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Senate. Comm. on Banks and Banking. Report, 1840
Senate No. 41 On February 21, 1840, the Committee on Banks and Banking was directed to consider if banks should be required to keep 10% specie in
their vaults at all times unless there was a heavy demand on the same. Then the bank could not discount until the correct amount of specie was
restored. In March, the Committee issued a report. Its first question was whether the Legislature had the power to pass the new requirement. It was well
established case law that a charter was a contract between a corporation and the government and could not be modified without the consent of both
parties. Therefore, this new requirement imposed by the government would violate the contract and thus was not expedient. (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 inquire in to the expediency, and constitutionality, of requiring, from the banks of this Commonwealth, to keep in their vaults in in specie, at all times, ten per cent ... Report.
OCLC Number:   1405221784
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