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 ... 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

... 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 ... Congress, The Public and General Statutes Passed by the Congress of the United States of America (Boston: Wells and Lilly, 18 27) , II and III, passim....

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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

... Maryland Gazette, June 3, 1819. 99 Extracts from the Minutes of the General Assembly of the Presbyterian Church of the United States of America, 1819 (Philadelphia, 1819) , pp. 171 -72 . The Convention ... 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 them...

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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 ... 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...

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 ... 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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... 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 ... 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 sco...

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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 t...

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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 ... 18 17- 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...

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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