Letter of Richard M Young Declining His Nomination As a Candidate for Governor

Cover Letter of Richard M Young Declining His Nomination As a Candidate for Governor
Letter of Richard M Young Declining His Nomination As a Candidate for Governor
Richard Montgomery Young
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The first long panic was got up in 1819, and con- tinued through the years 1820, 1821, and 1822, during which, if you recol- lect, we had exceedingly bad times in Illinois. In 1819 and 1820, just pre- ceding the establishment of the old State Bank of Illinois, such was the scarcity of money, thai; a cow and calf would hardly sell for enough to pay the costs on the execution ; produce would not command money at any price. In 1825 there was another panic, which only lasted for a short period. In ...1832 we had another, in consequence of the veto of the bank charter by General Jackson, then President of the United States. Again in 1833 and 1834, on account of the removal of the deposites ; and still again in 1836 and 1837, in consequence of the specie circular ; and last of all in 1840, about the time of the establishment of the Independent Treasury. During these several periods of fluctuations in the currency, persons engaged in business were often subjected to heavy, and sometimes ruinous losses.

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