Sketch of American Finances. 1789-1835
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Merchants, of course, ceased importing when there was no demand ; but, more than that, they were even compelled to reship their foreign merchandise, in order, in this way, to avoid the payment of the revenue bonds, given as security for the duties. Hence the issue and payment of de- bentures took place to an extent altogether unusual and unlooked for. Even such bonds as became due were not paid promptly, owing to the difficulty in obtaining money. The con- traction of the currency added its sha...re also to the general depression. The banks which, during the suspension of specie payments, had been excessive in their note issue, were recently 140 AMERICAN FINANCES, forced, by the large exportations of the precious metals in 1818, to contract their discounts, so as to withdraw a large portion of their notes from circulation. The effect of this may be best observed in the fact that the currency which stood at about $']o,'Cao,ooo in 1813, and was raised to ^110,000,000 in 1815 and 1816, found its volume reduced by the close of 18 19 to ;^45,ooo,ooo, — a reduction of 59 per cent within three years.
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To quickly assess the difficulty of the text, read a short excerpt:
Merchants, of course, ceased importing when there was no demand ; but, more than that, they were even compelled to reship their foreign merchandise, in order, in this way, to avoid the payment of the revenue bonds, given as security for the duties. Hence the issue and payment of de- bentures took place to an extent altogether unusual and unlooked for. Even such bonds as became due were not paid promptly, owing to the difficulty in obtaining money. The con- traction of the currency added its sha...re also to the general depression. The banks which, during the suspension of specie payments, had been excessive in their note issue, were recently 140 AMERICAN FINANCES, forced, by the large exportations of the precious metals in 1818, to contract their discounts, so as to withdraw a large portion of their notes from circulation. The effect of this may be best observed in the fact that the currency which stood at about $']o,'Cao,ooo in 1813, and was raised to ^110,000,000 in 1815 and 1816, found its volume reduced by the close of 18 19 to ;^45,ooo,ooo, — a reduction of 59 per cent within three years.
What to read after Sketch of American Finances. 1789-1835?
You can find similar books in the "Read Also" column, or choose other free books by Kearny, John Watts to read onlineMoreLess
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