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 the, fall of, fall and/or bank:
“Glorious bouquets and storms of applause ... are the trimmings which every artist naturally enjoys. But to move an audience in such a role, to hear in the applause that unmistakable note which breaks through good theatre manners and comes from the heart, is to feel that you have won through to life itself. Such pleasure does not vanish with the fall of the curtain, but becomes part of one’s own life.”
—Dame Alice Markova (b. 1910)
“Consider a man riding a bicycle. Whoever he is, we can say three things about him. We know he got on the bicycle and started to move. We know that at some point he will stop and get off. Most important of all, we know that if at any point between the beginning and the end of his journey he stops moving and does not get off the bicycle he will fall off it. That is a metaphor for the journey through life of any living thing, and I think of any society of living things.”
—William Golding (b. 1911)
“If we must have a tyrant, let him at least be a gentleman who has been bred to the business, and let us fall by the axe and not by the butcher’s cleaver.”
—George Gordon Noel Byron (1788–1824)
“That strain again, it had a dying fall;
O, it came o’er my ear like the sweet sound
That breathes upon a bank of violets,
Stealing and giving odor. Enough, no more,
‘Tis not so sweet now as it was before.”
—William Shakespeare (1564–1616)