angry. A bond-buying campaign by the Federal Reserve brought only temporary respite, because the surviving banks were in such bad shape. In close to half of Americas large towns and cities, cash substitutes started to circulate.
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By bailing out the banking system, Hamilton had set a precedent. By 1907 they were almost as big as the national banks, having grown by nearly 250 in ten years. But because the central bank was also an active lender, discounting the best bills, its rate put a cap on what the discount houses could charge borrowers. With legal tender so scarce alternatives quickly sprang. Markets for short sales and futures contracts sprang. They were right to be: one reported 10,000 of capital supporting risky loans of 900,000, a leverage ratio that beats even modern excesses. Industrial production grew by 1825. Two things put Hamiltons plan at risk. Railway companies were a popular investment. Yet well-intentioned reforms have made this problem worse.
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