The huge imports to take advantage of old tariff rates absorbed much
money, while the Baring liquidation and that of other houses identified
with South American enterprises, and the distrust bred by our Silver
Bill caused a return of our securities, necessitating such a curtailment
of credit that our panic took place. From July through December 31st,
money ruled high and fluctuating.
The year shows a decline in circulation to $123,000,000, a decline of
specie reserve to $178,000,000 with a subsequent rise to $190,000,000, a
decline in legal tenders to $82,000,000, and of deposits to
$1,485,000,000, while the banks increased to 3,573 with a capital of
$657,000,000, and a surplus and reserve of $316,000,000, and discounts
and loans rose to $1,932,000,000.
The year 1891 has exhibited the usual incidents succeeding a time of
reorganizations after panics and, after a period of selling and
settlement, a rehabilitation of affairs and the consequent advance in
prices of securities. The unprecedented abundance of our crops as a
whole, coupled with the almost universal shortage in European countries,
largely aided the rehabilitation.
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