The Earliest Specie Bank in Colonial America.

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  • 植民期アメリカ最初の私立正貨銀行企画
  • ショクミンキ アメリカ サイショ ノ シリツ セイカ ギンコウ キカク

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In I733 a group of colonists in Massachusetts formed the private specie bank which issued 11O,OOO pounds in notes redeemable in silver or in gold at a fixed rate. The purpose of this paper is to clarify the characteristics and the backers of the bank by looking into the social, economic and political backgrounds of the directors and subscribers for this bank. This paper consists of four sections. The first section deals with a brief survey of the movement of the promoters who organized this bank; from its origin to the unexpected closure. This section also analyzes the "Scheme" which was a prospectus of this bank. The second section reveals the different characteristics between land bank and specie bank, indicating why the proponents of this specie bank showed interests in the idea that specie bank could provide sound money. They considered land bank notes unsound. The third section deals with the interests and status of the proponents of this bank, Wealthy merchants and higher provincial officials in Boston and local sea-ports participated in this scheme. The most important Boston merchants engaged in importing manufactures from England came to believe that a provision of sound currency backed by specie would benefit to sell imported goods. The fourth section presents the results of this bank. The notes issued by this bank made a flood of currency, silver rapidly rose. It is no wonder that these notes redeemable in specie were hoared up, therefore, no longer answered the proper purposes of currency.

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