tailieunhanh - THE PANIC OF 1819 Reactions and Policies phần 5

đại diện William Cabell Rives của Nelson County. 44 Ông tố cáo các ngân hàng và được gọi là pháp luật cứu trợ cần thiết cho sự cứu rỗi của người dân. Trong điều kiện khủng khiếp, ông tố cáo các chủ nợ shylock, bị uốn cong về giải nén bảng Anh của xác thịt từ trái tim của people. | STATE MONETARY EXPANSION 77 completely by the following Richard Damil at a banquet in honor of General William Henry Harrison at Vincennes toasted its demise The State Bank of Indiana more corruption than money. 84 Although the commerce of the neighboring frontier state of Illinois was hardly developed it chartered four private banks in the postwar years two of which loaned heavily for public land speculation. The Bank of Illinois at Shawneetown was a particular favorite of the state government. As early as the beginning of 1817 Illinois had passed a stay law postponing all executions for one year unless the creditor agreed to accept the notes of that bank and of several other banks in surrounding states. When the crisis came the banks began to fail. There was a mass of unpaid debts and Illinois noteholders suffered from the wave of bank failures in Ohio Kentucky and Missouri the notes of which also circulated in Illinois. The Bank of Illinois failed by 1823 and another leading bank the Bank of Edwardsville which had begun business in the fall of 1818 failed in The other two banks-the Bank of Kaskaskia and the Bank of Cairo-never began Illinois was thus confronted not only with a heavy debt burden but with failure by its own and neighboring private banks. Furthermore the Illinois State Constitution ratified in 1818 provided that no further banks be chartered in Illinois except a state-owned bank. The route seemed paved for a state-owned bank to come to the rescue. The first step of the legislature was to establish a specie paying In the spring of 1819 it chartered the State Bank of Illinois to be half owned by the state half by private individuals. Authorized capital was to be the huge amount of 2 million from private sources plus 2 million from the state with the state to choose half of the directors. The bank was to have ten branches. Ten percent of the stock would be paid for directly in specie or specie paying bank notes .