The North American Review volume 162

Cover The North American Review volume 162
The North American Review volume 162
Thomas Buchanan Read
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It is probable that such popular delusion is most largely responsible for our Uncle's present embarrassment, for the readiness with which the public received his notes and the facility with which they have been used to per form the functions of money, coupled with a generous desire to help some of his silver-mining nephews sustain the market for their product, latterly led him into very rash speculations in silver bullion. He practically under took to " corner the market" for silver, and in the
... operation bought enor mous quantities of the white metal, which has &o steadily depreciated in salable value that even he recognizes now that he is in for a heavy final loss on the investment. But that is not the worst of it presently, at least. He easily can stand the actual direct loss which his silver finally must make him. The greater trouble is that he did not pay for the silver, but bought 250 THE NORTH AMERICAN REVIEW.
it on credit, giving therefor his demand notes to a vast amount, and which it was generally understood, as he in practice has recognized, are payable in gold, if so desired by their holders.


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