bank also has the distinguishable history of financing war bonds for the war of 1812, serving as a founding member of the financial clearing house in New York (1853), underwriting the Union, during the American Civil War with $50 million in war bonds, opens the first foreign exchange department of any bank (1897), and received a $5 million deposit to be given to Spain for the US acquisition of the Philippines (1899). In 1865, the bank
joined the national banking system of the United States under the National Bank Act and became The National City Bank of New York. By 1868, it was one of the largest banks in the United States, by 1893 it was the largest bank in New York, and following year it was the largest within the United States. In later years it would help finance the Panama Canal (1904) and Stillman, then the bank's chairman, would intervene, along with J. P. Morgan and George Fisher Baker, in the Panic of 1907.
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