Suggestions On the Banks And Currency of the Several United States in Reference
Suggestions On the Banks And Currency of the Several United States in Reference
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No other action on its part had been asked than a renewal of that charter, or the creation of a new bank. The employment of the old bank under its new charter, as the fiscal agent of Government, was perhaps contemplated. Whatever the object might be, any attempt, or appearance of an attempt, to coerce Congress by a wilful coaikruance of the suspension, was highly improper. The banks of New York insisted that, whatever might be the action of Congress on the currency, the duty of resuming remaine...d the same, and must be performed by the banks. The Philadelphia banks ultimately appointed delegates to the convention, which met at New York on the 27th Novem- ber 1837.
At that meeting, though allusion was still made to some expected action of Congress, it was principally urged, not that the banks were unprepared for resuming, but that the state of the country generally rendered a resumption inexpedient for the present, that the time had not yet come when a day for that purpose could be designated ; and that the continuance of a hasty resumption would be precarious.
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To quickly assess the difficulty of the text, read a short excerpt:
No other action on its part had been asked than a renewal of that charter, or the creation of a new bank. The employment of the old bank under its new charter, as the fiscal agent of Government, was perhaps contemplated. Whatever the object might be, any attempt, or appearance of an attempt, to coerce Congress by a wilful coaikruance of the suspension, was highly improper. The banks of New York insisted that, whatever might be the action of Congress on the currency, the duty of resuming remaine...d the same, and must be performed by the banks. The Philadelphia banks ultimately appointed delegates to the convention, which met at New York on the 27th Novem- ber 1837.
At that meeting, though allusion was still made to some expected action of Congress, it was principally urged, not that the banks were unprepared for resuming, but that the state of the country generally rendered a resumption inexpedient for the present, that the time had not yet come when a day for that purpose could be designated ; and that the continuance of a hasty resumption would be precarious.
What to read after Suggestions On the Banks And Currency of the Several United States in Reference?
You can find similar books in the "Read Also" column, or choose other free books by Albert Gallatin to read onlineMoreLess
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