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Eastern PA | In 1891, the American Bankers Association sent out a memo to all its members telling them to prepare for a depression 3 years hence.
Copy of memo sent out by the American Bankers Association follows:
"On September 1st 1894 we will not renew our loans under any consideration. On September 1st we will demand our money.
We will foreclose and become mortgagees in possession. We can take two-thirds of the farms west of the Mississippi, and thousands of them east of the Mississippi as well, at our own price...Then the farmers will become tenants as in England...," 1891 American Bankers Association, as printed in the Congressional Record of April 29, 1913.
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THE SHIP
