The legislature of New York passes the Bank Safety Fund Act, requiring private banks to contribute to an insurance fund to redeem the notes of failed banks for specie (gold and/or silver Coin). This punishes the honest bankers and rewards the dishonest ones.
[restored 12/31/2021]
Subsequent Events:
Authority:
Article X of Amendment
ccc-2point0.com/constitution-for-the-united-states
References:
us events
www.duke.edu/~charvey/Country_risk/chronology/us-events.htm
NYS Banking Department-The History of Banking in New York State
www.banking.state.ny.us/history.htm
The Bank of the Manhattan Company—ChestofBooks
chestofbooks.com/finance/banking/English-Manual/The-Bank-of-the-Manhattan-Company.html
Current U.s. National Debt:
