Excerpt from The Present Crisis, or the Currency: A Tract of the Times for Every Man Who Can Read But how didi it happen that the business world awoke to to the conviction that the currency could no 3 longer -be, trusted as a measure of value just when they did?. What was it that destroyed their confidence, and prostrated, as inr a moment, all the credit of the Banks? Here it is to be observed that if no answer could be given to this question, it would not invalidate, or weaken, one link in the prece ding chain of argument ...
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Excerpt from The Present Crisis, or the Currency: A Tract of the Times for Every Man Who Can Read But how didi it happen that the business world awoke to to the conviction that the currency could no 3 longer -be, trusted as a measure of value just when they did?. What was it that destroyed their confidence, and prostrated, as inr a moment, all the credit of the Banks? Here it is to be observed that if no answer could be given to this question, it would not invalidate, or weaken, one link in the prece ding chain of argument. But we shall the better under: . Stand it if we remember that, for twenty years now, since the reconstruction of the Bank system after 1837 -the cur-frency of the country has been, with short and slight tractions, constantly and rapidly expanding. Every new Bank that has gone into Operation has thrown an additional quantity into the circulating medium; until the number of Banks, and the amount of their issues, _have become enor mousfis' This has begotten and nourished that mad spiritfiof extravagance, over-trading, speculation, and stock gambling, which has so grievously corrupted the business and social life Of the people. This bloating of the currency had de preciated its value, and enhanced prices until they had reached a point where they were actually unwieldly. And this depreciation, affecting equally, of course, the value of the precious metals, has driven them out of the country, and left the Banks with enormous issues afloat, and com paratively little specie with which to redeem their bills, in case of demand. Naturally, at last, Observing this from their published exhibits, and from any other incidental causes, no matter what, they began to feel their insecurity. Small but not inconsiderable contractions followed. These necessarily imparted to the community some feeling that the currency was changing. This feeling, being one of dis trust, began to show itself in quicker returns of the bills for redemption. Consequently greater contractions had to follow. These again increased the feeling of insecurity; until the process reached a point where it could not go back, but must continue to propagate itself. Thus, at last, all confidence was overthrown; and the loss of it was im mediately justified by the almost universal suspension of the Banks, demonstrating that they were totally unable to fulfil their covenant engagements, i. E. To pay on demand. We have the result, which was as inevitable at some point of the expansion as are the results of mathematical and physical laws. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at ... This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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