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New York Clearing House in Gilded Age Panics by David Mitchell is a document available to read on EtoBox.
What is New York Clearing House in Gilded Age Panics about?
The United States banking system between the National Banking Act and the Federal Reserve System experienced numerous banking panics, including major panics in 1873, 1893, and 1907. Private institutions like the New York Clearing House provided liquidity and acted as a lender of last resort to prevent panics from worsening. The Clearing House issued loan certificates and pooled bank reserves to address the 1873 panic. Similarly, the 1884 and 1890 near-panics were stopped by swift Clearing House actions like
- Author
- David Mitchell
- Language
- EN