The American Quarterly Review, No. 18, June 1831 (Vol 9)Various
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The American Quarterly Review, No. 18, June 1831 (Vol 9)
Various
Intellectual life -- Periodicals; United States -- Intellectual life -- 19th century -- Periodicals
"What still farther increases the evil is, that this bank
paper being the issue of very many institutions, situated in
different parts of the country, and possessing different
degrees of credit, the depreciation has not been, and is not
now, uniform throughout the United States. It is not the
same at Baltimore as at Philadelphia, nor the same at
Philadelphia as at New-York. In New-England, the banks have
not stopped payment in specie, and of course their paper has
not been depressed at all. But the notes of banks which have
ceased to pay specie, have nevertheless been, and still are,
received for duties and taxes in the places where such banks
exist. The consequence of all this is, that the people of
the United States pay their duties and taxes in currencies
of different values, in different places. In other words,
taxes and duties are higher in some places than they are in
others, by as much as the value of gold and silver is
greater than the value of the several descriptions of bank
paper which are received by government. This difference in
relation to the paper of the District where we now are, is
twenty-five per cent. Taxes and duties, therefore, collected
in Massachusetts, are one quarter higher than the taxes and
duties which are collected, by virtue of the same laws, in
the District of Columbia." Pp. 233-4.
A little further on, after showing that if this state of things is not
changed by the government, it will be likely to change the government
itself, he adds,--
Public-domain text, read in full here on John Shaqi.
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