University of Virginia Library

Search this document 
The Jeffersonian cyclopedia;

a comprehensive collection of the views of Thomas Jefferson classified and arranged in alphabetical order under nine thousand titles relating to government, politics, law, education, political economy, finance, science, art, literature, religious freedom, morals, etc.;

expand sectionA. 
collapse sectionB. 
662. BANK OF NORTH AMERICA, Pennsylvania and.—
expand sectionC. 
expand sectionD. 
expand sectionE. 
expand sectionF. 
expand sectionG. 
expand sectionH. 
expand sectionI. 
expand sectionJ. 
expand sectionK. 
expand sectionL. 
expand sectionM. 
expand sectionN. 
expand sectionO. 
expand sectionP. 
expand sectionQ. 
expand sectionR. 
expand sectionS. 
expand sectionT. 
expand sectionU. 
expand sectionV. 
expand sectionW. 
expand sectionX. 
expand sectionY. 
expand sectionZ. 

expand section 
expand section 

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has repealed their act.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)