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The above act was passed by the House of Representatives, March 25, by the Senate, March 27, and signed by the Governor, March 28, 1854.

Under authority of this Act the three men named therein issued the necessary notices to subscribers to the capital stock, and a general notice to all others interested, inviting them to a meeting to be held on the 31st day of May. The proposed meeting was held at the appointed time, George C. Davis being temporary chairman and Cyrus Gale, temporary secretary. After voting to admit the subscribers to the capital stock as members of the corporation, a permanent organization was effected, with George C. Davis and Cyrus Gale, chairman and secretary, respectively.

The subscribers present at this initial meeting were as follows: Abraham W. Seaver, Lewis Fay, Eber Brewer, Caleb Maynard, Otis Newton, Anson Rice, John Stone, Selina Gleason, Henry G. Colburn, Horace S. Fiske, Wilder Bush, Jonathan H. Nelson, George C. Davis, and Cyrus Gale.

The charter of said bank was unanimously accepted; after which the following Board of Directors were chosen: George C. Davis, Cyrus Gale, Wilder Bush, Abraham W. Seaver, John Rice, Otis Newton, Jonathan H. Nelson, Jabes H. Weatherbee, J. H. Spring.

On June 9, 1854, the Board of Directors elected George C. Davis president; and on September 11, they elected Abraham W. Seaver first cashier. The election of Mr. Seaver as cashier made it necessary for him to resign from the Board of Directors. This he did, and on October 2, Thomas Corey was elected in his stead.

The bank issued its own money and owned its own bill plates. The following vote under date, September 25, 1854, is interesting as showing how the Directors selected the design for their plate: "Voted, that each person present mark on paper the denomination of bills which they wish Gov. Davis's head to be placed on." On the first ballot they were equally divided; but on the second they "Voted, 2 to 5 to place Gov. Davis's head upon the 1's, 2's, 3's and 5's."

It was then "Voted, to place the heads of the following persons upon the 10's, 20's, 50's and 100's: George Washington, John Quincy Adams, Zachary Taylor, Charles Sumner."

In the meantime the Directors had purchased a piece of land and were erecting a permanent home.

The bank commenced business December 8, 1854, in their new home which had cost, "real estate, including vaults, etc., $2,350.63."

Wilder Bush was the first depositor, he depositing on the opening day, $200.

On January 30, 1855, it was voted "to join the Association of Banks for the suppression of counterfeiting, and send a delegate to the meeting to be held in Boston on February 14." The bank continued its membership in this association for several years— as long, in fact, as the association remained in existence.

The bank by this time was in full operation, and proved to be a great convenience to the business interests of the whole neighborhood. It would seem to have been in successful operation, too, for in nine months' time, September 17, 1855, it was "Voted, to declare a dividend of 4% on each and every share."

The bank was operated on conservative and economical lines, even the president receiving no salary whatever. On October 1, 1860, George C. Davis was unanimously chosen president for the seventh consecutive time. With the growth of the bank's business the duties of the president had increased to such an extent that they were demanding more of his time than he thought he could afford to give them gratuitously; and on his seventh election Mr. Davis demurred a little at continuing them. So "he stated (to the Directors) that he had served the bank for nearly six years without any remuneration and thought that if his services were not worth anything to the bank he ought not to occupy the place; but would leave it to the Directors to do as they thought best."

This statement brought the Directors to a realization of the fact, that for six years they had been receiving valuable services for nothing. And realizing the value of those services, and being unwilling to dispense with them, they voted (October 15), as follows: "The undersigned, Directors of the Northborough Bank, propose that in the future the President of said Bank be paid liberally for his time in signing the bills, and for all other services that he performs more than the other Directors, and in this proportion of compensation, to the year past, ending October 1, 1860."

This arrangement (though not very great as we reckon the salaries of bank presidents today), was evidently satisfactory to Mr. Davis, for he accepted his election and continued to serve as president for thirteen years thereafter.

In the spring of 1861 the Civil War broke upon us with its four years of financial strain and uncertainty. War always entails a vast amount of extra work upon our banks There seems to be an unwritten law that, in times of national crisis, the banks of the country shall render patriotic service to the

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