 17 Jan. 1821. For the Bank of Niagara, see Walker, "Banking in Buffalo," 6-17. For the Bank of Columbia, see Anon., History of Columbia County, New York (Philadelphia, 1878), 177-79. For the Middle District Bank, see Beatrice Reubens, "State Financing of Private Enterprise in Early New York," (Ph.D. diss., Columbia University, 1960), 50. For tables of depreciation rates in Pennsylvania, see Karmel, "Banking on the People," chaps. 6, 7.
75. A large number of newspapers in New York and Pennsylvania quoted bank note prices, especially after the War of 1812. Depreciation rates varied, but rarely exceeded a few percent unless a bank suspended specie payments, or its lending practices were questioned, in which cases discounts larger than 50 percent were common. For examples, see the Rochester Telegraph, 17 Aug. 1819; Saratoga Farmer, 17 Jan. 1821. For the Bank of Niagara, see Walker, "Banking in Buffalo," 6-17. For the Bank of Columbia, see Anon., History of Columbia County, New York (Philadelphia, 1878), 177-79. For the Middle District Bank, see Beatrice Reubens, "State Financing of Private Enterprise in Early New York," (Ph.D. diss., Columbia University, 1960), 50. For tables of depreciation rates in Pennsylvania, see Karmel, "Banking on the People," chaps. 6, 7.
76. A large number of newspapers in New York and Pennsylvania quoted bank note prices, especially after the War of 1812. Depreciation rates varied, but rarely exceeded a few percent unless a bank suspended specie payments, or its lending practices were questioned, in which cases discounts larger than 50 percent were common. For examples, see the Rochester Telegraph, 17 Aug. 1819; Saratoga Farmer, 17 Jan. 1821. For the Bank of Niagara, see Walker, "Banking in Buffalo," 6-17. For the Bank of Columbia, see Anon., History of Columbia County, New York (Philadelphia, 1878), 177-79. For the Middle District Bank, see Beatrice Reubens, "State Financing of Private Enterprise in Early New York," (Ph.D. diss., Columbia University, 1960), 50. For tables of depreciation rates in Pennsylvania, see Karmel, "Banking on the People," chaps. 6, 7.
77. John Tayler to Joseph Ellicott, Albany, N.Y., 5 Feb. 1819, Papers of John Tayler, Rutgers University Special Collections.
78. City Bank again became "one merchant's bank" after the period under study, 1837-1891. Harold van B. Cleveland and Thomas Huertas, Citibank, 1812-1970 (Cambridge, Mass.: 1985), ch. 2.
79. Charles C. Jones, Jr., "William Few, Lieutenant-Colonel Georgia Militia in the Revolutionary Service, with Autobiography of Col. William Few of Georgia," Magazine of American History (Nov. 1881): 339-58.
80. Lamoreaux, Insider Lending, 15-21.
81. Transcripts of Dockets of Judgments, Supreme Court of Judicature, Utica, 1807-1830, New York State Archives.
82. The public and the law did not countenance bank directors who "shaved," - borrowed money to re-lend it at usurious rates. With that avenue blocked, borrowing directors had to find bona fide investments. New York Herald, 6 Apr. 1808. Averages and ratios derived from data presented in Sylla, "U.S. Securities Markets," 83-98, table 1.
83. The public and the law did not countenance bank directors who "shaved," - borrowed money to re-lend it at usurious rates. With that avenue blocked, borrowing directors had to find bona fide investments. New York Herald, 6 Apr. 1808. Averages and ratios derived from data presented in Sylla, "U.S. Securities Markets," 83-98, table 1.
84. Indeed, Bank of Pennsylvania stock may have stopped trading for several months in late 1796 and early 1797, before quickly rebounding by mid-1797 after reforms had taken effect. See Table 5.
85. Mark Prager & Co. to Thomas Giese, Philadelphia, 14 Dec. 1796, Prager letterbook, HSP.
86. The bank regularly reclaimed the stock of defaulters. Within about a decade of its opening, the Bank owned 508 shares of its own stock through that practice. Bank of North America memorandum book, 2 Mar. 1792, HSP. Also, it seems likely that stockholders had a higher average net worth than nonstockholders.
87. George David Rappaport, Stability and Change in Revolutionary Pennsylvania: Banking, Politics, and Social Structure (University Park, Pa., 1996), 233-36.
