At several branches of the Bank of New York in Manhattan, the following is displayed on the wall above and behind the tellers (like a mural, it’s part of the décor). It’s clearly an advertisement published in a newspaper of the day, and apparently speaks to the historical origins of the bank:
“It appearing to be the disposition of the Gentlemen in this City, to establish a BANK on liberal principles, the stock to consist of specie only; they are therefore hereby invited to meet To-Morrow Evening at Six o’Clock, at the Merchant’s Coffee House, where a plan will be submitted to their consideration.” -New York Packet, February 23, 1784
- I know what a stock is. What does it mean that the stock “…consist(s) of specie only…”?
- In 1784, what exactly was meant by “liberal principles”, specifically relating to banking and this example?
- Where was the Merchant’s Coffee House?