THE PANIC OF 1819 Reactions and Policies phần 5 pptx

... favor of the Bank of the United States, some of them receipts of the government land office. 138 Representatives of the leading banks of Kentucky met at Frankfort on May 17, 1819, and pledged ... 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 sc...

Ngày tải lên: 09/08/2014, 19:22

... 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 stockholders who had borrowed on the basis of unpaid ... 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...

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... 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....

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... increase the amount of money in circulation, and therefore would not relieve the first cause. On the other hand, they would destroy the little confidence that now remained; they would 55 For the ... April and May of 1821, cited the mass of unpayable debts and urged governmental relief. The author of one such article signed himself “Nine-Tenths of the P...

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... 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 ... of the banks and urging continued circulation of the notes. 75 The report absolved the banks from all blame for their plight and attributed the distress...

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... 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...

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... 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 ... curbs on the issue of bank notes or requiring banks to redeem in specie. They grew out of the grave problem of the defaulting and suspending banks, and o...

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... public statements of their affairs and prohibiting them from declaring dividends during the period of suspension. 55 In the spring of 1819, Pennsylvania annulled the charter of any bank refusing ... empirical evidence of the evils of nonprotection and the alleged adoption of the pernicious maxims of Adam Smith, while France and other European countries...

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... protection. Typical was the petition of the Society of Paper Makers of Pennsylvania and Delaware. They pointed to the extent of paper manufacture and the number employed In the industry, and advocated ... Jersey, chairman of the Committee of Manufactures which reported the bill. He stressed the dominant theme of the protectionists -the great distress...

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... 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