John England letter to Thomas Rotch, Steubenville, 18 Decr, 1817

John England discusses the percentage of monies offered by a bank, 3.5% dividend for investors in a bank, perhaps the Bank of Steubenville. In the aftermath of the war of 1812, development and the economy prospered and farmers and merchants needed backs to pay off their credit and their debts. The problem was that many banks were poorly managed and as the recession by 1818 deepened, many were forced to close. Hard currency was recalled by the Second Bank President Langdon Cheves in 1818 leaving many borrows in the country nearly bankrupt. 7.95" x 9.9" (20.1 by 25 cm