Historical Encyclopedia Of Illinois And History Of Warren County

Author : Newton Bateman
Publisher : Forgotten Books
ISBN 13 : 9780428829407
Total Pages : 610 pages
Book Rating : 4.8/5 (294 download)

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Download or read book Historical Encyclopedia of Illinois, And, History of Warren County, Vol. 2 written by Newton Bateman and published by Forgotten Books. This book was released on 2018-01-11 with total page 610 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Historical Encyclopedia of Illinois, And, History of Warren County, Vol. 2: Illustrated State bank OF illinois. The first legis lation, having for its object the establishment of a bank within the territory which now consti tutes the State of Illinois, was the passage, by the Territorial Legislature of 1816, of an act incor porating the Bank of Illinois at Shawneetown, with branches at Edwardsville and Kaskaskia. In the Second General Assembly of the State (1820) an act was passed, over the Governor's veto and in defiance of the adverse judgment of the Council of Revision, establishing a State Bank at Vandalia with branches at Shawneetown, Edwardsville, and Brownsville in Jackson County. This was, in effect, a rechartering of the banks at Shawneetown and' Edwardsville. So far as the _former is concerned, it seems to have been well managed; but the official conduct of the officers of the latter, on the basis of charges made by Governor Edwards in 1826, was made the subject of a legislative investigation, which (although it resulted in nothing) seems to have had some basis of fact, in view of the losses finally sus tained in winding up its affairs - that of the Gen eral Government amounting to $54, 000. Grave charges were made in this connection against men who were then, or afterwards became, prominent in State affairs, including one Justice of the Supreme Court and one (still later) a United States Senator. The experiment was dis astrous, as, ten years later it was found necessary for the State to incur a debt of to redeem the outstanding circulation. Influ enced, however, by the popular demand for an increase in the circulating medium, the State continued its experiment of becoming a stock holder in banks managed by its citizens, and accordingly we find it, in 1835, legislating in the same direction for the establishing of a central Bank of Illinois at Springfield, with branches at other points as might be required, not to ex ceed six in number. One of these branches was established at Vandalia and another at Chicago. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.