MANUFACTORY BANK
\mˌanjuːfˈaktəɹˌi bˈaŋk], \mˌanjuːfˈaktəɹˌi bˈaŋk], \m_ˌa_n_j_uː_f_ˈa_k_t_ə_ɹ_ˌi b_ˈa_ŋ_k]\
Sort: Oldest first
-
A short-lived scheme in Massachusetts in 1740 to establish a bank by securing its issues by a mortgage on the real estate of each subscriber to the amount of his subscription. It was supported by traders and people in the rural districts and by the House of Representatives, but was opposed by a strong party. It issued 50,000 of notes and then failed.
By John Franklin Jameson
Word of the day
hydromorphic
- [Greek] Structurally adapted to an aquatic environment, as organs of water plants.