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Stay Law Of 1878
The Stay Law of 1878 was a law passed by the state of Massachusetts on March 21, 1878, in response to the continuing effects of the Panic of 1873. The law "was hastily enacted" out of fear of a run on the banks,Raymond Landon Bridgman, ''Ten Years of Massachusetts'' (1888), p. 90-91. and was purportedly intended to protect the interests of depositors in the banks of the state by empowering the state's Bank Commissioners to limit the times and amounts that a bank account holder ("depositor") could withdraw funds from a bank in the state.''The Bankers Magazine and Statistical Register'' (1890), Vol. 44, p. 111. Provisions The key language of the law was as follows: The right of appeal to the court was reserved to the depositor in case of any dissatisfaction, with such an aggrieved person having the right of appeal to the Massachusetts Supreme Judicial Court The Massachusetts Supreme Judicial Court (SJC) is the court of last resort, highest court in the Commonwealth (U.S. state ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Massachusetts
Massachusetts (Massachusett language, Massachusett: ''Muhsachuweesut [Massachusett writing systems, məhswatʃəwiːsət],'' English: , ), officially the Commonwealth of Massachusetts, is the most populous U.S. state, state in the New England region of the Northeastern United States. It borders on the Atlantic Ocean and Gulf of Maine to the east, Connecticut and Rhode Island to the south, New Hampshire and Vermont to the north, and New York (state), New York to the west. The state's capital and List of municipalities in Massachusetts, most populous city, as well as its cultural and financial center, is Boston. Massachusetts is also home to the urban area, urban core of Greater Boston, the largest metropolitan area in New England and a region profoundly influential upon American History of the United States, history, academia, and the Economy of the United States, research economy. Originally dependent on agriculture, fishing, and trade. Massachusetts was transformed into a manuf ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Panic Of 1873
The Panic of 1873 was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 or 1879 in France and in Britain. In Britain, the Panic started two decades of stagnation known as the "Long Depression" that weakened the country's economic leadership. In the United States, the Panic was known as the "Great Depression" until the events of 1929 and the early 1930s set a new standard. The Panic of 1873 and the subsequent depression had several underlying causes for which economic historians debate the relative importance. American inflation, rampant speculative investments (overwhelmingly in railroads), the demonetization of silver in Germany and the United States, ripples from economic dislocation in Europe resulting from the Franco-Prussian War (1870–1871), and major property losses in the Great Chicago Fire (1871) and the Great Boston Fire (1872) helped to place massive strain on bank reserves, which, in New York City ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Run On The Banks
A bank run or run on the bank occurs when many clients withdraw their money from a bank, because they believe Bank failure, the bank may cease to function in the near future. In other words, it is when, in a fractional-reserve banking system (where banks normally only keep a small proportion of their assets as cash), numerous customers withdraw cash from deposit accounts with a financial institution at the same time because they believe that the financial institution is, or might become, insolvency, insolvent; they keep the cash or transfer it into other assets, such as government bonds, precious metals or gemstones. When they transfer funds to another institution, it may be characterized as a capital flight. As a bank run progresses, it may become a self-fulfilling prophecy: as more people withdraw cash, the likelihood of default increases, triggering further withdrawals. This can destabilize the bank to the point where it runs out of cash and thus faces sudden bankruptcy. To co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Massachusetts Supreme Judicial Court
The Massachusetts Supreme Judicial Court (SJC) is the court of last resort, highest court in the Commonwealth (U.S. state), Commonwealth of Massachusetts. Although the claim is disputed by the Supreme Court of Pennsylvania, the SJC claims the distinction of being the oldest continuously functioning appellate court in the Americas, with a recognized history dating to the establishment of the Massachusetts Superior Court of Judicature in 1692 under the charter of the Province of Massachusetts Bay. Although it was historically composed of four associate justices and one chief justice, the court is currently composed of six associate justices and one chief justice. History The Massachusetts Supreme Judicial Court traces its history back to the high court of the British Province of Massachusetts Bay, which was chartered in 1692. Under the terms of that charter, Governor Sir William Phips established the Superior Court of Judicature as the province's local court of last resort (some o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Massachusetts Attorney General
The Massachusetts Attorney General is an elected Constitution of Massachusetts, constitutionally defined executive officer of the Government of Massachusetts, Massachusetts Government. The officeholder is the chief lawyer and law enforcement officer of the Massachusetts, Commonwealth of Massachusetts. The officeholder also acts as an advocate and resource for the Commonwealth and its residents in many areas, including consumer protection, combating fraud and corruption, protecting civil rights, and maintaining economic competition. The current Attorney General is Maura Healey. History When the 1780 Massachusetts State Constitution, state constitution was first enacted, the attorney general was appointed by the Governor of Massachusetts, governor, with the advice and consent of Massachusetts Governor's Council, the Governor's Council. The office was abolished in 1843 and re-established in 1849. In 1855 the constitution was amended so that the attorney general (along with a number o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Marston (Massachusetts Politician)
George Marston (October 15, 1821 – August 14, 1883), was an American lawyer who served in various political offices, including as the Attorney General of Massachusetts. Early life Marston was born to Charles Marston in Barnstable, Massachusetts on October 15, 1821. Elected offices In 1850 Marston was elected the District Attorney for the Southern District, he also served as the Judge of Probate of Barnstable County, Massachusetts, and the Registrar of Probate of Barnstable County, Massachusetts. In 1879 Marston was elected Attorney General of Massachusetts, he was re elected in 1880 and 1881. Death Marston died in New Bedford, Massachusetts New Bedford (Massachusett language, Massachusett: ) is a city in Bristol County, Massachusetts, Bristol County, Massachusetts. It is located on the Acushnet River in what is known as the South Coast (Massachusetts), South Coast region. Up throug ... on August 14, 1883. Footnotes 1821 births People from Barnstable, Mass ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1878 In American Law
Events January–March * January 5 – Russo-Turkish War (1877-1878), Russo-Turkish War – Battle of Shipka Pass IV: Russian and Bulgarian forces defeat the Ottoman Empire. * January 9 – Umberto I of Italy, Umberto I becomes House of Savoy, King of Italy. * January 17 – Battle of Philippopolis (1878), Battle of Philippopolis: Russian troops defeat the Ottoman Empire, Turks. * January 23 – Benjamin Disraeli orders the British fleet to the Dardanelles. * January 24 – Russian revolutionary Vera Zasulich shoots at Fyodor Trepov (senior), Fyodor Trepov, Governor of Saint Petersburg. * January 28 – ''The Yale News'' becomes the first daily college newspaper in the United States. * January 31 – Turkey agrees to an armistice at Adrianople. * February 2 – Greece declares war on the Ottoman Empire. * February 7 – Pope Pius IX dies, after a 31½ year reign (the longest definitely confirmed). * February 8 – The British ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
