Resumption of Specie Payments Notes of a Conference Between the Committee On Ba
Resumption of Specie Payments Notes of a Conference Between the Committee On Ba
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Mr. EwiNG. You intimated a probability of a suspension by the gov- ernment, from the running down of the coin in the Treasuiy.
Secretary SHERMAN. 1 say that such a thing might be possible.
Mr. EWING. The state of the Treasury is known all the time to the banks and to the public, and certainly the fact that the Treasury was running short of gold would create alarm, and would naturally cause the banks and other holders to precipitate their seventy millions of legal-tender reserves and their fifty...-eight millions of gold-certificates on the Treasury.
Secretary SHERMAN. I can only say that the Bank of England has frequently run its gold down at one time to a million of pounds.
Mr. EWING. Yes, sir; and the bank ran short once and then found a lot of one-pound notes, and they saved it from bankruptcy when gold could not.
Secretary SHERMAN. If you would ever run the Treasury down, so as 54 EESUMPTION OF SPECIE PAYMENTS.
to redeem the $140, 000, 000 of the present outstanding legal-tender notes, greenbacks would be so scarce that they would be taken readily by everybody, just as in England, when the bank balance ran down under the panic to one million pounds sterling, every one was anxious to get Bank of England notes.
What to read after Resumption of Specie Payments Notes of a Conference Between the Committee On Ba?
You can find similar books in the "Read Also" column, or choose other free books by United States Congress House Committee On Banki to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Mr. EwiNG. You intimated a probability of a suspension by the gov- ernment, from the running down of the coin in the Treasuiy.
Secretary SHERMAN. 1 say that such a thing might be possible.
Mr. EWING. The state of the Treasury is known all the time to the banks and to the public, and certainly the fact that the Treasury was running short of gold would create alarm, and would naturally cause the banks and other holders to precipitate their seventy millions of legal-tender reserves and their fifty...-eight millions of gold-certificates on the Treasury.
Secretary SHERMAN. I can only say that the Bank of England has frequently run its gold down at one time to a million of pounds.
Mr. EWING. Yes, sir; and the bank ran short once and then found a lot of one-pound notes, and they saved it from bankruptcy when gold could not.
Secretary SHERMAN. If you would ever run the Treasury down, so as 54 EESUMPTION OF SPECIE PAYMENTS.
to redeem the $140, 000, 000 of the present outstanding legal-tender notes, greenbacks would be so scarce that they would be taken readily by everybody, just as in England, when the bank balance ran down under the panic to one million pounds sterling, every one was anxious to get Bank of England notes.
What to read after Resumption of Specie Payments Notes of a Conference Between the Committee On Ba?
You can find similar books in the "Read Also" column, or choose other free books by United States Congress House Committee On Banki to read onlineMoreLess
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