A plan for this bank was prepared in Philadelphia which set forth the entire scheme of subscription and operation, down to the minutest detail, even stating that the factor (cashier) “shall provide his store with rum, sugar, coffee, salt and other goods at the cheapest price to those who supply him with provisions, that he may gain a preference of what comes to market.” The provisions were to be purchased for the army in the field.
This plan named the original board of inspectors, Robert Morris, J. M. Nesbitt, Blair M'Clenachan, Samuel Miles and Cadwallader Morris. The two directors were John Nixon and George Clymer and the factor was Tench Francis.
The subscription list was headed:
“Whereas, in the present situation of public affairs in the United States, the greatest and most vigorous exertions are required for the successful management of the just and necessary war in which they are engaged with Great Britain; We, the subscribers, deeply impressed with the sentiments that on such an occasion should govern us, in the prosecution of a war, in the event of which, our own freedom and that of our posterity and the freedom and independence of the United States are all involved, hereby severally pledge our property and credit for the several sums specified and mentioned after our names, in order to support the credit of a bank to be established for furnishing a supply of provisions for the armies of the United States; and we do hereby severally promise and engage to execute to the directors of the said bank bonds of the form hereunto annexed.
“Witness our hands the 17th day of June, in the year of our Lord, 1780.”
There were ninety-two original patriot subscribers, the total pledges of whom amounted to £300,000 Pennsylvania currency, payable in gold or silver.
Robert Morris and Blair McClenachan each subscribed £10,000; Bunner, Murray & Co., £6000; Tench Francis, £5500; James Wilson, George Clymer, William Bingham, J. M. Nesbitt & Co., Richard Peters, Samuel Meredith, James Mease, Thomas Barclay, Samuel Morris, Jr., John Cox, Robert L. Hooper, Jr., Hugh Shiell, Samuel Eyre, Matthew Irwin, Thomas Irwin, John Philip De Haas, Philip Moore, John Nixon, Robert Bridges, John Benezet, Henry Hill, John Morgan, Samuel Mifflin, Thomas Mifflin, Thomas Willing and Samuel Powell, each subscribed £5000.
None of the subscribers pledged less than £1000, and it is a question if ever a more liberal list of patriots could be found anywhere than this one.
This bank opened its doors on July 17, 1780, in Front Street, Philadelphia, two doors above Walnut.
To show the mode of doing business an old advertisement says: “All persons who have already lent money are desired to apply for bank notes; and the directors request the favor of those who may hereafter lodge their cash in the bank, that they would tie it up in bundles of bills of one denomination, with labels, and their names indorsed, as the business will thereby be done with less trouble and much greater dispatch.”