Cheap Money Experiments in Past And Present Times Reprinted With Slight Revisi

Cover Cheap Money Experiments in Past And Present Times Reprinted With Slight Revisi
Cheap Money Experiments in Past And Present Times Reprinted With Slight Revisi
Joseph Bucklin Bishop
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Any person owning landed property in the province could go to the bank and secure a loan for half its value, which was to be fixed by the bank's appraisers. The bank gave him a mortgage-bond, called a cedula, which was to run for twenty-four years, at from six to eight per cent, interest, two per cent, amortization, and one per cent, commission. The interest was payable quarterly, and there were coupons attached for the twenty-four years. The cedulas were issued in alphabetical series, begin- n...ing with A and running to P. They were bought and sold on the Bolsa or Stock-exchange, and from THE AKGENTINE CHEAP-MONEY PARADISE 49 their first issue became an important element in speculation. The first issue of series A was between $18, 000, 000 and $14, 000, 000, the Ai'gentine dollar being about ninety-six cents of our money, being based upon the unit of the French monetary sys- tem. These remained at par for only a short time after issue. They were quickly followed by others, until series A closed with a total issue of $27, 394, - 000.

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