This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1908 Excerpt: ...or bonds. He recommended a measure to the effect that on the 1st of January, 1874, the United States would redeem its notes either in coin or with bonds of convenient denominations, bearing 5 % interest in coin. It was expected that in case the Secretary of the Treasury was not able to pay out coin for the redemption ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1908 Excerpt: ...or bonds. He recommended a measure to the effect that on the 1st of January, 1874, the United States would redeem its notes either in coin or with bonds of convenient denominations, bearing 5 % interest in coin. It was expected that in case the Secretary of the Treasury was not able to pay out coin for the redemption of the notes, the attraction of a bond, payable in gold, would cause such a contraction of the currency that resumption would result from the diminished amount in circulation. No actibn was taken upon this recommendation. The House of Representatives was unfriendly and the Senate not altogether cordial in its support. It, however, indicated progress on the road towards resumption. In the following September occurred the crisis of 1873, to be followed by a season of severe distress, continuing, with greater or less intensity, for nearly six years. This disturbance in financial conditions was, in many respects, the most severe, and, in nearly all respects, the most thoroughly characteristic, of the recurring periods of panic and depression which must occur in any progressive community. The starting-point of the difficulty was the great progress made in the increase of equipment for production. This resulted in overaction and speculation, and in the multiplication of improvident and unwise investments. A serious crash resulted. Of course prices and wages fell, and the hopes of the speculator were rudely shattered. If it was difficult to secure resumption before this decided check in the onward march of prosperity, it was fourfold more difficult thereafter. Business interests had come to rely upon the Treasury and upon Congress for the creation of conditions which would make their investments profitable, and thus, in great degree, had neglected the...
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PLEASE NOTE, WE DO NOT SHIP TO DENMARK. New Book. Shipped from UK in 4 to 14 days. Established seller since 2000. Please note we cannot offer an expedited shipping service from the UK.
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