On the record
Whenever a failure occurred, such as that of the Ohio Life Insurance and Trust Company, it operated like a panic in a disorganized army; all of the banks closed their doors at once and suspended specie payments.
Source
gutenberg.orgJohn Sherman: “Whenever a failure occurred, such as that of the Ohio Life Insurance and Trust Company, it operated like a panic in a…”
Editor's note · Context
Sherman compares the impact of bank failures to a panic in a disorganized army.
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