a speech delivered

Number of posts : 3 Join date : 10.01.11

a speech delivered

Thus, Mr. Bur well, of Virginia,in a speech delivered in , said, " In Baltimore, where the Bank capital has always exceeded the demand by solvent customers, and where, to give full employment to their funds, the Banks have been accustomed to accommodate mere speculators, failures have happened to the amount of a million, without property to pay the creditors twenty cents in the dollar. (A gentleman from Maryland corrected Mr. Burwell, by stating that the failures had in the aggregate exceeded the sum he had mentioned, tory burch shoes but in no single instance had the loss to creditors exceeded , dollars.) I stand corrected only , dollars."It was in New England, however, that Banking operations were carried furthest. The author of a pamphlet, entitled " Remarks on Money," published at Philadelphia in , says, some of the institutions in that quarter issued bills for so small a sum as twenty-five cents, whereby " it was rendered so difficult in some of the Eastern States, to get a tory burch outlet dollar changed, that it tory burch sale became necessary to purchase change of the money dealers in towns for current travelling expenses in the country."Of the principles of operation of some of these institutions, we have a curious memorial in a report made on the th of March, , by a committee of the Legislature of Rhode Island, appointed to inquire into the situation of the Farmers Exchange Bank of Gloucester. The Committee state," that the said Bank was incorporated, February, A. D. That by the charter, its capital stock was to consist of two thousand tory burch flats shares of fifty dollars each, payable in seven instalments, in gold or silver. It appears to the Committee that the capital stock was not paid in according to the provisions of the charter. Some of the stockholders paid the whole amount of the shares by them subscribed; others paid a part and gave their notes for the residue.