114 TRAVELS IN THE CONFEDERATION 



established at Philadelphia which are not commonly 

 thought of during a war, and if so, only because a 

 fortunate outcome is anticipated with certainty. In 

 this category is a public Bank *, an establishment as 

 useful to trade in general as to the individual merchant, 

 furthering his convenience and security. This bank is 

 adequately secured by the subscriptions of a great num- 

 ber of moneyed persons, under mortgage of their real 

 property. It is at the same time a bank of exchange 

 and of loans. As a sure guaranty of hard money de- 

 posited, there are issued bank-notes (the smallest 

 amount 10 Spanish dollars) which are unhesitatingly 

 received, both in the city and in the country, at their 

 specie valuation. These bills are signed by the Presi- 

 dent, Director, and Company of the Bank of North 

 America, but there is no right to the title except in so 

 far as this was the first bank established in North 

 America ; for certain other cities, Boston and Charles- 

 ton, are about to open banks, seeing the great advan- 

 tages of such institutions in the furtherance of an ex- 

 tensive trade. The founding of the bank was made the 

 easier by the great quantity of Spanish dollars brought 

 into the country during the last years of the war for 

 American flour sold at the Havannah, and by the num- 

 ber of British guineas put in circulation by the army, 

 both prisoners and effectives. The guineas have all 

 been carefully clipped, partly to make them more uni- 

 form with the other currency, partly to prevent their 

 desertion to the fatherland. Against security given, 



* " The bank established at Philadelphia for the facilitating 

 of commerce and the circulation of money has had no stability 

 and is entirely given over " Hamb. Polit. Jour., Octob. 1786. 



