Publisher's Synopsis
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1884 edition. Excerpt: ... DEGREESCHAPTER XX. THE REMOVAL OF THE DEPOSITS--CONTINUED. THE Bank of the United States had a capital of thirty-five million dollars, seven million of which belonged to the government. Its circulating notes averaged about fifty million dollars, and its line of discounts ran from seventy to eighty million dollars. As before remarked, the government used the bank and its branches as places of deposit, which fund on hand usually amounted to about ten million dollars. The deposits of the mercantile community with the bank probably amounted to as much as those of the government. When, therefore, the government deposits were suddenly withdrawn from the bank by the President, as a matter of course private deposits were also withdrawn, thus inflicting a terrible blow upon the institution, as well as upon the industrial and mercantile community, inasmuch as the bank and its branches were compelled to withhold and shorten their accommodations to the people, while the State banks were also driven to the necessity of shortening their sails. At that time the population of the United States was less than fourteen million, and the purchasing power of money was more than twice as great as at the present time. Gold and silver were very scarce, and were being rendered still scarcer by the policy and course of Jackson and his "kitchen cabinet," and hence we may come to the conclusion that the depressing effect of this policy upon the country could not be excelled or equalled at the present time by the sudden abolition of all the national banks and the withdrawal of one half the greenbacks from circulation. It was not only the banks that were crippled and frightened, but all capitalists and financiers, except professional swindlers, were driven from the markets....
