Summary
The Bank of New York, the state's first bank, opened for business at the Walton House in lower Manhattan on June 9, 1784, only a few months after the departure of British troops from American soil.
The fledgling nation was looking for economic credibility during a time when our monetary system was complex and confusing. The bank's founders were gentlemen who constituted New York City's top merchants and lawyers, men of property and influence, who joined together in a common cause.See the full content of this document
Extract
1784: Investors 'Coin' New York's First Bank
They each subscribed a portion of their wealth to form a bank. While it was the first bank in the City of New York, this bank was all the more notable because it was capitalized not on land, as was the custom, but on specie - money in c...
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