History of the city of New York : its origin, rise, and progress . ess, he said, canmake no certain dependence on the States for any specific sums, to berequired and paid at any given periods, and consequently is not in acapacity safely to pledge its honor and faith as a borrower. Congress,indeed, had not even the power to regulate trade so as to counteract the un-?-^. H-A-Avv ;w{«t,w,iujiiu-^ .1 friendly regulations of other nations; each State havingreserved to itself the right ofimposing, collecting, and ap-propriating duties on its owncommerce. To add to the pecuniaryembarrassments of the
History of the city of New York : its origin, rise, and progress . ess, he said, canmake no certain dependence on the States for any specific sums, to berequired and paid at any given periods, and consequently is not in acapacity safely to pledge its honor and faith as a borrower. Congress,indeed, had not even the power to regulate trade so as to counteract the un-?-^. H-A-Avv ;w{«t,w,iujiiu-^ .1 friendly regulations of other nations; each State havingreserved to itself the right ofimposing, collecting, and ap-propriating duties on its owncommerce. To add to the pecuniaryembarrassments of the time,forged notes and counterfeitbills circulated to an alarm-ing extent, notwithstandingthe severe penalties Stephens Smith, sec-retary of legation underAdams in London, had de-tected and arrested severalpersons in this employmentwliile iu the execution ofhis office as commissioner tosuperintend the embarkationoi loyalists from the portof New York. The sketch isthe fac-simile of a curiousrelic preserved by EgbertBenson; it was delivered into. Specimen of Counterfeit Money. [Copied throuj^li tlit courtirby ot Mr. Rutjurt Benson 1 court by the grand jury in May, 1787, with Viill against Mr. Field, theman who attempted to pass it, knowingly. The first banking institution iu New York originated in the lirain ofAlexander Hamilton, and commenced operations in 1784, under articles THE IIAXK OF XEW YORK. of association, drawn l:>y Hamilton, who was a member of its first boanlof directors. Hamilton, as well as Gouverneur Morris, had materiall\-assisted Robert Morris in the establishment of the Bank of NorthAmerica at Philadelphia, the first organized bank in tlu United States,chartered December 31, 1781 ; and Hamilton had filled tlie office, for aconsiderable period, of receiver of the Continental taxes in the State ofNew Yoik, exerting himself the while to impress upon the legislatnre theimportance of his favorite financial ideas concerning a national
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