REMINGTON ARMS COMPANY

The Remingtons Establish a First National Bank in Their Upstate New York Hometown

Item #20279


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REMINGTON ARMS COMPANY - The Remingtons Establish a First National Bank in Their Upstate New York Hometown
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REMINGTON ARMS COMPANY - The Remingtons Establish a First National Bank in Their Upstate New York Hometown

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REMINGTON ARMS COMPANY.Partially printed DS. Signed by the three sons of E. Remington and Sons fame, PHILO REMINGTON (1816-1889), SAMUEL REMINGTON (1819-1882) and ELIPHALET REMINGTON III (1828-1924). (“Philo Remington,” “Samuel Remington,” “Eliphalet Remington”). 2pp. 4to. Ilion, December 28, 1863. The Articles of Association to form The First National Bank of Herkimer County of which the three Remington brothers were founding members.

Our document is signed by members of the fledgling bank’s board of directors including the sons of Remington & Sons’ founder Eliphalet Remington II. The elder Remington, a blacksmith in New York’s Herkimer County, designed a more accurate flintlock rifle at the age of 23 and embarked on its manufacture in 1816. In 1828, he established a forge in the village of Ilion, situated on the Erie Canal, which had been completed just three years earlier. In 1839, Remington changed the firm’s name to E. Remington & Son following Philo’s employment, with his two other sons entering the business several years later. Remington, which came to manufacture such diverse products as typewriters, sewing machines, agricultural implements, and bicycles, flourished during the Civil War, selling small arms to Union forces. It remains America’s first and oldest firearms manufacturer. 

 

Following President Andrew Jackson’s opposition to centralized banking, which led to the expiration of the Second Bank of the United States’ charter in 1836, bank regulation devolved to the states, giving rise to the Free Banking Era when states could issue bank charters. Some states banned banking altogether while others, such as New York, had “free banking” laws. While many states eventually followed New York’s lead, the system was plagued with unstable currency valuation as well as forgeries. The solution of a national currency remained out of reach for several decades until the Civil War prompted the hording of silver and gold and hampered business and the payment of wartime expenses, including soldier’s pay. The increased need for a federal currency ultimately led to the passage, in February 1863, of the National Banking Act, also known as the National Currency Act, which allowed for the establishment of national banks authorized to issue federal currency. The present document establishes such a bank in Ilion, New York, headquarters of the Remington firearms company.

 

Accompanied by two 12mo. sets of printed by-laws and related bulletins and correspondence from the U.S. Treasury Department, the Oneida Bank in Utica, etc., and a manuscript copy of the names and number of shares owned by the bank’s initial investors. Written on a folded sheet, signed on the second page bearing seven signatures and a five-cent revenue stamp which all three Remingtons and two others have initialed. Folded into thirds and very fine. Scarce; we have never seen anything signed by all three Remington brothers.

 


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