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United States that Siate institutions succeeded L"
admir- ation the receipt and payment o the ite4 States
monies and the after declaration that they mad ioreed all
claim to public confidence.


The of the deposite from the United SiatcS BANK
mn them bevond the reach the merchant; throughout the
United States whose with that Institution ana
its branches.


PIaeiag them with the newly chartered State Institutions,
placed them within the control of the politicians oy "hose
these State institutions had obtained their charters
The money in fact BY this change. taken from the E-
CHANT and BUsIxEss Man and placed the mercy OF the
POLITICIAN SPECTATOR The effect OF this WAS soon
visible for and BUSINESS Mas Obliged to
pay excessive interest second hands or suspend business
But an apparently mode OF investment
presented ITSELF the attention these was turned To
THE PUBLIC DuuAIS and the State Banks called uos
TO furnish the means purchase large portions o IT. he
wear the depostes were removed the sale Of public lands
was greatly increased the year following they had nearly


doubled In 1885 the sales amounted 10 near sixteen NH


lions and in 1886 than twenty-five millions linen
followed the Specie Circular dated July II, 1886.


Prior To 1886 the Bank circulation had been confined 10
three times the amount of specie in their wants. In 1880
he circulation had increased three times and halt the
specie in vault and both the institutions and the pubic be-
came uneasy In 1887 the circulation had ncrc to near
osr times the amount specie in the vaults OF the Banks
and general suspension took place. This not how
ever the end of disasters for this year there "a-
deficiency of bread stu1 and nearly MILLIONS o
u,hels Of grain were imported Neither did the disasters
end here for other large importation Of specie thought
advisable. 1t accordingly took place la 1888 to The amount
of over SEVENTEEN MILLIONS OF doars-but little Snort OF
The importation OF 1884.