HICKORY BANK SATIRICAL NOTE OFFERED

A website visitor writes:

 

(Unknown Location)- Hickory Bank of U.S. 50 Mills Hard Times Satirical Note ND (ca. 1837) UNL PMG Choice Fine 15 Net.

Previously unknown and unlisted in United States Tokens 1700-1900 by Russell Rulau, this note is a new entrant in the very complex and historic arena of Panic of 1837 era hard times satirical bank notes. As is almost always the case, this note presents a very allegorical and complex message surrounding Andrew Jackson, his battle against the Bank of the United States, and the fight between hard money and easy money advocates.

The overall note layout vaguely resembles that of notes from the so-called "Third" Bank of the United States (actually operating under a state charter from the state of Pennsylvania) with end panels containing multiple portraits of important personages. The center vignette depicts a tree with "glorious" rays bursting from behind it with the popular mottos of the day PERISH CREDIT! PERISH COMMERCE!. reflective of the economic hard times that were occurring when this note was issued.

The left end panel has a portrait of Jackson with the words MY EXPERIMENT / GLORY referring to Jackson's successful campaign to not renew the charter of the Bank of the United States and to push a hard money agenda which he believed left the people "happy and prosperous" when he left office in March 1837. The portrait at the bottom is that of Thomas Hart Benton (known as "Old Bullion" Benton) who supported Jackson's "hard money" position and proposed legislation that federal land purchases could only be made in specie. While this legislation was defeated, Andrew Jackson's 1836 executive order (commonly known as the Specie Circular) mirrored its terms and was blamed by some as one of the causes of the Panic of 1837. Note that the words BETTER CURRENCY and CIRCULAR appear around Benton's bust.

The right end panel also contains two busts. The top right bust is of Martin Van Buren boasts the slogan GLORY ENOUGH SERVE UNDER SUCH A CHIEF perhaps referring to working with Jackson while the bottom bust has the motto MINT DROPS EXPUNGED. "Mint Drops" was a derisive reference to coins and hard money advocates such as Benton while "Expunged" refers to Benton's successful 1837 effort to remove Jackson's 1834 censure by the Senate for his refusal to recharter the Bank of the United States (BoUS).

The note has printed signatures of Jack Downing and Uncle Josh both referencing a mythical member of Jackson's kitchen cabinet said to represent the common man. The note promises to pay 50 mills (5¢) to "Whitney Reuben." Reuben Whitney was a former Bank of the United States Director, merchant, and, by 1832, a staunch BoUS opponent and leading advocate of the state Pet Bank scheme in Jackson's kitchen cabinet circle of advisors.

At bottom center is a WHOLE HOG running at full speed vignette, which implies a commitment to a course of action without holding back. This satirical note issue was referred to directly as "Whole Hog" notes in the Republican Banner of Nashville, Tennessee dated June 5, 1837 and indirectly in the Baltimore Patriot of Baltimore, Maryland dated May 20, 1837.

The note has seen time in circulation which has resulted in relatively minor paper damage. This has been stabilized as the note is backed. An important note destined to be a key holding of any collection to which it is added. We are unaware of any previous public appearances and presently believe that the note is unique. This "Whole Hog" note was originally found in a scrapbook that one Ferdinand Coxe (1815-84) of Philadelphia began compiling in 1846.

Ernie Nagy writes:

To read the complete lot description, see:
(Unknown Location)- Hickory Bank of U.S. 50 Mills Hard Times Satirical Note ND (ca. 1837) UNL PMG Choice Fine 15 Net.... (https://currency.ha.com/itm/obsoletes-by-state/district-of-columbia/-unknown-location-hickory-bank-of-us-50-mills-hard-times-satirical-note-nd-ca-1837-unl-pmg-choice-fine-15-net/a/3601-20067.s)

To read the earlier E-Sylum article, see:
NOTES FROM E-SYLUM READERS: JUNE 11, 2023 : Query: Hickory Bank of the U.S. Hard Times Satirical Note (https://www.coinbooks.org/v26/esylum_v26n24a13.html)

	NBS (coinbooks.org) Web