James Madison Archives - New York Almanack

William Paterson was born in County Antrim, Ireland, in 1745. His family immigrated to America when William was two years old. Arriving first at New Castle, Delaware, the family settled for a short time in New London, Connecticut. At first, his father traveled around the country selling tin ware, moving the family several times. He eventually settled in Princeton, New Jersey where he became a merchant and manufacturer of tin goods.

Paterson attended local private schools and eventually the College of New Jersey (Princeton) where he received a bachelor’s degree in 1763 and a master’s degree in 1766. Showing an interest in law, Paterson apprenticed with Richard Stockton, who later signed the Declaration of Independence. Paterson practiced law in New Bromley, South Branch. In 1779, he settled near New Brunswick at Raritan Estate, all in New Jersey. [Read more…] about William Paterson & The Constitution of the United States

At the time construction of the Erie Canal was begun in 1817, Philadelphia (the second largest city in the United States) was the nation’s financial center. Although there were successful banks in New York, Philadelphia, one of America’s leading seaports, had been the capital during the American Revolution and of the nation (1790 to 1800), and so was considered the financial center of the country.

This is not to say there was not some rivalry between financial institutions located on Wall Street in New York and Chestnut Street in Philadelphia, but the latter was the site of the first bank established in the nation in 1781, the Bank of North America, and more importantly became the site of the First Bank of the United States, which Treasury Secretary Alexander Hamilton had promoted. [Read more…] about Wall Street History: The Bank War & The Shift of Financial Power to New York