A History of Modern Banks of Issue

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General Books, 2013 - 266 páginas
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1915 edition. Excerpt: ...government currency system of the United States. One of the essential errors of early banking in the United States was the undue expansion of credit upon slender resources. It is an error common in a new country and one from which the United States and Australia, in more recent years and under other systems of note issue, have not been exempt. The impression has been assiduously cultivated by the opponents of a banking currency that the early American banks issued a volume of circulating notes enormously in excess of the legitimate demands of business. This impression is absolutely unfounded and the proof is afforded by the figures. Some of the State banking currencies were over.issued in the sense that every dollar which is not kept at par with the metallic standard is improperly issued, but the aggregate banking currency of the country was at no time over-issued in the sense that an equal volume of good money was not capable of ready and healthy absorption by the legitimate demands of business. The circulation of all forms of money in the United States between 1880 and 1895 has ranged between $21.71 and $24.44 an has OI1l' recently been regarded, with the slackening of business activity, as beyond the volume required by business needs. It is only necessary to compare such figures with those of the circulation prior to the Civil War to show lrov erroneous is the assertion that the currency was unduly inflated in volume during the years of State banking. The following table shows the circulation of both bank-notes and specie at various dates, including the years of largest circulation, --the difference between the bank-note circulation and the total money in circulation representing the specie: YEAR.ESTIMATED BANE-NOTES OUTSTANDING.TOTAL..

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