Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 49 views

    Thoughts On The Causes of The Present DISCONTENTS - William Leggett, Democratick Editorials: Essays in Jacksonian Political Economy (1834)

    Uploaded by

    Julio Rodriguez
    William Leggett criticizes the sudden inflation of currency that has led to unhealthy business activity, overproduction, speculation in property at fictitious values, and an inevitable crash when the unstable credit system collapses. He describes how people feel rich until waking up stripped of what little they had due to relying on the continued generosity of banks that seduced them into risky speculation but now cannot help carry out projects only undertaken due to bank inducements, instead focusing on protecting themselves. The banks withdraw notes from circulation in anticipation of the coming shock, abandoning the deluded people they lured in without remorse, leaving them unprepared to face the coming financial storm alone.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Thoughts On The Causes of The Present DISCONTENTS - William Leggett, Democratick Editorials: Essays in Jacksonian Political Economy (1834)

    Uploaded by

    Julio Rodriguez
    49 views2 pages
    William Leggett criticizes the sudden inflation of currency that has led to unhealthy business activity, overproduction, speculation in property at fictitious values, and an inevitable crash when the unstable credit system collapses. He describes how people feel rich until waking up stripped of what little they had due to relying on the continued generosity of banks that seduced them into risky speculation but now cannot help carry out projects only undertaken due to bank inducements, instead focusing on protecting themselves. The banks withdraw notes from circulation in anticipation of the coming shock, abandoning the deluded people they lured in without remorse, leaving them unprepared to face the coming financial storm alone.

    Original Description:

    Historical Proof that asset bubbles are designed.

    Original Title

    William Leggett

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    William Leggett criticizes the sudden inflation of currency that has led to unhealthy business activity, overproduction, speculation in property at fictitious values, and an inevitable crash when the unstable credit system collapses. He describes how people feel rich until waking up stripped of what little they had due to relying on the continued generosity of banks that seduced them into risky speculation but now cannot help carry out projects only undertaken due to bank inducements, instead focusing on protecting themselves. The banks withdraw notes from circulation in anticipation of the coming shock, abandoning the deluded people they lured in without remorse, leaving them unprepared to face the coming financial storm alone.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    49 views2 pages

    Thoughts On The Causes of The Present DISCONTENTS - William Leggett, Democratick Editorials: Essays in Jacksonian Political Economy (1834)

    Uploaded by

    Julio Rodriguez
    William Leggett criticizes the sudden inflation of currency that has led to unhealthy business activity, overproduction, speculation in property at fictitious values, and an inevitable crash when the unstable credit system collapses. He describes how people feel rich until waking up stripped of what little they had due to relying on the continued generosity of banks that seduced them into risky speculation but now cannot help carry out projects only undertaken due to bank inducements, instead focusing on protecting themselves. The banks withdraw notes from circulation in anticipation of the coming shock, abandoning the deluded people they lured in without remorse, leaving them unprepared to face the coming financial storm alone.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    William Leggett

    THOUGHTS ON THE CAUSES OF THE PRESENT


    DISCONTENTS - William Leggett, Democratick Editorials:
    Essays in Jacksonian Political Economy [1834]

    Writes William Leggett

    What has been, what ever must be, the consequence of such a sudden and prodigious inflation of
    the currency? Business stimulated to the most unhealthy activity; a vast amount of over
    production in the mechanick arts; a vast amount of speculation in property of every kind and
    name, at fictitious values; and finally, a vast and terrifick crash, when the treacherous and
    unsubstantial basis crumbles beneath the stupendous fabrick of credit, and the structure falls to
    the ground, burying in its ruins thousands who exulted in the fancied security of their elevation.
    Men, now-a-days, go to bed deeming themselves rich, and wake in the morning to find
    themselves stripped of even the little they really had. They count, deluded creatures! on the
    continued liberality of the banks, whose persuasive entreaties seduced them into the slippery
    paths of speculation. But they have now to learn that the banks cannot help them if they would,
    and would not if they could. They were free enough to lend their aid when assistance was not
    needed; but now, when it is indispensable to carry out the projects which would not have been
    undertaken but for the temptations they held forth, no further resources can be supplied. The
    banks must take care of themselves. Charity begins at home. The course of trade is turning
    against the country. We have purchased more commodities abroad than our products will pay
    for, and the balance will soon be called for in specie. The banks, which lately vied with one
    another in effusing their notes, are now as eager competitors in withdrawing them from

    circulation, and preparing for the anticipated shock. They have no time to listen to the prayers of
    the deluded men whom their deceitful lures seduced so far upon the treacherous sea of credit.
    They cast them adrift without remorse and leave them to encounter, unaided and unprepared, the
    fury of the gathering tempest. Or should, perchance, some tender hearted moneychanger relent,
    and consent to tow a few victims into harbour, is it unreasonable that he should charge wreckers
    fees for the servicehalf the cargo and twenty per cent commissions on the remainder? The
    cashiers of some of our banks can tell you that these are but the usual rates.

    You might also like