1838 antique STAMPLESS COVER LETTER PANIC of 1837 ny RH NEVENS to REP RUGGLES for Sale

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1838 antique STAMPLESS COVER LETTER PANIC of 1837 ny RH NEVENS to REP RUGGLES For Sale

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1838 antique STAMPLESS COVER LETTER PANIC of 1837 ny RH NEVENS to REP RUGGLES :
$124.95

1838 antique STAMPLESS COVER LETTER PANIC of 1837 ny RH NEVENS to REP RUGGLES
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This listing is for R. H. Nevins letter to Rep. S. Ruggles. NY. 1838. \"Panic of 1837\"

Samuel Ruggles was then a NY State assemblyman. Nevins mentions a \"Mr B\", referring to Nicolas offerdle, President of the Second Bank of the U.S. in Philadelphia. offerdle is mentioned. by name later in the letter, with Nevins stating that an article appears in the National Gazetted by offerdle on \"New Redemption\". The letter is sent with the annotation on front \"with paper\". At the time, most bank notes and paper, as well many stocks issued on proposed canal and railroads, were hard to redeem for hard currency. Nevins mentions being on the Govenor\'s Committee, and that six of the Boston banks share the view of the Suffolk Bank. (Starting in 1824, the Suffolk Bank, along with six other banks, created a system that required country (non-federal) banks to deposit reserve balances in one more of the participating banks, which guaranteed that each country bank could redeem their banknotes in specie.) He also mentions delivering a letter from Charles King to \"S.W.\" perhaps NY Whig Samuel Works, also in the legislature at the time. He also mentions the possible affects on \"Capitol Hill\" to articles in the \"American\" and \"Journal of Commerce\".

Philadelphia had long been the home of the Second Bank of the United States (B.U.S.) and the center of the nation\'s finances. But President Andrew Jackson removed the federal government\'s deposits from the B.U.S., depositing the funds in banks throughout the nation. Western land sales spurred by Indian removal and duties collected on imports generated more money than the federal government needed. Congress redistributed this surplus to the state governments, further decentralizing the nation\'s finances. By the end of 1836, more than 700 banks were printing their own paper money in the United States. More than 100 of them had opened their doors for the first time just that year. Many of the new banks were located far away from the traditional ports of the Atlantic coast; their only tie global trade existed on paper in the charters of not-yet constructed canals and railroads. To build these \"internal improvements\" companies raised capital by selling stocks and bonds in the nation\'s largest financial market, located in lower Manhattan. Brokers with international connections managed the nation\'s trade through a variety of commercial paper: stocks, bonds, bank notes, and bills of exchange .

Excellent original early family and/or town genealogy, history, antique, collectible heirloom and/or ephemera.autograph
CONDITION: See listing description and photos.

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LOC:
LOC2: PAPERBOX07-TMK-F240613BTA300G