а cause. 'amount for private purposes, which must be collected Answers by a member from Adams County. by process of law. 1. Yes, perhaps not so great as is represented in many 26. An avaricious desire for money, and a delusive others. belief that banks would make it abundant. 2. Yes, in all the aforesaid cases. 27. Some bave. 3. All, or with very few exceptions. 28. Excessive, beyond credibility. In one case a 4. Not at all. Mr. bought a bond to the amount of $ 1600 for 5. Yes, paper money then in circulation, not specie. $ 400. In another, one for $2300 for $300. 6. From about 30 to 50 dollars. 29. The notes of one are worth nothing; those of the 7. In common not more than double; it was nearly as other are redeemed on presentment. highı at or before the banks were incorporated in the 30. About one sixth, chiefly in silver. summer and fall of 1814, as afier the passage of the 31. None except the turnpike company bills, from 1 law. to 10 dollars. 8. Nothing at all. 32. I answer in the affirmative. 9. Yes, Gettysburg bank, established under the gen33. None. eral banking system. 34. I never held one cent, until one month since, 10. It bad risen before, as already answered. when I was compelled to take $ 100 of stock by trans 11. About that time, though I do not think that the fer, for a desperate debt. Answers by a member from Dauphin County. 12. Many causes combined to produce these effects, among which were the following, viz. An excessive im. 1. It is complained of in our district severely. portation to supply a deficiency occasioned by preced2. It exhibits itself in every particular shape specified ing restrictions on commerce, and the war which fol. in the questions, particularly as far as relates to the jus- lowed, the high wrought calculations on a return of tices of the peace. peace, aided by the banks which unfortunately at that 3. There are supposed to be seven out of ten. critical period came into operation; the avidity with 4. It is not to be obtained at any rate whatever. which commercial men strove to possess themselves of 5. It was to be obtained upon good security, but not specie, by sending out their shavers, brokers and specuso plenty as in some other parts of the county. lalors, to seize the paper of the banks as soon as it 6. Good improved land would at that time sell at from issued, and the consequent depreciation which ensued; 16 to 24 dollars per acre. the inducements to overtrade; the deceptive nature of 7. In the latter part of the year 1815, and the spring cheap goods, purchasing more than we had need of , of 1816, land sold from 25 to 45 dollars per acre. and more than we were able to pay. · Indulgence in 8. At present it would not sell for more than 12 or 15 fashion, in ease, in extravagance, in clothing, furniture, dollars, and not at that for cash. &c. &c. all these and many more combined to produce 9. None nearer than Uarrisburg. the present state of things. 10. It did not before the branch bank was established 13. They have overtraded on their own stock; I in Harrisburg, but took its main rise after the forty know of none who are indebted to the banks. banks were established. 11. Yes, it did, but more so, when the paper became has fallen from 50 to 60 per cent. 14. When we speak of produce generally, I think it more depreciated. 15. Very little, it is mostly employed in shaving notes 12. To the banking system. and in purchases at public sales. 13. Certainly it is the case, with some. 16. No real estates have been sold; private property 14. There was not, until the last year. has in many instances which I could name, where they 15. There is my opinion very little hoarded. have sold for not more than one-fifth of their value. 16. There have been- A lot and house were sold at 17. Yes. Millersburg, where the lot only paid the costs of sale 18 None that I know of. and five dollars of the debt. A wagon and four horses, 19. There has but very little of it I think been valued at 400 dollars, were sold for 125 dollars. Consta drawn for that purpose, excepting to turnpike roads. ble's sales are held in my neighbourhood, I might say 20. Perhaps they have, I do not charge these evils weekly, almost daily. to the account the banks as necessarily arising out 17. It has so. of them, evils have arisen, over which the banks had 18. Great losses indeed. no control. 19. None at all. 21. Not many, we are a manufacturing district; com20. I do not. mon laborers are abundant. 21. A large portion. 22. Yes, to a most ruinous extent. 22. It has. 23. Yes, I might say tenfold beyond the natural in23. It has in in a great measure. crease of wealth. 24. It has on account of the foreign articles coming 24. Yes, among the fashionable class there are many cheaper than they could afford to make them. who retain their former habits. 