Remarks of Mr. Webster, on the Removal of the Deposites, and on the Subject of a National Bank, Vol. 1 (Classic Reprint)
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| Stand: | 2015-08-04 03:50:33 |
Produktbeschreibung
Excerpt from Remarks of Mr. Webster, on the Removal of the Deposites, and on the Subject of a National Bank, Vol. 1 On the 20th of January, Mr. Webster presented the following resolutions passed at a meeting in Boston: 1. Resolved, As the sense of this meeting, that the business community of this city, vicinity, and Commonwealth, are in a high state of prosperity, independently of those embarrassments in the money market, consequent upon the deranged state of the financial and banking operations of the country. 2. Resolved, That all the great branches of industry throughout the Union have, for three years past, been in a highly prosperous condition, till within the period of a few months. 3. Resolved, That the products of agriculture have been unusually abundant the past year; that prices at home and abroad are higher than usual, and likely to be maintained under the ordinary circumstances of the money market. 4. Resolved, That the currency, issued by the banks of this State, inasmuch as their notes in circulation are not more than one-fourth of their capitals, and the securities for their loans being deemed good, is in sound condition. 5. Resolved, That the currency of the Union at large is also in a safe and sound state, and that any sudden and undue contraction of bank issues, which may have been lately made, has principally arisen, not from over-issues of paper, but from the disturbed state of our financial and money concerns, incident to the altered condition of the National Bank. 6. Resolved, That there is the usual quantity of specie in the country, and that foreign exchanges being greatly in our favor, there is no reason to apprehend any drain of the precious metals; but, on the contrary, we may naturally look for an influx of them. 7. Resolved, That the local banks now employed by Government, however well disposed to accommodate the public, cannot, with their small capitals, limited credit, and scattered resources, and, above all, their entire want of concert and unity of action, afford that aid to the agricultural classes in the transmission of their products, from the places of growth to the places of export and distribution, which they have heretofore received from the National Bank, but which is now, in part, necessarily withdrawn from them by that institution, in consequence of its change of position in regard to the Government. 8. Resolved, That the evils arising from the scarcity and high price in money fall with most severity on the industrious and middling classes of society, who are compelled to make sacrifices of property to provide for their daily payments, while the retired capitalists are not only exempt from such a loss, but derive a benefit from the increased value of money. 9. Resolved, That a continuance of the existing embarrassments in business, arising from the deranged state of our money concerns, will not only check the future operations of the farmer, merchant, manufacturer, and mechanic, and consequently lessen the employment and wages of the laborer, but will also prove extremely injurious to those great and useful internal improvements, which must soon be arrested in their progress, if the pressure on the money market is not relieved; and that all property now in existence will become depreciated to a degree that may prove utterly ruinous to a portion of the most enterprising and useful members of the community. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com
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