It was straightforward on the time to acquire subscriptions within the East for bank stock in these distant States. March 2d, the Governor was ordered to subscribe 0,000 to the stock of that financial institution, on behalf of the State. It was believed that the State bonds would sell for a hundred and ten and that the dividends on the bank inventory would pay the interest and sinking fund on them. There was to be in every State a deposit financial institution, if a financial institution could be discovered which might fulfill the prescribed situations. Everywhere there was a scarcity of cash, and a demand for more banks to furnish a provide. When there are risks concerned after all there are also alternatives. State bonds had been issued so as to obtain this capital within the East and in Europe.
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In 1836, owing to the great land and city lot speculation which had then reached Illinois, it was supposed that all of the towns of any be aware would soon develop into cities, and that other uninhabited towns, laid out just for hypothesis, would immediately turn into thriving, populous and wealthy, and the town-lot market can be established. In April, 1835, a treasury circular forbade the payment out of the treasury of any notes beneath 5 dollars after September 30, 1855. February 22 1836, another circular forbade the cost of any notes out of the treasury of a less denomination than ten dollars after May 1st. Congress superseded these circulars by an act of April 14, 1836, that no bank note under ten dollars ought to be paid out after that date, and that after March 3, 1837, no note underneath twenty dollars must be both given or taken by the United States Treasury or Post Office Department, and all notes given or taken should be payable in specie on the spot. A supplementary act was vital to put the enterprise in any practicable form. If bonds were to be bought, it would act as financial agent to market them.
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