The Financial Review Volume 1888

The Financial Review Volume 1888

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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. 1888 edition. Excerpt: ...railroad construction and other industrial and speculative enterprises called for a very large amount of money, there was no severe and long-continued stringency in the money market. It is estimated that the amount of gold and silver in circulation in 1860 was about $200,000,000, and the State bank paper about $207,102,477. On the 1st of January, 1879, at the date of resumption, there was in circulation $670,472,680 in paper money--greenbacks and national currency--besides the gold and silver in various shapes which became available as currency when specie payments were resumed by the Government. The total increase between January 1, 1879, and Nov. 1, 1887, amounted to $626,589,034. In the Commercial & Financial Chronicle of December 24, 1887, a statement showing the volume and form of the currency at various dates since the resumption of specie payments was given as follows: 'The gold for Jan. 1, 1879, we give as estimated at that time. Mr. Kimball, the present Director of the Mint, has made deductions in this item since, and we see that he now estimates the amount in the country on July 1,1879, at only $245,741,837. We have not his figures for Jan. 1 of that year and hence make no change. The principal acts of Congress relating to the currency, and affecting its volume from time to time, were the following: The national bank act of June 3, 1864, authorized the issue of $300,000,000 national bank currency, and required banks in redemption cities to keep reserves of 25 per cent of deposits and circulation, and other banks 15 per cent; the act of July 12, 1870, authorized the issue of $54,000,000 additional circulation; the act of June 20. 1874, abolished reserve on circulation, required 5 per cent deposit at Washington to redeem more

Product details

  • Paperback | 40 pages
  • 189 x 246 x 2mm | 91g
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236539982
  • 9781236539984