Scope and Content: The Massachusetts Bank, predecessor to the Massachusetts National Bank and First National Bank of Boston, was established by act of the Massachusetts legislature in 1784 (St 1783, c 25), following petition by Boston merchants William Phillips, Isaac Smith, Jonathan Mason, Thomas Russell, John Lowell, and Stephen Higginson. James Bowdoin, then governor, was elected first president; he was succeeeded in 1786 by Phillips, the major stockholder. –Financial cooperation between the Commonwealth of Massachusetts and the Massachusetts Bank began per Resolves 1786, Jan 1787 Sess, c 40, authorizing the state treasurer to borrow funds from the bank to finance suppression of Shays’ Rebellion.  Thereafter the state regularly borrowed from the bank; loans were renewed or partly repaid with renewal of the remainder.  Resolves 1790, Jan 1791 Sess, c 164 authorized the treasurer to deposit monies in the bank for safekeeping as necessary.
Arrangement: Arranged chronologically
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