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National Gazette
Philadelphia, Philadelphia County, Pennsylvania
What is this article about?
Proposals published in New York for establishing a second bank with $1 million capital to advance commerce, agriculture, and manufactures in the state. Subscriptions for 2,000 shares at $500 each, payable in installments starting third Monday in January; over 1,500 shares subscribed in hours.
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January 19, 1792.
Proposals are published in New-York for the establishment of a second bank in that city, which it is apprehended will tend much to the advancement of commerce, agriculture, and manufactures, throughout the state. Among the reasons given for the necessity of this second bank-establishment, are the two following.
The capital of the old bank is not sufficiently extensive for increasing the wealth and commerce of the city—the capital stock thereof sells at a most enormous advance, without any just cause, the corporation possessing no exclusive charter.
The original capital stock of the proposed bank is to consist of one million of dollars, divided into two thousand shares, each share being five hundred dollars—Subscriptions payable in gold and silver, two hundred dollars on every share, on the third Monday in January; one hundred and fifty on the third Monday in May; and the remaining one hundred and fifty dollars on the third Monday of September next. It is said, upwards of fifteen hundred shares were subscribed in a few hours.
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Where did it happen?
Domestic News Details
Primary Location
New York
Event Date
January 19, 1792
Outcome
upwards of fifteen hundred shares were subscribed in a few hours.
Event Details
Proposals are published in New-York for the establishment of a second bank in that city, which it is apprehended will tend much to the advancement of commerce, agriculture, and manufactures, throughout the state. Among the reasons given for the necessity of this second bank-establishment, are the two following. The capital of the old bank is not sufficiently extensive for increasing the wealth and commerce of the city—the capital stock thereof sells at a most enormous advance, without any just cause, the corporation possessing no exclusive charter. The original capital stock of the proposed bank is to consist of one million of dollars, divided into two thousand shares, each share being five hundred dollars—Subscriptions payable in gold and silver, two hundred dollars on every share, on the third Monday in January; one hundred and fifty on the third Monday in May; and the remaining one hundred and fifty dollars on the third Monday of September next.