Pennsylvania, colonial and federal; a history, 1608-1903Editor: Howard MJenkins . uthfully saw that an increase of banks wouldadd nothing to the actual capital of the country, but wouldcontribute largelj to increase the already too redundant supplyof bank paper. He strongly favored the withdrawal of all notesbelow ten dollars. Such a measure would increase the circulationof specie and give the people a sounder circulating medium. Healso proposed other restrictions on their circulation and discounts,and that a portion of their dividends abo\e a prescribed figureshould be paid into the State tre
Pennsylvania, colonial and federal; a history, 1608-1903Editor: Howard MJenkins . uthfully saw that an increase of banks wouldadd nothing to the actual capital of the country, but wouldcontribute largelj to increase the already too redundant supplyof bank paper. He strongly favored the withdrawal of all notesbelow ten dollars. Such a measure would increase the circulationof specie and give the people a sounder circulating medium. Healso proposed other restrictions on their circulation and discounts,and that a portion of their dividends abo\e a prescribed figureshould be paid into the State treasury as an annual equivalent forthe privileges conferred, to be applied to the education fund, orsome such other beneficial public purpose. The internal improvement scheme with all its appendageswas a mighty force in feeding the fever of speculation and m Pennsylvania Colonial and Federal diverting thousands from honest, legitimate waxs of making aliving. Thus the State led a vast numl)er into an unhealthv, un-known wilderness with tlie false iiope that they were to grow rich. «,5^ First Continental treasurer. 1775; congressman,1776-1777; also 1780; with John Nixon depu-tized to organize Bank of North America; mem-ber of Federal Constitutional convention; con-gressman, 1788; collector of tax on spirits dur-ing whiskey riots, 1791; president Academy ofthe Fine Arts witliout work, to thri\-e without cost. Another scheme, quitein harmony with the idea that the State was ready to assist every-body and everything, was the guarantee of the payment of intereston the capital employed by companies incorporated for some 2C2 SInilzcs and Wolfs A(1ministrati()ns alleged ol)ject of impnixcinoin. in whicli tlu Sialc had no directi>r immediate interest, tlnis placinj^- it in tlie attitude of an under-writei issuino- to tiie C()i])()rati)rs an interest of five per cent, uponllic capita! invested in a pniject wliicli. when completed, mightne\er yield three, or even one per cent. Against th
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Keywords: ., bookauthorjenkinsh, bookcentury1900, bookdecade1900, bookyear1903
