History of Newport County, Rhode IslandFrom the year 1638 to the year 1887, including the settlement of its towns, and their subsequent progress . i- H i 11. u n CL i ivi. RESIDENCE OF THEO. A. HAVEMEYER, NEWPORT, R. I. IIISTOUY OF NEWPORT COUNTY. 539 the triumpli of the hitter at the general election in 1786. TheBank of North America had already been established on aspecie basis as a national bank by Robert Moi-ris, the financierof the United States in 1781, the headquarters at Philadelphia,and a movement was inaugurated at Providence to abank there on the same basis in 1784. The
History of Newport County, Rhode IslandFrom the year 1638 to the year 1887, including the settlement of its towns, and their subsequent progress . i- H i 11. u n CL i ivi. RESIDENCE OF THEO. A. HAVEMEYER, NEWPORT, R. I. IIISTOUY OF NEWPORT COUNTY. 539 the triumpli of the hitter at the general election in 1786. TheBank of North America had already been established on aspecie basis as a national bank by Robert Moi-ris, the financierof the United States in 1781, the headquarters at Philadelphia,and a movement was inaugurated at Providence to abank there on the same basis in 1784. The action of the RhodeIsland assembly—the paper money assembly—of 1786 in at-tempting to maintain the credit of tlieir bills by a forcingact, not only brought business in general to a standstill, butprevented the success of the Providence scheme until 1791. The founding of tlie Bank of Providence was followed bythat of an institution, the Bank of Rliode Island, on similar])rinciijles, at Newport, in 1795. The original subscribers metat the slate house on the 21st of Octol)er, and the books havingbeen opened the day previous for subscriptio
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