662. BANK OF NORTH AMERICA, Pennsylvania and.—
The Legislature of Pennsylvania passed an act of incorporation
for the bank, and declared that the holders of
stock should be responsible only to the
amount of their stock. Lately that Legislature
has repealed their act. The consequence
is, that the bank is now altogether a private
institution, and every holder is liable for its
engagements in his whole property. This
has had a curious effect. It has given those
who deposit money in the bank a greater
faith in it, while it has rendered the holders
very discontented, as being more exposed to
risk, and it has induced many to sell it, so
that I have heard (I know not how truly)
the bank stock sells somewhat below par.—
To Count Van Hogendorp. Washington ed. ii, 24.
Ford ed., iv, 286.
(P.
1786)
