State Banks Of Issue In Illinois

Author : George William Dowrie
Publisher : Forgotten Books
ISBN 13 : 9780265395813
Total Pages : 184 pages
Book Rating : 4.3/5 (958 download)

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Download or read book The Development of Banking in Illinois, 1817-1863 (Classic Reprint) written by George William Dowrie and published by Forgotten Books. This book was released on 2017-10-16 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from The Development of Banking in Illinois, 1817-1863 Early Illinois banking passed through four distinct cycles. The first originated and reached its climax be tween the years 1814 and 1819. The second began in 1821 and reached a culmination in 1824-25. The mania for internal improvements in the thirties caused the develop ment Of a third movement which came to a climax in 1837. The adoption of the stock bank system in 1851 began the fourth cycle which attained its highest point in 1860. The results of this study show that in each of these movements events follow a regular sequence: (1) An urgent demand on the part of a needy community for a plentiful medium Of exchange; (2) The passage of a law providing for a generous issue of poorly safeguarded paper; (3) A brief period of fictitious prosperity largely due to speculation; (4) A crisis which at first results in the suspension of redemption and later in the collapse of the bank of issue; (5) Hard times; (6) The develop ment of a strong anti-bank sentiment; (7) The beginning of the next cycle after a surprisingly brief interval. The method of treatment followed has been to outline the laws passed by the legislature and to show two things: (1) The causes which led to the enactment of the measures; and (2) The effect which the legislation produced upon the community. The material has been gathered from legislative records, newspapers, banking journals, county and state histories, and the letters and biographies of prominent men. Special mention is due the invaluable treatise of Governor Thomas Ford who was present at practically every session of the legislature before 1846. The general works of Knox and Sumner and the monograph on State Banks of Issue in Illinois by Garnett have proved useful in checking up conclusions drawn from common sources. 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.