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Fowle's New Hampshire Gazette And General Advertiser
Portsmouth, Rockingham County, New Hampshire
What is this article about?
In Philadelphia, a correspondent criticizes the Pennsylvania assembly's hasty revocation of the bank charter, claiming it has paradoxically strengthened the bank's stability and credit, while breaching faith and endangering future paper money issuance by setting a precedent for non-redemption.
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PHILADELPHIA, Jan. 7. A correspondent says, that the ill judged, precipitate act of the late assembly for taking away the charter of the bank, should have been entitled "An act to establish the bank by taking away the charter:" for the ability of the bank to stand the shock maliciously levelled at it by certain WRONGS HEADS; has proved the bank to have a real stability and permanent foundation, which, had it not been for the attack, could not have been so well known. It has fixed the credit of the bank instead of undermining it. But the attack is a woful and serious breach of faith on the part of the late assembly, and acts against themselves; for who will hereafter permit any assembly to make paper money, when, by the precedent the late House has set, any future Assembly may pass a law to refuse it in taxes or redeeming it at all, and throw the loss on the holders?
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Where did it happen?
Domestic News Details
Primary Location
Philadelphia
Event Date
Jan. 7
Outcome
the bank's credit has been strengthened rather than undermined; sets a dangerous precedent for future assemblies regarding paper money redemption.
Event Details
A correspondent argues that the late Pennsylvania assembly's act to revoke the bank charter was ill-judged and has instead proven the bank's stability, fixing its credit. The attack is seen as a breach of faith that could deter future paper money issuance by allowing assemblies to refuse redemption.