Suffolk Bank

2011-01-05T14:45:14Z

77.188.56.25: Resource added.

{{Wikipedia text}}
'''Suffolk Bank''' was a [[Clearing house (finance)|clearinghouse]] bank in [[Boston]], [[Massachusetts]], that exchanged [[money|specie]] or locally backed [[bank notes]] for notes from country banks to which city-dwellers could not easily travel to redeem notes.<ref>Rolnick, Arthur J., Bruce D. Smith, and Warren E. Weber. "The Suffolk Bank and the Panic of 1837." ''[[Federal Reserve Bank]] of Minneapolis Quarterly Review''. Vol. 24, No. 2, Spring 2000, pp. 3–13 [http://minneapolisfed.org/research/QR/QR2421.pdf]</ref> It operated from 1818 until 1858.<ref name="davis">Davis, William Thomas. ''Professional and Industrial History of Suffolk County, Massachusetts''. Boston History Co. 1894. p. 204. [http://books.google.com/books?id=0jQuAAAAYAAJ&pg=PA204&vq=Suffolk+Bank&dq=1824+suffolk+bank+building&source=gbs_search_s&cad=0]</ref><ref>Rothbard, Murray N. ''History of Money and Banking in the United States''. [[Ludwig von Mises Institute]]. 2002. p. 117. [http://www.mises.org/rothbard/historyofmoney.pdf]</ref>

The bank operated by redeeming country banks' notes at [[par value]], so long as the banks maintained an account with Suffolk Bank. To qualify for such an account, a bank was required to remit a starting deposit of $2000 or more, and—in the case of banks not located in Boston—to maintain a sufficient balance to redeem any of the banks' notes that Suffolk Bank might receive for redemption. Beginning in 1824, "all of the banks in Boston, with the exception of the New England [a competing clearinghouse bank], agreed to make the Suffolk Bank their agent for the redemption of bills of outside banks."<ref name="davis" /> The Suffolk Bank enabled member banks to deposit notes from other banks at par value, and to be credited for these deposits within one business day.<ref>Trivoli, George. "The Suffolk Bank: A Study of a Free–enterprise Clearing System." [[Adam Smith Institute]]. 1979. p. 11. [http://www.adamsmith.org/pdf/suffolkbank.pdf]</ref> The bank operated in this manner until the Bank of Mutual Redemption was organized in 1858 and assumed this role for all of New England.<ref name="davis"/>

In his ''[[History of Money and Banking in the United States]]'', [[Murray Rothbard]] credits the Suffolk Bank with exercising "a stabilizing influence on the [[New England]] economy."<ref>Rothbard, Murray N. ''History of Money and Banking in the United States''. Ludwig von Mises Institute. 2002. p. 119. [http://www.mises.org/rothbard/historyofmoney.pdf]</ref> [[John Jay Knox]], a former [[Comptroller of the Treasury|Comptroller of the United States Treasury]], stated that the success of the Suffolk Bank demonstrated that,

:''the fact is established that private enterprise could be entrusted with the work of redeeming the circulating notes of the banks, and it could thus be done as safely and much more economically than the same service can be performed by the Government.''<ref>Knox, John Jay. Quoted in Rothbard, Murray N. ''History of Money and Banking in the United States''. Ludwig von Mises Institute. 2002. p. 120. [http://www.mises.org/rothbard/historyofmoney.pdf]</ref>

==Notes==
<references/>

==Links==
* [http://mises.org/daily/4902 Life without the Fed: The Suffolk System] by C.J.Maloney, January 2011

[[Category:Banking]]
[[Category:History of the United States]]
[[Category:Money]]

India

2011-01-03T14:38:23Z

77.188.56.25: /* External links */ Resource added.

