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States ", 1831, p. 65.] Sometimes the law established a face value minimum levelBanknotes. Only in very few states banks without charter-party, which were established
Bore unlimited responsibility. Scotland. To America, as well as in
The countries of continental Europe, The joint-stock companies bore
Unlimited responsibility only in England and the limited liability principle became
The general rule from the very beginning. as soon as there was a probability of that
Any private person or not incorporated association of persons can wish
To found bank without charter-party, to ways of their introduction to the market were erected
Legislative obstacles. The majority of east states have added to the arsenal
The laws similar to volume that has been accepted in 1818 in the State of New York, which
Resolved depositary business and issue activity of banks only at
Presence of the special permission. The majority of the West also have followed
To the similar policy. However the real result of this law differed from staff to
To staff depending on ease degree from which it was possible to receive charter-party.
The least complexities were in the east, where requirement for bank structures
Was the most essential. Especially liberal policy practised in New
England and, especially in states Massachusetts and Rhode Island, where charter-parties
Were given almost to all who applied for them. See Carey, Great Britan, 1838, "The Credit System of France, United States " and p. 68. In staff New York already founded banks, seemingly, used the powerful influence on Legislative structures to convince those to refuse delivery Charter-parties to new competitors. Restrictive tendencies grew on a measure Advancements on the south and on the West.
Simultaneously with it the second attempt to organise the central has been undertaken
Bank. The federal institute known under the name of the First Bank became them
The United States (First Bank of the United States). [When it has been based in
1791, the federal government has subscribed for a part of its authorised capital stock
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