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Editorial
January 17, 1843
The Caledonian
Saint Johnsbury, Caledonia County, Vermont
What is this article about?
Editorial presents a table of banks chartered by Locofoco (Democratic) vs. Whig legislatures from 1830-1837, arguing Democrats chartered more (246) unstable banks while Whig ones (121) are mostly sound, countering Democratic attacks on banks.
Merged-components note: Merged table of bank charters with the following editorial text, which directly references and analyzes the table as part of an opinion piece on banking policy.
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| States, | Chartered by Locos. | By Whigs. |
| Maine | 41 | 6 |
| N. Hampshire | 5 | 0 |
| Massachusetts | 0 | 71 |
| R. Island | 0 | 9 |
| Vermont | 0 | 9 |
| Connecticut | 9 | 9 |
| New York | 61 | 0 |
| Pennsylvania | 17 | 0 |
| N. Jersey | 8 | 0 |
| Maryland | 3 | 12 |
| Georgia | 5 | 0 |
| Florida | 8 | 0 |
| Louisiana | 41 | 0 |
| Mississippi | 10 | 0 |
| Alabama | 1 | 0 |
| Tennessee | 2 | 0 |
| Illinois | 2 | 0 |
| Michigan | 16 | 0 |
| Ohio | 12 | 0 |
| Arkansas | 3 | 0 |
| S. Carolina | 2 | 0 |
| Kentucky | 0 | 4 |
| Indiana | 0 | 1 |
THE RASCALLY BANKS.
The banks are foul swindling shops--they are rotten to the core, and those who conduct them should be hated by the people and banished from all good society.
So say the ultra Locofocos of the present day.
Now let us examine and see how many of those rascally banks were put in operation between 1830 and 1837. If we are wrong in our figures we will thank any one to correct us:
Here is the table:
[246]
[121]
One hundred and twenty five more banks chartered by Locofoco Legislatures in seven years than by the Whigs! And yet with the usual Democratic consistency the Whigs are called the Bank party.
But what is the condition of the banks aforesaid? Why, of the 121 chartered by Whigs all save six are now paying specie. And of the 246 chartered by the Locos, 43 have been blown 'sky high,' never will pay ten cents on the dollar--and 13 are now in a state of suspension.--Pet. Int.
What sub-type of article is it?
Partisan Politics
Economic Policy
What keywords are associated?
Banks
Locofocos
Whigs
Charters
Specie Payment
Legislatures
What entities or persons were involved?
Locofocos
Whigs
Banks
Editorial Details
Primary Topic
Critique Of Locofoco Bank Chartering
Stance / Tone
Pro Whig Anti Locofoco On Banking
Key Figures
Locofocos
Whigs
Banks
Key Arguments
Banks Are Criticized By Ultra Locofocos As Swindling Shops
Between 1830 And 1837, Locofoco Legislatures Chartered 246 Banks While Whigs Chartered 121
Of 121 Whig Chartered Banks, All Save Six Are Paying Specie
Of 246 Locofoco Chartered Banks, 43 Have Failed And 13 Are Suspended
Whigs Are Falsely Called The Bank Party Despite Chartering Fewer Banks