Readings in Money and Banking Selected and Adapted
Free

Readings in Money and Banking Selected and Adapted

By Chester Arthur Phillips
Free
Book Description
Table of Contents
  • E-text prepared by Jonathan Ingram, Josephine Paolucci, and the Online Distributed Proofreading Team (http://www.pgdp.net) from page images generously made available by Internet Archive/Canadian Libraries (http://www.archive.org/details/toronto)
  • READINGS IN MONEY AND BANKING
    • READINGS IN MONEY AND BANKING
      • SELECTED AND ADAPTED
      • BY
    • SELECTED AND ADAPTED
    • BY
    • CHESTER ARTHUR PHILLIPS
    • PREFACE
    • TABLE OF CONTENTS
    • READINGS IN MONEY AND BANKING
    • CHAPTER I
      • THE ORIGIN AND FUNCTIONS OF MONEY
      • FOOTNOTES:
    • THE ORIGIN AND FUNCTIONS OF MONEY
    • FOOTNOTES:
    • CHAPTER II
      • THE EARLY HISTORY OF MONEY
      • Currency in the Hunting State
      • Currency in the Pastoral State
      • Articles of Ornament as Currency
      • Currency in the Agricultural State
      • Manufactured and Miscellaneous Articles as Currency
      • The Invention of Coining
      • FOOTNOTES:
    • THE EARLY HISTORY OF MONEY
    • Currency in the Hunting State
    • Currency in the Pastoral State
    • Articles of Ornament as Currency
    • Currency in the Agricultural State
    • Manufactured and Miscellaneous Articles as Currency
    • The Invention of Coining
    • FOOTNOTES:
    • CHAPTER III
      • QUALITIES OF THE MATERIAL OF MONEY
      • 1. Utility and Value
      • 2. Portability
      • 3. Indestructibility
      • 4. Homogeneity
      • 5. Divisibility
      • 6. Stability of Value
      • 7. Cognisability
      • FOOTNOTES:
    • QUALITIES OF THE MATERIAL OF MONEY
    • 1. Utility and Value
    • 2. Portability
    • 3. Indestructibility
    • 4. Homogeneity
    • 5. Divisibility
    • 6. Stability of Value
    • 7. Cognisability
    • FOOTNOTES:
    • CHAPTER IV
      • LEGAL TENDER[5]
      • FOOTNOTES:
    • LEGAL TENDER[5]
    • FOOTNOTES:
    • CHAPTER V
      • THE GREENBACKS
      • The Greenback Issues
      • The Fluctuating Premium on Gold
      • The Effects of Greenbacks upon Wages
      • Rent
        • URBAN RENTS
        • FARM RENTS
      • URBAN RENTS
      • FARM RENTS
      • Interest and Loan Capital
        • THE PROBLEM OF LENDERS AND BORROWERS OF CAPITAL
        • PURCHASING POWER OF THE PRINCIPAL OF LOANS
        • THE RATE OF INTEREST
      • THE PROBLEM OF LENDERS AND BORROWERS OF CAPITAL
      • PURCHASING POWER OF THE PRINCIPAL OF LOANS
      • THE RATE OF INTEREST
      • Profits
        • PROFITS IN AGRICULTURE
        • STATISTICAL EVIDENCE REGARDING PROFITS
      • PROFITS IN AGRICULTURE
      • STATISTICAL EVIDENCE REGARDING PROFITS
      • The Production and Consumption of Wealth
        • PRODUCTION
        • CONSUMPTION
      • PRODUCTION
      • CONSUMPTION
      • The Greenbacks and the Cost of the Civil War
        • GREENBACKS AND EXPENDITURES
        • THE GREENBACKS AND RECEIPTS
        • (In millions of dollars)
      • GREENBACKS AND EXPENDITURES
      • THE GREENBACKS AND RECEIPTS
      • (In millions of dollars)
      • Contraction and Inflation of the Legal Tenders[9]
      • Passage of the Resumption Act[10]
      • The Struggle for Resumption[11]
      • Arrangements for Resumption[12]
      • Should the Greenbacks Be Retired?
