Monument National Bank/Monument NB of Charlestown/Monument NB, Boston, MA (Charter 1005)

From Bank Note History
Jump to navigation Jump to search
Joseph Warren Bunker Hill Monument Card 1843. Major General Warren was slain at the Battle of Bunker Hill. Printed below the portrait is, "For God's inalienable rights to man, / Our fathers fought and bled! / So glorious were those rights, secured. / The sons revere the dead."
Joseph Warren Bunker Hill Monument Card 1843. Major General Warren was slain at the Battle of Bunker Hill. Printed below the portrait is, "For God's inalienable rights to man, / Our fathers fought and bled! / So glorious were those rights, secured. / The sons revere the dead." Courtesy of Heritage Auctions, www.ha.com

Monument National Bank/Monument NB of Charlestown/Monument NB, Boston, MA (Chartered 1865 - Liquidated 1905)

Town History

NEEDED: a photo of the bank or bank-related items

Charlestown is the oldest neighborhood in Boston, Massachusetts. Also called Mishawum by the Massachusett, it is located on a peninsula north of the Charles River, across from downtown Boston, and also adjoins the Mystic River and Boston Harbor waterways. Charlestown was laid out in 1629 by engineer Thomas Graves, one of its earliest settlers, during the reign of Charles I of England. It was originally a separate town and the first capital of the Massachusetts Bay Colony.

Charlestown became a city in 1848 and was annexed by Boston on January 5, 1874. With that, it also switched from Middlesex County, to which it had belonged since 1643, to Suffolk County. It has had a substantial Irish-American population since the migration of Irish people during the Great Irish Famine of the 1840s. Since the late 1980s, the neighborhood has changed dramatically because of its proximity to downtown and its colonial architecture.

Boston is the capital and most populous city of the Commonwealth of Massachusetts and 24th-most populous city in the U.S. The city proper covers about 48.4 square miles with a population of 675,647 in 2020, also making it the most populous city in New England. It is the seat of Suffolk County (although the county government was disbanded on July 1, 1999). The city is the economic and cultural anchor of a substantially larger metropolitan area known as Greater Boston, a metropolitan statistical area (MSA) home to a census-estimated 4.8 million people in 2016 and ranking as the tenth-largest MSA in the country. A broader combined statistical area (CSA), generally corresponding to the commuting area and including Providence, Rhode Island, is home to some 8.2 million people, making it the sixth most populous in the United States.

Boston is one of the oldest municipalities in the United States, founded on the Shawmut Peninsula in 1630 by Puritan settlers from the English town of the same name. It was the scene of several key events of the American Revolution, such as the Boston Massacre, the Boston Tea Party, the Battle of Bunker Hill, and the siege of Boston. Upon American independence from Great Britain, the city continued to be an important port and manufacturing hub as well as a center for education and culture. The city has expanded beyond the original peninsula through land reclamation and municipal annexation. Its rich history attracts many tourists, with Faneuil Hall alone drawing more than 20 million visitors per year. Boston's many firsts include the United States' first public park (Boston Common, 1634), first public or state school (Boston Latin School, 1635), first subway system (Tremont Street subway, 1897), and first large public library (Boston Public Library, 1848).

Today, Boston is a thriving center of scientific research. The Boston area's many colleges and universities make it a world leader in higher education, including law, medicine, engineering and business, and the city is considered to be a global pioneer in innovation and entrepreneurship, with nearly 5,000 startups. Boston's economic base also includes finance, professional and business services, biotechnology, information technology and government activities.

Charlestown had two National Banks, the Bunker Hill National Bank (635) and the Monument National Bank (1005), chartered during the Bank Note Era and both banks are included in the count for Boston. Boston had 84 National Banks chartered during the Bank Note Era, and 75 of those banks issued National Bank Notes. Boston also had 63 Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).

Bank History

On March 12, 1855, the new institution at Charleston, the Monument Bank, opened for business. The officers were P. Hubbell, president; G.L. Foote, cashier; John W. Walker, Jr., teller; and Charles Callender, Jr., messenger. The capital stock was $150,000. The bills of every denomination were finely engraved by Messrs. Toppan, Carpenter & Co. and had for vignettes a variety of scenes connected with the memorable battle of June 17, 1775. The bank purchased the building located at No. 15 City Square.[1]

On June 17, 1859, City Square presented a fine appearance and the monument Bank Building was draped in flags and had on the front a Masonic emblem surmounted by the name of Warren. The Bunker Hill Bank was trimmed with flags and conspicuous on that structure could be seen "June 17, 1775." The Middlesex Horse Railroad depot was finely decorated and the Mansion House had a flagstaff projecting from the roof with two rows of flags.[2]

In September 1861, Charlestown banks subscribed to the national loan with the Bunker Hill Bank taking $80,000 and the Monument Bank $10,000. The capital stock of the former was $300,000 and the latter $150,000.[3]

In January 1882, the directors were James O. Curtis, Henry C. Rand, Amos Stone, Andrew Sawtell, Francis Hall of Boston, George L. Foote, George B. Neal, and A.D.S. Bell. The officers chosen were James O. Curits, president; Warren Sanger, cashier; John H. Gibbs, teller; and Frank O. Mason, messenger.[4] 

