State Banks of Issue in Illinois
State Banks of Issue in Illinois
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This had to be obtained from other states by the then tardy process of trade and commerce. "The banks and the state had been partners in speculation and now they were partners in embarrassment. The revenues were payable in notes of these broken banks; the state paid no interest on her bonds, of which the banks held a large amount, and they were worth in the market but fourteen cents on the dollar. "* Indeed, after July, 1841, no attempt was made to pay the interest on the public "debt. For this... reason, and from a lack of information as to its cause, the inhabitants of the state came to be regarded by the citizens of other states as dishonest.
Towards the end of 1842 the bank paper had fallen to one-third its face value, business was stagnant, immigration had ceased, and barter had to be resorted to to procure the necessaries of life. Governor Ford thus sums up the situa- tion, as it was when the democrats elected him to the guber- natorial chair in 1842 : "The domestic treasury of the state was indebted for the ordinary expenses of government to the amount of about $313, 000.
What to read after State Banks of Issue in Illinois?
You can find similar books in the "Read Also" column, or choose other free books by Charles Hunter Garnett to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
This had to be obtained from other states by the then tardy process of trade and commerce. "The banks and the state had been partners in speculation and now they were partners in embarrassment. The revenues were payable in notes of these broken banks; the state paid no interest on her bonds, of which the banks held a large amount, and they were worth in the market but fourteen cents on the dollar. "* Indeed, after July, 1841, no attempt was made to pay the interest on the public "debt. For this... reason, and from a lack of information as to its cause, the inhabitants of the state came to be regarded by the citizens of other states as dishonest.
Towards the end of 1842 the bank paper had fallen to one-third its face value, business was stagnant, immigration had ceased, and barter had to be resorted to to procure the necessaries of life. Governor Ford thus sums up the situa- tion, as it was when the democrats elected him to the guber- natorial chair in 1842 : "The domestic treasury of the state was indebted for the ordinary expenses of government to the amount of about $313, 000.
What to read after State Banks of Issue in Illinois?
You can find similar books in the "Read Also" column, or choose other free books by Charles Hunter Garnett to read onlineMoreLess
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