Thirty Years of American Finance; a Short Financial History of the Government And People of the United States Since the Civil War, 1865-1896
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• jreas. Kep., 1091, p.
' Ibid., pp. 27 and 358, 166 American Finance [i89l By the end of June the exports of gold had reached the unexampled figures of $70,000,000 for the six months." ' Unexampled such an outflow of gold might very properly be called; for in six months of 1891 the shipments had exceeded the total gold exports of any twelve months since the currency inflation of the war.' But in 1891, as usually happens when an inflated currency begins its work of mischief, any explanation of ...the gold expulsion was received ex- cept the most plain and obvious. The Government reports explained that the national banks of Eng- land, France, Germany, and Russia had reasons for wishing to increase their gold reserves; that these institutions were encouraging gold imports by pay- ment of commissions; that American tourists had been spending more gold abroad than usual because of the Paris Exposition." When these particular influences disappeared, and still the heavy outflow of gold continued, it was further pointed out that the Austrian Government, then laying its plans for resumption of specie payments, had been making strenuous exertions to obtain gold for the purpose.* Particular stress was laid on the fact that many ex- port gold consignments, during 1891 and 1892, went out with sterling exchange a small fraction below the usual gold-shipping point.
What to read after Thirty Years of American Finance; a Short Financial History of the Government And People of the United States Since the Civil War, 1865-1896?
You can find similar books in the "Read Also" column, or choose other free books by Noyes, Alexander Dana, 1862-1945 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
• jreas. Kep., 1091, p.
' Ibid., pp. 27 and 358, 166 American Finance [i89l By the end of June the exports of gold had reached the unexampled figures of $70,000,000 for the six months." ' Unexampled such an outflow of gold might very properly be called; for in six months of 1891 the shipments had exceeded the total gold exports of any twelve months since the currency inflation of the war.' But in 1891, as usually happens when an inflated currency begins its work of mischief, any explanation of ...the gold expulsion was received ex- cept the most plain and obvious. The Government reports explained that the national banks of Eng- land, France, Germany, and Russia had reasons for wishing to increase their gold reserves; that these institutions were encouraging gold imports by pay- ment of commissions; that American tourists had been spending more gold abroad than usual because of the Paris Exposition." When these particular influences disappeared, and still the heavy outflow of gold continued, it was further pointed out that the Austrian Government, then laying its plans for resumption of specie payments, had been making strenuous exertions to obtain gold for the purpose.* Particular stress was laid on the fact that many ex- port gold consignments, during 1891 and 1892, went out with sterling exchange a small fraction below the usual gold-shipping point.
What to read after Thirty Years of American Finance; a Short Financial History of the Government And People of the United States Since the Civil War, 1865-1896?
You can find similar books in the "Read Also" column, or choose other free books by Noyes, Alexander Dana, 1862-1945 to read onlineMoreLess
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