On the record
By suddenly curtailing its loans, ostensibly because of the removal of the deposits, it brought such pressure upon the state banks that a suspension of specie payment seemed inevitable.
Source
gutenberg.orgDe Alexander: “By suddenly curtailing its loans, ostensibly because of the removal of the deposits, it brought such pressure upon the…”
Editor's note · Context
This passage describes the actions of the United States Bank that led to a financial crisis affecting state banks.
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