The Story of a Bank, an Account of the Fortunes and Misfortunes of the Second Bank of the United States (Classic Reprint)

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Excerpt from The Story of a Bank, an Account of the Fortunes and Misfortunes of the Second Bank of the United StatesAfter the second Bank had been made a political issue and forced out of existence, the custody of public funds was given over to the state banks, and their notes became the only paper currency. They soon afterward suspended specie payments and many of them went into bankruptcy, with heavy losses to the Treasury. Resort was then had to the inde pendent treasury system, since maintained with some modifications. Daniel Webster said it was modelled after the treasury of Darius, King of Persia, 500 B. C the theory of the system being that the government should collect all income in cash and guard the cash in a strong-box until it was paid out in the regular course of expenditures. It is needless to say that this policy was totally at variance with modern customs and at times proved to be wholly impracticable.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.