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Encyclopedia > Bank of North America
The Bank of North America was chartered in 1781 by the Continental Congress and opened on January 7, 1782, at the prodding of Finance Minister Robert Morris, and was rechartered in 1784. This was thus the first modern United States bank. It was succeeded by the First Bank of the United States. After Robert Morris became superintendent of finance in May 1781 continental currency had ceased. Morris persuaded Congress to charter the bank of North America, the first private commercial bank in the United States. He deposited large quantities of gold and silver coin and bills of exchange obtained through loans from the Netherlands and France. He then issued new paper currency backed by this supply. He also managed to meet the interest rates on the debt which he estimated to be about thirty million dollars. The Bank of North America alond with the First Bank of The United States and The Bank of New York obtained the first shares in the New York Stock Exchange. JF 1781 was a common year starting on Monday (see link for calendar). ... The Continental Congress is the label given to three successive bodies of representatives: The First Continental Congress met from September 5, 1774 to October 26, 1774. ... January 7 is the seventh day of the year in the Gregorian calendar. ... 1782 was a common year starting on Tuesday (see link for calendar). ... The finance minister is a cabinet position in a government. ... Robert Morris, Jr. ... 1784 was a leap year starting on Thursday (see link for calendar). ... A bank is an institution that provides financial service, particularly taking deposits and extending credit. ... The First Bank of the United States was proposed by Alexander Hamilton to relieve the war debt from the United States Revolutionary War, develop a national currency, and dispose of the western territories. ...