. New Jersey as a colony and as a state : one of the original thirteen . the New Jersey banks were liberal in the ex-treme, leading often to flagrant abuses; and whilethe majority of such institutions were conceivedin honesty yet their subsequent management wasso surcharged with the spirit of speculation thateven the most conservative fell under its influence. The position of New Jersey between the bank- Hamilton monument. « .., -ir i j tilm i i~t ~ ^~A + ARaised on the site where Hamilton ing centers of New York and Philadelphia led tOy,,,,,,,,^,,,,,^^,an early agitation concerning the desira
. New Jersey as a colony and as a state : one of the original thirteen . the New Jersey banks were liberal in the ex-treme, leading often to flagrant abuses; and whilethe majority of such institutions were conceivedin honesty yet their subsequent management wasso surcharged with the spirit of speculation thateven the most conservative fell under its influence. The position of New Jersey between the bank- Hamilton monument. « .., -ir i j tilm i i~t ~ ^~A + ARaised on the site where Hamilton ing centers of New York and Philadelphia led tOy,,,,,,,,^,,,,,^^,an early agitation concerning the desirability ofbanks. Upon the shores of the Hudson AlexanderHamiltons Bank of New York had commencedbusiness in 1784. A branch of the Bank of theUnited States and Aaron Burrs Manhattan Bankwere also in active operation. In Philadelphiathe Bank of North America, chartered by Con-gress in 1781 and by the State of Pennsylvania in1782, and the Bank of Pennsylvania were in ex-istence, yet these facilities were insufficient, forNew Jersey. By 1804 there had developed a small. 366 NEW JERSEY AS A COL center of industry at Newark, while a river andcountry trade was beginning to make Trenton atown of importance, particularly as the projectof a bridge crossing the Delaware was destined todivert travel from Pennsylvania to that town. Toaccommodate the merchants of the eastern andwestern portions of the State, to upbuild the re-spective communities, and to overcome the trialsof journeys to Philadelphia and New York twoimportant banks were established by act of theLegislature during the year 1804—one in Newark,the first bank in the State, and the other a fewmonths afterward in Trenton. To many, indeed to the mass, of the people atthe opening of the nineteenth century a bank wasa mystery. A thousand fears as to the ultimatesafety of their money surged through the breastsof the first depositors, whose ancestors for cen-turies had hidden hard-earned gold and silver inthe feet of old stockings, a
Size: 1392px × 1796px
Photo credit: © Reading Room 2020 / Alamy / Afripics
License: Licensed
Model Released: No
Keywords: ., bookauthorleefranc, bookcentury1900, bookdecade1900, bookyear1902
