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Editorial
November 12, 1841
New York Tribune
New York, New York County, New York
What is this article about?
Editorial criticizes banks like Jacksonville Bank for issuing depreciated notes redeemed through brokers, swindling New York workers. Urges employers to pay in par currency and workers to refuse non-par money to end the practice.
OCR Quality
98%
Excellent
Full Text
A paragraph crept into our paper the day before yesterday, by mistake, stating that the Jacksonville Bank, Florida, has resumed specie payments, and its notes are redeemed here at 1 per cent. discount. All this may or may not be true; but we take this opportunity to repeat, what we have already said once and again, that No Bank which attempts to force a circulation here by issuing and redeeming its notes through the brokers, is deserving of credit. The working men of our City have too long been swindled by such devices as this; and we entreat all honest, well meaning employers to take care that they are not made instrumental in pushing off dishonest paper upon their workmen. This iniquity of pushing depreciated paper upon the laborers of our City has made thousands of them Loco-Focos against their better judgement. It must be broken up; and we wish there could be a general understanding of Mechanics and Working Men that they would henceforth take no money for work which is not at par in this City. It is too bad that a man who works for a dollar a day must receive his pay in money which will not be taken by his landlord, but must, to his cost, be shaved by a broker. Employers of New-York! look into this matter! A Paper Currency not equivalent to Specie is a nuisance and an imposition.
What sub-type of article is it?
Economic Policy
Labor
What keywords are associated?
Depreciated Notes
Specie Payments
Working Men
Paper Currency
New York Labor
Bank Circulation
What entities or persons were involved?
Jacksonville Bank
Brokers
Working Men
Employers Of New York
Mechanics And Working Men
Editorial Details
Primary Topic
Opposition To Depreciated Bank Notes Harming Workers
Stance / Tone
Strongly Critical Of Banks And Employers Using Depreciated Currency
Key Figures
Jacksonville Bank
Brokers
Working Men
Employers Of New York
Mechanics And Working Men
Key Arguments
No Bank Forcing Circulation Through Brokers Deserves Credit
Working Men Swindled By Depreciated Paper
Honest Employers Should Not Push Dishonest Paper On Workmen
Depreciated Paper Turns Laborers Into Loco Focos Unwillingly
Workers Should Refuse Non Par Money
Paper Currency Not Equivalent To Specie Is A Nuisance And Imposition