The resolution

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The resolution

The resolution of Congress was, however, of such a nature that it could not easily be MBT Shoes UK evaded; and it was not a little strengthened, by an act of the Legislature of New York, imposing a penalty of twelve per cent, on any Bank within that commonwealth, which should not pay its notes MBT Shoes on demand. An act of this kind had been brought before the Legislature in April but the fair promises of the tory burch shoes Banks, and the exertions of their agents, prevented its being adopted in that year. Tired out by the subterfuges of the moneyed corporations, the Legislature at last adopted this salutary measure.During the year ending December tory burch outlet st the re venue of the United States Government amounted to the enormous sum of fortyseven millions of dollars, or to two millions more than the total of the national debt on the first of January, The appearance of increasing riches, and the general rise of prices produced by the free use of paper money, had caused a consumption of foreign commodities, tory burch flats the effect of which was felt by Government in the great increase of its revenue.But, with all this income, our fiscal affairs were not free from embarrassment. " The public treasury exhibited a phenomenon in finance. Many millions of surplus revenue, with as many different values as there were offices of collection, constantly accumulating at those ports of entry where it was least valuable, and applicable only where it was collected, while the great mass of public debt and expenditures was at those places where MBT the public moneys were least available: even the quarterly interest on the public debt, due where the currency was most valuable, could not be discharged but by the evidence of a new debt, in the form of seven per cent, treasury notes. Thus creating an invidious distinction as well between the debtors as the creditors of the public, in many cases exceeding twenty per cent, on the amount of their respective claims. The market value of the currency paid to the Government, was made to fluctuate according to the arbitrary decisions of Banks, and intrigues of brokers." In this situation, the State Banks which had been employed as depositories of the public money, withheld the indispensable facilities of exchange, for the payment of the public creditors, and finally refused to pay the balances due by them, but in the ordinary course of public expenditure; at their respective places tory burch sale of location claiming, under various groundless pretexts, the indulgence of Government, while the immense sums received by them on account of the United States in the paper of the Banks which did not participate in the public deposits, enabled them to control thpse Banks and protract their efforts to resume specie payments.