25. To my knowledge none for the use of public 25. I cannot state the amount, but there has been no improvements , but a large amount for other speculations resort to legal compulsion. which is still yet unpaid to the banks. 26. Doubtless it was a prospect of gain, being little 26. I believe the principal motive was speculation. 27. Not many, I might say not any at all. There are embargoes as already observed. employment for money at the time, owing to war and sume brought so low, that I think they are not able to 27. None. leave the state. 28. No-none that I know of. 28. Not to my knowledge. 29. I believe tlie banks of Harrisburg do, and their timore, where we principally trade. 29. Yes, to any amount, they are at about 2 in Balnotes are at par or nearly that. 30. Very little. 30. There is a small portion in silver or copper, five 31. None at all. to one hundred; the rest is great part, Reading bank 32. Yes, see answer to No. 12. paper. 31. There are none, I answer No, to the two remaining questions, 33 and 34. 32. It is my opinion so. 33. As there are no public improvements with us, Answers, by a member from Lancaster County. think there are none. 1. It is experienced over the whole county of Lan34. I am not. caster, and is unexampled in great part thereof. 1829.) REPORT ON THE STATE OF THE COMMONWEALTH. 149 2. It exhibits itself in various forms, viz. by a very 28 There have been some cases; the rates from 9 to large number of insolvent debtors, by the embarrass- 12 per cent. ment of all classes, (except as enumerated in the 3d 29 Yes, all-except the bank at Marietta, which is at answer,) by scarcity of money, and consequent sacrifice 35 per cent. discount. of property, and by numerous law suits, as well in the 30 Yes—both gold and silver; but the proportion I common pleas, as before justices of the peace. am not able to state. 3. All, attorneys, sheriff, constables, justices of the 31 No. 32 Yes, peace, and officers generally, are benefitted; and all 33 Some have, and it is feared several more will be. other classes more or less the reverse. 34 No. 4. No. Answers, by a member from Delaware county. 5. Yes. 6. From 75 to 100 dollars. 1 None but that which would naturally follow a 7. The height of speculation was in the years 1813– peace after a long war in Europe, to a neutral nation, 14; the price of first rate lands was then from 250 to who carried on an immense trade with the belligerents, 300 dollars. far beyond the support of their internal resources. 8. From 50 to 70 dollars. 2 A want of market for the surplus produce of the 9. Yes, there are five, viz. a branch of the Pennsyl- country; and employment for a monstrous surplus tonvania Bank, established at Lancaster about 16 years ago; | nage in consequence of the belligerents becoming their the FarmersBank of Lancaster, at the same place, own carriers. The different items of distress stated in established about 10 years ago; the Lancaster Bank, this question are of course all felt, and resulting from established at the same place 1814; the Marietta and the above two causes. Susquehanna Trading Company, and the Columbia 3 All-Lawyers, magistrates, and constables, favora. Bridge Company; the former established at Marietta, bly; all others unfavorably, and in consequence of the and the latter at Columbia, both in 1813. two first reasons. 10. Property, especially real, began to rise gradually 4 Easily at six per cent. about the time of the establishment of the Farmers' 5 Yes. Bank of Lancaster, but the rise thereof increased more 6 From 75 to 120 dollars. rapidly when the remainder went into operation. 7 From 100 to 150 dollars, cannot answer what year. 11. Yes. 8 From 40 to 75 dollars. 12. It has been ascribed to many causes combined, 9 Yes, at Chester, one of the forty. viz. the high price of real and personal property in the 10 Some time before, and continued rising, but I years of 1812-13 and 14, when many large debts were of no effect the bank had. contracted, and not yet paid, and when immediately af- 11 Delaware county bank has not in any way I know, ter the general peace in Europe and here, such large affected the price of land in the county; the directors quantities of foreign merchandize were imported, and have called in but a very small portion of their loans, at the same time produce of every description depre- and never pressed, but when previous judgments forciated in value, and the banks curtailing their discounts ced them. to a large amount-those are believed to be some of 12 See answers to questions 1 and 2. the causes. 13 No. 13. Yes, generally so, together with the depreciation 14 Yes—The ratio I know not exactly. in value of their stock on hand, from time to time. 15 Not more than from one to thirty years back. 14. Yes, from 50 to 75 per cent. 16 We have suffered very little in Delaware county, 15. A considerable amount. and I know of no particular sacrifices. 