Kentucky's Response to the Bank Crisis
New York Daily Advertiser
The Unionist 1834-03-13
Unionist content
Transcription
From the New York Daily Adv.
The Southern papers, received last evening, furnished us with the following.—
DEPOSITES SENT BACK.
“The Lousisvile [sic] Bank, a Noble example.—Our opinions as to the duty of the banks, designated as the depositories of the public funds, are known to the community. The Bank of Louisville, which was selected some months ago as an agent of the treasury, has, we rejoice to announce, taken the course prescribed by wisdom and justice. Her board of directors, we are authorized to say, have adopted resolutions revoking their contract with the government, and the Secretary of the Treasury that the revenue already paid into the institution under their charge is subject to the Treasurer’s order. Like the directors of the Bank of Charleston and of the Bank of Virginia; they have had the moral courage to do justice to themselves worthy of the exalted estimation in which they are held by an intelligent public.”
About this Item
Kentucky's formal banking system was still in its infancy when the Jacksonian Banking crisis, and the great financial disaster of 1837 happened. There is a scholarly article on this subject: William C. Mallalieu and Sabri M. Akural, "Kentucky Banks in the Crisis Decade: 1834-1844, The Register of the Kentucky Historical Society 65:4 (October 1967): 294-303.
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See Full Metadata Hide Full MetadataOld Bank of Louisville
