From John Chaloner
Philada. March 16, 1784
Herewith you have a letter from Mr Church which came to hand by the last Post.1 Yesterday at a meeting of the Stockholders of the New Bank they agreed to withdraw their Petition for a Charter & that Institution does not go on.2 You will please therefore to give order respectg the monies I subscribed on acct of Mr Church for that Purpose.
I am with great respect Sir Your
A Hamilton Esqr
LC, Historical Society of Pennsylvania, Philadelphia.
1. Letter not found.
2. To prevent the creation of a rival bank (see Chaloner to H, January 21, 1784), the Bank of North America altered its original plan to issue 1,000 shares of stock by enlarging the issue to 4,000 shares. As the enlarged stock issue made it possible for them to share in the profits of an established institution, the promoters of the Bank of Pennsylvania gave up their plan to form a rival bank.