Money and banking – 2

12 July 1783 from Baltimore – James McCulloh to John McCulloh

Dear John,

I have yours regularly by Post.  I am very sorry little Polly has been so poorly.  I hope for this she has recovered perfectly.  I am much obliged by your attention to the numerous commissions I have imposed upon you and wish for an opportunity to testify my gratitude by a material return.  I hope you keep an accounting of the expenses of postage, etc.  Inclosed you will have a letter from Doctor Joseph Brown.  You will please send it to Cad. Morris’s who will forward it an p direction.  I forgot to mention to you that I had passed my note to Major Prowell for L100 odd pounds.  It will be due in about 8 or 10 days.  I hope you may have money of mine sufficient to take it up.  I never brought Lt. McIvers order with me, indeed it does not appear to me that I every put it in my pocket at all, however (that be) I have it not.  I hope Mr. Fergusan has paid you the money.  I think his brother advanced him.  That with what you have received from Mr. Ivers with my note to Prowell.  I have accepted Browns drought.  It will serve me to pay it.

If you have not sent my Bed pray retain it as I had better sell it with you and make up another one here. Ned and Sally direct me to present you & yours their best wishes. Tell Peggy I wrote her about two weeks ago to which she has not answered. Give her my best love and accept dear John the affection of your                                              James McCulloh


McCulloh Papers, 1773-1848, Maryland Historical Society, MS 2110, microfilm reel 1, frame 69


Money and banking

Background:  Colonial America did not have banks.  Credit and loaning money was done through merchants.  The first bank came after the Revolutionary War –  the Bank of North America formed in 1781 in Philadelphia.*  The letters in this category are examples of a merchant (John McCulloh) involved in credit.  It would be interesting to know if the Mr. Franklin mentioned in the second letter was Benjamin Franklin.

7 Sept 1782 from New Haven, Connecticut – Andrew Todd to John McCulloh

To Maj. John McCulloh,

Sr at three days sight please. To say Jared Ingersall, Esq. of Philadelphia on Order Six pounds twelve shillings lawful money of Connecticut or twenty-two Spanish Hill Dollars or Charge post value.                                                             Your brother-in-law, Andrew Todd

To Maj. John McCulloh, Spruce St. 1st house E. of 4th St., Philadelphia

Received Oct. 21, 1782 of Mr. John McCulloh the content of the above order – for Mr. Jared Ingersoll.                                            John Coburn, Jr.


19 Sep 1782 from Philadelphia – John McCulloh to Andrew Todd

Dear Brother,

I hear with send you two letters of credit as you will undoubtedly stand in need of money.  I would wish you to call upon Mr. Smith to the amount of fifty-dollars and what ever you may stand in need of move to call upon Mr. Franklin and draw me in dollars at what you please.  We are all well.  I have had a letter from your Father.  He and his is well.  Write me by the first opportunity.  I am Dear Brother, yours affectionately,                                       John McCulloh

L7 – 5 – 4 1/2

7 Oct. 1782 – Draft on M. J. McCulloh in favor of Jared Ingersol by Dr. Andrew Todd


McCulloh Papers, 1773-1848, Maryland Historical Society, MS 2110, microfilm reel 1, frame 40, 41

* Information from “The US Banking System: Origin, Development and Regulation by Richard Sylla.  History Now, the Journal of the Gilder Lehrman Institute