Thomas H. Benton
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In our eReader you can find the full English version of the book. Read Thomas H. Benton Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book Thomas H. Benton
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As to the removal of the deposits the only direct influence of that policy in bringing about the panic was in the rearrangement of business which ensued, since the money was still available for public use.
As a matter of fact in the end it did not advantage these banks, for they failed almost without excep- tion, and very little was ever recovered by the gov- ernment. If the National Bank had retained the deposits it might have weathered the storm, but the management had now become so reckless ...that it is not safe to say the country would have been better off in the end.
The bitterest attack was on the specie circular.
It is true that this circular had made necessary the use of an immense amount of specie, but according to Benton, under the operation of his own legisla- tion, the fund had increased in a few years from twenty millions to one hundred millions. It had acquainted the people with hard money. Depre- "OLD BULLION" 183 ciated bank notes were no longer the principal medium of exchange.
What to read after Thomas H. Benton?
You can find similar books in the "Read Also" column, or choose other free books by Rogers, Joseph M. (Joseph Morgan), B. 1861 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
As to the removal of the deposits the only direct influence of that policy in bringing about the panic was in the rearrangement of business which ensued, since the money was still available for public use.
As a matter of fact in the end it did not advantage these banks, for they failed almost without excep- tion, and very little was ever recovered by the gov- ernment. If the National Bank had retained the deposits it might have weathered the storm, but the management had now become so reckless ...that it is not safe to say the country would have been better off in the end.
The bitterest attack was on the specie circular.
It is true that this circular had made necessary the use of an immense amount of specie, but according to Benton, under the operation of his own legisla- tion, the fund had increased in a few years from twenty millions to one hundred millions. It had acquainted the people with hard money. Depre- "OLD BULLION" 183 ciated bank notes were no longer the principal medium of exchange.
What to read after Thomas H. Benton?
You can find similar books in the "Read Also" column, or choose other free books by Rogers, Joseph M. (Joseph Morgan), B. 1861 to read onlineMoreLess
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