On March 3, 1890, James O. Curtis, one of a long line of Old Mystic Ship Yard owners and president of the Monument National Bank since 1863 and an original incorporator of the Medford Savings Bank died suddenly at his home on Main Street.  He was born at Scituate in 1804 and was descended from Thomas Curtis of York, England, who settled at Scituate prior to 1648.  He came to Medford in 1820 and was apprenticed to Thatcher Magoun, the pioneer and most famous shipbuilder on the Mystic.  In 1834, he formed a partnership with his brothers which lasted two years. He then joined Paul Curtis under the firm name of P. & J.O. Curtis.  This firm built six ships and lasted until 1839 when James O. went into business on his own.  In 1869 he retired having built 78 ships.  The three firms built 86 vessels which exceeded the number built by Magoun who launched 84. His shipyard was the largest and probably the best-fitted of the many in the town and he launched the heaviest tonnage that sailed away from the banks of the Mystic.[5]

On March 14, 1890, directors elected Amos Stone president in place of James O. Curtis, deceased, and Albert D.S. Bell, vice president, vice Mr. Stone, promoted.[6]

In February 1898, Thomas A. Sawtell was elected a director to succeed Mark S. Burns, deceased. Mr. Burns, a former mayor of Somerville, was elected president of the Five Cent Savings Bank in 1896, which office he held at the time of his death.[7][8]

In January 1899, at the annual meeting of stockholders, the following were chosen directors: H.C. Rand, President; Warren Sanger, cashier; and George B. Neal, Clinton White, B.F. Wild, and T.A. Sawtell.[9]

On May 27, 1905, the Monument National Bank of Charlestown which had been in business since 1855, first as a state and later as a national institution, was closed by a vote of the stockholders and placed in liquidation. The business would be taken over by the Bunker Hill National Bank, the banking interests of Charlestown having decided that business did not warrant the maintenance of two national banks.[10] The headquarters of the Bunker Hill National would remain at 21 City Square with Charles R. Lawrence remaining president and Frederick K. Brown, cashier. Cashier Warren Sanger of the Monument would become a vice president of the combined institution. On May 28, authority for the liquidation of the Monument National Bank was received from Washington. All the assets, books, and other property of the Monument bank were transferred to the rooms of the Bunker Hill bank after banking hours.[11] The Monument National had $150,000 capital, $120,000 surplus and deposits of $440,000. The Bunker Hill National had capital of $500,000, surplus of $450,000 and deposits of around $1,500,000.[12]

Official Bank Title(s)

1: The Monument National Bank of Charlestown, MA

2: The Monument National Bank of Charlestown [3/30/1885], Boston, MA

3: The Monument National Bank of (3/30/1905), Boston, MA

Bank Note Types Issued

Series of 1875 $10 bank note with pen signatures of Warren Sanger, Cashier and J.O. Curtis, President
Series of 1875 $10 bank note with pen signatures of Warren Sanger, Cashier and J.O. Curtis, President. Courtesy of Heritage Auctions, www.ha.com
1882 Brown Back $5 bank note with pen signatures of Warren Sanger, Cashier and Henry C. Rand, President.
1882 Brown Back $5 bank note with pen signatures of Warren Sanger, Cashier and Henry C. Rand, President. Courtesy of Heritage Auctions, www.ha.com

A total of $941,460 in National Bank Notes was issued by this bank between 1865 and 1905. This consisted of a total of 133,616 notes (133,616 large size and No small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
1: Original Series 4x5 1 - 9600
1: Original Series 4x10 1 - 1000
1: Series 1875 4x5 1 - 9500
1: Series 1875 4x10 1 - 3999
2: 1882 Brown Back 4x5 1 - 3525
2: 1882 Brown Back 3x10-20 1 - 5582
3: 1902 Red Seal 3x10-20 1 - 198

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1905):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Boston, MA, on Wikipedia
  • Charlestown, MA, on Wikipedia
  • Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
  • Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
  • Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
  1. ↑ Boston Evening Transcript, Boston, MA, Mon., Mar. 12, 1855.
  2. ↑ Boston Evening Transcript, Boston, MA, Fri., June 17, 1859.
  3. ↑ Boston Evening Transcript, Boston, MA, Fri., Sep. 6, 1861.
  4. ↑ Boston Evening Transcript, Boston, MA, Fri., Jan. 20, 1882.
  5. ↑ The Boston Globe, Boston, MA, Tue., Mar. 4, 1890.
  6. ↑ The Boston Globe, Boston, MA, Fri., Mar. 14, 1890.
  7. ↑ The Boston Globe, Boston, MA, Mon., Jan. 17, 1898.
  8. ↑ The Boston Globe, Boston, MA, Fri., Feb. 11, 1898.
  9. ↑ Boston Evening Transcript, Boston, MA, Wed., Jan. 11, 1899.
  10. ↑ The Buffalo Commercial, Buffalo, NY, Sat., May 27, 1905.
  11. ↑ The Boston Globe, Boston, MA, Sun., May 28, 1905.
  12. ↑ Boston Evening Transcript, Boston, MA, Sat., May 27, 1905.
Retrieved from "https://banknotehistory.mywikis.wiki/w/index.php?title=Monument_National_Bank/Monument_NB_of_Charlestown/Monument_NB,_Boston,_MA_(Charter_1005)&oldid=47479"