Richland beacon. [volume] (Rayville, La.) 1869-1890, 1873-10-25

u
inc remiuiscen :es, which will be found
readable in this jnncture
Currency in America began with To-
bacco, corn, wampum. etc, all recog-
nized by diff rent colonial courts. In
I6,5 Virginia adopted the Spanish silver
coinage for currency, and soon after a
mint was set up in Massachusetts,. Pa
per money was first issued in Massa-
chusetts in 1890 and South Carolina
created bank in 1902. Pennsylvania
issued paper money in 1723. but Viz
ginia never did prior to the war OF inde-
pendence.
THE REVOLUTIONARY PERIOD.
Then came the Continentrl money In
Nav. l7S5. which did not depreciate up
to the issue of $4,000, 900, and was we'll
maintained until the subsistence Of the
triumph over Bnrgoyne's capture. Az
last the whole 500. 600, 900 was worth
in silver only 81, 100000. In 17Sl con-
gress offered to give new money Tor the
old, at the rate OF one dollar for forty,
and then both sunk in one day to moth
ing. In l781-the war still going on.
conerese chartered the bank OF North
America, which began the following
wear. and declared dividends of from
I2 to 16 per cent. per annum. Penn
sylvania repealed the charter OF this
bank, but it refused to close up, claim.
ing a national paternity. The general
constitution then came into play, for
bidding any state to coin money, emit
bills of credit, make any thing but gold
and silver coin O tender in payment OF
debts. or pass any law impairiDg the
obligation Of contracts. This left un-
said the light or want of right of con.
gress to establish national bank, al
though Judge Story maintains the riTht:
Hamilton at once drew up q plan OF
such bank, and the cabinet divided
upon il, but it was approved by Wash
ington. and the bank went into being in
1871, with capital of $40, Co., 600, one
fifth government subscription. 1t was
success, and paid Sper cent. dividends,
and it's stock partly rel in Europe
rose above par. In 1871 Madisonian
congress refused to renew its charter.
THE SUSPENSION OF 1914.
In 1914, fall of tho year, The Ameri-
can State banks suspended for the
same reason as at prese 1t, to close up
before they should be drained and
bankrupt. The middle states, which
had subscribed to the war-loans most
liberally, led the panic, as now, for
thew had contribcd $36, 900, 900 out OF
S4l, ,OOO,O 900. Government taxes were,
of necessity, receivable in state curren-
cy: tre sury notes OK bills OF exche-
Guer. bearing interest, were, therefore,
issued for time, but second bank OF
the United States became imperative.
II was created in 1916, and began busi.
ness the following year with S35. 600, 0OO
capital. one-ffth government subscrip-
tion. a. before. This bank, by import
ing $1,000, 900 of specie, lifted the
atate banks to their feet, and resump.
ton was general throughout the Union.
THE MIDDLE PERIOD,
with the exception of commercial diff
entities in 1919, everything went or
smoothly until 1892, when a re-chartel
Of the United states bank was vetoed by
congress followed by the removal of th'
government deposits (more than 81, ,OO'
OO(N in 1888. The charter ran ont II
1895 but new charter was obtained
tv a de, ice from the state of Pennsyl
vsnia. At that date there were abOu
six hundred banks in the country, will
s23O, ,OOO. 900 capital, circulation o
S1O3, 100000 and $45, ,0OO, 900 specie
One hundred and sixty.five banks ha'
failed in all between 1911 and 1880. TIL
facility of our system of banking ha'
its advocates in England, among ther
Lord Althrop but the joint-stock bank
of that kingdom being of unlimited lis
bility. and covered by the private proE
erty of every shareholder, were perferre
nv parliament. It was not until 165
that the English joint-stook compan
was "limited in individual iiaoiilt,
and even now a director or official OF an
"limited" company engaged in banking
insurance, ETC., who publishes fraudleI
accounts or false advertisements, is Iii
BILE criminally and for damages. The r
moyal of deposits led to their transfer
certain selected banks as depositorie
The f" specie circular of Genl Jackst
being reecinded by congress, oil kint
of bank-notes became receivable for tt
public dues and lands, making va
surplus of paper truck, which for 80
keeping was distributed among II
states.
THE SUSPENSION OF 1887.
!, Nav 10, 1887, specie payments we
suspended over the country gen@all
and New York city was garrisoned VII
militia. Shinplasters, tokens and d
preciated bills of exchange were no
the currency; the government vi
threatened with treasury deficit, an
Van Buren, had to call congress in sc
sion five daysafter the suspension. d
opposed the re-charter OF o nation
bank. and Recommended q perpetu
dissolution Of the conneetion betwee
- federal government and any bar
&A even e. Q depositor. Gale
0sa s.d of against the messag
Elimore, b; 3syard. quincy Adam n
svsa. Ven Rssses wise, etcs: e. 'a
Wright, OeHcS aeIenoeo
0eusoo, Bob Walker. etc Sahana
dent prevailed. Treasnrv ~ pres
ig1ued t0pr0vide for . defic;anc~ Cse CCs
Cashing, that young, or old. iSvvsr A
labslon, touched the issns Of the d
y nnn he rsten1ion Of au irstallm.
- yoe4en statss:
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