From bad to worse, then a miracle

Despite the enormous problems created by Illinois' first State Bank in 1821, the legislature in its infinite wisdom created a second State Bank in the 1830s.

The sages of the Illinois General Assembly peered into their crystal ball and concluded the state was about to begin a prolonged period of great expansion. There were roads, canals and railroads to build, swamps to drain, forests to clear, and cities to erect. So, they convinced themselves this environment would guarantee unlimited profits for a new State Bank. &nbsp;&nbsp;<ahref=""><spanstyl... 13px; color: rgb(0, 0, 0);">To view more, please log in or subscribe to the digital edition.</span></a></p>