U.S. Census Bureau Daily Feature for January 7: First U.S. Bank
WASHINGTON, Jan. 7, 2016 /PRNewswire-USNewswire/ -- Following is the daily "Profile America" feature from the U.S. Census Bureau:
FIRST U.S. BANK
Profile America — Thursday, January 7th. During the Revolutionary War, the rebelling colonies and the Continental Congress were anything but too big to fail. To the contrary, finances were very spotty and precarious. To help put affairs in order and make credit available, the first commercial bank in the U.S. opened on this date in 1782, just a week after being chartered by Congress. Called the Bank of North America, it was capitalized at $400,000, which roughly would be around $7.5 billion today. The names of founding stockholders read like a list of our Founding Fathers: Thomas Jefferson, Benjamin Franklin, Alexander Hamilton, James Monroe, John Jay, and John Paul Jones. Today there are over 96,000 commercial banking establishments in the U.S. You can find more facts about America from the U.S. Census Bureau online at www.census.gov.
Anniversary/accessed 11/10/2015: http://www.on-this-day.com/onthisday/thedays/alldays/jan07.htm Bank of North America/accessed 11/10/2015: http://www.encyclopedia.com/doc/1G2-3401800363.html
1782-2014 inflation calculator/accessed 11/10/2015: http://www.in2013dollars.com/1782-dollars-in-2014?amount=400000
Current banks/NAICS 52211: http://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=BP_2013_00A1&prodType=table
Profile America is produced by the Center for New Media and Promotions of the U.S. Census Bureau. These daily features are available as produced segments, ready to air, on the Internet at http://www.census.gov (look for "Multimedia Gallery" by the "Newsroom" button).
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SOURCE U.S. Census Bureau