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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.

Clipping

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

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