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House. Order that new bank charters be modified, 1833
House No. 51 On March 4, 1833, the Committee on Banking was ordered to include a clause in new bank charters to the effect that a bank could not
discount any obligation or assume any new liability if the amount of specie in its vault was less than 10% of the value of the bank's bills in
circulation. There was a stiff fine for ignoring the rule. (Digitized from a microfilm copy of title originally held by the Massachusetts State Library).
Title:   Ordered, that the Committee on Banks and Banking be directed to insert in all new charters for banks, the following provision, or one equivalent thereto--"That said bank shall not discount or renew any note, draft, bill or other obligation, or incur any new liability (except by receiving deposites) when the specie in the vaults of said bank is less than ten per cent of the amount of their bills in circulation ..."
OCLC Number:   1399136461
Available Volumes
NameFiche CountOnlinePaper Backup
Vol. 1YesNo