Congressional Edition Volume 5623

Congressional Edition Volume 5623

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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. 1909 edition. Excerpt: ...of 5 per cent. In 1865 there was a still greater falling off in the average reserve. It went down to 305,000,000 francs. The minimum in November was even as low as 200,000,000 francs. It did not drop lower than that figure during the worst period of the panic, but the discount rate went to 7 per cent, as in 1861. In 1864 the panic was at its worst at the time of foreign payments, the end of April to May, and September to October. During the first period the reserve fell below 160,000,000 francs in spite of a rise in the discount rate to 8 per cent. In the face of a greater and greater number of bills presented for discount, the Bank directors, because of the growing demand for coin, decided again to buy gold. Thus the Bank purchased gold abroad to the sum of a little less than 240,000,000 francs. In September and October the discount rate, which had been lowered for some time, was raised to 7 per cent, then to 8 per cent, with a special view to reestablishing the reserve. At the end of the year the discount rate fell back to yi per cent. The Bank had been authorized since 1834 to make advances on securities to private individuals. Up to about 1851 these operations were not very important, because this kind of securities was limited to those of the State or of cities. From the moment when the Bank could consent to advance money on a larger variety of certificates--that is to say, transferable securities--when it could lend money on stocks and bonds of railroads, of the Credit Foncier, etc., this side of its business took on large proportions. The following table shows this progress. We give only five-year intervals from 1834 to I851, and after that every year up to 1870: Year. Loans on securities. Total sums advanced. Average1 portfolio. Francs....show more

Product details

  • Paperback | 68 pages
  • 189 x 246 x 4mm | 141g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236513908
  • 9781236513908