File:Salmon P. Chase 02.jpg

Identifier: industrialhistor00boll (find matches)
Title: Industrial history of the United States, from the earliest settlements to the present time: being a complete survey of American industries, embracing agriculture and horticulture; including the cultivation of cotton, tobacco, wheat; the raising of horses, neat-cattle, etc.; all the important manufactures, shipping and fisheries, railroads, mines and mining, and oil; also a history of the coal-miners and the Molly Maguires; banks, insurance, and commerce; trade-unions, strikes, and eight-hour movement; together with a description of Canadian industries
Year: 1878 (1870s)
Authors: Bolles, Albert Sidney, 1846-1939
Subjects: Industries Industries
Publisher: Norwich, Conn. : The Henry Bill pub. Company
Contributing Library: Harold B. Lee Library
Digitizing Sponsor: Brigham Young University

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as allowed toequal only ninety per cent of the bonds so deposited. This gave the govern-ment ready money, and at the same time secured a uniform paper currency,which was everywhere receivable, and equal to government notes or green-backs. The proposition did not meet with favor at first, however. A billI was prepared, in accordance with the secretarys wishes, by the Ways and Means Committee, in December, 1861 ; but such was the objection to it, thatit was laid aside for a time : indeed, it was not resuscitated until February, 794 INDUSTRIAL HISTORY 1863, when the Finance Committee of the Senate reported it to that body.Ten days later it passed by a vote of twenty-three to twenty-one; and eightdays afterward the House concurred, seventy-eight to sixty-four. Within aweek the President had approved the measure, and it went into immediateoperation. This system has continued ever since, with no material modifica-tion, and is as nearly perfect as a banking-system can be. The security of the
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SALMON P. CHASE. notes already referred to, their uniformity throughout the whole country, andthe rigid system of quarterly statements, of reserves to meet a demand, and ofgovernmental inspection, account for the popularity with which the nationalbanks have been regarded. STATE BANKS. MASSACHUSETTS. We turn now to survey briefly banking under State auspices. WithoutThe second examining in detail the history of each particular State, it will sufficelocal bank in to note the course of events in some of the representative sections states16*1 of the countr*y- We have alreadv noted the failure of Colmansefforts early in the eighteenth century. But Massachusetts keptthe subject in mind, and was, therefore, peculiarly susceptible to the influ- OF THE UNITED STATES. 795 ence of Pennsylvanias example. Already mention has been made of the Bankof North America, which was opened in Philadelphia in March, 1782. Thesuccess of this institution led, two years later, to the organization of the Massa-c

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