        • WHY RETIREMENT IS NOT IMPORTANT
      • WHY RETIREMENT IS NOT IMPORTANT
      • The Confederate Currency[14]
      • FOOTNOTES:
    • THE GREENBACKS
    • The Greenback Issues
    • The Fluctuating Premium on Gold
    • The Effects of Greenbacks upon Wages
    • Rent
      • URBAN RENTS
      • FARM RENTS
    • URBAN RENTS
    • FARM RENTS
    • Interest and Loan Capital
      • THE PROBLEM OF LENDERS AND BORROWERS OF CAPITAL
      • PURCHASING POWER OF THE PRINCIPAL OF LOANS
      • THE RATE OF INTEREST
    • THE PROBLEM OF LENDERS AND BORROWERS OF CAPITAL
    • PURCHASING POWER OF THE PRINCIPAL OF LOANS
    • THE RATE OF INTEREST
    • Profits
      • PROFITS IN AGRICULTURE
      • STATISTICAL EVIDENCE REGARDING PROFITS
    • PROFITS IN AGRICULTURE
    • STATISTICAL EVIDENCE REGARDING PROFITS
    • The Production and Consumption of Wealth
      • PRODUCTION
      • CONSUMPTION
    • PRODUCTION
    • CONSUMPTION
    • The Greenbacks and the Cost of the Civil War
      • GREENBACKS AND EXPENDITURES
      • THE GREENBACKS AND RECEIPTS
      • (In millions of dollars)
    • GREENBACKS AND EXPENDITURES
    • THE GREENBACKS AND RECEIPTS
    • (In millions of dollars)
    • Contraction and Inflation of the Legal Tenders[9]
    • Passage of the Resumption Act[10]
    • The Struggle for Resumption[11]
    • Arrangements for Resumption[12]
    • Should the Greenbacks Be Retired?
      • WHY RETIREMENT IS NOT IMPORTANT
    • WHY RETIREMENT IS NOT IMPORTANT
    • The Confederate Currency[14]
    • FOOTNOTES:
    • CHAPTER VI
      • INTERNATIONAL BIMETALLISM
      • FOOTNOTES:
    • INTERNATIONAL BIMETALLISM
    • FOOTNOTES:
    • CHAPTER VII
      • THE SILVER QUESTION IN THE UNITED STATES
      • Agitation for Silver and the Passage of the Bland Bill
      • Provisions of the Act of 1878
        • SILVER CERTIFICATES
      • SILVER CERTIFICATES
      • Causes of the Act
      • Wherein Peculiar
      • Limited Circulation of the Silver Dollars
      • Provisions of the Act of 1890
        • AMOUNT OF MONTHLY ISSUES
        • The Policy of the Banks
      • AMOUNT OF MONTHLY ISSUES
      • The Policy of the Banks
      • The Argument for Silver
        • THE BIMETALLIST ARGUMENTS
        • THE EFFECT OF IMPROVEMENTS IN PRODUCTION
        • THE CASE OF THE FARMER
      • THE BIMETALLIST ARGUMENTS
      • THE EFFECT OF IMPROVEMENTS IN PRODUCTION
      • THE CASE OF THE FARMER
      • The Repeal of the Sherman Silver Purchase Act and the Financial and Economic Consequences of Silver Legislation
        • SALE OF BONDS FOR GOLD
      • SALE OF BONDS FOR GOLD
      • FOOTNOTES:
    • THE SILVER QUESTION IN THE UNITED STATES
    • Agitation for Silver and the Passage of the Bland Bill
    • Provisions of the Act of 1878
      • SILVER CERTIFICATES
    • SILVER CERTIFICATES
    • Causes of the Act
    • Wherein Peculiar
    • Limited Circulation of the Silver Dollars
    • Provisions of the Act of 1890
      • AMOUNT OF MONTHLY ISSUES
      • The Policy of the Banks
    • AMOUNT OF MONTHLY ISSUES
    • The Policy of the Banks
    • The Argument for Silver
      • THE BIMETALLIST ARGUMENTS
      • THE EFFECT OF IMPROVEMENTS IN PRODUCTION
      • THE CASE OF THE FARMER
    • THE BIMETALLIST ARGUMENTS
    • THE EFFECT OF IMPROVEMENTS IN PRODUCTION
    • THE CASE OF THE FARMER
    • The Repeal of the Sherman Silver Purchase Act and the Financial and Economic Consequences of Silver Legislation
      • SALE OF BONDS FOR GOLD
    • SALE OF BONDS FOR GOLD
    • FOOTNOTES:
    • CHAPTER VIII
      • INDEX NUMBERS
      • FOOTNOTES:
    • INDEX NUMBERS
    • FOOTNOTES:
    • CHAPTER IX
      • BANKING OPERATIONS AND ACCOUNTS
      • Statement of A Representative National Bank
      • The Relation Between Loans and Deposits
      • Relation Between Reserves and Demand Liabilities Again
