The Loan Office Experiment in Missouri 1821 1836
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The rest of its territory was in the possession of roving bands of savages, which were a constant menace to outlying hamlets. The population of Missouri in 1821 totaled 70, 647. There were 59, 092 whites, sixty of these being bound to service, and 11, 555 negroes, 321 of whom were free. Capital and modern implements were wanting. Specie was scarce and almost unknown. The bank notes of sister common- wealths were a treacherous aid and were practically forbidden circulation within the commonwealt...h. ^^ This reduced commerce to the basis of barter, and "double coincidence of desire" sounds better than it actually is. As a proof of the scarcity of a circulating medium, note the act of the General Assembly, December 22, 1824, authorizing the auditor to issue his warrants in three denominations: so that as far as possible, one- third were for $3, one-third for $5, and one-third for $10. ^^ However, the infant commonwealth itself was in a very bad financial way: current revenues failed to meet expenses and the floating debt was constantly growing.
What to read after The Loan Office Experiment in Missouri 1821 1836?
You can find similar books in the "Read Also" column, or choose other free books by Albert Johnston Mcculloch to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The rest of its territory was in the possession of roving bands of savages, which were a constant menace to outlying hamlets. The population of Missouri in 1821 totaled 70, 647. There were 59, 092 whites, sixty of these being bound to service, and 11, 555 negroes, 321 of whom were free. Capital and modern implements were wanting. Specie was scarce and almost unknown. The bank notes of sister common- wealths were a treacherous aid and were practically forbidden circulation within the commonwealt...h. ^^ This reduced commerce to the basis of barter, and "double coincidence of desire" sounds better than it actually is. As a proof of the scarcity of a circulating medium, note the act of the General Assembly, December 22, 1824, authorizing the auditor to issue his warrants in three denominations: so that as far as possible, one- third were for $3, one-third for $5, and one-third for $10. ^^ However, the infant commonwealth itself was in a very bad financial way: current revenues failed to meet expenses and the floating debt was constantly growing.
What to read after The Loan Office Experiment in Missouri 1821 1836?
You can find similar books in the "Read Also" column, or choose other free books by Albert Johnston Mcculloch to read onlineMoreLess
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