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Mike Watson History: The (other) Bank of Columbia 50 cent note
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Prefatory explanation: I thought I should send something as folk may think I have fallenoff the high end of the porch and broken myself! Here is a short itemwith photo. - MIKE WATSON
By Mike Watson
Bank of Columbia, 1818
The Kentucky Legislature passed an act in 1818 to establishindependent banks in the state. The Bank of Columbia, not theinstitution that exists today, was created by this act of 1818.
"A bank to be denominated the Bank of Columbia, in Adair County, inthe town of Columbia...with a capital of $100,000, to be divided into1,000 shares of $100 each; and that books for said subscription forsaid bank stock, shall be opened under the direction of WilliamCaldwell, John Field, Benjamin Lampton, John Montgomery, Elijah Creel,William Patterson and Benjamin Selby, or a majority of them; and tocontinue said books open for sixty days, unless the said stock issooner taken up."
This incorporation was to last until the last day of December 1837.There was to be a president and eight directors, chosen annually bythe stockholders. The notes put into circulation were not to exceedthree times the amount of the corporation's capital.
An additional Act, passed in 1824, stated "the Circuit Court shallappoint the Trustees of the Independent Bank of Columbia."
The institution was short lived, going out of business before 1828,according to existing banking records in Frankfort. Few bills havesurvived to modern times, but here is a scan of one such note. (Scroll down for photo).
This story was posted on 2012-04-14 08:52:42
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