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Positions, obtained the permit to continuation of activity from the Chancellor
Judicial District (Chancellor of the Circuit). If the bank was unable
To return to payments till the end of the year, it lost all rights. Charter-parties,
Given out after 1828, have reduced the resolved term of a suspension of payments to 10
Days. However in 1837 these rules have lost any effectiveness, as
Legislature of staff has passed the Law on the Suspension of Payments (Suspension
Act), resolving to banks within one year after a stop of payments
To continue the activity, without addressing thus for the permission to
To the official. Other states have followed the lead of New York, having accepted the similar
Or even the worst on the fatal effect Laws on the Suspension of Payments. p.36., "Suggestions on the Banks, See
Gallatin and Currency of the Several United
Next time payments have been suspended in 1839 This time it has concerned
Only Pennsylvania and states to the south and the West from it. Banks of Boston and east
States did not stop payments. Pennsylvania has passed the law, resolving to banks
To stop payments in exchange for granting to credit staff; the monetary
Payments under this law should renew in January, 1841
It is natural that the credit obligations taken by banks have put possibility
Renewal of payments under the big doubt, therefore originally
The planned date has been transferred. One more law for this purpose was necessary,
Which, in exchange for the further subscription to the governmental loan, has allowed
To banks not to pay money during all period of repayment of this loan.
This term could be stretched officially for five years p. 49, Gallatin, "Suggestions
on the Banks and Currency of the Several United States ".
The losses suffered by federal exchequer as a result of a suspension of payments
In 1836 and 1839, have called occurrence of offers on independence
Exchequers from banks.
Since 40th years, in functioning of bank business at level of states
Improvement signs were observed. The majority of states has already succeeded to that
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