Mises Daily
Author:
Arthur A. Ekirch Jr.
Online Publish Date:
Well back in its history, in the late 1830s , New York State was spending and lending money lavishly. By the early 1840s , the rapidly mounting debt had occasioned a severe financial crisis. To avert the imminent possibility of bankruptcy and default, the state legislature in 1842 passed what was known as “the stop and tax law,” a levy of one mill