Bank of Baltimore
Encyclopedia
For other banks with similar name see: Bank of Baltimore (disambiguation)
The Bank of Baltimore was chartered in 1795 with $1,200,000 capital in the city of Baltimore, Maryland. The bank was the seventh American bank to begin business in the United States and the second bank in Maryland.
During the years 1790 to 1800 the Bank of Maryland was in need of capital to meet demand. The Bank unsuccessfully attempted to double its capital in 1795. As a substitute the Bank proposed to the Maryland legistator to grant a charter to establish another bank which might late consolidate with the Bank of Maryland, upon consent of both parties. this clause was later stricken and the Bank of Baltimore was chartered as an entirely separate institution, receiving its charter in 1795. However, the Bank of Maryland later become a holder of the Bank of Baltimore stock. The charter of this bank was 20 years and the state reserved the right to subscribe for 6000 shares at $300 each, and appoint two of seventeen directors annually. The first president of the bank was George Salman.
The capital of the bank was fixed by the Maryland Legislature at $1,200,000, though the petitioners wanted the limit placed at $3,000,000, with provision for increasing it ultimately to $9,000,000, as growth demanded.
In 1795, the two banks had an aggregate capital of $1,500,000 which was actively employed in the city of Baltimore whose export in trade was valued at more than $9,000,000 and which was rapidly growing in the area of manufacturing. Maryland's total exports for 1799 were $16,300,000.
In 1802, Thomas Jefferson
wrote to the Secretary of the Treasure, Albert Gallatin
expressing concerns that the government was granting too many demands to the First Bank of the United States
Lobby. This concerned Jefferson because this would grant the United States Bank the ability to "shallow up the other" smaller banks such at the Bank of Baltimore whose stock was owned by US citizens and create a monopoly over the entire US banking industry that would be controlled by foreign powers since the majority of stock of United States Bank was held by citizens of other countries. Jefferson was concerned that this situation would cause problems for the United States in the even of future conflict with a foreign power and as such he supported the Bank of Baltimore's application for a deposit of government funds.
The Bank of Baltimore failed during the Panic of 1857
.
The Bank of Baltimore is one of several predecessor banks that were eventually consolidated into Wells Fargo
.
Bank of Baltimore (disambiguation)
Bank of Baltimore may refer to:* Bank of Baltimore* First National Bank of Baltimore...
The Bank of Baltimore was chartered in 1795 with $1,200,000 capital in the city of Baltimore, Maryland. The bank was the seventh American bank to begin business in the United States and the second bank in Maryland.
During the years 1790 to 1800 the Bank of Maryland was in need of capital to meet demand. The Bank unsuccessfully attempted to double its capital in 1795. As a substitute the Bank proposed to the Maryland legistator to grant a charter to establish another bank which might late consolidate with the Bank of Maryland, upon consent of both parties. this clause was later stricken and the Bank of Baltimore was chartered as an entirely separate institution, receiving its charter in 1795. However, the Bank of Maryland later become a holder of the Bank of Baltimore stock. The charter of this bank was 20 years and the state reserved the right to subscribe for 6000 shares at $300 each, and appoint two of seventeen directors annually. The first president of the bank was George Salman.
The capital of the bank was fixed by the Maryland Legislature at $1,200,000, though the petitioners wanted the limit placed at $3,000,000, with provision for increasing it ultimately to $9,000,000, as growth demanded.
In 1795, the two banks had an aggregate capital of $1,500,000 which was actively employed in the city of Baltimore whose export in trade was valued at more than $9,000,000 and which was rapidly growing in the area of manufacturing. Maryland's total exports for 1799 were $16,300,000.
In 1802, Thomas Jefferson
Thomas Jefferson
Thomas Jefferson was the principal author of the United States Declaration of Independence and the Statute of Virginia for Religious Freedom , the third President of the United States and founder of the University of Virginia...
wrote to the Secretary of the Treasure, Albert Gallatin
Albert Gallatin
Abraham Alfonse Albert Gallatin was a Swiss-American ethnologist, linguist, politician, diplomat, congressman, and the longest-serving United States Secretary of the Treasury. In 1831, he founded the University of the City of New York...
expressing concerns that the government was granting too many demands to the First Bank of the United States
First Bank of the United States
The First Bank of the United States is a National Historic Landmark located in Philadelphia, Pennsylvania within Independence National Historical Park.-Banking History:...
Lobby. This concerned Jefferson because this would grant the United States Bank the ability to "shallow up the other" smaller banks such at the Bank of Baltimore whose stock was owned by US citizens and create a monopoly over the entire US banking industry that would be controlled by foreign powers since the majority of stock of United States Bank was held by citizens of other countries. Jefferson was concerned that this situation would cause problems for the United States in the even of future conflict with a foreign power and as such he supported the Bank of Baltimore's application for a deposit of government funds.
The Bank of Baltimore failed during the Panic of 1857
Panic of 1857
The Panic of 1857 was a financial panic in the United States caused by the declining international economy and over-expansion of the domestic economy. Indeed, because of the interconnectedness of the world economy by the time of the 1850s, the financial crisis which began in the autumn of 1857 was...
.
The Bank of Baltimore is one of several predecessor banks that were eventually consolidated into Wells Fargo
Wells Fargo
Wells Fargo & Company is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home...
.