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Chapters in Political Economy

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Said a New York correspondent of an English newspaper: "A large body of active houses are known to be associated for the purpose; to influence the press to work out their views, and are alleged not merely to operate with a joiiU capital, but to hold regular meetings, and permanently retain legal advisers, whose chief vocation, it may be assumed, is to discover points that may enable the validity of each kind of security to l)e called in ques- tion, and thus to create universal distrust. " * The... banks began to tjuake. They thought only of themselves. By refusing further discounts they stopped the issue of their own notes, and, as loans matured, they received their own circulation back again, or that of other banks, for which they could get specie, or their own notes by way of exchange through tlic Clearing-House. The loans of the New York city banks were contracted $ 25, 000, 000 between the ist of August and the 24th of October.
' London Times. Sept. Lo, 1857. See Bank. Mag. , vol. 12, p.

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Chapters in Political Economy
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