... the Formative Period in Alabama, 1815-1828 No.6
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21 Alabama Republican, Aue. 24, 1821; Mobile Are/us, Nov. 6, 1823; Mobile Advertiser, Dec. 15, 1823.
22 Alabama Republican, Oct. 17, 1823.
THE BANK QUESTION 99 president of the Huntsville bank was accused of several kinds of rascality, and the administration of the corporation was condemned as a robbery of the poor. It was alleged that cot- ton had been shipped to New York, sold there for sound mon- ey and the proceeds brought back to Huntsville and exchanged by the bank for its own notes, whic...h it took at a discount. 23 This process was known as "shaving," and the term "shavers" was applied in opprobrium to those connected with the bank.
Color is lent to charges of this kind by the fact that Pope, the president of the bank, who was also pension agent, paid pensioners in the depreciated notes of his institution, and was for this dismissed from his office by the Treasury De- partment. 24 Pickens was again candidate for the governorship in 1823.
The bank question was made a leading issue of the campaign, 25 and his second election was followed shortly by the incorpor- ation of the Bank of the State of Alabama.
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To quickly assess the difficulty of the text, read a short excerpt:
21 Alabama Republican, Aue. 24, 1821; Mobile Are/us, Nov. 6, 1823; Mobile Advertiser, Dec. 15, 1823.
22 Alabama Republican, Oct. 17, 1823.
THE BANK QUESTION 99 president of the Huntsville bank was accused of several kinds of rascality, and the administration of the corporation was condemned as a robbery of the poor. It was alleged that cot- ton had been shipped to New York, sold there for sound mon- ey and the proceeds brought back to Huntsville and exchanged by the bank for its own notes, whic...h it took at a discount. 23 This process was known as "shaving," and the term "shavers" was applied in opprobrium to those connected with the bank.
Color is lent to charges of this kind by the fact that Pope, the president of the bank, who was also pension agent, paid pensioners in the depreciated notes of his institution, and was for this dismissed from his office by the Treasury De- partment. 24 Pickens was again candidate for the governorship in 1823.
The bank question was made a leading issue of the campaign, 25 and his second election was followed shortly by the incorpor- ation of the Bank of the State of Alabama.
What to read after ... the Formative Period in Alabama, 1815-1828 No.6?
You can find similar books in the "Read Also" column, or choose other free books by Thomas Perkins Abernethy to read onlineMoreLess
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