A History of Banking and Currency in Ohio Before the Civil War

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Heer, 1915 - Banks and banking - 312 pages
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Page 97 - Court, told it that acquiescence was not the necessary consequence of its decisions, and passed " an act to withdraw from the Bank of the United States the protection of the laws of this State in certain cases.
Page 202 - Assembly, of some law authorizing the establishment of banks which will furnish them with a safe and convenient currency, afford reasonable facilities for obtaining money to meet the wants of commercial and manufacturing operations, and at the same time hold out proper inducements to those who have money to invest in banking institutions.
Page 200 - Resolved that metallic currency has been tested by the experience of ages. On the contrary all systems of paper currency ever yet contrived have failed, and in their inevitable overthrow have entailed more distress and loss, and perpetrated more robbery and fraud than would colonize a continent with convicts and paupers. Nor have we seen in the Whig legislature of last year any symptoms of a wisdom superior to the paper-mongers who have gone before them — but a compound rather of all the shallow...
Page 99 - M'Culloch v. the State of Maryland, is founded on, and sustained by, the idea that the bank is an instrument which is 'necessary and proper for carrying into effect the powers vested in the government of the United States.
Page 70 - See History of Banking in All Nations. Vol. I, p. 109. "Liberty Hall and Cincinnati Gazette, Nov. 17, 1818. "Ibid., Nov. 24. 1818. See also Niles' Register, June 5, 1819, p. 256. " Page 298. seven banks in the state paid specie in August, 1819, but that they were not all bankrupt."00 Fall of Prices in Ohio and the West.
Page 107 - Act to provide for the Internal Improvement of the State of Ohio by Navigable Canals" was passed by the legislature by a vote of 92 to 15 on February 4, 1825.
Page 59 - This made it difficult or impossible for the manufacturing industries of the country to get a stable footing after the abnormal growth occasioned by the embargo and the war. The speculation and high prices promoted by the several years of commercial expansion and excessive banking were succeeded by a contraction of credits and a fall in prices when the banks endeavored to return to a specie basis in 1817. The bank circulation, which in 1815 and 1816 had reached $110,000,000, was decreased until in...
Page 72 - Recommendations of the Committee. — In view of this the committee recommended the propriety of providing by law that if the branches established within the state should remain there and transact business beyond a certain day, a tax should be assessed and collected of $50,000 annually upon each branch. The committee also recommended that provision be made by law for simplifying legal proceedings in all cases where banks were a party, and for securing the holders of bank notes against "Journal of...
Page 143 - January 1836, it had loans secured by real estate in at least 67 counties in the state, the amounts loaned in each county varying from a few hundred dollars to half a million. The total amounted to $1,858,099 and was secured by pledges of real estate to the estimated value of...
Page 115 - Magazine, Vol. XI, p. 171. •"Cincinnati in 1826 — Charles Ci?t. and a high price is willingly paid for its use. For small sums 36% per annum is frequently given, and for large ones from 10 to 20% is common." State Loans and Public Works increase the Money Supply. — During 1826 and 1827 the effort to establish another incorporated bank in Cincinnati was discussed generally, but none materialized.61 Exepnditures on the canals of the state, however, and other causes, among which was a more plentiful...

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