THE JOURNAL OF BANKING, FROM JULY 1841 to JULY 1842: CONTAINING ESSAYS ON VARIOUS QUESTIONS RELATING TO BANKING AND CURRENCY, NOTICES OF BANK FAILURES AND BANK DEFAULTS, THE PRICES OF BANK NOTES AND SPECIE, THE RATES OF EXCHANGE, FOREIGN AND DOMESTIC, AND IN THE UNITED STATES, FROM 1690 TO 1832. TOGETHER WITH AN INQUIRY INTO THE PRINCIPLES OF THE AMERICAN BANKING SYSTEM, WITH CONSIDERATIONS OF ITS EFFECTS ON MORALS AND HAPPINESS. BY WM. M. GOUGE. 1107 J. VAN COURT, PRINTER, QUARRY ST., BETWEEN SECOND AND THIRD : For Sale by the Editor, No. 302 Race street; G. B. Zieber, corner of Third & Dock sts.; J. R. Colon, 2034 Chestnut st.; DEDICATION. To our Subscribers generally this work is respectfully dedicated; and especially to Judge Watts of New-Orleans; Dr. John H. Duncan, of Fayette, Mississippi: John M. Felder, planter, of Orangeburg, S. C., member of the State Senate: Samuel Yorke At Lee, Attorney-at-Law, Detroit, Michigan: Charles F. Hovey, merchant, of Boston, Mass.: B. G. Shields, member of Congress from Alabama: Mark A. Cooper, member of Congress, Georgia: John M. Wyse and E. W. Wyse, of Pikesville, Baltimore County, Maryland. Carolina, R. M. Saunders, member of Congress: South Carolina, And also to the following gentlemen in the following States:New-Hampshire, Edmund Burke, member of Congress from Sullivan County: Massachusetts, of South Reading: Connecticut, F. G. Peabody, of Bridgeport: New-York, Judge Fine, of Orwigsburg, former member of Congress; of Potsdam, R. D. Davis, member of Congress, and of Poughkeepsie: Arthur Stewart, of New-York: NewJersey, John Cassidy, of Hackensack, Vice President of Council, of N. J.; Wm. McIlvaine, of Burlington Pennsylvania, Clement C. Biddle, Wm. Fife, John Napier, Joseph R. Evans, Thos. Hulme, Samuel Davis, and W. M. Swain, of Philadelphia; Dr. D. Petriken, former member of Congress, of Danville; Wm. H. Smith, editor of the Mercury, Pittsburg: Delaware, Dr. Thos. W. Handy, of Newark: District of Columbia, R. Ela, of Washington: Virginia, George W. Hopkins, and E. W. Hubard, members of Congress, Edmund Ruffin, Sr., editor of Farmers' Register, Petersburg; Edmund Ruffin, Jr., of Garysville, Prince George County; of Buckingham C. H.: North of Woodville; of Barnwell C. H.: Georgia, P. C. Guieu, of Augusta; R. B. Murdock, of Columbus; S. W. Smith, of Warrenton; Chester Hawks, of Cassville; S. C. Prudden, of Eatonton; and Eli Mansfield, of Sparta: Alabama, J. L. F. Cottrell, of Haynesville; of Mulberry, P. O.; and of Carter's Hill; of Church Hill; of Benton; Louisiana, G. Mayo, of Harrisonburg ; J. F. Brent, of Alexandria; R. W. Richardson, of Monroe; James M. Moore, of Vermilionville; James M. Seal, of Farmersville; E. Slaughter, of Baton Rouge; W. Langfitt, of Clinton; Thos. Layton and J. Townsend, of New-Orleans: Mississippi, Woodson Wren, of Natchez; Richard Davidson, of Jackson; P. S. Caffrey, of Liberty; Dr. James Hagan, of Vicksburg; E. G. Harris, of Benton; of Brandon; of Warrenton: Arkansas, H. A. Whittington, of Hot Springs: Tennessee, M. B. Campbell, of Spring Hill; of Fayetteville, of Columbia Kentucky, Linn Boyd, member of Congress; L. B. Holifield, of Mayfield: Missouri, Edward Milligan, of St. Louis; Joseph Fawcett, of St. Charles; of Troy: Illinois, P. C. Canedy, and of Springfield; N. W. Peddicord, of Decatur; of Columbia: Indiana, J. O. Jones, of Terre Haute; of Milton: Ohio, Benj. Tappan, and Wm. Allen, of the U. S. Senate; John Hastings, Wm. Medill, John B. Weller, and Ezra Dean, of the U. S. House of Representatives; D. A. Starkweather, former member of Congress, of Canton; Dr. Ephraim Gaston, of Morristown; Dr. S. A. Barker, of Zanesville; J. D. Ringwood, of Oxford; Charles Olcott, of Medina; M. R. Birchard, of Warren; H. N. Wadsworth, of Toledo; Richard Stock, of Clarkson; of Ross; of SomerSome of these gentlemen have sent us the names of as many as fifty subscribers, or subscribed to so many on their own account as to make up that number; and to none of them are we indebted for less than four subscriptions. We regret that it is not in our power to give the names of all who have laid us under obligations since we commenced the Journal. set. of Canal Dover; The most eligible mode of binding this volume, will be by bringing the Historical chapters together. As either four or eight pages in each number are occupied with the History, and as it is printed in a different type from that used in the Journal, there will be but little difficulty in collating the different quarter and half sheets. We ought to have given