88. Ibid., 233-36, 303, 305. Thomas Doerflinger, A Vigorous Spirit of Enterprise: Merchants and Economic Development in Revolutionary Philadelphia (Chapel Hill, N.C., 1986), 304. For the role of women and blacks in early banking, see Wright, "Banking and Politics," 657-704; Karmel "Banking on the People," ch. 5. For Hannah Holland's accounts, see Individual Ledgers, Bank of North America Records, HSP.
89. Ibid., 233-36, 303, 305. Thomas Doerflinger, A Vigorous Spirit of Enterprise: Merchants and Economic Development in Revolutionary Philadelphia (Chapel Hill, N.C., 1986), 304. For the role of women and blacks in early banking, see Wright, "Banking and Politics," 657-704; Karmel "Banking on the People," ch. 5. For Hannah Holland's accounts, see Individual Ledgers, Bank of North America Records, HSP.
90. Ibid., 233-36, 303, 305. Thomas Doerflinger, A Vigorous Spirit of Enterprise: Merchants and Economic Development in Revolutionary Philadelphia (Chapel Hill, N.C., 1986), 304. For the role of women and blacks in early banking, see Wright, "Banking and Politics," 657-704; Karmel "Banking on the People," ch. 5. For Hannah Holland's accounts, see Individual Ledgers, Bank of North America Records, HSP.
91. Ibid., 233-36, 303, 305. Thomas Doerflinger, A Vigorous Spirit of Enterprise: Merchants and Economic Development in Revolutionary Philadelphia (Chapel Hill, N.C., 1986), 304. For the role of women and blacks in early banking, see Wright, "Banking and Politics," 657-704; Karmel "Banking on the People," ch. 5. For Hannah Holland's accounts, see Individual Ledgers, Bank of North America Records, HSP.
92. For a fuller discussion of artisanal use of banks, see Robert E. Wright, "Ground Rents Against Populist Historiography: Lower Mid-Atlantic Land Tenure and Economic Development, 1750-1820," Journal of Interdisciplinary History 28 (1998): 23-42; Robert E. Wright, "Thomas Willing (1731-1821): Philadelphia Entrepreneur and Forgotten Founding Father," Pennsylvania History 63 (1996): 525-60; Wright, "Artisans, Banking"; Miers Fisher Papers, "A Plan for the Support of the Poor, and for the relief of the necessitous," n.d., but probably 1790 or 1791, HSP.
93. For a fuller discussion of artisanal use of banks, see Robert E. Wright, "Ground Rents Against Populist Historiography: Lower Mid-Atlantic Land Tenure and Economic Development, 1750-1820," Journal of Interdisciplinary History 28 (1998): 23-42; Robert E. Wright, "Thomas Willing (1731-1821): Philadelphia Entrepreneur and Forgotten Founding Father," Pennsylvania History 63 (1996): 525-60; Wright, "Artisans, Banking"; Miers Fisher Papers, "A Plan for the Support of the Poor, and for the relief of the necessitous," n.d., but probably 1790 or 1791, HSP.
94. For a fuller discussion of artisanal use of banks, see Robert E. Wright, "Ground Rents Against Populist Historiography: Lower Mid-Atlantic Land Tenure and Economic Development, 1750-1820," Journal of Interdisciplinary History 28 (1998): 23-42; Robert E. Wright, "Thomas Willing (1731-1821): Philadelphia Entrepreneur and Forgotten Founding Father," Pennsylvania History 63 (1996): 525-60; Wright, "Artisans, Banking"; Miers Fisher Papers, "A Plan for the Support of the Poor, and for the relief of the necessitous," n.d., but probably 1790 or 1791, HSP.
95. For a fuller discussion of artisanal use of banks, see Robert E. Wright, "Ground Rents Against Populist Historiography: Lower Mid-Atlantic Land Tenure and Economic Development, 1750-1820," Journal of Interdisciplinary History 28 (1998): 23-42; Robert E. Wright, "Thomas Willing (1731-1821): Philadelphia Entrepreneur and Forgotten Founding Father," Pennsylvania History 63 (1996): 525-60; Wright, "Artisans, Banking"; Miers Fisher Papers, "A Plan for the Support of the Poor, and for the relief of the necessitous," n.d., but probably 1790 or 1791, HSP.
96. Thomas Passmore, letterbook, ledger, journal, day book, (1795-1802), HSP; Wright, "Artisans, Banking." This case is cited only for illustrative purposes. I have enough material to write a book on this subject and hope to do so in the future.
