... UNITED STATES 15 8
19 AFTER THE BANK WARS: THE UK/US CRISES OF
18 36 TO 18 39
17 3
20 PRIVATE BANKING IN THE EARLY UNITED
STATES
18 1
21 THE BANK CHARTER ACT OF 18 44 AND THE
CRISIS OF 18 47
19 1
Part ... the American
political attitude to banking, and explain what can seem to Europeans the
parochialism and backwardness of American retail banking.
4 A HISTORY OF M...
... commercial practice and detail what explanations they had to
offer of so unusual a state of things.
236 THE SUSPENSION OF PAYMENTS: 17 97 TO 18 21
26
THE SUSPENSION OF PAYMENTS, 17 97
TO 18 21
In the ... distinguishing
between an advance of capital to merchants as an additional supply of
currency to the general mass of circulating medium’ (page 50). The concept
…that whi...
... and credit became vital over a large part of the West’
(Bautier 19 71: 147). Europe was now ready for a more substantial and stable
coinage to serve the needs of expanding trade. This was to take ... settled by barter.
There were a few travelling merchants, and a small part of the population lived
in towns, but the real growth revival of international trade had hardly begun....
... Money which has already
lost at least 2/5 parts of its Intrinsick value by Clipping and Adulteration.
(Li 19 63: 218 )
Newton (16 96) also made a point about the gold/silver ratio.
A HISTORY OF MONEY ... monetary union and related issues in the 19 90s (e.g. Panic
19 92) and it is arguable that the system was appropriate for a particular period
of history rather than bei...
... Cleveland was elected President in 18 92, and was inaugurated on the day
of a Wall Street crash. Brogan says of him: ‘There was not much room for
ideas in Cleveland’s massive head but when one had ... when
in 214 Caracalla replaced it as the standard coin by a double denarius
intrinsically worth about one and a half of the current pieces.
He says that the Emperor Gallienius (253–...
... greater the
13 0 A HISTORY OF MONEY
Development of stock markets
Stock markets were already established (Morgan and Thomas 19 62) as is
confirmed by the following extract from a 16 95 Act of Parliament ... free
trade with a ‘system of export licences, associated with personal safe-conducts
for the merchants, and levies of “reasonable” taxes’ (Bautier 19 71: 120).
The...
... of North America was formed on the initiative of Robert Morris,
and a Federal charter was granted (by a narrow majority) in May 17 81. It had a
capital of $400,000, was limited to assets of $10 ... of barter. Although the Bank of England blamed the country banks for
the crisis, and vice versa, there was no Parliamentary enquiry as it was fairly
clear already what had happen...
... structure of UK
banking law and practice was, from a monetary point of view, now in place.
BANK CHARTER ACT 18 44: THE CRISIS OF 18 47 19 7
21
THE BANK CHARTER ACT OF 18 44
AND THE CRISIS OF 18 47
THE BANK ... £200,000. From
that day we had a market of comparative ease.
(Evans 18 48:87)
The Bank did in fact make substantial advances at 8 or 9 per cent but there
wa...
... in 18 91
and replaced by the Banco de la Nacion Argentina.
Brazil
The situation was broadly similar to that in Argentina. Notes of the Bank of
Brazil date from 18 08. Gold and silver had disappeared, ... standard (Zuckerkandl in National Monetary Commission 19 11 vol.
18 ).
Latin America
The Napoleonic Wars precipitated the perhaps already inevitable collapse of
Spanish control...