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HT 56, Low 45

Reverse of HT 48

"Shinplasters" have been referred to in the Introduction. The name was applied to bills of irresponsible banks and private parties. The device of the phoenix rising from flames seems to mean that the paper money was only fit to be burned, and that with its destruction new life would spring from its ashes, The date, November, 1837, is that of a convention held in New York on the 27th of that month, by reoresentatives of leading banks in nineteen states to fix a date for resumption. They met again the 16th of April, 1838 and decided to resume specie payments the 10th of May following, which was successfully accomplished after a suspension of exactly one year.

(Rulau 9th Edition)