the History a distinct paging, but we were prevented from so doing by various considerations, one of which was, that we did not expect to bring it to a conclusion in the first volume. Those who are particular on this point can easily give it a new paging with a pencil. We have made arrangements with Mr. James M. Davis, of 449 Market street, through which such subscribers as may find it convenient to send their copies to him, can have them bound on advantageous terms. Subscribers who do not live within a convenient distance from a regular bookbinder, can, by attending to the directions on page 17, bind the volume for themselves, in a very substantial manner. INDEX TO JOURNAL OF BANKING. African Money Market, 114. Alabama, Events and Condition of things in, 8, 26, 41, 50. Anti-Bank Democrat, Notice of, 242. Appleton on Currency, quotations from, 34, 337. Asia, Paper Money of, 114. Baltimore, Events, &c. in, 140, 166, 295. Bank and Church, 7, 52, 392. Bank Defaults, 7, 23, 40, 55, 73, 87, 92, 106, 122, 137, 150, 166, Bank Failures, 22, 54, 73, 87, 107, 122, 137, 150, 166, 183, 199 Bank Notes, prices of at Philada. from 1814 to 1841.-354-5. Bank Question, The, Its True Character, 18. Bank Reformer, The, Notices of, 97, 181. BANK RETURNS. Maine, 23. New Hampshire, 36. Bank of England, 36. Missouri, 54. Louisiana, 72. For each Bank Riots, 232, 248, 390, 403. Bankrupt Act, 41, 73. Its probable effects on the Banks, 245. Bills of Exchange; their utility, 36. Bills of Suspended B'ks rejected, in various places, 41, 53, 68. Buenos Ayres, Paper Money in, 181, 374. Financial concerns of the United States, 41, 56, 91, 214, 228, FISCAL AGENCIES. Mr. Ewing's, 20. Mr. Clay's, 21, 42, 57, Foreign Bankers, Failures of, 27, 43, 57, 123, 150. 360, 375. Flour. Exports from United States, and quantity consumed Fluctuations, 321, 359. France, Paper Money in, 135, 145. Free Banks of New-York, Sale of their Securities, 54. French Banking, 401. Gallatin on Banking, Quotations from, 35, 52, 59. Re- Gold and Silver. Amount in Europe and America, 18, 35. Gold and Silver Coinage. Account of changes in, 165. Gold and Silver Mines; new ones discovered, 50, 75, 161. Hamburg, the Bank of, 307. Great Fire at, 391. History of Banking Commendatory Notices of, 4. Com- Illinois. Events, &c. in, 40. 209, 225. Incidents, 7, 25, 42, 43, 56, 74, 91, 123, 183, 200, 215, 231, 248. Indiana. Events and Condition of things in, 34, 182, 199, 215, 229. Insolvents. Number in Philadelphia, 25, 248. Joint Stock Bank, Remarks on, by Gallatin, 59. Kentucky, Events and Condition of things in, 306, 375, 391, Legal Decisions, 24, 122, 294. Louisiana, Events and Condition of things in, 7, 26, 72, 403. "Macon Specific, The," 132. Manufactures. American, how best promoted, 211, 325, 341. Mercantile Failures, 25, 43, 75, 91, 107, 139, 215. Michigan, Events and Condition of things in, 26, 182 374. Missouri. Events, &c. in, 26, 54, 167, 403. Money Market, (See same pages as Bank Notes, prices of.) New-England, Banking in, 337. New-Hampshire, Concerns of, 36, 59. New-Orleans, Events, &c. in, 200, 231, 390, 403. New South Wales, Banking in, 182. New-York, Events, &c. in, 7, 25, 42, 56, 74, 123, 167, 200, 230, Nicklin, Philip H., Obituary of, 309. Northampton Bank, Equivocal position of, 327. Object of this Journal, 113. Ohio, Events, &c. in, 7, 43, 75, 91, 198, 242, 276, 344, 358, 391. Panic of 1825, The, account of, 356. Paper Money and Specie, specific dis inc ions of, 243. Philosophy and Politics, 196. POETRY. Epigram, 50. The Wall Street Chorus, 181. "Srid Political Economy, not much studied, 242. Resumption of Specie Payments, 132, 164, 168, 257, 294, 358. Revenue of the United States, 214. Revulsion, The Bank, 305, 391. Rhode Island and Paper Money, 161. Robinson, Peter; debt leads him to commit murder, 7. Ronaldson, James, obituary of, 309. Science of Currency, The, remarks on, 307. Sco ch Banking System, The, account of. 147. Specie as Currency; Its advantages, 372. Specie, prices of, at N. York & Philada.: see Bank Notes, Standard of Value, Essay on the Bank, 290. State of the Country, Thoughts on, 228. State Debts, Tabular View of, 104. State Paper Money in Illinois and Pennsylvania, 211. Stock Market, The, see same pages as Bank Notes, prices of. Stocks, depreciation of, 88, 216. Sub-Treasury Law, repeal of, 42, 57, 59. Suicides, cases of and remarks on, 8, 25, 200. Synopsis of Bank Accounts, from 1834 to 1841, 385. TABULAR VIEWS of Depreciation of Stocks. 88,216. Of Bank Defaults, 55, 402. Of Imports and Exports of Gold and Trade, The state of.