Report of the Monetary Commission of the Indianapolis Convention

Report of the Monetary Commission of the Indianapolis Convention

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1900 edition. Excerpt: ... imposed a limitation of 150 per cent, of the capital; nearly thirty banks chartered in the years 1825-1828 were limited by their charters to a note-issue of 100 per cent, of capital; while all banks chartered in Massachusetts after 1829 were permitted to issue notes to the amount of 125 per cent, of their capital. In Rhode Island, prior to 1820, the banks were not limited in any way in their issue of notes; in that year the limit of the amount of capital was imposed. In 1837 the maximum note-issue of banks of $50,000 or less capital was limited to 75 per cent, of capital, banks of from $50,000 to 120,000 to 65 per cent., and larger banks proportionately less--banks of from $400,000 to $500,000 being limited to 20 per centIn 1859 the limit was made 65 per cent, for all. In Connecticut the limitation of note-issues in all of the earlier charters was 150 per cent, of the capital. In 1855 the limit was set at 125 per cent., and in 1858 further reduced to 75 per cent, of the capital. In Maine, prior to 1831, the limitation was generally the same as 1n Massachusetts--sometimes 200, but more often 150 per cent, of the capital. In 1831 a general law was passed in accordance with which banks thereafter created were limited to a note circulation of 150 per cent, of the capital. In 1838, however, the max1mum circulation was fixed at 100 per cent, of the capital for banks of $50,000 or less capital; 75 per cent, of the capital for banks of from $50,000 to $150,000, and 66% per cent, for banks of more than $150,000 capital. In 1846, an act, evidently based in a way upon the English Bank Act of 1844, limited the circulation in excess of 50 per cent, of the capital to three times the specie held, and limited the total circulation to the amount of...show more

Product details

  • Paperback | 220 pages
  • 189 x 246 x 12mm | 399g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236936574
  • 9781236936578