The Continental Monthly, Vol. 3 No 2, February 1863

The Continental Monthly, Vol. 3 No 2, February 1863
Devoted To Literature And National Policy

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The Continental Monthly, Vol. 3 No 2, February 1863 by Various

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1863

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The Continental Monthly, Vol. 3 No 2, February 1863
Devoted To Literature And National Policy

By

0
(0 Reviews)
Our National Finances.A Trip to Antietam.American Destiny.The Birth of the Lily.Was He Successful? -- Part SecondNullification and Secession.The Sioux War.'Dead!'A Merchant's Story.The Consequences of the Rebellion.Mottoes for Contractors.Sunshine in Thought.How they Jested in the Good Old Time.Literary Notices.Editor's Table.

Book Excerpt

value of $5,271,576. (Table 1, Com. and Nav.) Our bank currency that year was as follows: Circulation, $149,185,890; deposits, $127,397,185; circulation and deposits, $276,583,075; loans, $525,115,702. (Treasury Report, 1838, Doc. 79, tables K. K.) The legitimate result of this expansion of loans and currency was the great bank suspension of May, 1837, and general bankruptcy throughout the country.

Now our bank circulation in 1860 was $207,102,477; deposits, $253,802,129; circulation and deposits, $460,904,606; loans, $691,495,580. (Table 34, Census of 1860.) Yet our population in 1860 was more than double that of 1837, and our wealth (the true barometer, marking the proper rise and fall of our currency) had much more than quadrupled. (Census Table 35.) The proportion of the currency to wealth in 1837 was more than double the ratio of 1860. It was not the tariff that produced the suspension of 1837, for it was much lower in 1860, than at the date of the bank suspension of 1837.

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