Panic of 1819: Reactions and Policies, The

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Ludwig von Mises Institute, 2007 - Depressions - 286 pages

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Page 33 - THE GENERAL ASSEMBLY of the Presbyterian Church of the United States of America would proceed forthwith to the First Presbyterian Church.
Page 37 - In bringing this subject to view, I consider it my duty to submit to Congress, whether it may not be advisable to extend to the purchasers of these lands, in consideration of the unfavorable change which has occurred since the sales, a reasonable indulgence.
Page 161 - ... to report such measures as in his opinion may be expedient to procure and retain a sufficient quantity of gold and silver coin in the United States, or to supply a circulating medium in place of specie, adapted to the exigencies of the country, and within the power of the Government.
Page 99 - ... of superfluities, and become poor and unable to educate their children. The patronage of the wealthy, will never be indiscriminately extended to the children of the whole community. Even that source will diminish where extravagance prevails. If I am not mistaken, in those states where the banks are the most numerous, and the means of credit the most easy, the recent cry of scarcity of medium, and its consequent distresses, have been the 'most heard and felt. This, gentlemen, will deserve some...
Page 20 - ... staples dropped from 160 to 96 from 1818 to 1819, and commodity prices in New Orleans dropped from 200 in 1818 to 119 two years later. Falling money incomes led to a precipitous drop in imports, which fell from $122 million in 1818 to $87 million the year later. Imports from Great Britain fell from $43 million in 1818 to $14 million in 1820, and cotton and woolen imports from Britain fell from over $14 million each in the former year to about $5 million in the latter. The great fall in prices...
Page viii - The Depression of 1819-1822, A Social History," American Historical Review, XXXIX (October, 1933), 28-47; William E.
Page 203 - Bray Hammond, Banks and Politics in America (Princeton, NJ: Princeton University Press, 1957), pp. 128-29. On British influence, also see Fritz Redlich, The Molding of American Banking (New York: Johnson Reprint Corporation, 1968), ch. 1; and "Mercantilist Thought and Early American Banking" in Essays in American History (New York: GE Stechert & Co., 1944), pp.
Page 25 - But until a large part of a population is living by getting and spending money incomes, producing wares on a considerable scale for wide markets, using credit devices, organizing in business enterprises with relatively few employers and many employees, the economic fluctuations which occur do not have the characteristics of business cycles.
Page 15 - You state in your letter that you find it difficult to comprehend, why persons who had a right to demand coin from the Banks in payment of their notes, so long forebore to exercise it. This no doubt appears paradoxical to one who resides in a country where an act of parliament was necessary to protect a bank, but the difficulty is easily solved. The whole of our population are either stockholders of banks or in debt to them. It is not the interest of the first to press the banks and the rest are...
Page 94 - ... brokers, in addition to an enormous $20,000 bond to establish the business. Maryland tried to bolster the defense of banks and the attack on brokers by passing a compulsory par law in 1819, prohibiting the exchange of specie for Maryland bank notes at less than par. The law was readily evaded, however, the penalty merely adding to the discount as compensation for the added risk. Specie furthermore was driven out of the state by the operation of Gresham's Law.50 In Kentucky, Tennessee, and Missouri,...

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