16. Yes, many–for instance, an elegant three story 17 Yes—for want of a foreign market. brick house, together with two lots of ground, in the 18 No. 19 None. borough of Marietta, finished in best modern style, cov- 20. I dont think the effect is sensibly felt. The moered with slate, fronting on one street 45 feet, and on nied men bought the stock, and the bank lends in place another 90 feet, with all the necessary out houses, the of the individual. I consider the bank a neutral institubuilding of which in 1814, cost, exclusive of the lots, tion, as regards this question. $16,000, was lately sold at sheriff's sale for $1,600.- 21 Yes. 22 No. Another brick house, three stories high, with two lots 23 Yes. 24 No. of ground, and all necessary out buildings, almost fin- 25 I believe none, but some little to individual con ished, the house fronts one street 45 feet, and the oth- tractors for sections of turnpikes, on individual security, er street 104 feet, sold lately at sheriff's sale for $1,000. but not more, I think, than from 3 to 500 dollars. Another, a frame house, painted and finished, 35 by 40 26 Please enquire of the legislature of 1814. teet, two stories, which sold in the time of speculation 27 I know of none. for $5,000, was lately sold at sheriff's sale for 215 dol- 28 No. lars. And vacant lots, wbich sold in the times of spec. 29-Specie payments—no depreciation. ulation, at from 1,500 to 2,500, were lately sold at from 30 Yes—but I cant state the proportion. I hear no 5 to 15 dollars each. A farm, which in times of specu- complaints on this bead. lation could have been sold for 300 dollars per acre, was 31 I know of none. lately sold at sheriff's sale for 53 dollars per acre. Ma. 32 I am not able to answer this; but if I understand, ny similar cases might be enumerated in different parts I should say no. of the county 33 No. 17. Yes. Answers by a member from Northumberland county. 18. None at present, but formerly they did. 19. Considerable in roads, bridges, mills, houses,&c. 1. It is in all the districts to a certain degree, but not 20. No. 21. Yes. so much so, as in some other parts of this commonwealth. 22. Yes. 23. Yes. 2. Farmers, merchants and others are affected owing 24. Yes—but since the distress has pervaded us, fam. to a general scarcity of money. I cannot say there has ily industry has again made considerable progress. been much property sacrificed, but believe the lawsuits 25. Considerable, but the sum I am not able to spe. numerous before justices. cify; it is not re-paid, nor likely to be without legal 3. All. compulsion. 4. No-very little to be had at any rate. 26. The same which so generally leads to all human 5. I believe not. exertions, viz. gain. 6. From thirty to forty dollars. 27. Many 7. From eighty to ninety dollars, 1815, I think. a . 8. From thirty to forty dollars. Answers by a member from Northampton, Wayne and 9. Northumberland, Union and Columbia bank, 1814, Pike counties. or 1815. 1 It is generally felt throughout our district, in the 10. It had commenced to rise before the general extreme. banking system was introduced. 2 The embarrassment is general, but felt more par. 11. Yes. ticularly by farmers and mechanics. The sacrifices are 12. To the bank ceasing to discount, calling in their great, and suits before justices have increased within money, and the reduction of our produce in price. two years four-fold. 13. I cannot say they have. 3 Nine tenths. 14. There has, within the last year or two, from fifty 4 It is not to be procured at any rate, except in very to seventy five per cent. few instances, and then at a high rate of interest. 15. No. 5 It was easily procured at six per cent. 16. There has been but few, if any. 6 From eighty to one hundred dollars. 17. It has. 18. They do. 7 From one hundred to one hundred and forty dolls. 19. In the erection of two bridges, one over the north Speculation was at its heighth in 1815 and 1816. and the other over the west branch of the Susquehanna, 8 From fifteen to twenty dollars; in some instances and the Centre turnpike road. higher, and many lower. 20. I do not. 9 There is one called the Easton Bank, established 21. A good many. in 1814; also a branch of the Pennsylvania Bank. 22, I think not. 10 Property had taken a moderate rise before the nu23, I think not. merous banks were incorporated, but took an unusual 24. I think not, but rather the reverse. rise immediately after the banks were in operation. 25. The bridges over the north and west branches of 11 It did. the Susquehanna have, I believe received loans. To 12 To the banking system generally. what amount I cannot say, but no boubt will be able to 13 They have; and their over-trading is partially to pay without compulsion, be ascribed to the facility of bank loans. 