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Exposition in support of a memorial in favor of a bank of ten millions, 1836 2ed
SEE ALSO 52826 Senate No. 30 An exposition of facts and arguments in support of a memorial to the Legislature of Massachusetts by citizens of
Boston and vicinity in favor of a bank of ten millions. 2d ed. Boston : Dutton & Wentworth, 1836. A committee of seventeen was appointed on January 18,
1836 to draw up the memorial. The committee reported on February 6, 1836 with a document signed by 1736 people asking for a new bank to exceed the
capacity of the Branch Bank of the United States, which was closing soon. The group supported the proposal already in front of the Legislature for a
bank with five million subscribed by the State in the form of 4% bonds and the rest from individual investors. The memorial went to the House on
February 12, 1836 and was concurred in by the Senate the same day, placed with the Committee on Banks and Banking. The memorial offered a long [60+ pages],
very interesting discussion on the crying need for ready currency in the booming economy, both for ordinary living and large projects. It pointed
out that Massachusetts had limited natural resources, but had lots of ideas and manufacturing skills, "capital being the mother of wages." It reviewed
some of the objections to the bank and demolished them all. It offered examples of how the state was lagging, when it should not have been, because
of lack of currency. Massachusetts produced basic products with a continuing demand, such as shoes, so it should continue to do well if adequate
currency was available. The memorial cited Maine as an example of a state that could not feed itself by agriculture, but had developed a large shipping
and fishing industry instead so it could buy food. Both those industries had large upfront costs, so they depended on credit in the beginning which
could be provided by a large bank. A large bank, such as the one envisioned, backed by the State, would have no trouble attracting foreign depositors
and investors, which was essential to economic expansion. In part to counter arguments, the memorial extolled the success of the Savings Bank, which
had prospered from the many small deposits of ordinary folk--gathering small amounts into a large whole. The writers tried in several ways to counter
the fear that fat cat bankers would control the destiny of common people. The closing of the Branch Bank of the United States would remove over
$4,000,000 from circulation and make all economic activity very difficult, so the new bank would fill a void. The gentlemen earnestly assured the
Legislature that their interest was not just for themselves, but for the entire economy of the state. (Digitized from a microfilm copy of title originally
held by the Massachusetts State Library).
Title:   An exposition of facts and arguments in support of a memorial to the legislature of Massachusetts by citizens of Boston and vicinity, in favor of a bank of ten millions.
OCLC Number:   65253618
Available Volumes
NameFiche CountOnlinePaper Backup
Vol. 1YesNo