. History of the city of New York: its origin, rise and progress . wer. Congress,indeed, had not even the power to regulate trade so as to counteract the un-friendly regulations of othernations; each State havingreserved to itself the right ofimposing, collecting, and ap-proi)riating 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 emplo
. History of the city of New York: its origin, rise and progress . wer. Congress,indeed, had not even the power to regulate trade so as to counteract the un-friendly regulations of othernations; each State havingreserved to itself the right ofimposing, collecting, and ap-proi)riating 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 employmentwhile in the execution ofhis office as commissioner tosuperintend the embarkationof loyalists from the portof New York. The sketch isthe fac-simile of a curiousrelic preserved by EgbertBenson; it was delivered intocourt by the grand jury in May, 1787, with bill against Mr. Field, theman who attempted to pass it, knowingly. The first banking institution in New York originated in the brain ofAlexander Hamilton, and commenced operations in 1784, under articles. Specimen of Counterfeil Money. [Copied throUf^h the courtcby of Mr. Robert Ucnson-l THE hANK OP NEW YORK. 293 of association, drawn by Hamilton, who was a member of its first boardof directors. Hamilton, as well as Gouverneur Morris, had materiallyassisted Eobert Morris in the establishment of the Bank of NorthAmerica at Philadelphia, the first organized bank in the United States,chartered December 31, 1781; and Hamilton had filled the oftice, for aconsiderable period, of receiver of the Continental taxes in the State ofNew York, exerting himself the while to impress upon the legislature theimportance of his favorite financial ideas concerning a national Bank of New York was not, however, chartered until May 21,17Jl. It takes time to make sovereigns of subjects, wrote Jay to Jeffersonin the autumn of 1785. The pressure of a common danger having beenremoved, the defects of the existing confederation were actual
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