On the record
The banks were plunging into desperate debts, preparing for a universal suspension of specie payment, under the shelter of legislative protection to flood the country with irredeemable paper.
Source
gutenberg.orgJosiah Quincy: “The banks were plunging into desperate debts, preparing for a universal suspension of specie payment, under the shelter…”
Editor's note · Context
Quincy warns of the impending financial crisis caused by banks engaging in reckless lending practices under legislative protection.
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