Publisher's Synopsis
Excerpt from State Banking Before the Civil War, And, the Safety Fund Banking System in New York, 1829-1866
This subscription did not necessarily mean that money was actually to be paid in, but rather stock or bonds. The United States Government, which subscribed for of the stock of the First Bank, borrowed its subscription from the bank. But the bank, having no money to lend, passed a credit of on its books to the Government, on which it paid 6 per cent. In the case of the Bank of Pennsylvania, 1793, the State sub scribed for its third, or $1 ooo, ooo, of the capital in United States stock, and again, in 1803, took advantage of this privilege when such securities were selling at a discount. The charter of the Bank of America in New York, 1811, with a capital of allowed to be subscribed in stock of the Bank of the United States and called for only in cash.
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