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A Brief History of Panics and Their Periodical Occurrence in the United States by Clément Juglar
page 72 of 131 (54%)
the number of banks, to that of 1840, when 901 banks only had a capital
of $358,000,000.

The metallic reserve, from $35,000,000 in 1847, easily reached
$59,000,000 in 1856: but it was in proportion neither with the number
of the banks nor their discounts and circulation; and, after all, this
is only a moderate sum. We have not the extreme maximum or minimum, and
the suspension of specie payments took place notwithstanding the amount
of cash on hand, which was greater in 1857 than in 1856.

Deposits accumulated from $91,000,000 to $230,000,000; they rose to
their greatest height in the very year of the crisis; nevertheless,
they could not be drawn out.

During the Eastern war the prosperity of the United States had been so
great that the clearing-houses established in New York in 1853, and in
Boston in 1855, offered only a slight opposition to the excessive issue:
at least, in 1837 the Congressional report stated the cash on hand was
$6,500,00--that is to say, $1.00 in metal to each $6,00 in paper.

In 1857 cash on hand was $14,300,000, or $1.00 in hard money for each
$8.00 in paper.

The banks had attracted deposits by high interest, and loaned the money
to wild speculators. On the 22d of August, 1857, the amount of loans had
become almost $12,000,000, counting together metal, notes, and deposits.

From December, 1856, to June, 1857, they had shown great strength.
Discounts had risen from $183,000,000 to $190,000,000 in June; cash on
hand had risen from $11,000,000 to $14,000,000. The only evidence of
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