97. Thomas Passmore, letterbook, ledger, journal, day book, (1795-1802), HSP; Wright, "Artisans, Banking." This case is cited only for illustrative purposes. I have enough material to write a book on this subject and hope to do so in the future.
98. Ann Schwartz, "The Beginning of Competitive Banking in Philadelphia." Journal of Political Economy 55 (1947): 417-31; David T. Gilchrist, ed., The Growth of the Seaport Cities, 1790-1825 (Charlottesville, Va., 1967), 39. Statistics for artisanal numbers based on the Philadelphia Directory, 1790, 1800, HSP and the General Trade Directory for Philadelphia, 1800, HSP. Loan volume is defined as total credits, be they lodged deposits, deposits created by discount, or intrabank account transfers. Data compiled by the author from the Individual Ledgers of the Bank of North America, 1790, 1800, Bank of North America Records, HSP.
99. Ann Schwartz, "The Beginning of Competitive Banking in Philadelphia." Journal of Political Economy 55 (1947): 417-31; David T. Gilchrist, ed., The Growth of the Seaport Cities, 1790-1825 (Charlottesville, Va., 1967), 39. Statistics for artisanal numbers based on the Philadelphia Directory, 1790, 1800, HSP and the General Trade Directory for Philadelphia, 1800, HSP. Loan volume is defined as total credits, be they lodged deposits, deposits created by discount, or intrabank account transfers. Data compiled by the author from the Individual Ledgers of the Bank of North America, 1790, 1800, Bank of North America Records, HSP.
100. The average account volume is simply the arithmetic mean of the total credits of each account in the Individual Ledgers.
101. Wright, "Artisans, Banking."
102. There were a number of persons (I have counted at least four) living in the Philadelphia area at that time with the name of John Knight, so the bank's tellers distinguished between them as best they could. I have seen at least six persons in the Bank of North America ledgers labeled as "black." There could very well have been other black customers with distinctive names not so labeled. One of the richest merchants in Philadelphia in this period was an African American by the name of James Forten (1766-1842).
103. Bank of Germantown, Individual Ledger D, HSP. Philadelphia Directories, 1825, 1830, HSP. Bank of Germantown Individual Ledger D, "Sundry Discounts," 488-92, 606-09, 626-29, HSP.
104. Directors' Minutebook, Reading Branch, Bank of Pennsylvania, 1808-1840, HSP. Because the minutebook did not record all discounts, the author does not wish to supply exact percentages.
105. Farmers' Bank Discount Book, Reading, Pa., 1831-36, HSP.
106. Lamoreaux, Insider Lending, 82.
107. Wright, "Banking and Politics," 588-611; Bank of Utica Ledgers, Oneida County Historical Society.
108. Benjamin Butler (or Ferris Pell), Vindication of the Currency of the State of New York (New York, 1818).
109. A sample of the 180 accounts on ledger pages 100 to 160 shows that customers averaged about six credits (deposits and discounts) over the year-and-a-half covered by the ledger.
110. Lamoreaux, Insider Lending, 26. Newburgh Papers, Box 2, Bank of Newburgh, NYHS. On the eve of the Civil War dealers continued to supply bank officers with credit information about other dealers in order to win favor. J. S. Gibbons, The Banks of New-York, Their Dealers, the Clearing House, and the Panic of 1857, with a Financial Chart (New York, 1858), 55.
111. Lamoreaux, Insider Lending, 26. Newburgh Papers, Box 2, Bank of Newburgh, NYHS. On the eve of the Civil War dealers continued to supply bank officers with credit information about other dealers in order to win favor. J. S. Gibbons, The Banks of New-York, Their Dealers, the Clearing House, and the Panic of 1857, with a Financial Chart (New York, 1858), 55.
112. See Johnson's correspondence with Simon Newton Dexter in Simon Newton Dexter Papers, Cornell University Special Collections; Moses Bagg, Memorial History of Utica, N.Y. (Syracuse, N.Y., 1892), 108; Charles Todd and Russel Blackwood, eds., Language and Value: Proceedings of the Centennial Conference of the Life and Works of Alexander Bryan Johnson (New York, 1969), 146, 155-57.
113. See Johnson's correspondence with Simon Newton Dexter in Simon Newton Dexter Papers, Cornell University Special Collections; Moses Bagg, Memorial History of Utica, N.Y. (Syracuse, N.Y., 1892), 108; Charles Todd and Russel Blackwood, eds., Language and Value: Proceedings of the Centennial Conference of the Life and Works of Alexander Bryan Johnson (New York, 1969), 146, 155-57.
