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Special Joint Comm. to Investigate Banks. Report, 1836
SEE ALSO 52836 Senate No. 47 Report relative to investigation of banks. On January 11, 1836, twelve men were named to a special joint committee
to make a general investigation of banks in the Commonwealth, with subpoena power and the right to employ clerks. The committee decided to
investigate only those banks against which complaints had been lodged. It held sixteen public hearings about seventeen banks. Only State Bank was
uncooperative; its directors felt they should only respond to a court of law. However, the directors did decide to testify when threatened with the equivalent of
contempt. The report then discussed individual banks, looking at rates of exchange, loan policies, dividends paid, discounting policies, premiums on
checks, etc. Some banks changed certain practices before testifying, realizing the policies were suspect. One bank took deposits and paid an agreed
rate of interest at an agreed time. This is common today, but it was unusual then. On page 31-34, the committee summed up what it had heard, listed
the questions raised, and gave its opinions as to usurious practices and evasions of the law. It planned to present a bill to address the issues in
the near future. (Digitized from a microfilm copy of title originally held by the Massachusetts State Library).
Title:   Report relative to investigation of banks.
OCLC Number:   1409333571
Available Volumes
NameFiche CountOnlinePaper Backup
Vol. 1YesNo