Money inflation in the United States by Murray Shipley WildmanMoney inflation in the United States by Murray Shipley Wildman

Money inflation in the United States

byMurray Shipley Wildman

Paperback | February 7, 2012

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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.1905 Excerpt: ... CHAPTER II BANK-NOTE INFLATION IN THE MISSISSIPPI VALLEY--SOCIAL CONDITIONS § I. The rise of commercial banking and the disregard of sound banking principles. 2. The movement of the frontier from the Alleghanies to the Mississippi. 3. Social conditions in the West which affected the character of the people. 4. The growth of sectionalism and its moral and political effects. § i. As the revolutionary period was coming to a close, modern commercial banks first came into vogue.1 These differed from the colonial loanbanks in that they not only issued their notes, which should be finally paid from the assets for which the notes were themselves exchanged, but the new banks, when properly organized, had in addition a cash capital which enlarged the basis for the credit which the notes represented. They accepted deposits transferable by check, and made their notes redeemable on demand. For these combined liabilities--notes and deposits--they were expected to maintain a specie reserve, as their capital enabled them to do, always adequate to the 1 See Rise of Commercial Banking in the United States, A. O. Eliason. The first bank of this kind is said to have been the Bank of North America, founded in 1781. The system was already well developed in England. requirements of redemption. By the employment of the bank's capital in this manner the note holder was not only protected against ultimate loss by the failure of the bank, but the parity of the notes with specie was made sure by the frequent return of the notes to the bank's counter for redemption. Conditions which led the people to demand paper money in Revolutionary times still existed. The growing industry and commerce increased the need for a medium of exchange, while capital was grudgingly spared to ser...
Title:Money inflation in the United StatesFormat:PaperbackDimensions:66 pages, 9.69 × 7.44 × 0.14 inPublished:February 7, 2012Publisher:General Books LLCLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:021731855X

ISBN - 13:9780217318556