Langdon Cheves and the Panic of 1819: A Reassessment
重新评估朗登·奇维斯在1819年恐慌期间担任美国第二银行行长时的角色,指出他并未拯救银行,反而在萧条期积累过多准备金,足以支撑货币供应量增加17%。
Langdon Cheves's role as president of the Second Bank of the United States (1819–1822) warrants reassessment. First, he did not save the bank from threatened failure, since it was, in truth, already sound. Second, he was irresponsible in accumulating huge excess reserves during the depression year of 1820; reserves estimated here as sufficient to support an increase of up to 17 percent in the volume of notes and deposits in the U.S. money supply.