Many people know that Alexander Hamilton was the founder of the Bank of New York in 1784. A topic of less regular discussion is the fact that neither Hamilton nor his estate benefitted substantially from his magnificent creation as Hamilton only held one share in his name.
How did this come to be?
In 1783, New York attorney Robert Livingston—who was one of the five Founding Fathers that drafted the Declaration of Independence alongside John Adams, Roger Sherman, Thomas Jefferson, and Benjamin Franklin—wanted to create a “land bank.”
Livingston imagined a world in which all currency would be backed by land. Essentially, you would divvy up each acre of land that you owned … Read the rest of this article!