inadequate to meet the deficiency), Michigan (of which the Bank of the United States held two millions in bonds not paid for when it failed), Mississippi (of which the same bank held five millions in bonds the obligation of which was disputed and never met), Indiana (whose debt was one-fifth of the total valuation), Illinois, Louisiana, Maryland and Arkansas, and Florida territory--total amount, one hundred and eleven millions. In five years the Bank of the United States gave to Pennsylvania three millions, subscribed nearly half a million to public improvements by corporations, and loaned the state eight and one-half millions. In 1857–1858 Pennsylvania sold out her works, which had cost thirty-five millions, for eleven millions. The bonds deposited in New York to secure circulation had a par value of four and six-tenths millions, but were worth only one and six-tenths millions on the first of January, 1843. As early as March, 1841, this decline caused a panic in “Safety Fund” and “Free Bank” notes at New York. Pennsylvania now entered on another experiment which threatened to ruin her remaining banks as the reckless demands on the Bank of the United States had helped to ruin that institution. On May 3, 1841, the legislature passed, over a veto, a “Relief Act.” The object was to secure a loan of three millions from the banks. The Act allowed them to issue that amount in small notes which they were to subscribe to a five per cent loan. They were to redeem the notes in five per cent stock on demand in amounts over one hundred dollars. The stocks were then at eighty and specie at seven per cent premium. The best financial writer in the country at that time (Gouge) said of this Act: Pennsylvania, “after having borrowed as much as she could in the old-fashioned way from banks and brokers, and domestic and foreign capitalists, resolved to extort a loan of a dollar a head from every washerwoman and woodsawyer and everybody else within her limits who had a dollar to lend. But as washerwomen and woodsawyers and other dollar people cannot long dispense with the use of their funds, it was necessary to give these certificates of loan in a circulating form, so that the burden might be shifted from one to another day by day, or, if necessary, two or three times a day.”