Banking, ancient and modern ..together with full instructions as to the business methods of the Treasury Department at Washington, . to o n e -twelfth their originalvalue, and as bythis means creditorshad been defrauded,it was but reasonablethat they should risegradually that justicemight be done. Tothis it was answeredthat the creditors andthe debtors would notbe the same, so, thatinstead of righting onewrong, another injust-ice would be done; theinjury being the same when one is obliged to i)ay more,as when he is forcedto receiv^e less, than is justly due. Others were for exchanging th
Banking, ancient and modern ..together with full instructions as to the business methods of the Treasury Department at Washington, . to o n e -twelfth their originalvalue, and as bythis means creditorshad been defrauded,it was but reasonablethat they should risegradually that justicemight be done. Tothis it was answeredthat the creditors andthe debtors would notbe the same, so, thatinstead of righting onewrong, another injust-ice would be done; theinjury being the same when one is obliged to i)ay more,as when he is forcedto receiv^e less, than is justly due. Others were for exchanging the bills forsilveratahigher rate,the Boston representatives favoring a ratio ofaboutfiveto one, which would have given an exorbitant profit upon that redeemed,and would have left more tlian half the volume outstanding. These werethe objections urged by the most reasonable and most intelligent. Thestrongest opposition came from the ignorant and the interested whostrove to impress the people with the contradictor)- ideas, first, that noredemption should be made because if there were no other money than. J. II. .\I<\V. President of First National Bank, Seattle, Washington,< Jovernor of the State of Washington. 46 silver it would be engrossed and hoarded by the rich, and that the poorwould get no share of so precious a commodity; and second, that if thebills were redeemed at all it should be at their nominal and not at theiractual value. After debating the bill for many weeks the Assembl}- reacheda vote upon the proposition as a whole, and, after once rejecting the bill,finally passed it. After this fa\orable action the measure speedily re-ceived the sanction of the other branche-; of the General Court andbecame a law early in 1750. The indemnity money having arrived in .specie, the paper, amid muchpublic gloom and doubt, was redeemed at a rate about one-fifth less thanthe current value; and for the next quarter of a century Massachusettsenjoyed the blessing of a sound cur
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Keywords: ., bookcentury1800, bookde, booksubjectbanksandbanking, bookyear1895
