Synopses & Reviews
Synopsis
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.
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