Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1908-06-05
SEVEN GRADUATES
1contInned from. Flrst rageo

ience in administering affairs of state,
except as provincial assemblies. Ever
confronting them was the great Re-
volutionary debt while the several de-
partments of government were still
to be organized.
OF these the treasury department
was the first to be organized. BY the
genius of Hamilton it's mode of con-
Quoting business was practically es-
tahlished during the first administra-
tion of Washington. To meet the
great difficulty, the Revolutionary
debt Hamilton planned taxes on i'm
ports as well as tax on spirits dis
TILED at home.
The next step was the establish
ment of the United States Bank the
plan for which was also suggested
by Hamilton. The first United States
Bank proved advantageous as 3-4 of
every private subscription to its stock
had to be in Government paper which
raised it to par. BY this it be-
came the interest OF all stockholders
to maintain the stability and credit
of the government Owing to the eX-
| piration of its charter the United
States Bank perished in 1911. 1t
had been useful indeed, almost neces-
sary in managing the United States
| a. =,
the consequent financial disorders
were terrible drawback during the
| war with Great Britain which follow
| ed.
A new bank, modelled closely after
| the first was chartered in 1916, but
because of mismanagement and dis
honesty its usefulness was greatly
limited. Although the management
was changed, complete confidence
was never restored. When Jackson
became President he made no at
tempt to conceal his enmity towards
the bank and by drawing the govern
ment funds and placing them in pet"
DdhhS lHC Dldlt Ddliho WClC llCh
called, because of the government
favor bestowed upon them. He so
crippled the resources of the United
States bank that it finally collapsed
The commercial distress which seem
ed to spring from Jackson's measures
resulted in the panic of 1897. The
high tariff had produced a surplus in
the treasury and accordingly by sub
sequent legislation this was distrib-
uted among the. states and the state
banks having used this money for
discount loans were unable to pay on
demand. Thus the panic of 1887.
During which time the financial de-
preston ensued throughout the entire
summer of 1887, banks, corporations
and business men going to the wall
In the financial panic of 1857, TWEEN.
ty years later, there were two chief
causes. The over rapid building of
railroads and the speculation induced
by prosperity and rise of prices Incl
dent to the new outpour of gold. In
terest on the best securities scared
to three and four per cent per month
while on ordinary securities no mon
ey at all could be had. And business
did not resume it's prosperous condi-
ton until the spring of the following
year.
The Chicago fire, 1871, and Boston
fire of 1872, had much to do with the
panic of 1878; the immediate cause
of which was heavy speculation. A
popularity of this crisis being the
slowness with which it abated
In the panic of 1893 which was
caused by the great amount of unre-
deemable greenbacks then in circu-
lation, while that of 1907 was caused
by the unwise management of funds
by banks and other corporations and
OF the many spectators.
These briefly enumerated, are the
have occurred during the compara-
tive few years of our nations history.
That radical changes are to be effect
ed is indicated by the recent attempts
at egislation-such was the Aldrich
and Fowler bills which aim at a COM
plete revolution of the financial con-
ditions. Federal control is suggested
and desired by many including the