The Suffolk Bank announced to the Boston banks that its "foreign money" desk would close on November 30, 1858. Brought about by competition from the newly formed Bank of Mutual Redemption, this ended the "Suffolk Banking System" which had operated since 1824 for the free redemption of banking bills throughout New England. (By John Osborne)
Source Citation
The American Almanac and Repository of Useful Knowledge for the Year 1860 (Boston: Crosby, Nichols, and Company, 1859), 385.
John Jay Knox, Bradford Rhodes, Elmer Haskell Youngman, A History of Banking in the United States (New York: B. Rhodes & Co., 1900), 365-368.
John Jay Knox, Bradford Rhodes, Elmer Haskell Youngman, A History of Banking in the United States (New York: B. Rhodes & Co., 1900), 365-368.