MADISON

Madison was founded as the county seat of Madison County in 1827. Named for President James Madison, the town was supported by the surrounding plantations which thrived on the cotton crop. Cotton remained important until the twentieth century. When the railroads connected Madison, the timber and naval stores industries came into play.

 

Pensacola & Georgia Railroad

First National Bank of Madison (7190)

 

First National Bank. Madison, FLA. Post Card

First National Bank.
Madison, FLA.
Post Card

1902 Red Seal $5 Note Charter #S7190

1902 Red Seal $5 Note
Charter #S7190  Signed by J.W. Wadsworth, cashier and L.A. Fraleigh, president

1902 Red Seal $10 Note Charter #S7190

1902 Red Seal $10 Note
Charter #S7190  Signed by T.C. Smith, cashier and M.C. Druit, President

 

029 (2)

1902 Date Back $10 Note Signed Wadsworth, Cash. and Fraleigh, Pres. Charter #S7190 1902 Date Back $10 Note
Signed Wadsworth, Cash. and Fraleigh, Pres.
Charter #S7190

1902 Plain Back $5 Note Charter #S7190

1902 Plain Back $5 Note
Charter #S7190  Signed by (W.D. Gray ?) cashier and L.A. Fraleigh, president

1902 Plain Back $10 Note Charter #S7190

1902 Plain Back $10 Note
Charter #S7190  Signed by T.C. Smith, cashier and L.A. Fraleigh, president

 

A capital of only $50,000 lead to Madison being represented on paper with the First National Bank of Madison being chartered on March 29, 1904. President of the bank, Louis A. Fraleigh, was the son of E.M. Fraleigh who issued scrip during the Civil War in the town of Quincy.  The bank was unable to weather the Depression and on June 30, 1923 the bank was liquidated.

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