This section is from the book "Bepler's Handy Manual of Knowledge And Useful Infomation", by David Bepler. Also available from Amazon: Bepler's Handy Manual of Knowledge and Useful Information.
Bank of North America, Philadelphia, incorporated by Congress 1781; by State of Pennsylvania, 1782.
Bank of the United States, incorporated 1791; went into operation 1794; capital, $10,000,000; charter limited to 20 years.
Bank of New York founded 1784.
Bank of Massachusetts founded 1784.
New United States Bank chartered 1816; capital, $35,000,000. Act re-chartering vetoed by President Jackson, 1832. United States funds withdrawn, September, 1833.
Re-chartered by Pennsylvania 1836; temporarily suspended payment of specie, 1831, and again October 9, 1837; resumed in compliance with Act of Pennsylvania Legislature, January 15, 1840; finally suspended February 4, 1840, having sunk its entire capital.
State banks nearly all suspended specie payments in 1837, resuming again the following year, again in 1857, and still again in 1861.
February 25, 1863, act creating the system of national banks in the United States was passed. No bank should be of less capital than $50,000. In cities of over 10,000 inhabitants, no bank should bo of less capital than $100,000. Ninety per cent of the par value of United States bonds deposited as security allowed in circulating notes. Aggregate circulation allowed $300,000,000.
July 12, 1870, act allowing $54,000,000 additional circulation. No bank to exceed in capital $500,000.
January 14, 1875, repeal of all limitation on amount of circulation, thus making national banking practically free.