Massachusetts Historical Society Memoir

Massachusetts Historical Society Memoir

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1861 edition. Excerpt: ... for delay of payment, except simple interest and the costs of suit. The only power of coercion consisted in multiplying suits, I obtained a subscription of a hundred dollars each, from one hundred individuals and firms; which fund was placed in the hands of William Cochran, a broker, for management. We addressed a circular, which I drew up, addressed to all the country banks, informing them of our determination to put an end to the system of evasion and delay by legal means. The first call was on the Northampton Bank, which had lately gone into new hands; who were putting out their bills freely, with a view of playing the non-payment game. They began paying in fourpence-halfpennies. The agent employed, Lewis Tappan, was instructed to go on counting the money tendered him, but to inform the cashier, that, if they turned him out of the bank till he was ready to go, he should bring separate suits in behalf of all the parties interested in the several demands which he made; and so on, from day to day. After holding out until a late hour, the bank finally gave in, and gave a draft at a few days' sight on the agent in Boston. No other bank thought proper to attempt resistance. Dexter's banks all fell into discredit, and ceased to have any currency. " A system of most barefaced fraud was discovered in connection with the Farmers' Exchange Bank, which compelled Mr. Dexter to leave the State. A most violent paralysis and crisis followed in reference to the circulation of country-bank notes. Nearly all the country banks, having considerable circulation, stopped payment; but those which were really solvent soon acquired the means of resumption. Some finally liquidated in full; but a great number never paid any thing. The result of this lesson was a...show more

Product details

  • Paperback | 26 pages
  • 189 x 246 x 1mm | 68g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236656857
  • 9781236656858