THE PANIC OF 1819 Reactions and Policies phần 4 pps

... 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

... Thomas, and King and Walker of Alabama. THE PANIC AND ITS GENESIS 21 President Monroe ignored the panic completely and hailed the abundant harvest and the flourishing of commerce. 84 In the ... 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...

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

... 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

... in the year. The leading issue of the legislative session of the fall of 1821 was the loan office system. The expansionists and relief forces were eager to enlarge the scope of the loan office. ... totaled $300 thousand. The major action of the session was stay laws bolstering the credit of the loan office notes. As in the case of the stay laws,...

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, ... increase or decrease in the quantity of the circulating medium. The debtor and creditor should then receive, on repayment of the debt, money of t...

Ngày tải lên: 09/08/2014, 19:22

... 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 Jefferson. Jefferson reacted to the panic of 1819 ... products, while the Mises-Hayek theory blamed the crisis on a shortage of saved capital. In the panic of 1819, the protectionists stressed the lack of...

Ngày tải lên: 09/08/2014, 19:22

... 20, 1819) , p. 44 0. Also see the very similar petition of the American Society of New York City for the Encouragement of Domestic Manufactures, ibid., 561 (December 27, 1819) , p. 44 3; and, their ... 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 the Inf...

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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

... History of Philadelphia, 1669-18 84. Vol. I. Philadelphia, L. H. Everts and Co., 18 84. Schur, Leon M. The Second Bank of the United States and the Inflation After the War of 1812,” The Journal of ... bridges and turnpikes. Thus, in Virginia, the citizens of Frederick and Shenandoah Counties asked for reduction of their bridge tolls in view of the depre...

Ngày tải lên: 09/08/2014, 19:22