The Suffolk Bank and the Panic of 1837

The Suffolk Bank in Boston is well known as having been the clearinghouse for virtually all the banknotes that circulated in New England between 1836 and 1858. An examination of 19th century bank balance sheets shows that during and after the U.S. banking Panic of 1837, this private commercial bank also provided some services that today are provided by central banks. These include lending reserves to other banks (providing a discount window) and keeping the payments system operating. Because of Suffolk's activities, banks in New England fared better than banks elsewhere during the Panic of 1837. And after the panic, when much of the United States suffered a prolonged economic slowdown, New England fared better than the rest of the country, at least partly because of Suffolk’s central bank-like activities.Bank notes ; Banks and banking - History

Lessons from a laissez-faire payments system: the Suffolk Banking System (1825-58)

A classic example of a privately created interbank payments system was operated by the Suffolk Bank of New England (1825–58). Known as the Suffolk Banking System, it was the nation’s first regionwide net-clearing system for bank notes. While it operated, notes of all New England banks circulated at par throughout the region. Some have concluded from this experience that unfettered competition in the provision of payments services can produce an efficient payments system. But another look at the history of the Suffolk Banking System questions this conclusion. The Suffolk Bank earned extraordinary profits, and note-clearing may have been a natural monopoly. There is no consensus in the literature about whether unfettered operation of markets with natural monopolies produces an efficient allocation of resources. ; Reprinted in Quarterly Review, Fall 2002 (v. 26. no. 4)Suffolk Banking System ; Payment systems

In order to form a more perfect monetary union

Why did states agree to a U.S. Constitution that prohibits them from issuing their own money? This article argues that two common answers to this question—a fear of inflation and a desire to control what money qualifies as legal tender—do not fit the facts. The article proposes a better answer: a desire to form a viable monetary union that both eliminates the variability of exchange rates between various forms of money and avoids the seigniorage problem that otherwise occurs in a fixed exchange rate system. Supporting evidence is offered from three periods of U.S. history: the colonial period (1690–1776), the Revolutionary War (1776–83), and the Confederation period (1783–89). This article is adapted from a chapter prepared for a forthcoming book, Varieties of Monetary Reforms: Lessons and Experiences on the Road to Monetary Union, edited by Pierre Siklos, to be published by Kluwer Academic Publishers.Banks and banking - History ; Money theory

Lessons from a laissez-faire payments system: the Suffolk Banking System, 1825-58

Suffolk Banking System ; Banks and banking - History ; Payment systems ; Banks and banking - New England ; Clearinghouses (Banking)

Issue Brief: African Americans/Violence in the U.S.

This brief focuses on the association between violence and African Americans in the United States today. There is a common perception in American society associating African Americans with violence. This brief will discuss how the significant proportion of African Americans in jail relative to the other races, an increase in gang membership among blacks, and the historical perception of militant black organizations have all lead to America's increasing association between African Americans and violence

Cosmic Ray Energy Determination by the Reduced-Opening Angle Method

Accurate measurement of the primary galactic cosmic ray species energy dependence in the regime beyond approx. 500 GeV/a is difficult due to the low flux and the limitations of energy measurement techniques. However, such observations are essential to resolve several questions of current interest such as: Is the enrichment of heavy species (Z greater that or equal to 6) cosmic rays first reported at higher energies by the proton satellite' and then later at lower energies real? The results from a previous deployment of the reduced opening angle technique are inconclusive but the authors do point to limitations in the previous techniques. Another intriguing puzzle is the energy dependence of silicon cosmic rays. Two independent experiments using different experimental techniques indicate that silicon is under-abundant. At present the observation is limited by statistics; it could still be a three sigma fluctuation. However, if confirmed the current models of acceleration and propagation which are species independent are seriously inadequate. To progress further the species and energy dependence must be accurately measured in a manner that is free from systematic uncertainty. In this report we show that the reduced opening angle method offers a simple and relatively inexpensive method to answer these questions. First we present the physics of the reduced opening angle and indicate the expected energy and charge resolution. The proposed detector design is then presented followed by the expected performance. Where ever possible simple phenomenological expressions that allow 'back of the envelope' estimates are given. More details are presented in the appendices. The limit of the energy resolution and the expected event rates for iron cosmic rays are calculated. Salient points are summarized in the conclusions

A Techniques Manual And Video For The Management Of Problem Urban Canada Geese

Social and management problems associated with urban Canada geese (Branta canadensis) are increasing in area, scope and magnitude. Although there are many articles on the management of urban Canada geese, none provide enough information for a reader to understand the impact geese have on different people, the ecology of the urban goose, evaluate the effectiveness of potential control options, choose appropriate management techniques, and then implement the chosen techniques. The authors present a manual and video, which in combination, they believe are not deficient in any of these areas. The video is intended to increase the awareness and knowledge of human/goose conflicts in urban and suburban environments. The manual covers the biology of Canada geese relevant to problem management in an urban setting and a comprehensive list of management techniques. Detailed instructions for implementation, permit requirements, sources of equipment and supplies, and a discussion of advantages, disadvantages, and characteristics, are included for each technique. To assist in choosing and locating appropriate techniques, quick reference summary tables are included

Lessons from a laissez-faire payments system: the Suffolk Banking System (1825–1858)

The classic example of a privately created and well-functioning interbank payments system is the Suffolk Banking System that existed in New England between 1825 and 1858. This System, operated by the Suffolk Bank, was the first regionwide net-clearing system for bank notes in the United States. While it operated, notes of all New England banks circulated at par throughout the region. The achievements of the System have led some to conclude that unfettered competition in the provision of payments services can produce an efficient payments system. In this paper, we reexamine the history of the Suffolk Banking System and present some facts that call this conclusion into question. We find that the Suffolk Bank earned extraordinary profits and that note clearing may have been a natural monopoly. There is no consensus in the literature about whether unfettered operation of markets in the presence of natural monopolies produces an efficient allocation.Suffolk Banking System

Indenture, Marshall County, MS, 10 January 1851

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