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Herald Of The Times
Newport, Newport County, Rhode Island
What is this article about?
The Dry Dock Bank in New York stopped payment on Monday, failing with $260,000 of public revenue lost as part of the 'better currency experiment' involving pet banks and Secretary Woodbury.
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FRUITS OF "THE EXPERIMENT."
$260,000 Dollars!
Of the People's Money squandered!!
The Dry Dock Bank, in New-York, stopped payment on Monday last. The Commercial Advertiser says—"The Dry Dock was one of the pet banks, and is understood to have held between two and three hundred thousand dollars of the public revenue at the time of its failure. Mr. Secretary Woodbury will therefore have the consolation of seeing, that, in the working of the "better currency experiment," a portion of the surplus revenue has been pretty effectually distributed, without the intervention of a Treasury draft."
What sub-type of article is it?
What keywords are associated?
What entities or persons were involved?
Where did it happen?
Domestic News Details
Primary Location
New York
Event Date
Monday Last
Key Persons
Outcome
stopped payment; held between two and three hundred thousand dollars of the public revenue at the time of its failure; $260,000 dollars of the people's money squandered
Event Details
The Dry Dock Bank, in New-York, stopped payment on Monday last. The Commercial Advertiser says—"The Dry Dock was one of the pet banks, and is understood to have held between two and three hundred thousand dollars of the public revenue at the time of its failure. Mr. Secretary Woodbury will therefore have the consolation of seeing, that, in the working of the "better currency experiment," a portion of the surplus revenue has been pretty effectually distributed, without the intervention of a Treasury draft."