Remarks on the Life and Writings of Daniel Webster of Massachusetts (Classic Reprint)
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Excerpt from Remarks on the Life and Writings of Daniel Webster of Massachusetts
In stating the nature Of the evil, after show by what means the paper of the state banks south of new-e and had become depreciated; he says, What still further increases the evil is, that this bank paper being the issue of very many institutions, situated in different parts Of the country, and possessing dif ferent degrees of credit, the depreciation has not been, and is not now, uniform throughout the United States. It is not the same at Baltimore as at Philadelphia, nor the same at Philadelphia as at new-york. In new-england, the banks havenot stopped payment in specie, and of course their paper has not been depressed at all. But the notes of banks which have ceased to pay specie, have nevertheless been, and still are, received for duties and taxes in the places where such banks exist. The consequence of all this is, that the people of the United States. Pay their duties and taxes in currencies of different values, in different places. In other words, taxes and duties are higher in some places than they are in others, by as much as the value of gold and silver is greater than the value of the several descrip tions of bank paper which are received by government. This difference in relation to the paper of the District where we now are, is twenty-five per cent. Taxes and duties, therefore, collected in Massachusetts, are one quarter higher than the taxes and duties which are collected, by virtue of the same laws, in the District of Colum bia. Pp. 233 - 4.
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