26, Speculation. 14 There has been a great falt within three years, 27. Not in my recollection. say from forty to fifty per cent. 28. There has been instances where twelve or per- 15 Very little, except what is in bank. haps more per cent has been taken in the purchase of 16 Yes—there have been numerous instances where bonds. I have little doubt but bonds to a large amount property both real and personal has been sold for less could be got at a discount of twelve per cent. than one fourth its value, and in some instances for not 29. They do not redeem their notes in specie of any one sixth. amount. I cannot say the exact depreciation they are 17 Yes—more by men of property, than the laboring at in Philadelphia. part of the community. 30. Silver is more plenty than par paper; not much 18 Not to any great extent, as there is very little of gold to be seen. any kind in circulation. 31. There is some issued by the managers of the Ber- 19 Perhaps some, not to any great extent. wick bridge; the lowest denomination one dollar, and I 20 I do not-but far the reverse, as I think the evils believe all paid in specie, on demand, over balance the advantages derived from them, one 32. I do not. hundred per cent, and more. 33. Not to my knowledge. 21 A considerable number. 34. No. 22 It has to a considerable extent, urtil within two Answer by a member from Berks and Schuylkill counties. years much has been used and consumed. 23 Yes. 24 Yes. 1. Yes. 2. Yes. 25 I cannot answer. 3. All, less or more. 26 To assist farmers and mechanics in their agriculty: 4. No. 5. Yes. ral and mechanical pursuits. 6. From eighty to one hundred dollars. 27 Yes, many. 7. From one hundred and fifty to two hundred dolls. 28 Yes, we have known money loaned by way of selt 8. From eighty to one hundred dollars. ing good endorsed notes, at eighteen, twenty-five and 9. Farmers' Bank of Reading established in 1814. thirty per cent. 10. Yes. 11. Yes. 29 Yes, the banks pay specie, and their votes are at 12. To the banks and speculations of individuals. par in Philadelphia. 13. Yes, in some measure. 30 Very little, not more than a twentieth, in propor14. More than fifty per cent. tion to paper. 15. Ne, not much. 31 None. 16. Yes, there are numerous instances where they 32 Yes, to a great extent. have brought little more than one third of their value. 33 I know not any who have received loans. · 17. Yes. 18. Yes. 34 I am not. 19. No very extensive advantages. Answers by a member from Bucks county. 20. No. 21. Yes. 22. Cannot say particularly. 23. Yes. 1 The citizens of my district experience in coramon 24 Cannot pretend to say. with other citizens of the state, considerable embarrass. 25 About 50,000 dollars to the Centre turnpike comment in their pecuniary concerns, particularly that class pany, not yet repaid, but a judgment has been obtain- of persons, who have embarked in extensive speculaed against the managers for the time being. tions. 26 Do not know. 2 There is a depreciation of at least 33 per cent on 27 No, not to our knowledge. real estate within the last four years; law suits have in. 28 Yes, but cannot particularize them. creased before justices of the peace; and property when 29 The Farmers' Bank of Reading does not, but the sold by execution generally at a considerable sacrifice. Branch Bank of Pennsylvania, at Reading docs. 3 I believe that persons of all descriptions within my 30 There is a very small quantity in circulation in our district are either directly or indirectly affected by the district. pressure of the times; but particularly those who have 31 No. 32 Yes. made recent purchases of land at its late high price. 33 We do not know of any. 4. Money is not easily procured on loan where the 34 One of the members from the district is: security is unexceptionable. The bank, as a matter of 1829.) REPORT ON THE STATE OF THE COMMONWEALTH. 151 . necessity, in a great measure discontinued its loans, and it would not bring more than it would have brought in the present depressed prices of the productions of the the year 1808, or 1809. soil has produced an alarming scarcity of money. I be. 9 There is one, Huntingdon bank. It was establishlieve an illegal interest, or a bonus, is sometimes taken ed I believe, in the year 1813 or 1814. by money lenders. 10 It did. 5 Before the introduction of the banking system, mo- 11 It began to fall immediately after. ney was easily procured at legal interest. 12 It has been very much ascribed to the ease in pre6 About that time well improved land was worth curing bank loans. from 50 to 60 dollars per acre by the farm, say 100 acres 13 Numbers of them did, and their doing so, is gentogether. erally ascribed to the cause which you have anticipated. 