Fall of The Bank
The bank, administered by a committee of city government officials concerned to keep the bank's affairs secret, initially operated on a deposit-only basis, but by 1657, was allowing depositors to overdraw their accounts, and was providing large loans to the Municipality of Amsterdam, and the Dutch East India Company. While initially this had remained confidential, it became public knowledge by 1790, in consequence the premium on the bank money dropped from around 6.25% at its peak to a 2% discount, and by the end of the year, the bank declared itself insolvent, offering to sell silver at a 10% discount to depositors. The City of Amsterdam took over direct control in 1791, before finally closing it in 1819.
Read more about this topic: Bank Of Amsterdam
Famous quotes containing the words fall of, fall and/or bank:
“Mrs. Zajac knows you didn’t try. You don’t just hand in junk to Mrs. Zajac. She’s been teaching an awful lot of years. She didn’t fall off the turnip cart yesterday. She told you she was an old-lady teacher.”
—Christine Zajac, U.S. fifth-grade teacher. As quoted in Among Schoolchildren, “September” section, part 1, by Tracy Kidder (1989)
“Labor came to humanity with the fall from grace and was at best a penitential sacrifice enabling purity through humiliation. Labor was toil, distress, trouble, fatigue—an exertion both painful and compulsory. Labor was our animal condition, struggling to survive in dirt and darkness.”
—Shoshana Zuboff (b. 1951)
“A bank is a confidence trick. If you put up the right signs, the wizards of finance themselves will come in and ask you to take their money.”
—Christina Stead (1902–1983)