Effects of the War on Money, Credit and Banking in France and the United States

By Benjamin M. Anderson | Go to book overview

CHAPTER XIII
New York at the Outbreak of the War

The outbreak of the war found the United States With a very safe credit position. Trade was dull, merchants and bankers were moving under shortened sail, no great new enterprises had recently been undertaken and the general situation was thoroughly solvent. There had been indeed no real boom since the panic of 1907. Ordinarily following a panic and a period of depression such as that of 1907-1908, there comes a revival of business with progressive tempo, culminating in a period of active prosperity. The "business cycle," as we know it, is an alternation of prosperity, crisis, depression and prosperity again. But following the panic of 1907 there had been a steady drag. The year 1909 had been an active year and 1910 had continued activity with some reduction in the tempo, but 1911, as shown both by figures for prices and for physical volume of production (indicated by railroad gross receipts) had shown a setback. In 1912, there was a substantial rise in wholesale prices followed by a substantial setback in 1913, with a moderate continuance through both these years of physical productivity, as indicated by railroad gross receipts. But there had been nothing following 1907 that could be called a real boom.1

In retrospect, it is possible to offer' an explanation of this, though some shrewd observers, as Mr. A. D. Noyes, had seen the explanation before the outbreak of the war. For a good many years before 1914 Europe had seen the war coming. The Banque de France as early as 1899 began its policy of accumulating gold, primarily as a war chest. Between 1899 and 1910 the Banque de France increased its gold reserves by 75 per cent, but increased its discounts and advances during the same period by only 5 per cent. In general, for several years before the war,

____________________
1
Vide the present writer's Value of Money, page 278, for the statistics referred to.

-143-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Effects of the War on Money, Credit and Banking in France and the United States
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
/ 227

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.