THE PANIC OF 1819 Reactions and Policies phần 6 pot

... passed the Senate by a vote of 22 to 15. 1 56 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, ... from imports of iron, leather, wool, and hemp. 168 The end of the state bank experiment was signaled by the capitulation of the leader of...

Ngày tải lên: 09/08/2014, 19:22

... 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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... 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 ... 18 16, and $17 million the next year, compared to the prewar peak of $60 million. 20 The net balance of foreign trade, in sum, was a deficit of $60 million...

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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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... 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...

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... 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 ... 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,...

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... 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 ... 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...

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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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... 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 had to discount their bills at the ... protection. Typical was the petition of the Society of Paper Makers of Pennsylvania and Delaware. They pointed to the extent of paper manufacture and th...

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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