The student's history of GeorgiaFrom the earliest discoveries and settlements to the end of the year 1883Adapted for general reading and the use of schools . he entire Union was suffering the same distress,and thus both the gen-eral and the State gov-ernments were concernedin devising means to re-lieve the people. Thespirit of speculation hadfor several years pressedall business beyond safelimits. Credit had beenabused until the peoplewere burdened by theirdebts, and even thecredit of the State itselfwas in peril. To givethe proper relief to thedebtors without injusticeto creditors was difficu
The student's history of GeorgiaFrom the earliest discoveries and settlements to the end of the year 1883Adapted for general reading and the use of schools . he entire Union was suffering the same distress,and thus both the gen-eral and the State gov-ernments were concernedin devising means to re-lieve the people. Thespirit of speculation hadfor several years pressedall business beyond safelimits. Credit had beenabused until the peoplewere burdened by theirdebts, and even thecredit of the State itselfwas in peril. To givethe proper relief to thedebtors without injusticeto creditors was sustain the States Charles J. McDonald. credit, and maintain pub-lic confidence in the ability of the government to gosafely through such commercial storms, was of the greatestimportance. 5. The President of the United States had already calledan extra session of Congress to provide for the exigencyof the United States in the general suspension of the passed an act providing a scheme, called the sub-treasury system, and authorizing the issue of ten million dol-lars in treasury notes. Other minor measures of reHef werealso 236 STUDENTS HISTORY OF GEORGIA. [1840. 6. The Georgia banks had also suspended specie payments,like those of other States, producing painful embarrassmentsby the great depreciation of their bills. The legislature of1839 enacted as a measure of relief that the banks in suspensionshould not bring suits on any notes, bonds, or other eviden-ces of debt held by them. Other laws were passed designedto afford relief, but the stringency still continued into the suc-ceeding years. The price of cotton dropped to four or fivecents per pound, while many articles necessary to the planterrose in price. Debtors were unable to meet their mercantile and agricultural classes suffered alike. Therewas a general feeling against the banks as the cause of thedistress, and hence the legislation of the times was di-rected against them. I
Size: 1338px × 1867px
Photo credit: © The Reading Room / Alamy / Afripics
License: Licensed
Model Released: No
Keywords: ., bookcentury1800, bookdecade1880, bookidstudentshist, bookyear1884
