1797 First Bank of U.S Letter From Baring Brothers Bank
December 7, 1797-Dated, Partially-Printed Document and Letter from John and Francis Baring Company (Later Baring Brothers) Signed, “Thomas Griffon” for the company, Very Fine.
Original Letter, dated 7 December 1797 from John and Francis Baring Company (the first name of the company that became Baring Brothers, world-famous bankers in London) addressed to Richard Lloyd Esq. of Bawdesell, informing him of Interest received from the Bank of the United States of America. He seems to have banked quite a tidy sum for those days in order to receive so much interest return from the bank. The top portion is typeset and printed in black upon period paper that has some wrinkles and slight tone. The lower portions list the specific amounts received an credited in Mr. Lloyd’s account. An important and historic piece of early international banking with the United States. The first of this type we have seen.
Baring Brothers was one of Britain's most storied financial institutions. It was the oldest merchant bank in London. The bank was started in 1762, making this letter quite an early document. It continued until it imploded in the Nick Leeson trading scandal of 1995.
The First Bank of the United States was chartered by the United States Congress on February 25, 1791. The Bank was created to handle the financial needs and requirements of the central government of the newly formed United States, which had previously been thirteen individual states with their own banks, currencies, financial institutions, and policies. It was officially proposed by Alexander Hamilton, Secretary of the Treasury, to the first session of the First Congress in 1790.
Richard Lloyd Esq, of Bawdesell Hall, Norfolk, was a colonel in East Norfolk Militia and came into the hall by his marriage to Elizabeth, daughter of Thomas Jeeks, Esq. He died in 1811. The Lloyd family was quite prominent in Norfolk as well as Roscommon, Ireland. This is a rare opportunity to own a piece of both British and American fiscal banking history.