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History of the Currency, 1848 - 1873 by Walter G. Watt, 1898

History of the Currency, 1848 - 1873 by Walter G. Watt, 1898, Page 17

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15 of one of them:-"What if we do not unite?" The purchasing of the bonds afterwards proved a good investment financially for the banks, but there is no question that at the time they advanced the money to the government they were prompted to do it by patriotic motives. The effort which it cost to make this advancement to the government, however, seems to have been more than they could stand, for upon Dec. 31 - all the banks in the association suspended specie payments.
 
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