View source for Early 19th Century Bank Controversies

In 1805, the 28th Legislature had chartered the Merchant's Bank of New York which had been founded by Federalists in competition to the Democratic-Republican Bank of the Manhattan Company. The Democratic-Republican majority of the 27th Legislature had not only refused to grant a charter, but actually ordered the Merchant's Bank to shut down by May 1805. During the next session, the bank bribed enough legislators to have the charter approved, although the Democratic-Republican leaders advocated strongly against it. Gov. Morgan Lewis spoke out in favor of granting the charter[2] what was resented by the party leaders DeWitt Clinton and Ambrose Spencer, and soon led to the split of the party into "Lewisites" and "Clintonians".