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Page thumbnail for The Hillsborough Recorder
Commercial June 17, 1829

The Hillsborough Recorder

Hillsboro, Orange County, North Carolina

What is this article about?

New York newspapers report severe financial difficulties affecting the community, exacerbated by country bank failures and distrust. Causes include legislative tampering with bank charters, US Bank's debt preparations, last year's short crops, and global pecuniary embarrassment.

Merged-components note: Sequential reading order and continuation on money affairs and causes of financial pressure; same focused commercial topic.

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OCR Quality

95% Excellent

Full Text

Money Affairs.—The New-York Herald says: The difficulties experienced by all classes of the community are so great as to cast a gloom over the countenances of many people who have heretofore always been the gayest of the gay. The failure of some of the country banks, too, has added to the trouble. It begat a distrust that is injurious to every body engaged in business.
The New-York American contains an editorial article, on the same subject, in which the pressure for money that is now felt not only in the city of N. York, but throughout the state, and along the sea-board generally, is attributed to four principal causes—"the ignorant tampering of the legislature with the bank charters, and the absurd law which they finally passed, divesting each bank of its separate responsibility for its own acts, and consolidating the responsibilities and the risks of all in one common mass—where honesty and roguery, ignorance and skill, poverty and wealth, are reduced to the same dead level"; the preparation which the United States Bank is making to enable the treasury to pay off six millions of debt next month; the short crops of last year—and "the state of pecuniary embarrassment in which the world is generally."

What sub-type of article is it?

Economic Banking Policy

What keywords are associated?

Money Pressure Bank Failures Legislative Tampering Short Crops United States Bank Financial Difficulties

What entities or persons were involved?

New York Herald New York American United States Bank

Where did it happen?

New York

Commercial Details

Location

New York

Key Figures

New York Herald New York American United States Bank

Notable Details

Failure Of Country Banks Legislative Tampering With Bank Charters Consolidation Of Bank Responsibilities Preparation To Pay Off Six Millions Of Debt Next Month Short Crops Of Last Year Global Pecuniary Embarrassment

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