The Franco German War Indemnity And Its Economic Results
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See also Economiste Fran$ais> 1873, p. I 7 I - t See supra, p. 24 n. The milliards were subscribed mainly by the investing classes and not from the " stockings, " Bankers' Magazine (1872), p. 742.
Economic Resttlts 35 The French public, as has been already seen, was a large investor in foreign securities, and, indeed, to have kept back the indemnity funds would have precipitated rather than averted a crisis, the true remedy for which, as Bagehot has taught us, is to lend freely to sound concern...s and on good security. The events in Vienna in the "black May " of 1873 one hundred and eighty stock-exchange failures in two days and the closing of the Bourse on the third were in large part due to the laxity of the Austrian government and of its banking institutions. While the Berlin banks had adopted stringent measures for dealing with the situation in December, 1872, the Bank of Prussia refused to discount the securities of concerns known to be speculative, and the legislature had prohibited the establishment of new banks of issue and proposed to put the old ones under central control the Austrian government held its hands, and the speculators driven from Berlin took refuge in Vienna, where in the first four months of 1873 new companies were created with a capital of 50, 000, 000.
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You can find similar books in the "Read Also" column, or choose other free books by Horace Handley Ofarrell to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
See also Economiste Fran$ais> 1873, p. I 7 I - t See supra, p. 24 n. The milliards were subscribed mainly by the investing classes and not from the " stockings, " Bankers' Magazine (1872), p. 742.
Economic Resttlts 35 The French public, as has been already seen, was a large investor in foreign securities, and, indeed, to have kept back the indemnity funds would have precipitated rather than averted a crisis, the true remedy for which, as Bagehot has taught us, is to lend freely to sound concern...s and on good security. The events in Vienna in the "black May " of 1873 one hundred and eighty stock-exchange failures in two days and the closing of the Bourse on the third were in large part due to the laxity of the Austrian government and of its banking institutions. While the Berlin banks had adopted stringent measures for dealing with the situation in December, 1872, the Bank of Prussia refused to discount the securities of concerns known to be speculative, and the legislature had prohibited the establishment of new banks of issue and proposed to put the old ones under central control the Austrian government held its hands, and the speculators driven from Berlin took refuge in Vienna, where in the first four months of 1873 new companies were created with a capital of 50, 000, 000.
What to read after The Franco German War Indemnity And Its Economic Results?
You can find similar books in the "Read Also" column, or choose other free books by Horace Handley Ofarrell to read onlineMoreLess
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