7 In the year 1815 and 1816, the best improved 14 It has fallen at least fifty per cent. farms in my district were worth from 100 to 110 dollars 15 I believe not. per acre. 16 There have been some iron establishments sold at 8 From 55 to 65 dollars per acre. sheriff's sale, which were considered low, together with 9 There is one bank, called the Bucks County Bank, some farms. 17 It has. established, I think, in 1814 or 1815. There is one 18 It is an inconvenience which is very much felt. bridge company who exercise the privileges of a bank- 19 I know of none. 20 I do not. ing company. 21 There has been a considerable number. 10 About that time, I think. 22 The consumption of foreign articles has certainly 11 The fall of property, and the curtailing of bank increased during the time alluded to. loans, were I think, simultaneous. 23 I cannot say it has. 12 To a variety of causes; but the numerous petitions 24 Among some classes of people there has. on the subject, induce a belief, that the banks are the 25 I know of no loans from the bank to any road or most prominent. bridge company, in the county where I reside. 13 I am not a merchant, but I believe that class of 26 I believe it was an anxiety for speculation. citizens have suffered quite as much as any other. 27 I know of none. 14 There bas been a fall of 50 per cent on the article 28 I believe they have not been numerous. There of wheat within that time; other kinds of grain nearly in is none within my knowledge. the same proportion. 29 The bank of Huntingdon redeems their small 15 Not to any very great amount. notes, which are under five dollars, and no others. Their 16 My answer to the second question embraces this notes are at from 20 to 25 per cent discount. query 30 There is scarce any specie or par paper. They 17 A scarcity of money bas been felt by all classes. are about equal. The specie is chiefly silver. Depre 18 Not material, the notes of the Bucks county bank ciated paper is chiefly all the money we have in circuare, I think, at this time 15 per cent below par in Phila- lation. delpbia, and notes of the bridge company about the 31 There'are none, except orders drawn by the pressame. ident of a turnpike road company on their treasurer, 19 Very little, if any. but not in the form of bank notes. The lowest denom20 No. ination is three cents. Tbey are not in general circula21 The number is considerable. tion at present. 22 The low price of foreign manufactured articles 32 I answer in the affirmative. bas generally secured them a preference. 33 I know of no other contractor either for bridge or 23 My neighbors are mostly sober and industrious, roads, in the county where I reside, that ever borrowed but we have not altogether escaped the prevailing ex- any money from banks for the use of such undertakings, travagance of the times. 34 I hold a small stock in the Huntingdon bank. 24 I think there has. 26 An inordinate disposition in the people towards Answers, by a Scrivener of Philadelphia. speculation. 1 The distress generally complained of is felt here. 27 There have been some cases. 2,3 Exhibiting itself by want of business and em28 I know of none, but have heard of many. ployment, and embarrassment of persons of every de. 29 I believe they are generally able to meet their pa- scription, except brokers, usurers, tavern keepers and per with specie, office holders, and not so much owing to a want of mo30 There is, in dollars and half dollars, the proportion ney, as a want of its circulation. · Sacrifices of property about one to ten. are consequently made. Multiplication of law suits, para 31 The Delaware Bridge Company issue paper, of ticularly before justices of the peace, add not a little to one dollar their lowest denomination. They have no the embarrassment of many, especially those in the humspecific charter for banking, but their bridge charter is ble walks of life. supposed to secure them the privilege. 4 Money, it is said, may be had on mortgage at sim32 I do. 53 I know of none. ple interest, on indubitable security; but confidence in 34 Not in this state. men and estates being in a great measure lost, lenders Answers by a member from Huntingdon county. require such security as almost to preclude a compli ance by most persons who would borrow. 