{{Stub}}

{{Infobox
|Box title = Country summary
|Row 1 title = Capital
|Row 1 info = New Delhi
|Row 2 title = Borders
|Row 2 info = [[Bangladesh]] 4,053 km, [[Bhutan]] 605 km, [[Burma]] 1,463 km, [[China]] 3,380 km, [[Nepal]] 1,690 km, [[Pakistan]] 2,912 km
|Row 3 title = Government type
|Row 3 info = federal republic
|Row 4 title = Population
|Row 4 info = 1,156,897,766 (July 2010 est.)<ref name="CIA_IN">CIA - The World Facebook. [https://www.cia.gov/library/publications/the-world-factbook/geos/countrytemplate_in.html "India"], from The World Facebook. Referenced 2010-09-30.</ref>
|Row 5 title = Population growth
|Row 5 info = 1.407% (2010 est.)<ref name="CIA_IN" />
|Row 6 title = Life expectancy
|Row 6 info = 66.09 years<ref name="CIA_IN" />
|Row 7 title = Unemployment
|Row 7 info = 10.7% (2009 est.)<ref name="CIA_IN" />
|Row 8 title = [[Wikipedia:Index of Economic Freedom|Index of Economic Freedom]]
|Row 8 info = 124<ref name="Heritage_IN">Heritage Foundation. [http://www.heritage.org/Index/Country/India "India"], Economic Freedom Score. A lower ranking is better; but please be careful when comparing between different countries or years. Referenced 2010-09-30.</ref>
|Row 9 title = [[Wikipedia:Corruption Perceptions Index|Corruption Perceptions Index]]
|Row 9 info = 84<ref name="Transparency_IN">Transparency International. [http://www.transparency.org/policy_research/surveys_indices/cpi/2009/cpi_2009_table "India"], Corruption Perceptions Index 2009. A lower ranking is better; but please note that the numbers cannot be compared between countries or years due to different methodology. Referenced 2010-09-30.</ref>
|Row 10 title = [[Wikipedia:Doing Business Report|Doing Business ranking]]
|Row 10 info = 133<ref name="Business_IN">Doing Business. [http://www.doingbusiness.org/economyrankings/ "India"], Doing Business 2010 (part of The World Bank Group). A lower ranking is better; but please be careful when comparing between different countries or years. Referenced 2010-09-30.</ref>
}}

The Indus Valley civilization, one of the world's oldest, flourished during the 3rd and 2nd millennia B.C. and extended into northwestern '''India'''. Aryan tribes from the northwest infiltrated onto the Indian subcontinent about 1500 B.C.; their merger with the earlier Dravidian inhabitants created the classical Indian culture. The Maurya Empire of the 4th and 3rd centuries B.C. - which reached its zenith under ASHOKA - united much of South Asia. The Golden Age ushered in by the Gupta dynasty (4th to 6th centuries A.D.) saw a flowering of Indian science, art, and culture. Islam spread across the subcontinent over a period of 700 years. In the 10th and 11th centuries, Turks and Afghans invaded India and established the Delhi Sultanate. In the early 16th century, the Emperor BABUR established the Mughal Dynasty which ruled India for more than three centuries. European explorers began establishing footholds in India during the 16th century. By the 19th century, Great Britain had become the dominant political power on the subcontinent. The British Indian Army played a vital role in both World Wars. Nonviolent resistance to British rule, led by Mohandas GANDHI and Jawaharlal NEHRU, eventually brought about independence in 1947. Communal violence led to the subcontinent's bloody partition, which resulted in the creation of two separate states, India and Pakistan. The two countries have fought three wars since independence, the last of which in 1971 resulted in East Pakistan becoming the separate nation of Bangladesh. India's nuclear weapons tests in 1998 caused Pakistan to conduct its own tests that same year. In November 2008, terrorists allegedly originating from Pakistan conducted a series of coordinated attacks in Mumbai, India's financial capital. Despite pressing problems such as significant overpopulation, environmental degradation, extensive poverty, and widespread corruption, rapid economic development is fueling India's rise on the world stage.<ref name="CIA_IN" />

==Economical characteristics==
* '''Currency''': Indian rupee (ISO code: INR)
* Central bank '''[[Wikipedia:Discount rate|discount rate]]''': 4.75% (9 December 2009)<ref name="CIA_IN" />
* Commercial banks '''lending rate''': 11% (31 December 2009 est.)<ref name="CIA_IN" />
* '''Stock of money''' ([[Money supply#M1|M1]]): $278.8 billion (31 December 2009)<ref name="CIA_IN" />
* '''Quasi money''' (with M1 makes [[Money supply#M2|M2]]): $853.4 billion (31 December 2009)<ref name="CIA_IN" />

