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THE PANIC OF 1819 Reactions and Policies phần 5 pptx

THE PANIC OF 1819 Reactions and Policies phần 5 pptx

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 scope of the loan office. The reliefers ... 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 the bill, and they declared that the...
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THE PANIC OF 1819 Reactions and Policies phần 1 pdf

THE PANIC OF 1819 Reactions and Policies phần 1 pdf

... 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 of the General Land Office, in Smith and Cole, ... 8 THE PANIC AND ITS GENESIS $10 million, and the loans were particularly heavy to the important Philadelphia and Baltimore officers and directors of the Bank.26 Control over the branches of...
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THE PANIC OF 1819 Reactions and Policies phần 2 ppsx

THE PANIC OF 1819 Reactions and Policies phần 2 ppsx

... 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. Miller laid blame on the state banks and ... were: the expansion of credit and of investment projects during the boom; the appearance of urban unemployment; and the marked expansion and contraction in prices. On the other hand, there...
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THE PANIC OF 1819 Reactions and Policies phần 3 doc

THE PANIC OF 1819 Reactions and Policies phần 3 doc

... 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 People.” 75 There had been rumors of ... sale of his landed property, if the property was considered to be unprofitable. 59 One of the most acute and original critiques of stay and minimum appraisal legislation was the product of...
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THE PANIC OF 1819 Reactions and Policies phần 4 pps

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 ... 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 to the contractionist pressure 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 the Bank of the State of Georgia, June...
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THE PANIC OF 1819 Reactions and Policies phần 6 pot

THE PANIC OF 1819 Reactions and Policies phần 6 pot

... 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 the same value as of the time the loan was made. “To ... million in notes, and the hopes of its proponents were high. At the opening of the October, 1821, session of the legislature, Governor Adair hailed the Bank of the Commonwealth and attributed...
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THE PANIC OF 1819 Reactions and Policies phần 7 pdf

THE PANIC OF 1819 Reactions and Policies phần 7 pdf

... 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 of the widespread depreciation of their ... 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 consumer markets abroad and the necessity...
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THE PANIC OF 1819 Reactions and Policies phần 8 potx

THE PANIC OF 1819 Reactions and Policies phần 8 potx

... 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 exemplified the benefits of protection. ... 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 Inflation after the War of 1812,” The Journal...
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THE PANIC OF 1819 Reactions and Policies phần 9 pdf

THE PANIC OF 1819 Reactions and Policies phần 9 pdf

... 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 of the country and protection as the remedy. ... be one of the leaders in the free banking movement of the late 1820s. One of the most impressive aspects of the discussions about the depression was the high intellectual level of the debate,...
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THE PANIC OF 1819 Reactions and Policies phần 10 ppt

THE PANIC OF 1819 Reactions and Policies phần 10 ppt

... 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 and the great reduction in the prices ... House of Representatives. 1818-22. Louisiana General Assembly. Official Journal of the Proceedings of the House of Representatives. 1819. Maryland General Assembly. Votes and Proceedings of the...
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