Финансист

Chapter V

           Amanmightbuyoraccepttheminforeclosure,buthehadalongwait.Also,inthefinalpaymentofmostofthemfavoritismruled,foritwasonlywhenthetreasurerknewthatcertainwarrantswereinthehandsof"afriend"thathewouldadvertisethatsuchandsuchwarrantsthoseparticularonesthatheknewaboutwouldbepaid.

           Whatwasmore,themoneysystemoftheUnitedStateswasonlythenbeginningslowlytoemergefromsomethingapproximatingchaostosomethingmorenearlyapproachingorder.TheUnitedStatesBank,ofwhichNicholasBiddlewastheprogenitor,hadgonecompletelyin1841,andtheUnitedStatesTreasurywithitssubtreasurysystemhadcomein1846;butstillthereweremany,manywildcatbanks,sufficientinnumbertomaketheaverageexchange-counterbrokerawalkingencyclopediaofsolventandinsolventinstitutions.Still,thingswereslowlyimproving,forthetelegraphhadfacilitatedstock-marketquotations,notonlybetweenNewYork,Boston,andPhiladelphia,butbetweenalocalbroker’sofficeinPhiladelphiaandhisstockexchange.Inotherwords,theshortprivatewirehadbeenintroduced.Communicationwasquickerandfreer,anddailygrewbetter.

           RailroadshadbeenbuilttotheSouth,East,North,andWest.Therewasasyetnostock-tickerandnotelephone,andtheclearing-househadonlyrecentlybeenthoughtofinNewYork,andhadnotyetbeenintroducedinPhiladelphia

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