This book is an interesting description and criticism of the American financial system, written by a well-known English writer, and directed to American readers. The book is frankly popular and does not pretend to be a contribution to our knowledge on the subject. The author's style is breezy and his treatment somewhat superficial, but the book is well written and decidedly interesting. The author possesses a clear and sympathetic, if not very profound, understanding of American financial institutions, and his attitude is ...
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This book is an interesting description and criticism of the American financial system, written by a well-known English writer, and directed to American readers. The book is frankly popular and does not pretend to be a contribution to our knowledge on the subject. The author's style is breezy and his treatment somewhat superficial, but the book is well written and decidedly interesting. The author possesses a clear and sympathetic, if not very profound, understanding of American financial institutions, and his attitude is remarkably broad-minded and fair. He finds much to commend and also much to criticize in our financial system. Of special interest to the American reader is the account of our inflated currency, the criticism of our bond-secured bank notes, and the judgment of our independent treasury. The author is much impressed with the "bigness" of everything American, and his evident desire to do full justice to the large scale on which American financial operations are carried on leads him into frequent exaggerations, both of our virtues and of our failings. In the main the author is inclined to judge American institutions very favorably; too favorably, at times, as in his treatment of the greenbacks. But he sees danger ahead in our inflated credit system, our tendency to reckless speculation, the enormous power which concentration of wealth has put into irresponsible and unscrupulous hands, and the wasteful way in which we are exhausting our natural resources. -- Yale Review , Vol. 16
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