The suspension of specie payments in 1837 by the banks having the custody of the public money showed in so alarming a degree our dependence on those institutions for the performance of duties required by law that I then recommended the entire dissolution of that connection.
Martin Van Buren: “The suspension of specie payments in 1837 by the banks having the custody of the public money showed in so alarming a…”
Editor's note · Context
Van Buren reflects on the risks posed by banks' suspension of specie payments and advocates for severing ties with them.
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