Book Description

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1915 edition. Excerpt: ...scarcely be obtained at all in Ohio. A letter of January 10, 1834, from a Cleveland gentleman to one in New York states: "If matters continue long as they now are, the exchange will be 3 or 4% on New York."69 He attributed this to the embarrassed state of money matters in the East. That section was then undergoing one of those disturbances to commerce, banking, and business generally, which were so numerous from 1834 to 1838.TM And the pressure was beginning to be felt in the West and Southwest. Many doleful letters on the subject were published about that time in Niles Register from Mississippi and Louisiana.71 And that paper of the date of April 5, 1834, prints a letter from an Ohio man telling of the general distresses.72 The Albany Daily Advertiser about that time reported that some of the Ohio banks had stopped specie payment and that others were "tottering."73 'Ohio Monitor, Dec. 12 and 19, 1833. 'Ohio Monitor, Dec. 19, 1833. Defeat of the State Bank Bill.--The suspended and tottering Ohio banks referred to in the article mentioned above were probably unauthorized banks, many of which were continually springing up in the state during this period. But the number of chartered banks in the state was also largely increased early in 1834. The opposition to the State Bank on the part of many local banks that wanted charters from the legislature was so strong that the bill providing for a State Bank was killed in the legislature in January, the vote against it in the Senate on January 2Oth being 19 to I5,85 More Local Banks Chartered.--Soon after the State Bank bill was defeated the legislature proceeded to grant charters to a batch of ten new local banks, the combined authorized capital of which amounted to $4,400,000....