Memoir of the Hon Nathan Appleton Lld Prepared Agreeably to a Resolution of
Memoir of the Hon Nathan Appleton Lld Prepared Agreeably to a Resolution of
Robert Charles Winthrop
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" In 1840, Mr. Clay determined to bring forward his project for another Bank of the United States. I published, with my name, a pamphlet on Currency and Banking, one motive of which was to show the danger from an institution of so great power. I had become satisfied, from my own observation, that it was a power too great to be intrusted to any one man. " In 1839 (October), the Bank of the United States, acting under its Pennsylvania charter, again suspended payment, and proved desperately insol...vent ; carrying with it the Philadelphia banks, who foolishly involved themselves in its fortunes, from which they were only relieved by a large loan from Boston and New York. In arranging this loan, I took a leading and active part. Philadelphia did resume in consequence, 011 the 15th of January, 1841 ; but the Bank of the United States broke down after ten days trial. The other banks of Philadelphia again followed suit, and did not finally resume until . " During all this period, from 1837, I was frequently writing for the newspapers in Boston and Philadelphia, urging upon Philadelphia and the South to restore their currency.
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