Publisher's Synopsis
Excerpt from Banking and Currency Reform, Its Necessity, Its Possibility, Its Method: An Address by James Thompson McCleary Before a Joint Session of the American Civic Alliance and the American Association for the Advancement of Science at Washington, D. C., On December 29, 1911
In 1890 a business house in New York failed for About the same time in London the great international financial house of Baring Bros. Failed for the largest single commercial failure known to history.
In New York a panic ensued, and the interest rate on call loans ran up above 80 per cent. Time loans could hardly be had at any rate, no matter what security was offered. Throughout the United States a large number of perfectly solvent business houses found themselves suddenly and without warning driven into bankruptcy. In London a failure ten times as large was taken care of promptly and efficiently; not a single legitimate commercial failure followed in the United Kingdom, and every solvent business man in that country was able to secure day by day all the bank accommodations to which he was entitled at a rate never exceeding 6 per cent, and as high as that for onliy one week.
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