Banking, ancient and modern ..together with full instructions as to the business methods of the Treasury Department at Washington, . ed by most ofthe other defray the ex-pense of an expeditionagainst theTuscarorasand to advance andaccommodate do-mestic trade, theLegislature establish-ed a public bank,and issued ^48,000in bills of credit, calledbank-bills, to be loan-ed out at interest, toindividuals upon realestate and personalsecurity. The loansran for twelve years,to be repaid one-twelfth each year. In this case the military necessity was used only asa decent pretext, and
Banking, ancient and modern ..together with full instructions as to the business methods of the Treasury Department at Washington, . ed by most ofthe other defray the ex-pense of an expeditionagainst theTuscarorasand to advance andaccommodate do-mestic trade, theLegislature establish-ed a public bank,and issued ^48,000in bills of credit, calledbank-bills, to be loan-ed out at interest, toindividuals upon realestate and personalsecurity. The loansran for twelve years,to be repaid one-twelfth each year. In this case the military necessity was used only asa decent pretext, and when the next bank was authorized the cloak waslaid aside. Although made a legal tender, these bank-bills were earlydiscredited, and before the end of the \-earwere current only at a discountof one-third of their nominal value. In 1716 a .second bank of ^30,-000 was ordered to be loaned out on the same terms as the first. Thiswas disallowed by the Lords Proprietaries of the colony of England, inpart because among the taxes proxided for its redemption, a duty of i^ioper head was imposed on all negroes imported. This was the first and. K. I,. Cummercial Nalinnal Iaiik. Inrlhiiul, < )regon. 38 principal cause of discontent witn the Proprietary <Tovernnient which ledto tumults and finally, in 1719, to an open insurrection which ended inthe complete subversion of the Proprietary authorities. A rexolutionaryconvention, chosen by the people, assumed the manai,^ement of affairs,and appealed to the British home Government for relief. The Englishministry instituted proceedings to revoke the Proprietary charter, pro-claimed South Carolina a crown colony, and, in 1721, appointed a royalGovernor, in 1722 a bill was introduced in the Assembly for to the paper money of the colony. Twenty-eight of the principalmerchants of Charlestown protested against it, and in their remonstrancealleged as the chief cause of the then excessive depreciation of pa
Size: 1368px × 1828px
Photo credit: © The Reading Room / Alamy / Afripics
License: Licensed
Model Released: No
Keywords: ., bookcentury1800, bookde, booksubjectbanksandbanking, bookyear1895
