Bank of the Republic, Providence

“The Bank of the Republic was incorporated in June, 1855, located at 56 Broad street, and had a capital of $100,000. Its president was Nathaniel A. Eddy, and its cashier Charles M. Howlet. Its record did not extend beyond two years.” — Richard M. Bayles, ed. History of Providence County, Rhode Island, Volume I. New York: W. W. Preston, 1891.

Not much is known about this short-lived bank or its executives. It appears to have issued a large number of notes in small denominations, which were then sent out of state to be put in circulation. This caused its failure in October of 1856. When the bank was placed in receivership in 1857, authorities auctioned off a collection of loans it held in the $2,000 to $5,000 range. In the ensuing years, notices appeared in the local press that the receivers were paying 80 cents on the dollar for redeemed banknotes. The process wound up in early 1860.

Today, Bank of the Republic notes are among the most commonly available of Rhode Island obsoletes.