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The Rise of Commercial Banking Institutions in the United States (Classic Reprint)

The Rise of Commercial Banking Institutions in the United States (Classic Reprint)

136407830
1187.5 руб.
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Excerpt from The Rise of Commercial Banking Institutions in the United States

The early settlements in America, like all new agricultural communities, were deficient in capital. The colonists knew that they required something for the development of their trade and natural resources which they did not possess, but their attempts to supply this deficiency show that they did not clearly understand their need. Their need was capital, but they fell into the error common to persons possessing land in a new country. They thought what they needed was merely more money, and accordingly, instead of establishing agencies which might have enabled them to make the best and most systematic use of the limited capital and credit which they did possess, they resorted to what seemed to them a much easier course, the issue of paper money.

In some respects their course was at first a natural one. There was a real need of a larger medium of exchange. This need, which continued to be felt to a greater or less degree during the whole colonial period, was, it is true aggravated by the excessive issues of paper money, but nevertheless, it was a natural and real need. Metallic money is an expensive medium of exchange and new settlers on account of the necessity of employing all their capital productively are very loath to invest even a part of it in hard money, which is only a tool of exchange. Circulating notes are much cheaper, and providing their value can be assured, may to some extent, supply the need for money in domestic operations. The colonists therefore resorted to the issue of paper money, and it was issued to some extent in each of the thirteen colonies. This device was, however, employed "without limitation or judgment" so that instead of facilitating commercial intercourse, it became its worst barrier.

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