Finance - Money and Banking (1 янв 1846 г. – 1 янв 1863 г.)

Описание:

After the expiration of the charter of the Second Bank of the United States, federal revenues were handled by the Independent Treasury beginning in 1846. The Second Bank of the U.S. had also maintained some control over other banks, but in its absence banks were only under state regulation.

One of the main problems with banks was the over-issuance of banknotes. These were redeemable in specie (gold or silver) upon presentation to the chief cashier of the bank. When people lost trust in a bank they rushed to redeem its notes, and because banks issued more notes than their specie reserves, the bank couldn't redeem the notes, often causing the bank to fail. In 1860 there were over 8,000 state-chartered banks issuing notes.

- Banks began paying interest on deposits and using the proceeds to make short term call loans, mainly to stockbrokers.

- New York banks created a clearinghouse association in 1853 in which member banks cleared accounts with other city banks at the close of the week. The clearinghouse association also handled notes from banks in other parts of the country.

Добавлено на ленту времени:

Дата: