1875-80

Updated: June 3, 2025

In 1873-74 nine private land-mortgage banks were created, and there was such a rush to obtain money from them that their paper was a glut in the market, and became seriously depreciated. When the prices of grain rose in 1875-80 the mortgage debt was diminished, but when they began to fall in 1880 it again increased, and in 1881 it stood at 396 millions.

Sir Donald Mackenzie Wallace - Russia