Appendix B Chronology of Relief Legislation

APPENDIX B CHRONOLOGY OF
RELIEF LEGISLATION

Stay laws imposed moratoria on collections of debts; minimum appraisal laws set a fixed price below which the debtor’s property could not be sold at auction; compulsory par laws prohibited anyone from exchanging bank notes of the state at a discount; the “summary process” was a particularly rapid procedure for collection of debts to banks.

1818
October	Vermont: House passed stay bill.
	Rhode Island: repeal of “summary process” on debts to banks.
December	Pennsylvania: stay and minimum appraisal bills proposed.

1819
January	Delaware: stay and minimum appraisal bills defeated in House of Representatives.
	Ohio: State Bank proposed.
February	Maryland: compulsory par law enacted.
	Ohio: compulsory par law enacted.
April	New York: stay and minimum appraisal bills defeated in Senate.
October	Tennessee: stay law passed.
November	Vermont: House passed stay bill.
December	Kentucky: stay law passed.

1820
January	Maryland: stay law passed.
	Indiana: minimum appraisal law passed.
	North Carolina: stay and minimum appraisal bills proposed.
	Ohio: compulsory par law repealed.
February	Kentucky: stay law passed.
	Delaware: compulsory par law enacted.
	Virginia: minimum appraisal bill defeated in House of Delegates.
March	Pennsylvania: easing of execution law. Loan office bill defeated in House of Representatives.
June	New Jersey: stay bill and loans to debtors defeated in General Assembly.
July	Tennessee: stay law passed. Bank of State of Tennessee enacted.
	Massachusetts: compulsory par bill proposed.
October	Vermont: stay bill defeated in House.
November	Kentucky: Bank of Commonwealth enacted.
December	Kentucky: stay law passed.

1821
January	Illinois: stay law passed.
	Virginia: stay bill defeated in House of Delegates.
February	Illinois: State Bank enacted.
	Maryland: loan office proposal defeated in House of Delegates.
March	New York: easing of execution law.
	Pennsylvania: minimum appraisal-stay law passed.
June	Missouri: stay law passed.
	Georgia: specie payments suspended to Bank of United States.
July	Louisiana: stay law passed.
October	Tennessee: minimum appraisal bill defeated in Senate.
December	Kentucky: minimum appraisal law passed.

1822
April	Vermont: stay law passed.
December	Missouri: stay and minimum appraisal laws, and loan office, repealed.

1823	Kentucky: stay laws modified.
	Maryland: compulsory par law repealed.

1824	Indiana: minimum appraisal law repealed.
	Kentucky: stay law repealed.
	Illinois: State Bank repealed.
	Georgia: resumption of specie payments.

1826	Tennessee: resumption of specie payments.

The Panic of 1819