Suffolk Bank was a private clearinghouse bank in Boston, Massachusetts, that exchanged specie or locally backed bank notes for notes from country banks to which city-dwellers could not easily travel to redeem notes.[1] The bank was issued its corporate charter on February 10, 1818 by the 38th Massachusetts General Court to a group of the Boston Associates (including Patrick Tracy Jackson and Daniel Pinckney Parker), and the charter's holders and bank's directors met periodically from February 27 to March 19 at the Boston Exchange Coffee House to discuss the organization of the bank. On April 1, 1818, the bank opened for business in rented offices on State Street until the bank moved permanently to the corner of State and Kilby Streets (currently occupied by either 75 State Street or Exchange Place) on April 17. In addition to Jackson and Parker, other prominent shareholders of the bank included William Appleton, Nathan Appleton, Timothy Bigelow, John Brooks, Gardiner Greene, Henry Hubbard, Augustine Heard, Amos Lawrence, Abbott Lawrence, Luther Lawrence, William Prescott, Dudley Leavitt Pickman, and Benjamin Seaver.[2]
White River, Vermont 3 dollar bank note marked counterfeit by the Suffolk bank.Massachusetts 1 dollar bill from 1845 marked "Worthless" by the Suffolk Bank.
^Rolnick, Arthur J.; Smith, Bruce D.; Weber, Warren E. (Spring 2000). "The Suffolk Bank and the Panic of 1837" (PDF). Federal Reserve Bank of Minneapolis Quarterly Review. 24 (2). Minneapolis: Federal Reserve Bank of Minneapolis: 3–13.
^Whitney, David R. (1878). The Suffolk Bank. Cambridge, MA: Riverside Press. pp. 2–5.
SuffolkBank was a private clearinghouse bank in Boston, Massachusetts, that exchanged specie or locally backed bank notes for notes from country banks...
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at the central bank, but by banks when they provide loans. [...] This also means as you pay off the loan, the electronic money your bank created is 'deleted' –...
intervention. The SuffolkBank acted as lender of last resort during the Panic of 1837–1839. Rolnick, Smith and Weber "argue that the SuffolkBank's provision...
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needed] A Halesworth bank used to issue its own banknotes. A 5 guinea banknote (£5.25), issued by the Suffolk and Halesworth Bank in 1799, is to be found...
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member banks. In Boston, the SuffolkBank guaranteed that bank notes would trade at near par value, and acted as a private bank note clearinghouse.[citation...
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counties. For example, the Federal Reserve Bank of New York has a district named "Long Island (Nassau-Suffolk Metro Division)." At least as late as 1911...
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(1838–1839). In 1818, Lawrence purchased 25 shares of the SuffolkBank, a clearinghouse bank on State Street in Boston. Lawrence was the son of American...
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