114. Freeman Hunt, Lives of American Merchants, 2 vols. (New York, 1856), 1:394-95.
115. Directors' Minutebook, Reading Branch, Bank of Pennsylvania, 10 May 1819, HSP.
116. Allan R. Pred, Urban Growth and the Circulation of Information: The United States System of Cities, 1790-1840 (Cambridge, Mass., 1973).
117. Thomas A. Biddle to William Payne, 18 Aug. 1813, Thomas A. Biddle and J. Wharton Company Letterbook, 1813, HSP.
118. Thomas A. Biddle to William Payne, 18 Aug. 1813, Thomas A. Biddle and J. Wharton Company Letterbook, 1813, HSP.
119. Gibbons, The Banks of New-York, 21, 27, 51.
120. For Willing, see Wright, "Thomas Willing." For Johnson, see Charles Todd and Robert Sonkin, Alexander Bryan Johnson: Philosophical Banker (Syracuse, N.Y., 1977), 306, For professionalization, see Fritz Redlich, Molding of American Banking: Men and Ideas (New York, 1947), 19-20; Wright, "Banking and Politics," 571-73.
121. For Willing, see Wright, "Thomas Willing." For Johnson, see Charles Todd and Robert Sonkin, Alexander Bryan Johnson: Philosophical Banker (Syracuse, N.Y., 1977), 306, For professionalization, see Fritz Redlich, Molding of American Banking: Men and Ideas (New York, 1947), 19-20; Wright, "Banking and Politics," 571-73.
122. For Willing, see Wright, "Thomas Willing." For Johnson, see Charles Todd and Robert Sonkin, Alexander Bryan Johnson: Philosophical Banker (Syracuse, N.Y., 1977), 306, For professionalization, see Fritz Redlich, Molding of American Banking: Men and Ideas (New York, 1947), 19-20; Wright, "Banking and Politics," 571-73.
123. For Willing, see Wright, "Thomas Willing." For Johnson, see Charles Todd and Robert Sonkin, Alexander Bryan Johnson: Philosophical Banker (Syracuse, N.Y., 1977), 306, For professionalization, see Fritz Redlich, Molding of American Banking: Men and Ideas (New York, 1947), 19-20; Wright, "Banking and Politics," 571-73.
124. See, for example, Clement Biddle Letterbook, 1789-1792, HSP; Clement Biddle Letterbook, 1809-1814, HSP; Thomas A. Biddle Papers, HSP; Peter A. Grotjan's Memoirs, HSP; Directors' Minutebook, Reading Branch, Bank of Pennsylvania, 1808-1840, HSP; Mathew Carey Letterbooks, Lea & Febiger Collection, HSP; Constable-Pierpont Papers, NYPL; John Delafield Letterbook, NYPL; Andrew Craigie Papers, American Antinquarian Society; Bank of Columbia items, Library Company of Philadelphia.
125. See, for example, Clement Biddle Letterbook, 1789-1792, HSP; Clement Biddle Letterbook, 1809-1814, HSP; Thomas A. Biddle Papers, HSP; Peter A. Grotjan's Memoirs, HSP; Directors' Minutebook, Reading Branch, Bank of Pennsylvania, 1808-1840, HSP; Mathew Carey Letterbooks, Lea & Febiger Collection, HSP; Constable-Pierpont Papers, NYPL; John Delafield Letterbook, NYPL; Andrew Craigie Papers, American Antinquarian Society; Bank of Columbia items, Library Company of Philadelphia.
126. See, for example, Clement Biddle Letterbook, 1789-1792, HSP; Clement Biddle Letterbook, 1809-1814, HSP; Thomas A. Biddle Papers, HSP; Peter A. Grotjan's Memoirs, HSP; Directors' Minutebook, Reading Branch, Bank of Pennsylvania, 1808-1840, HSP; Mathew Carey Letterbooks, Lea & Febiger Collection, HSP; Constable-Pierpont Papers, NYPL; John Delafield Letterbook, NYPL; Andrew Craigie Papers, American Antinquarian Society; Bank of Columbia items, Library Company of Philadelphia.
