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Morris also persuaded states and the federal government to accept the bank's notes as payment of taxes. As well as issuing its own currency, the bank also issued "Morris notes", which were backed by Morris's own personal fortune. After a few years in operation, the bank reverted to being a purely commercial enterprise, and was succeeded as central bank by the First Bank of the United States. It was liquidated in 1908 after a loss of confidence led to a run on its finances.Mobile Banking requires that you download the Mobile Banking app and is only available for select mobile devices.
Morris persuaded his business acquaintances to invest additional funds, and to transact with the bank, thus instilling confidence in it. On this day in 1782, the bank opened for business. Morris acquired a loan from France, and used this to buy 633 of the shares on behalf of the government. Subscribers included some of the founding fathers of the USA, including Thomas Jefferson, Benjamin Franklin, Alexander Hamilton and James Monroe. In America's first initial public offering, 1,000 shares were offered for sale at $400 each. There was some doubt over whether the federal government had this power, however, so the bank was also given a charter by the state of Pennsylvania. On 31 December 1781, Congress passed the act that gave the bank a charter, and it became the first bank to be incorporated by the federal government. He was elected by Congress as superintendent of finance in 1781, to manage the economy of the fledgling nation. He immediately proposed to found a national bank – the Bank of North America – to fund the war.
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Morris had interests in shipping and real estate, plus some more nefarious activities, including slave trading, piracy and gun running.