Banks and Charters
In the late 18th and early 19th centuries, banks in New York needed to be chartered by the legislature. This practice led to significant corruption. Legislators were frequently bribed with shares in the banks that were seeking to be chartered. Among the institutions that bribed legislators with corporate shares was the New York State Bank of Albany (which received its charter in 1803). With the Free Banking Act of 1838, the legislature sought to reign in this unseemly practice.
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