Published by Order of the General Assembly, March Session, A.D. 1809. 8vo, later marbled paper covers. 43, (1) pages. Foxing; else near fine. Item #7189
The report of the state investigation of the first bank failure in the United States. Established in the village of Chepachet 1804, the Farmers’ Exchange Bank was in disarray from the beginning. The report finds that “that from the first commencement of the institution it has been conducted, as the perplexed and confused state of the books sufficiently evinces, negligently and unskilfully; and that the Directors had at no time a proper knowledge of the affairs of the Bank. ... It appears to the Committee that the capital stock was not paid in according to the provisions of the Charter.” The bank issued paper money in amounts far beyond what it could cover. Its collapse led to widespread insecurity over the use of paper money and general uncertainty regarding the banking system. Rare. Sabin 27585. Shaw & Shoemaker 18510.