THE PANIC OF 1819 Reactions and Policies phần 3 doc

... support the relief program. The opposition branded the relief laws as the work of selfish groups of “spendthrifts” and “big speculators” working their influence on the state legislature. The theme ... to accept at par the notes of the state’s leading bank -the Bank of Kentucky -and a mandatory three-month stay even if the creditor accepted the notes. 122...

Ngày tải lên: 09/08/2014, 19:22

... Passed by the Congress of the United States of America (Boston: Wells and Lilly, 1827), II and III, passim. 34 See the data compiled from the records of the General Land Office, in Smith and Cole, ... served by the new and greatly expanded banks of the South and West, as well as by the western branches of the Bank of the United States. Bank stoc...

Ngày tải lên: 09/08/2014, 19:22

... debtors. 33 There was much 31 New York Legislature, Journal of the Senate, 1819 (April 5), pp. 251-52. 32 Ibid., 1821 (March 13) , p. 2 23. 33 Matthew P. Andrews, Tercentenary History of Maryland ... and prices, and a great burden of debt. The responsibility for the debtors’ plight was therefore that of the banks, and not of the debtors themselves. M...

Ngày tải lên: 09/08/2014, 19:22

... and in Nashville, and there had become a personal friend of Andrew Jackson. The leading force on behalf of the state bank was the Vincennes Sentinel, the editor of which was an officer of the ... Savannah branch of the Bank of the United States. As a result of its previous expansion and 16 Report on the Joint Committee of the Planters’ Bank and...

Ngày tải lên: 09/08/2014, 19:22

... pay the salaries of state officials and of the members of the legislature, and arose from refusal of state officials to accept their salaries in the bank notes at their par value. 97 In the ... As the loan office swung into action in the summer and fall of 1821, the proponents were hopeful of success. Most of the papers in the state had supported...

Ngày tải lên: 09/08/2014, 19:22

... passed the Senate by a vote of 22 to 15. 156 The establishment of the Bank of the Commonwealth was a measure of the dissatisfaction of the expansionist forces with the semi- private Bank of Kentucky, ... authorized $3 million in notes, and the hopes of its proponents were high. At the opening of the October, 1821, session of the legislature, Gov...

Ngày tải lên: 09/08/2014, 19:22

... “Austrian” vs. the underconsumptionist theory of the crisis, both of which were to come to the fore in the depression of the 1 930 s. For the underconsumptionists stressed the cause of the crisis ... is there to control the power of the national bank?” 14 The most famous and one of the most thoroughgoing opponents of bank credit was Thomas Jefferso...

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... To Carey, the condition of the United States was empirical evidence of the evils of nonprotection and the alleged adoption of the pernicious maxims of Adam Smith, while France and other European ... 1817-18, and the extent to which the reaction against the bank stemmed from hard money views. Leon M. Schur, The Second Bank of the United States and th...

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... import duties. They could not sell the goods they imported because of the “scarcity of money and the stagnation of business.” Therefore, to acquire the money to pay the bonds, the merchants ... discount their bills at the banks. After the merchants paid the bank notes into the Treasury in payment of their debts, the Treasury deposited the notes in the B...

Ngày tải lên: 09/08/2014, 19:22

... price controls on the rates of inns and hotels. This would spur business by lessening the cost of travel. There were some who adopted the protectionist theory of the cause of the depression ... bridges and turnpikes. Thus, in Virginia, the citizens of Frederick and Shenandoah Counties asked for reduction of their bridge tolls in view of the depression...

Ngày tải lên: 09/08/2014, 19:22