Posted 03/03/2013 4:38 pm
THE NIAGARA SUSPENSION BRIDGE BANK
The Niagara Suspension Bridge Bank went into business on December 20, 1836, as an unincorporated joint-stock bank, at Queenston, Upper Canada. It continued to operate until
December 1841. It began with a capital of 7,700 Pounds, subscribed by a small number of shareholders, most of whom were Americans. It had agencies in Chippewa, Upper Canada and Lockport, New York, and did most of its business on the American side of the border. The bank was recognized by the Canadian government, issued a charter to operate and its note issues were taxed. A major recession began in 1841 and the bank failed in December of that year. At the time of the failure, there were $62,384 of its notes in circulation.
The bank issued notes in denominations of $1.00, $3.00, $5.00, $10.00 & $20.00. All of the notes, with the exception of the $20.00 note feature a vignette of the Niagara suspension bridge, which at the time of its construction was one of the longest (if not the longest)
suspension bridges in the world.
The Niagara Suspension Bridge Bank went into business on December 20, 1836, as an unincorporated joint-stock bank, at Queenston, Upper Canada. It continued to operate until
December 1841. It began with a capital of 7,700 Pounds, subscribed by a small number of shareholders, most of whom were Americans. It had agencies in Chippewa, Upper Canada and Lockport, New York, and did most of its business on the American side of the border. The bank was recognized by the Canadian government, issued a charter to operate and its note issues were taxed. A major recession began in 1841 and the bank failed in December of that year. At the time of the failure, there were $62,384 of its notes in circulation.
The bank issued notes in denominations of $1.00, $3.00, $5.00, $10.00 & $20.00. All of the notes, with the exception of the $20.00 note feature a vignette of the Niagara suspension bridge, which at the time of its construction was one of the longest (if not the longest)
suspension bridges in the world.
