Read online or download a free book: Early Banking In Arkansas
Publisher: TheClassics.us (12 Sept. 2013)
By: William Booker Worthen (Author)
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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1906 edition. Excerpt: ... On November 6, 1840, Governor Yell in his inaugural address said: ':The banks of the country are stretching forth their countless arms to grasp all that may be worth preserving, and too often we will find legislative interposition either tacitly approving or openly justifying their acts of usurpation--and still we submit to the most odious and unjust oppression without seeming to comprehend the heartless tyranny with which we are burdened. ':Are we ready to see the price of all our staple products raised and depressed at the will and caprice of these corporations, with their paper depreciated from twenty to fifty per cent., discount, to suit the convenience of stockholders and debtors, and the avarice of brokers and speculators? Rightly to remedy the existing evils, as far as prudence and sound policy will dictate, should be your first object. Let the strong arm of lawful authority interpose to teach brokers and stock jobbers a salutary lesson, who would pawn the industry and property of the country. Let no political or personal consideration swerve you from a scrutinizing and fearless discharge of your duty, to enforce all proper means to bring back your depreciated State paper to a sound specie standard: or lay the axe at the root of the evil. Your firmness and decision in restoring them within their chartered limits may confer some of the blessings contemplated by their framers: and by a sacred preservation of this rule, public confidence may again be restored, the price of property become more steady, and the laboring classes receive a just compensation as the reward of their industry. Even your public treasury has not escaped the rapacity of the times: as your money has depreciated, the salaries of some of the officers of the banks...
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