During the antebellum period, differences in geography, climate, manufacturing activity, population density and some other variables resulted in various banking systems. According to those differences, the banking systems can be discussed by three regions: New England, Middle Atlantic, and South and West.
The most highlighted characteristics of New England’s banks was their small size. Banks in New England were relatively small because small banks paid lower taxes per dollar of circulating banknotes, and held stock intently. Established by the Suffolk Bank of Boston in the early 1820s, the special regional banknote redemption and clearing mechanism were other unique features of New England’s banking system. Some interpreted the Suffolk system
The most highlighted characteristics of New England’s banks was their small size. Banks in New England were relatively small because small banks paid lower taxes per dollar of circulating banknotes, and held stock intently. Established by the Suffolk Bank of Boston in the early 1820s, the special regional banknote redemption and clearing mechanism were other unique features of New England’s banking system. Some interpreted the Suffolk system