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 the bank, fall and/or bank:
“I am persuaded that the people of the world have no grievances, one against the other. The hopes and desires of a man who tills the soil are about the same whether he lives on the banks of the Colorado or on the banks of the Danube.”
—Lyndon Baines Johnson (1908–1973)
“The tension to mother the “right” way can leave a peculiar silence within mother daughter relationships—the silence of a mother’s own truth and experience. Within this silence, a daughter’s authentic voice can also fall silent. This is the silence of perfection. This silence of perfection prevents mothers from listening and learning from their daughters.”
—Elizabeth Debold (20th century)
“The English language is like a broad river on whose bank a few patient anglers are sitting, while, higher up, the stream is being polluted by a string of refuse-barges tipping out their muck.”
—Cyril Connolly (1903–1974)