127. See, for example, Clement Biddle Letterbook, 1789-1792, HSP; Clement Biddle Letterbook, 1809-1814, HSP; Thomas A. Biddle Papers, HSP; Peter A. Grotjan's Memoirs, HSP; Directors' Minutebook, Reading Branch, Bank of Pennsylvania, 1808-1840, HSP; Mathew Carey Letterbooks, Lea & Febiger Collection, HSP; Constable-Pierpont Papers, NYPL; John Delafield Letterbook, NYPL; Andrew Craigie Papers, American Antinquarian Society; Bank of Columbia items, Library Company of Philadelphia.
128. See, for example, Clement Biddle Letterbook, 1789-1792, HSP; Clement Biddle Letterbook, 1809-1814, HSP; Thomas A. Biddle Papers, HSP; Peter A. Grotjan's Memoirs, HSP; Directors' Minutebook, Reading Branch, Bank of Pennsylvania, 1808-1840, HSP; Mathew Carey Letterbooks, Lea & Febiger Collection, HSP; Constable-Pierpont Papers, NYPL; John Delafield Letterbook, NYPL; Andrew Craigie Papers, American Antinquarian Society; Bank of Columbia items, Library Company of Philadelphia.
129. See, for example, Clement Biddle Letterbook, 1789-1792, HSP; Clement Biddle Letterbook, 1809-1814, HSP; Thomas A. Biddle Papers, HSP; Peter A. Grotjan's Memoirs, HSP; Directors' Minutebook, Reading Branch, Bank of Pennsylvania, 1808-1840, HSP; Mathew Carey Letterbooks, Lea & Febiger Collection, HSP; Constable-Pierpont Papers, NYPL; John Delafield Letterbook, NYPL; Andrew Craigie Papers, American Antinquarian Society; Bank of Columbia items, Library Company of Philadelphia.
130. See, for example, Clement Biddle Letterbook, 1789-1792, HSP; Clement Biddle Letterbook, 1809-1814, HSP; Thomas A. Biddle Papers, HSP; Peter A. Grotjan's Memoirs, HSP; Directors' Minutebook, Reading Branch, Bank of Pennsylvania, 1808-1840, HSP; Mathew Carey Letterbooks, Lea & Febiger Collection, HSP; Constable-Pierpont Papers, NYPL; John Delafield Letterbook, NYPL; Andrew Craigie Papers, American Antinquarian Society; Bank of Columbia items, Library Company of Philadelphia.
131. See, for example, Clement Biddle Letterbook, 1789-1792, HSP; Clement Biddle Letterbook, 1809-1814, HSP; Thomas A. Biddle Papers, HSP; Peter A. Grotjan's Memoirs, HSP; Directors' Minutebook, Reading Branch, Bank of Pennsylvania, 1808-1840, HSP; Mathew Carey Letterbooks, Lea & Febiger Collection, HSP; Constable-Pierpont Papers, NYPL; John Delafield Letterbook, NYPL; Andrew Craigie Papers, American Antinquarian Society; Bank of Columbia items, Library Company of Philadelphia.
132. See, for example, Clement Biddle Letterbook, 1789-1792, HSP; Clement Biddle Letterbook, 1809-1814, HSP; Thomas A. Biddle Papers, HSP; Peter A. Grotjan's Memoirs, HSP; Directors' Minutebook, Reading Branch, Bank of Pennsylvania, 1808-1840, HSP; Mathew Carey Letterbooks, Lea & Febiger Collection, HSP; Constable-Pierpont Papers, NYPL; John Delafield Letterbook, NYPL; Andrew Craigie Papers, American Antinquarian Society; Bank of Columbia items, Library Company of Philadelphia.
133. See, for example, Clement Biddle Letterbook, 1789-1792, HSP; Clement Biddle Letterbook, 1809-1814, HSP; Thomas A. Biddle Papers, HSP; Peter A. Grotjan's Memoirs, HSP; Directors' Minutebook, Reading Branch, Bank of Pennsylvania, 1808-1840, HSP; Mathew Carey Letterbooks, Lea & Febiger Collection, HSP; Constable-Pierpont Papers, NYPL; John Delafield Letterbook, NYPL; Andrew Craigie Papers, American Antinquarian Society; Bank of Columbia
134. Thomas Arnat to the Directors of the Bank of Baltimore, Philadelphia, 14 Sept. 1802, Richard C. Sharp Collection, Library Company of Philadelphia.
135. Thomas Arnat to the Directors of the Bank of Baltimore, Philadelphia, 14 Sept. 1802, Richard C. Sharp Collection, Library Company of Philadelphia.
136. Directors' Minutebook, Reading Branch, Bank of Pennsylvania, 1808-1840, 16 July 1808, HSP.