Public Documents of Massachusetts 1861 V.2 No.7-15
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The loans and discounts of the banks, as returned on the first week in February, 1860, amounted to 8107,795,572, and were steadily increased until October 1st of the same year, when they had reached the sum of 1115,101,965, an increase of $7,306,393. At the end of the year, or during a period of three months, they were diminished in the sum of $5,650,988, a reduction forced upon the banks as a measure necessary for their own safety. It is much to be regretted that the amount of loan which may b...e carried, and of paper money which may be issued, not only by the banks of this State, but of the United States, is not more directly regulated by the laws of trade. Certain it is, that our business transactions with other countries should be more closely observed by all bank managers, and if it is found that a balance of indebtedness is being created against us, an immediate reduction of loans and discounts should be made, while, at the same time, if possible, the specie should be increased. The effect of this would be not only to put the banks in a better state of preparation to satisfy all foreign claims, Jbut, while increasing the rates of money, to moderately withhold the means with which our people might again be led to over-trade.
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To quickly assess the difficulty of the text, read a short excerpt:
The loans and discounts of the banks, as returned on the first week in February, 1860, amounted to 8107,795,572, and were steadily increased until October 1st of the same year, when they had reached the sum of 1115,101,965, an increase of $7,306,393. At the end of the year, or during a period of three months, they were diminished in the sum of $5,650,988, a reduction forced upon the banks as a measure necessary for their own safety. It is much to be regretted that the amount of loan which may b...e carried, and of paper money which may be issued, not only by the banks of this State, but of the United States, is not more directly regulated by the laws of trade. Certain it is, that our business transactions with other countries should be more closely observed by all bank managers, and if it is found that a balance of indebtedness is being created against us, an immediate reduction of loans and discounts should be made, while, at the same time, if possible, the specie should be increased. The effect of this would be not only to put the banks in a better state of preparation to satisfy all foreign claims, Jbut, while increasing the rates of money, to moderately withhold the means with which our people might again be led to over-trade.
What to read after Public Documents of Massachusetts 1861 V.2 No.7-15?
You can find similar books in the "Read Also" column, or choose other free books by Massachusetts to read onlineMoreLess
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