Publisher's Synopsis
Excerpt from Bank Rate and the Money Market: In England, France, Germany, Holland, and Belgium, 1844-1900
But while business has extended itself very largely among those countries, this has not been accompanied with the same constant tendency to ?uctuation in the rate Of discount as has been the case in London, nor have the ?uctuations been as sharp.
I have not thought it necessary to include the wonderful growth of banking Operations which has taken place in the United States during the same period, because, although the growth in that country has been both proportionally and actually far larger than in Europe, and though the Money Market of New York is very closely connected with that of London, yet the circumstances of banking in the United States are so different from those which Obtain in this country and on the continent of Europe that it did not seem possible to insti tute any useful comparison between them, for the purposes for which this volume is written. These are to call attention to: The increase needed in our specie reserve; and the desirability Of maintaining greater stability in the rate of discount.
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