tailieunhanh - THE PANIC OF 1819 Reactions and Policies phần 4

Tuy nhiên, trong trường hợp này, trong một trạng thái ý kiến tiền nói chung chống giấy, những người ủng hộ hàng đầu về cứu trợ con nợ liên kết với nhau các ngân hàng ý tưởng chống với lời cầu xin cho một đạo luật thẩm định tối thiểu. Lập luận tương tự đã được nâng cao bởi một người ủng hộ hàng đầu, | STATE MONETARY EXPANSION 57 Merchants and Planters Bank of Huntsville was greatly affected by the suspensions of specie payment of the Tennessee banks during the crisis of 1819 and was forced to suspend specie payments in 1820. The notes of the Huntsville Bank depreciated rapidly with respect to specie although they continued to circulate at par with Tennessee bank notes. Specie and par bank notes began to pass from circulation into hoards. Northern Alabama suffered from a depreciating currency. Southern Alabama on the other hand possessed two sound banks but they were very small and were of little importance. This area used the notes of solvent banks in South Carolina and especially Georgia. Both regions abounded in complaints of a scarcity of money. As a remedy for the monetary scarcity business houses began to print small change tickets declared to be worth twenty-five cents and municipalities also engaged in this practice. There were widespread irregularities and forgeries. Finally the Alabama legislature in 1821 prohibited the issuance of private change tickets leaving the issue of small notes to municipal One particularly important monetary problem was the suspension of payment by the Huntsville Bank and the consequent depreciation of its notes. In 1821 the legislature refused to abide by the existing law which forbade accepting notes of non-specie paying banks in taxes. The decision to accept the depreciated notes was defended by Governor Thomas Bibb as necessary to avoid excessive harshness toward the citizens of northern This state forbearance bolstered the acceptance and raised the exchange rate of the Huntsville notes throughout the state. The Alabama legislature went further and issued Treasury notes payable in the depreciating currency of the Huntsville Bank. Under the government umbrella the Huntsville Bank issued large quantities of notes which sank to a 25-50 percent discount. The Treasury warrants depreciated .