History of the state of New York, political and governmental; . rchartering one. Therefore the United States treasuryshould keep charge of its own funds and have nothingwhatever to do with the banking system or the busi-ness system of the country. This was interpreted bythe Whigs and by a multitude of Democrats as a directattack upon the banks and the credit system of bank-notes. It would restrain the country to a purely me-tallic currency, which alone would be legal tender, andthat would be in volume entirely inadequate to theneeds of a commercial community like New York, ifnot, indeed, to th
History of the state of New York, political and governmental; . rchartering one. Therefore the United States treasuryshould keep charge of its own funds and have nothingwhatever to do with the banking system or the busi-ness system of the country. This was interpreted bythe Whigs and by a multitude of Democrats as a directattack upon the banks and the credit system of bank-notes. It would restrain the country to a purely me-tallic currency, which alone would be legal tender, andthat would be in volume entirely inadequate to theneeds of a commercial community like New York, ifnot, indeed, to those of the whole country, rural as wellas urban. Against such a policy a large part of the Democraticparty revolted. A bill was introduced into the Houseof Representatives for carrying out the Presidents de-signs. It was vigorously debated and at last, on themotion of John C. Clark, a Representative from Che-nango county. New York, was laid on the table by thevotes of the Whigs and conservative Democrats. Abill was enacted, however, authorizing the issue of a.
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Keywords: ., bookauthorjohnsonw, bookcentury1900, bookdecade1920, bookyear1922
