Primary Sources
Adams, John. Works. Vol. X. Boston, Little, Brown amp Co., 1856. Adams, John Quincy. Writings. Vol. VI. Edited by W. C. Ford. New York, The Macmillan Co., 1916. An Anti-Bullionist. An Enquiry into the Causes of the Present Commercial Embarrassments in the United States with a Plan of Reform of the Circulating Medium. 1819. Barker, Jacob. Appeal to the Public. New York, 1819. Beecher, Lyman. The Means of National Prosperity. New York, J. Sayre, 1820. Bledsoe, Jesse. The Speech of Jesse Bledsoe,...
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The following states-Vermont, Maryland, Kentucky, Tennessee, Indiana, Illinois-were also alleged to be overwhelmingly protectionist, Annals of Congress May 4, 1820 , p. 655. Pennsylvania Legislature, Journal of the House, 1819-20 January 28, 1820 , pp. 410ff. New York Evening Post, January 30, 1818. U.S. Congress, American State Papers Finance, III, 571 January 18, 1820 , p. 460. Leaders were Mark Willcox, president, and Thomas Gilpin, secretary. 51 Ibid., III, 572 January 26, 1820 , pp. 462ff....
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N. S. B. Gras, The Massachusetts First National Bank of Boston, 1784-1934 Cambridge Harvard University Press, 1937 , pp. 710-11. A generally uniform currency prevailed throughout the country, most bank notes circulating at par.31 There were exceptions, however during 1818, for example, notes of some banks in Pennsylvania were depreciated by as much as 30 percent, and in Virginia, Kentucky, and Tennessee by as much as 12 percent.32 Investment in real estate, turnpikes, and farm improvement...
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56 56 Ibid. May 4, 1820 , pp. 655 ff. Also see Niles' Weekly Register, XVIII May 6, 1820 , 169. In the Middle Atlantic states, Maryland supplied almost the entire anti-tariff vote. The bulk of the protectionist majority was supplied by four states House figures only New York 25-0 Pennsylvania 22-1 New Jersey 6-0 Ohio 60 . The Baldwin Bill was reintroduced in January, 1821, but with little success. The beginnings of business recovery were becoming apparent, and protectionist ardor cooled...
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William M. Gouge, Journal of Banking Philadelphia J. Van Court, 1842 , pp. 346, 355. New note issue series by banks reached a heavy peak in 1815 and 1816 in New York and Pennsylvania. D. C. Wismer, Pennsylvania Descriptive List of Obsolete State Bank Notes, 17821866 Fredericksburg, Md. J. W. Stovell Printing Co., 1933 and ibid., New York Descriptive List ofObsolete Paper Money Fredericksburg, Md. J. W. Stovell Printing Co., 1931 . U.S. Congress, American State Papers Finance, IV, 705 March...
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Knox, History of Banking, pp. 485-86. Gouge, Short History, p. 166 ff. 33 Purchasers were only required to pay one-fourth of the total within forty days of purchase, and the penalty of forfeiture for failure to complete payment in five years was repeatedly postponed by Congress. U.S. Congress, The Public and General Statutes Passed by the Congress of the United States of America Boston Wells and Lilly, 1827 , II and III, passim. 34 See the data compiled from the records of the General Land...
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Walter B. Smith and Arthur H. Cole, Fluctuations in American Business, 1790-1860 Cambridge Harvard University Press, 1935 , pp. 146, 185 Anne Bezanson etal., Wholesale Prices in Philadelphia, 1784-1861 Philadelphia University of Pennsylvania Press, 1936 , II, 35255, 409 Arthur H. Cole, Wholesale Commodity Prices in the United States, 1700-1861 Cambridge Harvard University Press, 1938 , I, 161. 13 These are Treasury estimates for fiscal years ending September 30. U.S. Treasury Department, Bureau...
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Abernethy, Early Development, pp. 311-25. Hamer, Tennessee, pp. 231-32 Campbell, Development, pp. 43 ff. Beard, Joseph McMinn, pp. 162 ff. Parks, Felix Grundy, p. 29. suspension. They pointed to the increased demand on them for specie to meet these calls they would have had to press their debtors and ruin them. The Bank of the United States was blamed for the destructive pressure, as were easterners who turned in Tennessee bank notes for redemption. Therefore, the bank's suspension while...
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Kentucky General Assembly, Journal of the House ofRepresentatives, 1819, p. 161. Solon, Liberty Saved Louisville, Ky. by the Author, no date p. 8. Thus, Frankfort Argus, quoted in Washington D.C. National lntelligencer, June 9, 1819. Wilson, History of Kentucky, p. 133. Frankfort Argus, April 27, 1820 and following. See Amos Kendall, Autobiography Boston P. Smith, 1872 , William Stickney, ed., pp. 230-35. argument, resting on the assumption of money as a standard of value, was untenable.132 In...
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Delaware General Assembly, Journal of the House of Representatives, 1819 January 26, 1819 , p. 91. In the next session, however, the House Committee on Banks recommended a new system of banking in the state.51 Under this plan, the private banks were to merge in one central bank, with branches throughout the state. The capital of the new bank would consist partially of the existing capital of the private banks and partly of new capital to be subscribed mainly by the state itself. This proposal...
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3.4 million in January, 1820. Specie reserves spurted to 8 million in the spring of 1821, at a time when total demand liabilities of the Bank were less than 12 The contractionist policy forced the state banks, in debt to the Bank, to contract their loans and notes outstanding at a rapid pace. Total bank notes in circulation were estimated at 45 million in January, 1820, as compared to 68 million in 1816.51 The severe monetary contraction, lasting through 1820, led to a wave of bankruptcies...
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Ibid., pp. 40, 119, 286. Also see Catterall, Second Bank, p. 503. Gallatin, Considerations, pp. 45-51 Delaware General Assembly, Journal of the House of Representatives, 1819 January 28 , pp. 104-6 New Hampshire Gazette, August 19, 1817 John J. Walsh, Early Banks in the District of Columbia, 1792-1818 Washington, D.C. Catholic University of America Press, 1940 , pp. 49, 80, 82, 123 ff., 168. Massachusetts banks, in contrast, were able to expand their note issues slightly from 1818-21 Gras,...