32 



Ira Rvner 



England alone had $400,000,000 of capital invested in the United 

 States at this time.^ 



(f-rcess of 6x porta and^mporti of 

 Sfitrcnandise and J^recious Petals inthe'Unlted SiZ-ites. 



7 era/ TraJe 



t Yolves - f xccss of £ zporta. 

 ~ " " " '/ Imports. 



•^^ — — ''■^Goldand Silver. 



/"rcfn /Monthly Summary 

 of Com m* rC0 and finance 

 cf lhe.U.S.,rebr,t903. 



IV 



CRISIS OF 1836-39 



We now come to a consideration of the strictly financial oper- 

 ations. Under this category we treat of the psychic factors, such 

 as loans, foreign exchanges, clearances, bank rates, etc. These 

 psychical elements, although they, must necessarily afifect and 

 control more or less the material elements, are nevertheless dis- 

 tinct from them. 



'Sumner, History of American Currency, 170. 



174- 



