Relation of Money to Bank Credits Address of General a J Warner Before the F
Relation of Money to Bank Credits Address of General a J Warner Before the F
Adoniram Judson Warner
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What was it in England with unlimited issues of bank notes? And how does the modern system of bank credits differ in effect from the old " wild cat" and " red dog" currency of the first half of the century ? There never was, how- ever, such rapid and reckless expansion and contraction of notes under the old note system as there has been in recent years in the creation and collapse of bank-credit currency. When the Russian Government withdrew $30, 000, 000 from deposit in England it created such... a vacuum in the reserves of banks as to threaten the whole credit structure of the Kingdom. It was the old story: " A joint stock bubble mania, with all its rogueries; then collapse and commercial ruin. " Gentlemen, it is right here in this insubstantial structure of credit money, created out of nothing confidence money that every panic ever known has had its origin. McLeod says: The inability of credit shops to extinguish the credit they have created com- monly called the failure of banks is the cause of the most terrible social calamities of modern times.
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