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Financial Crisis in Commonwealth Report on Currency and Bank Conditions
The Ways and Means Committee reports the 1833-34 money crisis, citing stock declines of 10 to 30 percent, England exchange rates below par, and heavy loan defaults by contractors. It notes widespread failures in Philadelphia and New York, closures of factories, and a general credit squeeze despite abundant specie in banks. The report condemns misrule and warns of further economic hardship, using Schuylkill Navigation stock as a key market indicator.
MENTIONED IN THIS ARTICLE
committee of Ways and Means
Commonwealth
House of Representatives
Bank of the United States
United States
stock exchange
England
London
New York
Messrs
Rothschild
Philadelphia
House
committee on Banks
J. R. Burden
Messrs. S. & M. Allen
Pennsylvania
Pittsburg
Berks
Northampton
Schuylkill
Chester
Lancaster, &c
Europe
Schuylkill Navigation Company
money exchange
Bank of the
New York Bank Commission