From month to month these issues, which in the aggregate reached three hundred millions, depreciated, until eventually they became entirely valueless, notwithstanding the passage of laws making them a legal tender for the payment of debts. On May 17, 1781, a plan for a National Bank was submitted to Congress by Robert Morris, of Pennsylvania, the principal provisions of which were as follows: The capital to be $400,000, in shares of $400 each; that each share be entitled to a vote for directors; that there be twelve directors chosen from those entitled to vote, who at their first meeting shall choose one as president; that the directors meet quarterly; that the board be empowered from time to time to open new subscriptions for the purpose of increasing the capital of the bank; statements to be made to the Superintendent of the Finances of America; that the bank notes payable on demand shall by law be made receivable for duties and taxes in any state, and from the respective states by the treasury of the United States; that the Superintendent of Finances of America shall have a right at all times to examine into the affairs of the bank. On May 26, 1781, Congress adopted the following: “Resolved, that Congress do approve of the plan for the establishment of a National Bank in these United States, submitted for their consideration by Mr. R. Morris, May 17, 1781, and that they will promote and support the same by such ways and means, from time to time, as may appear necessary for the institution and consistent with the public good; that the subscribers to the said bank shall be incorporated agreeably to the principles and terms of the plan, under the name of ‘The President, Directors, and Company of the Bank of North America,’ so soon as the subscription shall be filled, the directors and president chosen, and application for that purpose made to Congress by the president and directors elected.” On December 31 following Congress adopted “an ordinance to incorporate the subscribers to the Bank of North America.” The first president was Thomas Willing, and the cashier was Tench Francis. The bank became at once a most important auxiliary in aid of the finances of the government, and so continued to the end of the war. This institution was also incorporated by the State of Pennsylvania, on April 18, 1782. Robert Morris subscribed for 633 shares of the bank on account of the United States, paying therefore $254,000, but, owing to the necessities of the government, he was almost immediately compelled to borrow a like amount from the bank, so that the institution derived but little benefit from the government subscription.