John Marshall, While Secretary Of State Under John Adams, Sells 4 Shares in The Bank Of The United States

Document signed by John James Marshall. Signed next to the witness signature as "J. John Marshall". Additionally signed by three witnesses. Dated "June 2, 1797". Toned, light strengthening and infill to outer edge loss.

John Marshall pens a document granting power of attorney to LeRoy, Bayard, & McEvers for the purpose of selling 4 shares of his stock in the Bank of the United States. The Bank of the United States, commonly known as the First Bank of the United States, was a national bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791. Establishment of the Bank of the United States was part of a three-part expansion of federal fiscal and monetary power, along with a federal mint and excise taxes, championed by Alexander Hamilton, first Secretary of the Treasury. Hamilton believed a national bank was necessary to stabilize and improve the nation's credit, and to improve handling of the financial business of the United States government under the newly enacted Constitution. According to the plan put before the first session of the First Congress in 1790, Hamilton proposed establishing the initial funding for the First Bank of the United States through the sale of $10 million in stock of which the United States government would purchase the first $2 million in shares. Hamilton, foreseeing the objection that this could not be done since the U.S. government did not have $2 million, proposed that the government make the stock purchase using money lent to it by the bank; the loan to be paid back in ten equal annual installments. The remaining $8 million of stock would be available to the public, both in the United States and overseas. The chief requirement of these non-government purchases was that one-quarter of the purchase price had to be paid in gold or silver; the remaining balance could be paid in bonds, acceptable scrip, etc. This signed document represents the transfer of ownership of 4 such shares in the First Bank of the United States.

A remarkable autographed power of attorney selling shares in the First Bank Of The United States, signed by John Marshall, Secretary Of State Under John Adams, and later the Fourth Chief Justice of the United States. Marshall was widely regarded as one of the most influential justices to ever sit on the Supreme Court. Important and scarce.
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