-See same pages as Bank Notes, prices Tract for the Times, remarks on, 181. Treasury Notes; Their use and abuse, 227. Amount out. Treasury System of the United States, 177. TYLER, PRESIDENT, His veto of the Fiscal Bank bill, 59, 66. His Effigy burned, 75. His veto of the Fiscal Corpora. tion bill, 89, 92, 139. His Message of Dec. 4th, 1841, 193. Unconstitutionality of Bank Paper Money, 372. Union Canal, makes an assignment, 102. United States Bank, 7, 25, 40, 53 72, 87, 88, 106, 118, 139, 140, Virginia, Events, &c. in, 53, 198, 215, 359. Visitation of Corporations, 211. Winding up of Banks, recommended, 132. THE JOURNAL OF BANKING. Vol. I. BY WILLIAM M. GOUGE. Philadelphia, Wednesday, July 7, 1841. THIS JOURNAL WILL CONTAIN, 1st. A new edition of "A Short History of Paper Money and Banking in the United States" by Wm. M. Gouge, with corrections and additions, bringing the narrative down to the present time. 2d. Essays on Banking, Currency, Exchanges and kindred topics, in which efforts will be made to place these subjects in the clearest light possible. 3d. A semi-monthly review of THE TIMES, embracing the most important events, especially those which relate to the money and produce markets, and which affect the general operations of business. 4th. Such miscellaneous matter as will, while it will add to the interests of the work, subserve its main object, which is that of showing the true character of our paper money and banking system, and the effect it has on the morals and hap piness of different classes of the community. This Journal will be especially intended for Farmers and Mechanics, but it is hoped it will not prove unuseful to Merchants and other productive members of society. It will be published once every two weeks. Each number will contain sixteen pages octavo, double column, with the leaves stitched and cut, thus uniting the advantages of the open sheet with a form convenient for binding. The paper will be fair, and the type good. The price will be, For one copy, one dollar and fifty cents a year. For four copies, five dollars, or one dollar and twenty-five cents each. For ten copies, ten dollars, or one dollar each. TO THE READER. A periodical of this kind can obtain general circulation, only through the assistance of those who are friendly to the objects it is designed to advance. With a view of securing such assistance, a letter, with a copy of the prospectus, was, on the 5th of May last, sent to a number of gentlemen, but as it was found impossible thus to address all whom it was desirable to address, it is respectfully requested that every one into whose hands this number of the Journal of Banking will fall, and who is friendly to the undertaking, will consider the letter which follows, as addressed to him personally-as much so as if it was superscribed with his own name, and was throughout in the handwriting of the subscriber. No. 1. time. Eight years have elapsed since it was first presented to the public, and in this interval many incidents have occurred strikingly illustrative of the nature of our paper money and banking system. I have collected materials for the continuation of the history, and being no longer in the public service, have now leisure to execute the work. For various reasons the periodical form of publication is preferred. The semi-monthly review will embrace a collection of facts having a direct bearing on the immediate interests of all who are engaged in business of any kind; and being given in connection with the history, will unite the present with the past. Arguments and illustrations necessary for the perfect understanding of the system, will be introduced in the form of Essays, without breaking the continuity of the narrative. In its main features, however, "The Journal of Banking" will be historical, and, as "history is philosophy teaching by example," it is thought this will be the most effective way of diffusing the truth in relation to a subject in which every member of the community is deeply interested. The price of the work has been fixed very low, with the intent of placing it within the reach of all who feel disposed to study the important topics of which it will treat. The deduction to those who take five or ten copies is intended to facilitate collections, and to afford to those who may be kind enough to collect subscribers and forward remittances, an opportunity, if so disposed, to compensate themselves for their trouble. At the low price fixed upon, a considerable Your Obedient Servant, |