        • THE RÔLE OF A SPECIE RESERVE ILLUSTRATED BY THE INCONVERTIBLE NOTES OF THE BANK OF ENGLAND ISSUED DURING THE OPERATION OF THE RESTRICTION ACT[37]
      • THE RÔLE OF A SPECIE RESERVE ILLUSTRATED BY THE INCONVERTIBLE NOTES OF THE BANK OF ENGLAND ISSUED DURING THE OPERATION OF THE RESTRICTION ACT[37]
      • FOOTNOTES:
    • BANKING OPERATIONS AND ACCOUNTS
    • Statement of A Representative National Bank
    • The Relation Between Loans and Deposits
    • Relation Between Reserves and Demand Liabilities Again
      • THE RÔLE OF A SPECIE RESERVE ILLUSTRATED BY THE INCONVERTIBLE NOTES OF THE BANK OF ENGLAND ISSUED DURING THE OPERATION OF THE RESTRICTION ACT[37]
    • THE RÔLE OF A SPECIE RESERVE ILLUSTRATED BY THE INCONVERTIBLE NOTES OF THE BANK OF ENGLAND ISSUED DURING THE OPERATION OF THE RESTRICTION ACT[37]
    • FOOTNOTES:
    • CHAPTER X
      • THE USE OF CREDIT INSTRUMENTS IN PAYMENTS IN THE UNITED STATES
      • FOOTNOTES:
    • THE USE OF CREDIT INSTRUMENTS IN PAYMENTS IN THE UNITED STATES
    • FOOTNOTES:
    • CHAPTER XI
      • A SYMPOSIUM ON THE RELATION BETWEEN MONEY AND GENERAL PRICES
      • Indirect Influences on Purchasing Power[52]
      • [Summary]
      • The Testimony of Ricardo
      • FOOTNOTES:
    • A SYMPOSIUM ON THE RELATION BETWEEN MONEY AND GENERAL PRICES
    • Indirect Influences on Purchasing Power[52]
    • [Summary]
    • The Testimony of Ricardo
    • FOOTNOTES:
    • CHAPTER XII
      • THE GOLD EXCHANGE STANDARD
      • Objections To The Gold-Exchange Standard For The Straits Settlements Answered
      • FOOTNOTES:
    • THE GOLD EXCHANGE STANDARD
    • Objections To The Gold-Exchange Standard For The Straits Settlements Answered
    • FOOTNOTES:
    • CHAPTER XIII
      • A PLAN FOR A COMPENSATED DOLLAR
      • FOOTNOTES:
    • A PLAN FOR A COMPENSATED DOLLAR
    • FOOTNOTES:
    • CHAPTER XIV
      • MONETARY SYSTEMS OF FOREIGN COUNTRIES
      • England[89]
      • Canada
      • British Colonies
      • Latin Union
      • France
      • Belgium
      • Italy
      • Switzerland
      • Greece
      • Spain
      • Germany
      • Austria-Hungary
      • Portugal
      • Netherlands
      • Sweden—Norway—Denmark (Scandinavian Union)
      • Russia
      • Japan
      • China
      • Philippines
      • Argentina
      • Brazil
      • Chili
      • FOOTNOTES:
    • MONETARY SYSTEMS OF FOREIGN COUNTRIES
    • England[89]
    • Canada
    • British Colonies
    • Latin Union
    • France
    • Belgium
    • Italy
    • Switzerland
    • Greece
    • Spain
    • Germany
    • Austria-Hungary
    • Portugal
    • Netherlands
    • Sweden—Norway—Denmark (Scandinavian Union)
    • Russia
    • Japan
    • China
    • Philippines
    • Argentina
    • Brazil
    • Chili
    • FOOTNOTES:
    • CHAPTER XV
      • THE NATURE AND FUNCTIONS OF TRUST COMPANIES
      • The Advantages of a Trust Company as Trustee
      • Banking
      • Corporate Trusts
      • Individual Trusts
      • Other Functions
      • Care of Securities and Valuables
      • Insurance
      • Compensation
      • Government Regulation
      • FOOTNOTES:
    • THE NATURE AND FUNCTIONS OF TRUST COMPANIES
    • The Advantages of a Trust Company as Trustee
    • Banking
    • Corporate Trusts
    • Individual Trusts
    • Other Functions
    • Care of Securities and Valuables
    • Insurance
    • Compensation
    • Government Regulation
    • FOOTNOTES:
    • CHAPTER XVI
      • SAVINGS BANKS
      • Classification of Savings Banks
      • Trustee Savings Banks
      • Stock Savings Banks
      • Guaranty Savings Banks
      • Municipal Savings Banks
      • People's Banks
      • The Localization of Savings Banks in the United States
      • Postal Savings Banks
      • American Postal Savings Banks
        • ARGUMENTS FOR AND AGAINST THE ESTABLISHMENT OF POSTAL SAVINGS BANKS IN THE UNITED STATES.
