Memorial - To the General Assembly of the State of Rhode Island, 1839 Broadside Related to the After

Currency:USD Category:Collectibles / Historical Memorabilia Start Price:100.00 USD Estimated At:200.00 - 400.00 USD
Memorial - To the General Assembly of the State of Rhode Island, 1839 Broadside Related to the After
100.00USD+ buyer's premium + applicable fees & taxes.
This item SOLD at 2021 May 26 @ 18:55UTC-4 : AST/EDT

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Cumberland, Rhode Island, 1839. Typeset, 16 x 8.5 inch document issued to the Hon. General Assembly of the State of Rhode Island, from Fenner Brown, Aaron White, Jr., and 4 other Freeman of the town of Cumberland. This piece protests against the recent recommendation that Rhode Island banks suspend payment of debts, and instead petitions the legislature to pass a law requiring banks to honor the paper currency they have issued. It also calls to "abolish the whole system of banks at once." Fenner Brown went on to represent Cumberland in the general assembly for many years, while Aaron White was a close political ally of Thomas Dorr, and one of the leaders of Dorr's Rebellion. Piece of history directly related to the aftermath of the Panic of 1837, which was a financial crisis in the United States that touched off a major depression, which lasted until the mid-1840s. Profits, prices, and wages went down; unemployment went up; and pessimism abounded. On May 10, 1837, banks in New York City suspended specie payments and so would no longer redeem commercial paper in specie at full face value. Despite 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. From 1837 to 1844, general deflation in wages and prices occurred, which likely led to this public call for banking reform. Very Fine condition with some toning.