1893The Panic Circular | National Banker's Association

Senator Robert Owen first brought this to light while testifying before Congressional Committee, he had received this circular in his role as organiser and then President of the First National Bank of Muskogee.

You will at once retire one-third of your circulation (your paper money) and call in one-half of your loans. Be careful to make a monetary stringency among your patrons, especially among influential businessmen.

If banks were deliberately creating artificial crashes in 1893...

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