Slave Agriculture and Financial Markets in Antebellum America Book contents
- Frontmatter
- CONTENTS
- Dedication
- Introduction
- 1 Exchange and Money Markets
- 2 The Bank of the United States in Mississippi, 1831-1836
- 3 Pennsylvania and Mississippi: The United States Bank, 1836-1841
- 4 Assignments, Preferences, and Trusts: The Failed Bank of the United States in the Courts of Mississippi and the Nation
- 5 The Business of Making Collections
- Conclusion
- Notes
- Bibliography
- Index
3 - Pennsylvania and Mississippi: The United States Bank, 1836-1841
- Frontmatter
- CONTENTS
- Dedication
- Introduction
- 1 Exchange and Money Markets
- 2 The Bank of the United States in Mississippi, 1831-1836
- 3 Pennsylvania and Mississippi: The United States Bank, 1836-1841
- 4 Assignments, Preferences, and Trusts: The Failed Bank of the United States in the Courts of Mississippi and the Nation
- 5 The Business of Making Collections
- Conclusion
- Notes
- Bibliography
- Index
Summary
[T]here is a strong jealousy of New York rising in the South. You know the schemes of the Southerners for getting their own trade into their own hands. What support they have given to the Sub-Treasury, has been to promote this view – The mass of them have been sincere. Mr. Calhoun has used it only to cloak his ambition. They are now alarmed at the prospect of a new union of the money power with the political power, by means of the free banking law of New York. The question is whether in their jealousy, (the present predominant feeling, whether well or ill founded) there is not a ground for an union of the Bank U. S. with the south. If you can make friends there, you will soon have Pennsa., for she always goes with the south.
John Sergeant to Nicholas Biddle, 28 April 1838.The incorporation of the United States Bank of Pennsylvania in 1836 is a familiar story, and historians of the Bank have correctly pointed out that the costs of the state charter were a serious drain on the bank's resources. Over the twenty-year life of the charter the bank was obliged to pay $4,400,000 to Pennsylvania and its political subdivisions, advance on permanent loan up to $6 million on that state's bonds, and loan the state an additional 1 million on an emergency basis for up to twelve months. The bank was also required to subscribe to $675,000 of stock in various railroad and canal companies incorporated by the Pennsylvania legislature.
There remained to be settled the federal government's stock in the Bank of the United States, which with the prorate of the accumulated surplus was $7,946,356.16.
- Type
- Chapter
- Information
- Slave Agriculture and Financial Markets in Antebellum AmericaThe Bank of the United States in Mississippi, 1831–1852, pp. 57 - 106Publisher: Pickering & ChattoFirst published in: 2014