Régime des chambres de commerce

The stock market crash - and after

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Monograph

Identifikator:: 834582015

URN:: urn:nbn:de:zbw-retromon-77707

Document type:: Monograph

Title:: Régime des chambres de commerce

Place of publication:: Paris

Publisher:: Libr.-impr. réunies

Year of publication:: 1894

Scope:: 1 Online-Ressource (390 S)

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

xil Introduction out a well-defined wash-sale conspiracy and false cir- culation campaign” Mr. Durant declares that the President paid no attention to his warning of an approaching crash, and blames the Federal Reserve Board for causing it. He says the Federal Reserve Board should have put down the rediscount rate to 3 per cent, while Mr. H. Parker Willis blames the Reserve Board for not having drastically raised the rediscount rate. Sir George Paish says that the crash came because the bankers had gotten everybody into debt. The Investment Trusts have been blamed for “dumping” on the market. The New York Times praises the banks, but excoriates the “nation-wide army of specu- lators, large and small, who had engaged in the two- year bubble-blowing.” Mr. Babson has been blamed for saying that a crash would come “sooner or later.” Dr. John H. Gray blames Mr. Mellon, Mr. Cool- idge, and myself for “always insisting that all was well and talking of prosperity, a new era, and increased efficiency of production.” In this catalogue of wholesale and particular blamings one is reminded of that old panic of 1837, in Van Buren’s adminis- tration, when the Associated Merchants of New York City published a resolution asking, “On what constitutional or moral grounds can Martin Van Buren defend himself for having caused all the dis- asters under which the American people are suffering?” Doubtless there is some truth in almost all of these allocations of responsibility for the panic. But

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