has followed time example of New -Jersey in providing State aid in the con struction of public highways, and the policy has resulted in a superior quality of roads.
Maritime commerce dates from the first days of the colony. As early as 1631 Governor Win throp launched, for coast trade. a bark called the Blessing of the Bay, and a few years later ves sels were plying regularly between the various ports. Earl• in the eighteenth century there was a large West India trade. Many ships were also built for the Frond' and Spaniards, who paid for them largely in rum and molasses. After the Revolution an immense trade with the East Indies and with the African Coast was de veloped. In fact, the conmmerc•ial interests of Massachusetts and other New England States played an important fart in the formation of the United States Constitution and in the sub sequent political life of the States, being espe cially prominent during the period of the War of 1812. (See History.) Still later, notably tween the years 1840 and 1800, the clippers built at East Boston and Newburyport were the fastest ships then known, and carried on no small share of the world's freighting. Forty-four of them were built in 1835 alone, and the tonnage owned in Boston in that year was over five hundred thousand tolls. But the outbreak of the Civil War nearly paralyzed the commerce of Ameriean ship owners, and it has never been fully revived. Boston (q.v.) is second only to New York in its shipping interests. Steamships and sailing seals connect it with the principal ports on both sides of the Atlantic. The ports of entry in the Stab- are B:r•nstable. Boston, and Charles town; Fall Rive•, (7louceste•, Marblehead. Nett• Bedford, Salem, and Beverly ; Ncwbumyp0rt,Piym oath. and Edgarton. (See Topography above for an aecount of the harbors in the State.) BANKs. The first commercial bank in the Colonies is said to have established in Boa ton in 11180. The Massachusetts Land Bank was started in 1739, but all colonial banks were pro hibited in 1740. The Massaehusetts Bank, or
ganized in Boston in February, 1781, was the first local hank in the State and the second in the Union. The Union Bank of Boston was char tered in 1792. By the Beginning of the nineteenth century five banks had been incorporated in the Slate. Massachusetts was the first State to re quire (1S03) semi-annual bank reports to be sworn to by the directors. Thus its banks were put on a firmer basis and passed through the panic of 1808-09 in better shape than the other New England banks as a rule. In 1814 again the :Massachusetts banks showed their superior strength. A comprehensive banking law was enacted in 1820, with stringent provisions as to capitalization and limits of circulation. Yet these were evaded during the speculative regime of 1830-36; as a consequence in the financial de pression 1S37-44, 32 banks failed. In IS3S, how ever, a system of official examination of banks by a hoard of hank commissioners was adopted. The banking law of 1S57 provided for one com missioner. Under this improved system there was only one hank failure in the panic of 1857. The banking capital of the State banks reached its maximum in 1862, when there were 13S hanks, with a capital of $67,544.200. When the system of national banks was introduced State banks of discount were prohibited and do not exist at present. The necessity for loans on real estate (which the national banks are prohibited from making) led to the development of trust corn panics. Savings banks are numerous and popu lar, and their investment and general manage ment are strictly regulated by law. In 1902 there were 241 national hanks, with capital $73, 187.000. surplus $27.922.000, each, etc., $29,027, 000, loans $245,841,000. and deposits $231,856, 000; 37 trust companies, with an aggregate cap ital of $12,595,000, surplus of 89,248,500, cash $4,332,363, loans of $105.931,407. and deposits $127,928,21S; 41 savings hanks, with 1,593,640 depositors and deposits of $560,705,752.