Disastrous Financial Panics
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INCREASE OF BANKRUPTS. This enormous decrease in the national bank circulation by its destruction and the heavy export of gold caused an alarming increase in bankruptcies. R. G. Dun & Co. Reported as follows: 1889 10, 882 1890 10, 907 1891 12, 273 Total 34, 062 COMPARE 1864. Compare this large number of failures with the years 1880, 1881 and 1882, when only 17, 055 were reported or during the three years of 1864, 1865 and 1866, when the total only num- bered 1683. Then there was a very large pe...r capita circulation. 73 Employees had higher wages and were promptly paid. The re- tail trade of the country was done on a far larger cash basis than now. It was the contracted circulation, causing a frightful expan- sion of the credit business that was causing the wreckage. FAILURE OF FOSTER AND McKINLEY. It was the contracted money circulation that bankrupted former Secretary of the Treasury Foster and closed his factories in Ohio; also that bankrupted William J. McKinley, later presi- dent. Yet those sages were contractionists for the funding of the greenbacks and placing the banks of the country on a gold basis, to cause their wreckage again as in 1837 and 1857!
What to read after Disastrous Financial Panics?
You can find similar books in the "Read Also" column, or choose other free books by Jesse Gillmore to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
INCREASE OF BANKRUPTS. This enormous decrease in the national bank circulation by its destruction and the heavy export of gold caused an alarming increase in bankruptcies. R. G. Dun & Co. Reported as follows: 1889 10, 882 1890 10, 907 1891 12, 273 Total 34, 062 COMPARE 1864. Compare this large number of failures with the years 1880, 1881 and 1882, when only 17, 055 were reported or during the three years of 1864, 1865 and 1866, when the total only num- bered 1683. Then there was a very large pe...r capita circulation. 73 Employees had higher wages and were promptly paid. The re- tail trade of the country was done on a far larger cash basis than now. It was the contracted circulation, causing a frightful expan- sion of the credit business that was causing the wreckage. FAILURE OF FOSTER AND McKINLEY. It was the contracted money circulation that bankrupted former Secretary of the Treasury Foster and closed his factories in Ohio; also that bankrupted William J. McKinley, later presi- dent. Yet those sages were contractionists for the funding of the greenbacks and placing the banks of the country on a gold basis, to cause their wreckage again as in 1837 and 1857!
What to read after Disastrous Financial Panics?
You can find similar books in the "Read Also" column, or choose other free books by Jesse Gillmore to read onlineMoreLess
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