The vision of a financial institution is supposed to evoke trust and security. Conservative, staid, dependable. In Concord, we have plenty of choice among stable institutions to meet our banking needs.

But this was not always the case: our earlier history was marked by a combination of inflation, loose bookkeeping, and skull-duggery. And, as there were no real banks in Concord until 1832, an interesting variety of questionable -- and illegal -- practices existed.

Everywhere, post- revolutionary eighteenth century finances were extremely difficult. One of the great problems was an unstable currency with an overabundance of paper money in circulation. But in Concord, these matters were made much worse by counterfeiting -- an activity which involved the descendants of some of our town's founders.

According to Ruth Wheeler in Concord, Climate for Freedom (1967), shop owner Captain Daniel Smith ran a little store on what was the site of the future town house. He sold rum, groceries and medicines. Not content to just keep shop, he supplemented these activities by making and passing false currency. When he was arrested and jailed, Tarrant P. Meriam (Meriam's Corner) and Stephen and Amos Wheeler (Virginia Road) were also discovered to be involved.

The early nineteenth century also saw unstable and unreliable banking, though this time through carelessness rather than criminal intent. Ruth Wheeler further accounts that owners of another store -- this one at the site of what is now St. Bernard's Church -- acted as a defacto bank, taking in cash for customers and returning it with interest when requested.

However, when one of the owners died, it was discovered that there had been no careful records kept. Funds from "depositors" had been spent in the business and the remaining partner found himself completely bankrupt when he had to pay out the monies. Many who entrusted their cash to this establishment lost their investment entirely.

Finally, in 1832, the national bank was founded and three years later, a savings bank. But there was still one more surprise in store for Concord banking patrons. On September 25, 1865, the National Bank had a famous and stunningly executed bank robbery in broad daylight. About $300,000 in cash and bonds was taken, only two-thirds of which was ever recovered.

Dogged police work, an undercover sting operation, and tremendous manpower actually caught the thieves, Langdon Moore (aka "Charles Adams") and Harry Howard (aka "English Harry"). Moore, the mastermind in this caper, claimed in his autobiography self-published in 1883 that he was never prosecuted for the crime as he made a settlement with the bank for return of most of the proceeds. That, coupled with all the monies the detectives confiscated for themselves settled the case. This book (which you can read in the Concord Library), caused quite a stir in the Boston Police Department due to Moore's claims of widespread graft among officials there.

You can still see the building where this robbery occurred: Footstock on Main Street occupies it now.