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For the protection of credit, bank holidays were declared, stock exchanges were closed, moratoria were set up in nearly all the countries, taxes and duties were increased, radical reductions in expenditure were undertaken, and in a few cases large quantities of paper money were issued.
Widespread bankruptcy and ruin seemed imminent; so serious did the state of affairs become that moratoria were declared not only in several European countries but in parts of America, and in many continental countries specie payments were suspended.
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