This proposition, which would have been advantageous to the banks, in an increasing ratio as the value of money diminished, was defeated by the organized opposition of the banks through an effective lobby that was assembled in the city of Washington.
George Boutwell: “This proposition, which would have been advantageous to the banks, in an increasing ratio as the value of money…”
Editor's note · Context
Boutwell discusses the defeat of a beneficial bond proposition due to organized opposition from banks.
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