State Banking Before the Civil War
State Banking Before the Civil War
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In our eReader you can find the full English version of the book. Read State Banking Before the Civil War Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book State Banking Before the Civil War
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) Although there was little legislation in States south of New York on this subject, the need of a better protection to the circulation through the holding of coin was fre- quently referred to by the bank commissioners and legisla- tive committees. Not, however, until i860 was there any specific requirement as to specie holdings by banks in Pennsylvania, and in the law then passed only 8 per cent in specie or its equivalent was demanded. " In Maryland, a legislative committee in 1837 reported t...hat the' ratio of circulation to specie was less than the healthy and authorized proportion of 3 to i. A committee of Vir- ginia, about 1835, stated that it was difficult to determine how much specie a bank should have in order to redeem its notes — the estimate was usually of 3 to i, but in Virginia the actual ratio was $5. 22 to $1. An act in 1837 provided that banks should have one-fifth of their notes in specie and forbade a bank to make any loan when the reserve fell below this limit. ^ This ratio was observed in subsequent legislation.
What to read after State Banking Before the Civil War?
You can find similar books in the "Read Also" column, or choose other free books by Davis Rich Dewey to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
) Although there was little legislation in States south of New York on this subject, the need of a better protection to the circulation through the holding of coin was fre- quently referred to by the bank commissioners and legisla- tive committees. Not, however, until i860 was there any specific requirement as to specie holdings by banks in Pennsylvania, and in the law then passed only 8 per cent in specie or its equivalent was demanded. " In Maryland, a legislative committee in 1837 reported t...hat the' ratio of circulation to specie was less than the healthy and authorized proportion of 3 to i. A committee of Vir- ginia, about 1835, stated that it was difficult to determine how much specie a bank should have in order to redeem its notes — the estimate was usually of 3 to i, but in Virginia the actual ratio was $5. 22 to $1. An act in 1837 provided that banks should have one-fifth of their notes in specie and forbade a bank to make any loan when the reserve fell below this limit. ^ This ratio was observed in subsequent legislation.
What to read after State Banking Before the Civil War?
You can find similar books in the "Read Also" column, or choose other free books by Davis Rich Dewey to read onlineMoreLess
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