        • THE MAIN FEATURES OF THE SYSTEM
      • ARGUMENTS FOR AND AGAINST THE ESTABLISHMENT OF POSTAL SAVINGS BANKS IN THE UNITED STATES.
      • THE MAIN FEATURES OF THE SYSTEM
      • "Postal Savings Behind the Scenes"
      • FOOTNOTES:
    • SAVINGS BANKS
    • Classification of Savings Banks
    • Trustee Savings Banks
    • Stock Savings Banks
    • Guaranty Savings Banks
    • Municipal Savings Banks
    • People's Banks
    • The Localization of Savings Banks in the United States
    • Postal Savings Banks
    • American Postal Savings Banks
      • ARGUMENTS FOR AND AGAINST THE ESTABLISHMENT OF POSTAL SAVINGS BANKS IN THE UNITED STATES.
      • THE MAIN FEATURES OF THE SYSTEM
    • ARGUMENTS FOR AND AGAINST THE ESTABLISHMENT OF POSTAL SAVINGS BANKS IN THE UNITED STATES.
    • THE MAIN FEATURES OF THE SYSTEM
    • "Postal Savings Behind the Scenes"
    • FOOTNOTES:
    • CHAPTER XVII
      • DOMESTIC EXCHANGE
      • Exchange Relations Between Chicago and New York
      • Exchange Relations Between St. Louis and New York
      • Domestic Exchange in San Francisco on New York City
      • Currency Movements Between New England and the Eastern States
      • The Domestic Exchanges During the Crisis of 1907[102]
      • FOOTNOTES:
    • DOMESTIC EXCHANGE
    • Exchange Relations Between Chicago and New York
    • Exchange Relations Between St. Louis and New York
    • Domestic Exchange in San Francisco on New York City
    • Currency Movements Between New England and the Eastern States
    • The Domestic Exchanges During the Crisis of 1907[102]
    • FOOTNOTES:
    • CHAPTER XVIII
      • FOREIGN EXCHANGE
      • The Nature of Foreign Exchange
      • "Favourable" and "Unfavourable" Exchanges
      • The Origin and Supply of Foreign Exchange
      • The Sources of the Demand for Foreign Exchange[106]
      • Methods of Financing Imports and Exports[107]
      • Credit Risks of Drafts Drawn on Buyers Abroad
      • England Draws Few Bills, But Accepts Many—The Reason and the Result
      • The Recent Rise of the American Acceptance Market
      • The Economies and Advantages of "Dollar Credits"[113]
      • The New York Foreign Exchange Market[114]
      • New York City Practically Absorbs by Purchase All American Foreign Exchange
      • How Money Is Made in Foreign Exchange—The Operations of the Foreign Department
        • I. SELLING "DEMAND" AGAINST "DEMAND"
        • II. SELLING CABLES AGAINST DEMAND EXCHANGE
        • III. SELLING "DEMAND" BILLS AGAINST REMITTANCES OF LONG BILLS
        • IV. THE OPERATION OF MAKING FOREIGN LOANS
        • V. THE DRAWING OF FINANCE-BILLS
        • VI. ARBITRAGING IN EXCHANGE.
      • I. SELLING "DEMAND" AGAINST "DEMAND"
      • II. SELLING CABLES AGAINST DEMAND EXCHANGE
      • III. SELLING "DEMAND" BILLS AGAINST REMITTANCES OF LONG BILLS
      • IV. THE OPERATION OF MAKING FOREIGN LOANS
      • V. THE DRAWING OF FINANCE-BILLS
      • VI. ARBITRAGING IN EXCHANGE.
      • Gold Movements
        • COMPLICATIONS IN THE DETERMINATION OF GOLD POINTS
        • THE HANDLING OF GOLD SHIPMENTS
      • COMPLICATIONS IN THE DETERMINATION OF GOLD POINTS
      • THE HANDLING OF GOLD SHIPMENTS
      • The Silver Exchanges
      • FOOTNOTES:
    • FOREIGN EXCHANGE
    • The Nature of Foreign Exchange
    • "Favourable" and "Unfavourable" Exchanges
    • The Origin and Supply of Foreign Exchange
    • The Sources of the Demand for Foreign Exchange[106]
    • Methods of Financing Imports and Exports[107]
    • Credit Risks of Drafts Drawn on Buyers Abroad
    • England Draws Few Bills, But Accepts Many—The Reason and the Result
    • The Recent Rise of the American Acceptance Market
    • The Economies and Advantages of "Dollar Credits"[113]
    • The New York Foreign Exchange Market[114]
    • New York City Practically Absorbs by Purchase All American Foreign Exchange
    • How Money Is Made in Foreign Exchange—The Operations of the Foreign Department
      • I. SELLING "DEMAND" AGAINST "DEMAND"
      • II. SELLING CABLES AGAINST DEMAND EXCHANGE
      • III. SELLING "DEMAND" BILLS AGAINST REMITTANCES OF LONG BILLS
      • IV. THE OPERATION OF MAKING FOREIGN LOANS
      • V. THE DRAWING OF FINANCE-BILLS
      • VI. ARBITRAGING IN EXCHANGE.
