Fifty Years in Wall Street - download pdf or read online

By Henry Clews

ISBN-10: 0471772038

ISBN-13: 9780471772033

The definitive examine Wall road within the nineteenth Century

might be the nineteenth century's most sensible booklet on Wall road, Fifty Years in Wall road presents a desirable examine the monetary markets in the course of a interval of quick monetary enlargement. Henry Clews used to be a tremendous determine in finance at the moment, and his firsthand account brings this colourful period to sensible by no means prior to. He finds stunning tales of political and fiscal manipulation and the way he helped deliver down the amazing Boss Tweed. He writes eloquently in regards to the insanity of the markets and the way the era's maximum speculators accumulated their fortunes. This booklet presents an expansive view of Wall road in an period of little rules, rampant political corruption, and speedy monetary switch.

Henry Clews used to be born in England in 1836 and emigrated to the USA in 1850. In 1859, he cofounded what turned the second one biggest marketer of federal bonds throughout the Civil warfare. Later, he geared up the ''Committee of 70,'' which deposed the corrupt Tweed Ring in manhattan urban, and served as an financial advisor to President Ulysses provide.

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They expand, as well as improve, surprisingly on closer acquaintance. I only hope I shall be able to impress this idea more vividly on the minds of my clerical friends, and others who have been misguided in this respect, chiefly on hearsay and irresponsible evidence, and who, I am sorry to say, have been the well-meaning but overzealous instruments of misleading others. To come to an approximate deduction of facts, then, it is, I think, a fair estimate of the general progress of humanity to say that there has been greater material advance in everything that relates to a higher civilization, and the greatest good to the greatest number, during the last thirty years, WALL STREET DURING THE WAR 27 than in all the previous time that has elapsed since the period that the father of history, old Herodotus, began to chronicle, in his racy style, the real and imaginary events of the human family.

None supposed then that the suspension would continue for eighteen years. , and that was in 1814, the year before the end of hostilities. This was owing to the policy of William Pitt and his successors in the management of the British finances. They raised all the money needed for war purposes by taxation and loans, thus restricting the paper MARKETING CIVIL WAR LOANS 31 money issues, so as to prevent currency inflation, whereas we pursued the opposite course. —was already prominent in Wall Street, and I immediately began to devise ways and means to help the Government to raise the money that I saw would be necessary to prosecute the war for the Union which this bombardment made inevitable.

38 FIFTY YEARS IN WALL STREET This remark of his was generally published at the time in the newspapers. The Government had sold through its agents $150,000,000 of the 7-30 notes before the suspension of specie payments, an event that was hastened by the Secretary’s ‘withdrawal’ from the banks into the Sub-treasuries of most of the proceeds of the sales, his call for payment from the agents to the Treasur y being in three installments: on August 19th, October 1st, and November 2d. Moreover, the hoarding and exportation of gold were largely stimulated by the anticipation of specie suspension, and, after it occurred, gold suddenly disappeared from circulation.

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Fifty Years in Wall Street by Henry Clews

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