1839 Bank Suspension Broadside (115611)

Currency:USD Category:Collectibles / Paper Start Price:75.00 USD Estimated At:150.00 - 250.00 USD
1839 Bank Suspension Broadside  (115611)
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This item SOLD at 2020 Apr 16 @ 13:00UTC-7 : PDT/MST
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Broadside dated October 1839, Cumberland, Rhode Island, regarding suspension of banks in Rhode Island. Addressed to the Hon. General Assembly of the State of Rhode Island from Fenner Brown, Aaron White, Jr. and 4 others. "...it was recommended that the several Banks of this State should suspend payment of their debts..." 16 x 8.5" Foxing, chipped off piece upper right. The Bank Suspensions of 1839 were tied back to the Panic of 1837. On May 10, 1837, banks in New York City suspended specie payments While there was a brief recovery in 1838, the recession persisted for approximately seven years. Banks collapsed, businesses failed, prices declined, and thousands of workers lost their jobs. Causes of the Panic included: speculative lending practices in Western states, a sharp decline in cotton prices, a collapsing land bubble, international specie flows, and restrictive lending policies in Great Britain.

Country (if not USA):
State: Rhode Island
City/County: Cumberland
Date: 1839