Revival of Business

HISTORY OF AMERICAN CURRENCY. REVIVAL OF BUSINESS. H7 During the year 1838 there had been a general revival of trade. The Bank of England rate was from 2\ to 31 per cent, during the whole of that year. This led to increased investments in American securities. " Bonds of all kinds issued by the Bank of the United States, by the various States in the Union, and by numerous private undertakings, were poured upon the English market, and found eager purchasers." * This served as a further extension of credit on American debts carried over by the operations of the Bank of the United States and others from the previous crisis. It is important, as showing that besides the strenuous efforts made by Americans to pay (a fact to which there is the best testimony), and the amount lost in bankruptcy, the time for liquidating the debts of America to Europe was greatly extended. Towards the end of the year there were symptoms of further trouble. The exchanges became adverse, and the stock of gold in the * Gilbart, " Banking," 218.