A History of American Currency: With Chapters On the English Bank ...
A History of American Currency: With Chapters On the English Bank ...
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One effect of the changes in the coinage in 1834 had been to make gold the better remittance this way. This being the metal on which Eng- lish banking was based, the movement had importance for the English banking and com- mercial world which silver remittances had never had. In April, 1836, the gold reserve of the Bank of England began to be lowered. This went on all summer. The speculation had also reached a point at which the rise was stayed. The Bank rate was raisedtto 4^ in July, and 5 in ...September.
Digitized by Google HISTORY OF AMERICAN CURRENCY, 133 American bills were refused discount. Prices fell and money was withdrawn. A Parliamentary- report, which criticised the joint-stock banks se- verely, added to the prevailing uneasiness.* In November, 1836, the Agricultural Bank of Ireland and the Northern and Central Bank of Manchester were in difficulties which forced them to call on the Bank of England for aid. They received it on condition of winding up. This was the first blow of the crisis which convulsed Europe and America.
What to read after A History of American Currency: With Chapters On the English Bank ...?
You can find similar books in the "Read Also" column, or choose other free books by William Graham Sumner, Great Britain. Parliament. House of Commons. Select Committee On the High Price of Gold Bullion to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
One effect of the changes in the coinage in 1834 had been to make gold the better remittance this way. This being the metal on which Eng- lish banking was based, the movement had importance for the English banking and com- mercial world which silver remittances had never had. In April, 1836, the gold reserve of the Bank of England began to be lowered. This went on all summer. The speculation had also reached a point at which the rise was stayed. The Bank rate was raisedtto 4^ in July, and 5 in ...September.
Digitized by Google HISTORY OF AMERICAN CURRENCY, 133 American bills were refused discount. Prices fell and money was withdrawn. A Parliamentary- report, which criticised the joint-stock banks se- verely, added to the prevailing uneasiness.* In November, 1836, the Agricultural Bank of Ireland and the Northern and Central Bank of Manchester were in difficulties which forced them to call on the Bank of England for aid. They received it on condition of winding up. This was the first blow of the crisis which convulsed Europe and America.
What to read after A History of American Currency: With Chapters On the English Bank ...?
You can find similar books in the "Read Also" column, or choose other free books by William Graham Sumner, Great Britain. Parliament. House of Commons. Select Committee On the High Price of Gold Bullion to read onlineMoreLess
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