A Sketch of the History of the Currency: Comprising a Brief Review of the ...
A Sketch of the History of the Currency: Comprising a Brief Review of the ...
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The risk was so great, that no one could be found to lend money at the legal rate of five per cent., and many persons were forced to sell their property at a great sacrifice, to obtain the money which they could not borrow on the security of it.
The great prosperity which preceded the panic of 1825, and the commercial distress which ac- companied it, like the occurrences of 1793, are constantly referred to as proving the power of bankers to produce such catastrophes by the issue of notes, there...fore, as on the former occasion, we must notice any circumstances which may shew another origin for these events. The most pro- bable cause for them, apart from the state of the currency, appears to have been, as alleged by Mr. Tooke in the second volume of his History of Prices, the reduction of the rate of interest on 165 the Government stock ; this induced many per- sons to invest in foreign loans, the large gains of the early speculators in these loans tempted others, and excited a gambling spirit in the public, who then rushed into the schemes for working the silver-mines of America, and into the wildest speculation in all kinds of produce in the home market How far the power of issuing notes may foster a spirit of this kind, though it may not have the power of creating it, is a ques- tion of great importance, to which our attention vdll soon be called.
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To quickly assess the difficulty of the text, read a short excerpt:
The risk was so great, that no one could be found to lend money at the legal rate of five per cent., and many persons were forced to sell their property at a great sacrifice, to obtain the money which they could not borrow on the security of it.
The great prosperity which preceded the panic of 1825, and the commercial distress which ac- companied it, like the occurrences of 1793, are constantly referred to as proving the power of bankers to produce such catastrophes by the issue of notes, there...fore, as on the former occasion, we must notice any circumstances which may shew another origin for these events. The most pro- bable cause for them, apart from the state of the currency, appears to have been, as alleged by Mr. Tooke in the second volume of his History of Prices, the reduction of the rate of interest on 165 the Government stock ; this induced many per- sons to invest in foreign loans, the large gains of the early speculators in these loans tempted others, and excited a gambling spirit in the public, who then rushed into the schemes for working the silver-mines of America, and into the wildest speculation in all kinds of produce in the home market How far the power of issuing notes may foster a spirit of this kind, though it may not have the power of creating it, is a ques- tion of great importance, to which our attention vdll soon be called.
What to read after A Sketch of the History of the Currency: Comprising a Brief Review of the ...?
You can find similar books in the "Read Also" column, or choose other free books by James Maclaren to read onlineMoreLess
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