Harry Potter’s Morning Light

   Chapter 2390 "The Magician's Apprentice" (below)

  Three years after Palms Church’s innovation started, 400,000 copper coins were deposited in the Bank of Stockholm, Sweden, and soon the bankers came up with another innovation, which they felt was a good time to start making loans.

Stockholm Bank began to lend money to companies to finance inventories of tar, salt and sugar. For nobles, banks began to guarantee various forms of secured loans. Land was the most common collateral, but some Very conventional loans emerged, such as a woman borrowing 2,700 copper coins from a silver candlestick, or a noble borrowing a sum of money secured by the name of one or more people.

The system worked well for a while, nobles enjoyed cheap credit, and their lives were more comfortable without loans, merchants could borrow money to invest in the future, and when business prospered, they could no longer rely on freedom Saving to expand the business, but through the Stockholm Bank, relying on the savings of others to achieve the purpose of expansion.

   But in fact there is not as much money in the bank as people think, or copper coins, but Palms Church can continue to print the notes, and the holder can redeem the Swedish dollars according to their own wishes.

  If people in the Song Dynasty in China saw it, they would definitely know there was a problem, but no one in Europe at that time thought it was wrong. Swedish banknotes in the 1660s were so popular that even Palms Church lagged behind in printing them, and they were quickly traded in Amsterdam, London, Paris and Venice.

Since Swedish banknotes did not need to be backed by copper holdings, the bank quickly expanded its lending and opened many branches. This continued until 1663, when a depositor told the bank that he wanted to withdraw 10,000 Swedish dollars, when there were only 10,000 Swedish yen in the bank vault. 4000 Swedish round up.

As rumours of "banks failing to pay depositors on time", "imminent failures", "banks hiding some facts" began to spread, banks lost further credit, and Stockholm Bank's bills began to trade at a discount, making people want to get them back even more money, the nightmare of the bank - the run happens, and then all of a sudden the banknotes are not worth as much as they used to be, and people have to spend more money to get back as much herring, lumber as they used to. The government also grew concerned, and ordered Palms Church to take back the loan so the bank could pay depositors.

  This is not an easy task, the Prime Minister of Sweden objected first because he or the Swedish royal family and the government are the biggest borrowers of the banks. After some wrangling, Congress decided not to dissolve the banks for the time being and to recoup some of the loans. This did not have a positive effect. Businesses accustomed to borrowing to stay afloat were unable to obtain loans, and a severe recession ensued.

When Doerr borrowed everywhere, sending the Bank of New York stock soaring, several members of the Livingston family wanted the stock price to fall, and to that end, they began to withdraw gold and silver from New York bank deposits in large enough quantities to have an impact. Reserve is up. At this time, the Bank of New York did not dare to issue more bank notes. In short, they began to recover loans. In other words, they started a round of credit contraction, and the interest rate soared to 1% per day.

This was a devastating blow to Doerr and the people who lent him money, and was compounded by the fact that an audit found $238,000 missing from Doerr's account in the Finance Department. Hamilton had asked Doerr to clean up his mess, and now he had to The Treasury Department was ordered to sue Doerr for the money.

Doerr wanted to borrow money to fill the hole, but the people who would have wanted to throw money at him a few weeks ago are not lending him a penny now, and eventually the stock bubble burst and Doerr's bankruptcy spread to New York Others, they fell one by one like dominoes. Speculators' losses totaled $5 million this time, equivalent to the value of New York's real estate.

New York was surrounded by seawater on all sides. In the earliest days, New York residents drew water from wells, some dug privately and some dug by the government, but by the end of the 18th century these wells were polluted by waste and increasing urban sewage, rich People could afford the drinking water brought in by water vendors from outside the city, but others had to resign themselves to fate. Typhoid fever and cholera were rampant.

Government officials in New York City quickly realized that if the water problem could not be solved effectively, the further development of New York would be severely constrained, so in 1796, Dr. Joseph Brown suggested that the city committee should apply to the state legislature to establish a water company. Brown happened to be Brother-in-law of New York State Hospital Aaron Burr, who wanted to build a bank he could control or at least have influence over.

   But Burr's messy finances prevented him from getting a banking license from Hamilton, so he figured out using the water company's license to actually allow the company to open a bank.

This clause is hidden deep, in short, the shrewd Hamilton was deceived, Burr quickly set up a bank, but the tap water was completely disappeared, and finally after a lot of tossing, a rudimentary water system was established, through about 25 miles. The wooden pipes supply water to thousands of households, and are coated with thick tar inside and outside to prevent corrosion.

   It has never been clean and hygienic, and of course this company has never really put its mind on water affairs. Aaron Burr ran for president in 1800, but instead of throwing a party to raise money for the election like Henry Shaw did, he took a loan from the water company, and he became vice president that year.

At present, the capital of the United States is Washington, but Jefferson supports New York as the capital. Hamilton and Jefferson had a dispute over the location of the capital. In fact, before the founding of the United States, New York was very prosperous. Many commercial centers, both cities have been the capital of the United States, and even Philadelphia has a mint. It was because Jefferson agreed to move the capital from New York to Virginia that Jefferson agreed to support Hamilton in establishing the National Bank of the United States.

   Washington in 1790 was an uninhabited area, making it easy to plan. The planning designer of Washington at that time was the French Pierre Langfang. The original plan was gratuitous, but in 1792, engineers who had been mapping the boundaries of the new capital revised Longfang's plan. Soon Washington fired Longfang and used Ellicott's new capital plan as a blueprint for construction.

  Langfang was a member of the Freemasonry, and their "club" was at the Dutch Inn. At that time, when designing key buildings such as the Congress and the White House, sacred geometry was used, which means that the entire Washington is a giant magical rune, which he believes can protect the city.

   However, the final design was the Kabbalah Tree of Life. An angry Pierre decided to ask Congress to pay the labor fee, but Congress did not pay Langfang a penny.

  The capitals of many countries will eventually become very prosperous. For example, Paris has been renovated countless times, and it has long been completely different from the original Paris.

   Washington has not changed a few hundred years later. Many scholars have analyzed many reasons, but it may be the simplest, just don’t want to destroy the magic circle in the early stage of construction planning.

   "Oh, how is that possible?" cried Paulivan.

   "Don't be so ignorant," Francis told him, and the others laughed again.

  Georgianna shook her head, then asked, "Is Aaron Burr's water company listed in Europe?"

   "No, but don't worry, we have an 'old friend' who has a shipping business in New York," said the Nantes banker, pretending to be mysterious.

   "Gabriel Oufrard?" asked Perrier.

   He looked at the young man with dissatisfaction, as if he thought he had interrupted himself.

   (end of this chapter)