    • I. SELLING "DEMAND" AGAINST "DEMAND"
    • II. SELLING CABLES AGAINST DEMAND EXCHANGE
    • III. SELLING "DEMAND" BILLS AGAINST REMITTANCES OF LONG BILLS
    • IV. THE OPERATION OF MAKING FOREIGN LOANS
    • V. THE DRAWING OF FINANCE-BILLS
    • VI. ARBITRAGING IN EXCHANGE.
    • Gold Movements
      • COMPLICATIONS IN THE DETERMINATION OF GOLD POINTS
      • THE HANDLING OF GOLD SHIPMENTS
    • COMPLICATIONS IN THE DETERMINATION OF GOLD POINTS
    • THE HANDLING OF GOLD SHIPMENTS
    • The Silver Exchanges
    • FOOTNOTES:
    • CHAPTER XIX
      • CLEARING HOUSES
      • I. In the United States
        • A CLEARING HOUSE DEFINED
        • METHODS OF EXCHANGE IN NEW YORK PRIOR TO 1853
        • THE ORIGIN OF THE NEW YORK CLEARING HOUSE
        • MEMBERSHIP AND ADMITTANCE FEES AT NEW YORK
        • [126]METHODS OF SETTLING BALANCES
        • [127]RATIO OF BALANCES TO CLEARINGS
        • [128]THE NATURE OF CLEARING-HOUSE LOAN CERTIFICATES
        • CLEARING-HOUSE LOAN CERTIFICATES AND THE EQUALIZATION OF RESERVES[129]
        • CLEARING-HOUSE BANK EXAMINATIONS[133]
      • A CLEARING HOUSE DEFINED
      • METHODS OF EXCHANGE IN NEW YORK PRIOR TO 1853
      • THE ORIGIN OF THE NEW YORK CLEARING HOUSE
      • MEMBERSHIP AND ADMITTANCE FEES AT NEW YORK
      • [126]METHODS OF SETTLING BALANCES
      • [127]RATIO OF BALANCES TO CLEARINGS
      • [128]THE NATURE OF CLEARING-HOUSE LOAN CERTIFICATES
      • CLEARING-HOUSE LOAN CERTIFICATES AND THE EQUALIZATION OF RESERVES[129]
      • CLEARING-HOUSE BANK EXAMINATIONS[133]
      • II. Clearing Houses in England
        • THE LONDON BANKERS' CLEARING HOUSE AS THE FOREMOST EXAMPLE
        • PROVINCIAL CLEARINGS
      • THE LONDON BANKERS' CLEARING HOUSE AS THE FOREMOST EXAMPLE
      • PROVINCIAL CLEARINGS
      • FOOTNOTES:
    • CLEARING HOUSES
    • I. In the United States
      • A CLEARING HOUSE DEFINED
      • METHODS OF EXCHANGE IN NEW YORK PRIOR TO 1853
      • THE ORIGIN OF THE NEW YORK CLEARING HOUSE
      • MEMBERSHIP AND ADMITTANCE FEES AT NEW YORK
      • [126]METHODS OF SETTLING BALANCES
      • [127]RATIO OF BALANCES TO CLEARINGS
      • [128]THE NATURE OF CLEARING-HOUSE LOAN CERTIFICATES
      • CLEARING-HOUSE LOAN CERTIFICATES AND THE EQUALIZATION OF RESERVES[129]
      • CLEARING-HOUSE BANK EXAMINATIONS[133]
    • A CLEARING HOUSE DEFINED
    • METHODS OF EXCHANGE IN NEW YORK PRIOR TO 1853
    • THE ORIGIN OF THE NEW YORK CLEARING HOUSE
    • MEMBERSHIP AND ADMITTANCE FEES AT NEW YORK
    • [126]METHODS OF SETTLING BALANCES
    • [127]RATIO OF BALANCES TO CLEARINGS
    • [128]THE NATURE OF CLEARING-HOUSE LOAN CERTIFICATES
    • CLEARING-HOUSE LOAN CERTIFICATES AND THE EQUALIZATION OF RESERVES[129]
    • CLEARING-HOUSE BANK EXAMINATIONS[133]
    • II. Clearing Houses in England
      • THE LONDON BANKERS' CLEARING HOUSE AS THE FOREMOST EXAMPLE
      • PROVINCIAL CLEARINGS
    • THE LONDON BANKERS' CLEARING HOUSE AS THE FOREMOST EXAMPLE
    • PROVINCIAL CLEARINGS
    • FOOTNOTES:
    • CHAPTER XX
      • STATE BANKS AND TRUST COMPANIES SINCE THE PASSAGE OF THE NATIONAL BANK ACT
      • The Evolution of the Trust Company
      • Incorporation
      • Capital and Surplus Requirements
      • Liability of Stockholders
      • Restrictions on Loans and Discounts
        • LOANS TO DIRECTORS AND OFFICERS
        • REAL ESTATE LOANS
      • LOANS TO DIRECTORS AND OFFICERS
