First Century of the Phoenix National Bank of Hartford; Covering the Span Between the Federal Banking Epochs of 1814 and 1914 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1914 edition. Excerpt: ... 5 W AMY PAYMENTM.f0 DUE TBE BAJVK n Hartford, June 1,1816. 5 F. F. Pre. while tradesmen put out "tokens" in large quantities. In Connecticut the Legislature of 1816 was contrained to put a stop to the small bills. The variety of paper is indicated by the notes issued by the Phoenix in this winter of 1814-15. The plain note simply promised to pay or bearer on demand (anything from 25 cents up to $50). Another promised to pay two years "after the termination of the present war." Another promised to receive of the MAKESHIFT CURRENCY bearer this note for. dollars for any debt due the bank except for capital stock, and one like it added the words "or to pay the same in specie two years after the termination of the present war." Still another, for amounts from 6j/4 cents up, promised to pay in notes of the New York banks on demand at the Mechanics Bank in New York or in specie two years after the war, and the words were added "receivable on all debts due this bank." It required no small part of the time of the clerical force to fill in the blank spaces, after which each bill must be signed by the president and cashier or by duly authorized directors. In the earlier days of the reign of inflation the following formula was tacked up in New York banks and was printed in almanacs: To reduce the currency of New Hampshire, Massachusetts, Rhode Island, Connecticut and Virginia into those of New York and North Carolina, to the given sum add one-third part thereof. Of Pennsylvania, New Jersey, Delaware and Maryland, to the given sum add one-quarter thereof. To reduce New York and North Carolina into New Hampshire, Massachusetts, Rhode Island, Connecticut and Virginia, from the given sum deduct one-quarter thereof. Into Pennsylvania, New Jersey, ...