THE BANK OF HUDSON

HUDSON,

  COLUMBIA COUNTY, NEW YORK

By Captain Franklin Ellis¹²⁶

¹⁸⁷⁸

      The Bank of Hudson was organized in 1808, with John C. Hogeboom as president; G. A. Worth as cashier.  It first occupied the premises vacated by the Bank of Columbia in the second story at the corner of Second and Warren streets, and there remained until a house was built for its use on the north side of Warren street, between First and Second streets.  This was afterwards the residence of Hon. Henry Hogeboom, and occupied by his daughter, Mrs. Boies.

     This bank failed in 1819.  It seems to have never been very prosperous, perhaps on account of the fact that the period of its existence was the time of Hudson's severe business prostration; commencing immediately after the enforcement of the embargo, and extending through the War of 1812-15.  During, and immediately after, the war the bank emitted considerable amounts of notes of denominations less than one dollar.  These were not generally received with favor, and became depreciated, though in 1816 and 1817 we find several mechanics and tradesmen, and the0 lottery-offices,* advertising that they would receive "Facility Bills" of the Bank of Hudson at par in the way of their trade.  At the same time the postmaster, Captain Alexander Coffin, advertised that he would receive nothing in payment of postage except specie, United States Bank notes, and bills of the New York banks.

    Some of the facility bills are still in existence, being preserved with "Old Tenor" and "Continental" paper money as curious relics of the olden time.

^{*Norman's, and Mellen's lottery-offices were on the south side of Warren street, a few doors east of Front.  One styled itself the "truly Lucky Office," and announced that in a drawing of the "Medical Science Lottery," in 1816, it had sold two of the capital prizes,--$3000 and $10,000,--and had paid them both, in cash, on the same day.}