American Finance; Part First.--Domestic

American Finance; Part First.--Domestic

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1906 edition. Excerpt: ...deficits in the annual revenue, and it hardly sufficed even for that. This was a bitter change for a Government which in the half dozen years immediately preceding had accumulated 37 million dollars of surpluses. The state banks required nearly twenty years to recover from the shock of the complex crisis, which began with Jackson's anti-bank crusade and culminated in the panic of 1837. How badly crippled they were is shown by the great shrinkage in their numbers and their note issues which took place between 1840 and 1843. The former declined from 901 to 691, and the latter from 107 million dollars to 58 millions. That was their low-water mark, and a gradual though slow recovery now set in. The year 1853 became the starting-point of another healthy expansion. The number of banks and branches in the Union rose from 750 to 1208, and went on increasing year by year till in 1859 it reached 1476. On the eve of the Civil War there must have been about 1500 state and local banks operating in the Union. The bank reformers who maintain such a vigorous outcry for elastic currency have, we fear, not studied very closely the currency record of the state banks at this period, when they had almost a monopoly of the issues. The Treasury notes above mentioned were their only paper rivals, and even they gradually disappeared as the Treasury got its accumulated deficits paid off. So erratic are the variations in the bank issues, that it is impossible to discover the semblance of a fixed principle in them. We have seen that in 1843 they had fallen as low as 58 million dollars. Five years later (1848) they were up to 128 million dollars. In another five years they had expanded to 188 millions, and on the eve of the commercial panic of 1857 they made a record of 215...show more

Product details

  • Paperback | 82 pages
  • 189 x 246 x 4mm | 163g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236637097
  • 9781236637093