      • REAL ESTATE LOANS
      • Reserves
      • Branch Banks
      • Further Reason for the Lack of Branch Banks in the United States
      • The New York State Bank Act of 1914[145]
      • FOOTNOTES:
    • STATE BANKS AND TRUST COMPANIES SINCE THE PASSAGE OF THE NATIONAL BANK ACT
    • The Evolution of the Trust Company
    • Incorporation
    • Capital and Surplus Requirements
    • Liability of Stockholders
    • Restrictions on Loans and Discounts
      • LOANS TO DIRECTORS AND OFFICERS
      • REAL ESTATE LOANS
    • LOANS TO DIRECTORS AND OFFICERS
    • REAL ESTATE LOANS
    • Reserves
    • Branch Banks
    • Further Reason for the Lack of Branch Banks in the United States
    • The New York State Bank Act of 1914[145]
    • FOOTNOTES:
    • CHAPTER XXI
      • THE CANADIAN BANKING SYSTEM
      • The System Not New
      • Other Financial Institutions
      • The Essentials of the System
        • PROCESS OF INCORPORATION
        • NOTE ISSUES
        • SECURITY OF NOTES
        • IMPORTANCE OF REDEMPTION
        • THE CIRCULATION REDEMPTION FUND
        • TWO NEGATIVE QUALITIES
        • CANADIAN BANKERS' ASSOCIATION
        • ELASTICITY OF THE CIRCULATION
        • BANK NOTES HAVE NO COMPETITION
        • NO LIMIT OF ISSUE REALLY NECESSARY
        • THE PRACTICAL LIMIT UNDER THE LEGAL
      • PROCESS OF INCORPORATION
      • NOTE ISSUES
      • SECURITY OF NOTES
      • IMPORTANCE OF REDEMPTION
      • THE CIRCULATION REDEMPTION FUND
      • TWO NEGATIVE QUALITIES
      • CANADIAN BANKERS' ASSOCIATION
      • ELASTICITY OF THE CIRCULATION
      • BANK NOTES HAVE NO COMPETITION
      • NO LIMIT OF ISSUE REALLY NECESSARY
      • THE PRACTICAL LIMIT UNDER THE LEGAL
      • Deposits
        • SAVINGS DEPOSITS ALWAYS PAID ON DEMAND
        • SAVINGS DEPOSITORS NOT PROPERLY REWARDED
      • SAVINGS DEPOSITS ALWAYS PAID ON DEMAND
      • SAVINGS DEPOSITORS NOT PROPERLY REWARDED
      • No Bankers' Bank
      • Amount of the Reserve Fixed by Each Bank
      • Competition Is Not Lacking
      • Banking in Different Provinces
        • EASTERN PROVINCES HAVE SUFFERED
      • EASTERN PROVINCES HAVE SUFFERED
      • Large Use of Deposit Currency
      • Banks Silent Partners in Industry
      • A Customer's Line of Credit
      • Loans to Farmers
      • Call Loans in Canada and Elsewhere
      • The Banks as Financial Institutions
      • The Revision of the Bank Act, 1913[148]
      • Comparative Figures of Condition of Canadian Banks[149]
        • ASSETS
        • LIABILITIES
      • ASSETS
      • LIABILITIES
      • FOOTNOTES:
    • THE CANADIAN BANKING SYSTEM
    • The System Not New
    • Other Financial Institutions
    • The Essentials of the System
      • PROCESS OF INCORPORATION
      • NOTE ISSUES
      • SECURITY OF NOTES
      • IMPORTANCE OF REDEMPTION
      • THE CIRCULATION REDEMPTION FUND
      • TWO NEGATIVE QUALITIES
      • CANADIAN BANKERS' ASSOCIATION
      • ELASTICITY OF THE CIRCULATION
      • BANK NOTES HAVE NO COMPETITION
      • NO LIMIT OF ISSUE REALLY NECESSARY
      • THE PRACTICAL LIMIT UNDER THE LEGAL
    • PROCESS OF INCORPORATION
    • NOTE ISSUES
    • SECURITY OF NOTES
    • IMPORTANCE OF REDEMPTION
    • THE CIRCULATION REDEMPTION FUND
    • TWO NEGATIVE QUALITIES
    • CANADIAN BANKERS' ASSOCIATION
    • ELASTICITY OF THE CIRCULATION
    • BANK NOTES HAVE NO COMPETITION
