Banking Panics of the Gilded Age (Studies in Macroeconomic by Elmus Wicker

By Elmus Wicker

This is often the 1st significant examine of post-Civil conflict banking panics in virtually a century. the writer has developed for the 1st time estimates of financial institution closures and their prevalence in all the 5 separate banking disturbances. the writer additionally reevaluates the position of the hot York Clearing apartment in forestalling a number of panics and explains why it did not achieve this in 1893 and 1907, concluding that structural defects of the nationwide Banking Act weren't the first reason behind the panics.

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There being a less hoard to meet liabilities, any error in the management of that reserve has a proportionately greater effect. 3rdly. Because our one reserve is, by the necessity of its nature, given over to one board of directors, and we are therefore dependent on the wisdom of that one only, and cannot, as in most trades, strike an average of the wisdom and the folly, the discretion and indiscretion, of many competitors. Bagehot's enthusiasm for the, safely hypothetical, natural system is engagingly naive, and ignores certain problems that would arise under such a system that he himself notes in other, more practical contexts.

7 This proposal was, in general, akin to the suggestions for "free banking," as considered earlier by Bagehot et al. in the nineteenth century. In such a system of "free banking" there would be no Central Banks and no central reservoir of reserves: each individual bank would be responsible for keeping its own reserves, and the convertibility of its own, note and deposit, liabilities. , on a Gold Standard. Hayek's proposal is more radical than this. , relating them to differing baskets of commodities.

Moreover, the central position of the Bank results from its superior credit (not just from the advantages endowed by legislation); thus (p. " Furthermore, the resulting correspondence system of interbank relationships leads to more prudent behavior, since country banks (p. 167) "... come under the eye of their respective correspondents, the London bankers; and, in some measure, likewise, of the Bank of England. The Bank of England restricts, according to its discretion, the credit given to the London banker.

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