Peace re-established, the movement resumed its course
under new conditions and with a reorganization of the banks under the
name of "National Banks." A change was due, but, as everything was made
ready, it was speedy. The first balance sheet of the National Banks
dates from 1864. The amount of discounts had already exceeded the sum of
$100,000,000 in 1865, and grew to $500,000,000 in 1866. Once started the
movement took its own course:
1865 ...... $166,000,000 1870 ...... $725,000,000
1866 ....... 500,000,000 1871 ....... 831,000,000
1867 ....... 609,000,000 1872 ....... 885,000,000
1868 ....... 657,000,000 1873 ....... 944,000,000
1869 ....... 686,000,000
The yearly progression was interrupted as in Europe, and the explosion
occurred at the same time. The rise in prices stopped, and incipient
liquidation became apparent at the end of the year, and reduced the
amount of paper on hand to $846,000,000, but, instead of lasting, as in
Europe, a movement of revival, analogous to that which had followed the
panic of 1864 in England, occurred. The amount of discounts rose from
$856,000,000 to $984,000,000 in 1875, and then, and then only, the real
retrograde movement showed itself as in Europe, and reduced the amount
of the discounts to $814,000,000 in 1879, simultaneously with the
movement in France and in England, when prices had reached the lowest
quotations, and when a resumption of business was about to occur.
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