===Statistics===
{| border="1" cellspacing="0" cellpadding="5" style="text-align:center"
| Statistic / Year
! 1999
! 2000
! 2001
! 2002
! 2003
! 2004
! 2005
! 2006
! 2007
! 2008
|-
! [[GDP]] (million USD)<ref name="WorldBank_GDP_IN">World Bank. [http://open.worldbank.org/countries/in/indicators%5BNY.GDP.MKTP.CD%5D?date=1999:2009 "India: GDP"], from World Bank [http://data.worldbank.org/ Data]. Referenced 2010-09-30.</ref>
| 450 476
| 460 182
| 477 849
| 507 190
| 599 461
| 700 921
| 810 151
| 914 892
| 1 176 890
| 1 159 170
|-
! Govt. debt (% of GDP)<ref name="WorldBank_Debt_IN">World Bank. [http://open.worldbank.org/countries/in/indicators%5BGC.DOD.TOTL.GD.ZS%5D?date=1999:2009 "India: government debt"], from World Bank [http://data.worldbank.org/ Data]. Referenced 2010-09-30.</ref>
| 52.306
| 55.987
| 59.958
| 63.523
| 63.046
| 63.327
| 63.014
| 61.480
| 61.334
| 57.555
|-
! Govt. revenue (% of GDP)<ref name="WorldBank_Revenue_IN">World Bank. [http://open.worldbank.org/countries/in/indicators%5BGC.REV.XGRT.GD.ZS%5D?date=1999:2009 "India: government revenue"], from World Bank [http://data.worldbank.org/ Data]. Referenced 2010-09-30.</ref>
| 11.920
| 11.913
| 11.216
| 11.774
| 12.016
| 12.225
| 12.491
| 13.721
| 14.652
| 14.993
|-
! Govt. expenses (% of GDP)<ref name="WorldBank_Expenses_IN">World Bank. [http://open.worldbank.org/countries/in/indicators%5BGC.XPN.TOTL.GD.ZS%5D?date=1999:2009 "India: government expenses"], from World Bank [http://data.worldbank.org/ Data]. Referenced 2010-09-30.</ref>
| 15.079
| 15.686
| 15.793
| 16.302
| 15.792
| 15.311
| 15.366
| 15.651
| 16.010
| 16.168
|-
! Debt to revenue (years)
| 4.388
| 4.700
| 5.346
| 5.395
| 5.247
| 5.180
| 5.045
| 4.481
| 4.186
| 3.839
|}

==References==
<small>Note: statistical data was rounded. Different sources may use different methodologies for their estimates. Debt to revenue is calculated by dividing the two variables from their original ('unrounded') values. It represents how long it would a government take to repay its entire debt if it used its whole revenue for this purpose.</small>
{{Reflist}}

==External links==
* [[Wikipedia:India|India]] on Wikipedia
* [http://www.rbi.org.in Central bank] of India
* [http://countrystudies.us/india/ Studies] from the Library of Congress (1986-1998)
* BBC [http://news.bbc.co.uk/1/hi/world/south_asia/country_profiles/1154019.stm country profile]
* [http://mises.org/daily/4830 Socialism and Famine] by Henry Hazlitt, August 1964
* [http://www.myfoxorlando.com/dpp/news/offbeat/102110-colgate-accused-of-stealing-thousand-year-old-toothpaste-ncx Colgate Accused of Stealing Thousand-Year-Old Toothpaste], October 2010
* [http://www.dispatch.com/live/content/national_world/stories/2010/11/01/in-slums-of-india-toilets-lag-cell-plans.html?sid=101 In slums of India, toilets lag cell plans] by Ravi Nessman, November 2010
* [http://mises.org/daily/3781 Gold: India’s Capital Asset through History] by Ganesh Rathnam, October 2009
* [http://online.wsj.com/article/SB125875892887958111.html The Henry Ford of Heart Surgery] by Geeta Anand, November 2009
* [http://in.reuters.com/article/idINIndia-48773120100525 Farmers' gold sales may crimp imports] by Sunil Nair, May 2010
* [http://www.nytimes.com/2010/11/18/world/asia/18micro.html?_r=2&hp India Microcredit Faces Collapse From Defaults] by Lydia Polgreen and Vikas Bajaj, November 2010
* [http://www.nytimes.com/2011/01/02/magazine/02Striver-t.html?_r=2&ref=magazine The Caste Buster] by Anand Giridharadas, December 2010
[[Category:Countries]]

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Suffolk Bank

India