1 It is much complained of, and is not confined to any 5 Before the introductiou of the batch of banks, moparticular part. ney was easily procured on mortgage at simple interest; 2 some of all descriptions are embarrassed. There is indeed usury was then considered disreputable. a general scarcity of money. Some personal property 6 As to lands in the neighborhood of the city, there has been sold at forced sales at a very low rate, though is a great diversity in their value: they are less affected not to a large amount. There are a number of suits in in value than in most other places. But few are yet for. the courts—and they are numerous before magistrates, ced to sell, and such as have been sold, brought fair prifor the recovery of of debts. ces. If many sales were forced, no doubt the prices 3 Nearly all. would be reduced. As to city property, a great depre4 Money is hard to be procured on any kind of secu- ciation is felt, but no average can be made; productive rity. I am unable to say what rate per cent it could be estates in good situations have experienced less of the bad for. bad effects of the times, than other property, say, un5 It was not. 6 Prom 20 to 30 dollars. improved lots, and estates on heavy ground rents are 7 From 40 to 60 dollars I believe in the year 1815. not in demand, and consequently when sales are forced, 8 I am unable to tell what it would sell for; at present I they are literally sacrificed. 10 Property in general rose in yalue or price at the 21 Many manufacturers having suspended their opeintroduction of the new banks. I believe was at its rations, a great number are consequently deprived of highest the year after the peace. employ. I trust in our zeal for manufactures, we will 11 It fell contemporaneous with the banks calling in not burden a class for whom I have a fellow feelingtheir loans. the agriculturists and mechanics. 12 and 13 The distress here has been ascribed, in a 28 As to usurious transactions, I sicken at the recolgreat degree, to the banking system. It is natural where lection of the experience of the two last years. I had no the greatest and most immediate suffering is felt, to as personal knowledge of the transactions, but the mode cribe all the ills we endure. Although I am satisfied resorted to in many instances became the subject of the banks have been the greatest curse that was ever in- general conversation. Among others the loaning of six Aicted by the legisiature on the state; owing to the fa per cents and other stocks at a price higher than the cilities afforded io many to obtain credit, enabling them quotation of the day. The influence of monied instituto engage in speculations beyond their means, and the tions, and the facility of their fixing, as it were, a market pernicious practices of usury and idleness which it has price for money, soon raised the bonus, so as to prevent occasioned; yet I am convinced, the banks were not prudent men resorting to these means--the more necesthe exclusive cause of our saffering-they were evil sitous being obliged to have recourse to this mode, to seeds sown in a too fruitful soil. A general disposition replenish their coffers, their destruction was precipitato obtain wealth by means other than by frugality and ted, and mortgages brought into general disrepute. Had manual industry, has too much prevailed; and I cannot it not been for the monied monopoly, my opinion is, that Aatter myself, that any very essential alleviation of our money at all times would have been readily procured at country's sufferings can be experienced, until whole- simple interest. I trust, however, that the experience some laws are made and executed on the subject of usu- we have had, will be of use, it will suggest the necessiry—the banking system gradually reduced-our atten. ty of caution in creating monied institutions, and when tion effectually directed to internal improvement—and created, confining them under heavy penalties, to the until the people, in mass feel the necessity of returning objects for which they ostensibly are created. I am to that old fashioned economy and industry, which our happy to say, those subterfuges, whether proceeding ancestors practised to their benefit. from want of subjects, a returning sense of propriety, or 15 I believe there is much specie hoarded by individfear of consequences, have in a great measure ceased. uals. I have had several remarkable instances, which convince me, that if confidence in a limited number of ber of productive labourers, and consequently produ 32 The spirit of speculation has diminished the numbanks could be restored, and they wisely conducted, ced the consequences mentioned in this question. I the pecuniary difficulties under which we labour, if not think, however, that such of them who have nerves to removed, would be materially lessened. 16 There have been some sacrifices of real estate, but their original avocations, and I hope with lessons of last stand the shock, are in a fair way of being returned to not so great, or so many, as might be supposed. 17 Rents being reduced, and taxes undiminished, ing benefit. has necessarily occasioned a diminution of income of 34 I am not, and never have been a stockholder in the rich. any bank. No. III. the Senate to inquire into the extent and causes of the general distress. 1819. Part of Northumberland [in 1809. 59 [in 1809. Franklin, 34 Part of Dauphin in 1809. 48 6 Part of Wayne in 1809. 66 [1809 64 Part of Northampton in |