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The Panic of 1837
A letter from the cashier at Mohawk Bank in Schenectady, New York to William Hayes about a deposit to his account, 1834.

A letter from the cashier at Mohawk Bank in Schenectady, New York to William Hayes about a deposit to his account, 1834.

William Hayes was a land speculator, or someone who bought and sold land for profit, near present-day Peoria, Illinois. Mohawk Bank was located in Schenectady, New York, near where Hayes had lived earlier in his life. This letter from Mohawk Bank cashier D. Boyd to Hayes illustrates how banking practice took place largely on paper, rather than through the exchange of “real” currency.

Transcription:

Mohawk Bank

Sch[[object Object]]y Feb[[object Object]]y 21st, 1834

Dear Sir,

Mr. Thomas Alexander was here this day and deposited in this Bank Three hundred and Thirty Dollars to your Credit, Money rec[[object Object]]d by him on a Mortgage and requested us to forward a Certificate of deposit to you which I now enclose to you. Almost any Bank in your Country will give you the money on this certificate by your endorsing it--Your friends in this part of the world are all in health__

Yours very sincerely--

D. Boyd, Cash[[object Object]]

Mr. Wm. Hays

Fort Clark

Peoria

Illinois

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Citation Information
Boyd, D., “Hayes Letter 1834022101, D. Boyd of the Mohawk Bank to William Hayes,” Digital Public Library of America, https://dp.la/item/b164a728cb23c90c22d6e562b04d37d6.
Note: These citations are programmatically generated and may be incomplete.
Courtesy of Sparta Public Library via Illinois Digital Heritage Hub.

Tips for Students

For this source, consider:

  • the author's point of view
  • the author's purpose
  • historical context
  • audience

Item 1 of 12 in the Primary Source Set The Panic of 1837

Next Item
A letter from the cashier at Mohawk Bank in Schenectady, New York to William Hayes about a deposit to his account, 1834.
A five-dollar bill issued by Kirtland Safety Society Bank of Kirtland, Ohio, 1837.
A revolving table tool designed to calculate interest rates, 1839.
An excerpt from Sylvester's Bank Note and Exchange Manual, 1833
Excerpts from The Pocket Cambist, a guide for exchanging currency between countries, 1836.
A political cartoon representing negative public opinion and political opposition to the agenda of President Andrew Jackson, circa 1832.
A political cartoon issued in July 1837 that depicts a New York City street scene demonstrating the impact of the Panic of 1837.
An excerpt from an 1834 pamphlet with arguments from New York businessmen about effects of removing federal money from the national bank.
An 1841 token alluding to “hard times,” or the Panic of 1837, and targeting the policies of President Van Buren.
A receipt for the sale of twenty four bales of cotton sold on behalf of Aaron Spell, March 25, 1836.
A receipt for the sale of thirty bales of cotton sold on behalf of Aaron Spell, February 9, 1840.
A court document recording the settlement of a debt owed by Lancaster McNay through the transfer of five enslaved women and girls, 1839.

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