    • NO LIMIT OF ISSUE REALLY NECESSARY
    • THE PRACTICAL LIMIT UNDER THE LEGAL
    • Deposits
      • SAVINGS DEPOSITS ALWAYS PAID ON DEMAND
      • SAVINGS DEPOSITORS NOT PROPERLY REWARDED
    • SAVINGS DEPOSITS ALWAYS PAID ON DEMAND
    • SAVINGS DEPOSITORS NOT PROPERLY REWARDED
    • No Bankers' Bank
    • Amount of the Reserve Fixed by Each Bank
    • Competition Is Not Lacking
    • Banking in Different Provinces
      • EASTERN PROVINCES HAVE SUFFERED
    • EASTERN PROVINCES HAVE SUFFERED
    • Large Use of Deposit Currency
    • Banks Silent Partners in Industry
    • A Customer's Line of Credit
    • Loans to Farmers
    • Call Loans in Canada and Elsewhere
    • The Banks as Financial Institutions
    • The Revision of the Bank Act, 1913[148]
    • Comparative Figures of Condition of Canadian Banks[149]
      • ASSETS
      • LIABILITIES
    • ASSETS
    • LIABILITIES
    • FOOTNOTES:
    • CHAPTER XXII
      • THE ENGLISH BANKING SYSTEM
      • Foundation and Growth of the Bank of England
      • Peel's Act or the Bank Charter Act of 1844, and its Suspensions
      • Account of the Liabilities and Assets of the Bank of England
        • For the Week ending 7th September, 1844
      • For the Week ending 7th September, 1844
      • The Functions of the Bank of England
      • The Joint-Stock Banks
      • The Private Banks
      • The Merchant Bankers and Accepting Houses
      • The Discount Houses
      • Interview with the Governor and Directors of the Bank of England
      • Interview with Sir Felix Schuster, Governor of the Union of London and Smith's Bank Limited
      • Interview with Mr. Charles Gow, General Manager of the London Joint Stock Bank, Limited
      • FOOTNOTES:
    • THE ENGLISH BANKING SYSTEM
    • Foundation and Growth of the Bank of England
    • Peel's Act or the Bank Charter Act of 1844, and its Suspensions
    • Account of the Liabilities and Assets of the Bank of England
      • For the Week ending 7th September, 1844
    • For the Week ending 7th September, 1844
    • The Functions of the Bank of England
    • The Joint-Stock Banks
    • The Private Banks
    • The Merchant Bankers and Accepting Houses
    • The Discount Houses
    • Interview with the Governor and Directors of the Bank of England
    • Interview with Sir Felix Schuster, Governor of the Union of London and Smith's Bank Limited
    • Interview with Mr. Charles Gow, General Manager of the London Joint Stock Bank, Limited
    • FOOTNOTES:
    • CHAPTER XXIII
      • THE SCOTCH BANKS
      • Democracy of Scotch Banking
      • Use of Notes as "Till Money" in Relation to the Establishment of Branches
      • Evasion of Peel's Act
      • Defects
      • Bank of Scotland
        • INTERVIEW WITH SIR GEORGE ANDERSON, GENERAL MANAGER[160]
      • INTERVIEW WITH SIR GEORGE ANDERSON, GENERAL MANAGER[160]
      • Royal Bank of Scotland
        • INTERVIEW WITH ADAM TAIT, CASHIER AND GENERAL MANAGER[161]
      • INTERVIEW WITH ADAM TAIT, CASHIER AND GENERAL MANAGER[161]
      • Commercial Bank of Scotland (Limited)
        • INTERVIEW WITH ALEXANDER BOGIE, GENERAL MANAGER[162]
      • INTERVIEW WITH ALEXANDER BOGIE, GENERAL MANAGER[162]
      • Union Bank of Scotland (Limited)
        • INTERVIEW WITH ROBERT BLYTH, GENERAL MANAGER[164]
      • INTERVIEW WITH ROBERT BLYTH, GENERAL MANAGER[164]
      • FOOTNOTES:
    • THE SCOTCH BANKS
    • Democracy of Scotch Banking
    • Use of Notes as "Till Money" in Relation to the Establishment of Branches
    • Evasion of Peel's Act
    • Defects
    • Bank of Scotland
      • INTERVIEW WITH SIR GEORGE ANDERSON, GENERAL MANAGER[160]
    • INTERVIEW WITH SIR GEORGE ANDERSON, GENERAL MANAGER[160]
    • Royal Bank of Scotland
      • INTERVIEW WITH ADAM TAIT, CASHIER AND GENERAL MANAGER[161]
    • INTERVIEW WITH ADAM TAIT, CASHIER AND GENERAL MANAGER[161]
    • Commercial Bank of Scotland (Limited)
      • INTERVIEW WITH ALEXANDER BOGIE, GENERAL MANAGER[162]
    • INTERVIEW WITH ALEXANDER BOGIE, GENERAL MANAGER[162]
    • Union Bank of Scotland (Limited)
      • INTERVIEW WITH ROBERT BLYTH, GENERAL MANAGER[164]
    • INTERVIEW WITH ROBERT BLYTH, GENERAL MANAGER[164]
    • FOOTNOTES:
    • CHAPTER XXIV
      • THE FRENCH BANKING SYSTEM
      • The Bank of France
        • CASH HOLDINGS OF THE BANK OF FRANCE
      • CASH HOLDINGS OF THE BANK OF FRANCE
      • Place of the Bank of France in the Distribution of Credit
        • LOCAL BANKS AND THE FINANCIAL INSTITUTIONS
        • IN WHAT MANNER THE BANK OF FRANCE PROMOTES THE FREE DISTRIBUTION OF CREDIT IN FRANCE
        • IN WHAT MEASURE THE BANK MUST CONTROL CREDIT
      • LOCAL BANKS AND THE FINANCIAL INSTITUTIONS
      • IN WHAT MANNER THE BANK OF FRANCE PROMOTES THE FREE DISTRIBUTION OF CREDIT IN FRANCE
      • IN WHAT MEASURE THE BANK MUST CONTROL CREDIT
      • Territorial Expansion of the Bank of France
      • The Bank of France and Agricultural Credit
      • The Bank of France
        • INTERVIEW WITH M. PALLAIN, GOVERNOR OF THE BANK OF FRANCE[177]
      • INTERVIEW WITH M. PALLAIN, GOVERNOR OF THE BANK OF FRANCE[177]
      • The Crédit Lyonnais
        • INTERVIEWS WITH BARON BRINCARD, ADMINISTRATEUR DÉLÉGUÉ, AND OTHER OFFICIALS OF THE CRÉDIT LYONNAIS[178]
      • INTERVIEWS WITH BARON BRINCARD, ADMINISTRATEUR DÉLÉGUÉ, AND OTHER OFFICIALS OF THE CRÉDIT LYONNAIS[178]
      • Comptoir d'Escompte
        • INTERVIEW WITH M. ULLMANN, DIRECTOR OF THE COMPTOIR D'ESCOMPTE[179]
      • INTERVIEW WITH M. ULLMANN, DIRECTOR OF THE COMPTOIR D'ESCOMPTE[179]
      • Banque de Paris et des Pays-Bas
        • INTERVIEW WITH M. MORET, MANAGER OF THE BANQUE DE PARIS ET DES PAYS-BAS[180]
      • INTERVIEW WITH M. MORET, MANAGER OF THE BANQUE DE PARIS ET DES PAYS-BAS[180]
      • Crédit Foncier de France
        • INTERVIEW WITH M. TOUCHARD, SECRETARY[181]
      • INTERVIEW WITH M. TOUCHARD, SECRETARY[181]
      • Caisse des Dépôts et Consignations
        • INTERVIEW WITH M. DELATOUR, GENERAL DIRECTOR OF THE CAISSE DES DÉPÔTS ET CONSIGNATIONS[182]
      • INTERVIEW WITH M. DELATOUR, GENERAL DIRECTOR OF THE CAISSE DES DÉPÔTS ET CONSIGNATIONS[182]
      • Crédit Agricole
        • INTERVIEW WITH M. DECHARME, CHEF DU SERVICE DU CRÉDIT MUTUEL ET DE LA COOPÉRATION AGRICOLE AT THE MINISTÈRE DE L'AGRICULTURE[183]
      • INTERVIEW WITH M. DECHARME, CHEF DU SERVICE DU CRÉDIT MUTUEL ET DE LA COOPÉRATION AGRICOLE AT THE MINISTÈRE DE L'AGRICULTURE[183]
      • FOOTNOTES:
    • THE FRENCH BANKING SYSTEM
    • The Bank of France
      • CASH HOLDINGS OF THE BANK OF FRANCE
    • CASH HOLDINGS OF THE BANK OF FRANCE
    • Place of the Bank of France in the Distribution of Credit
      • LOCAL BANKS AND THE FINANCIAL INSTITUTIONS
      • IN WHAT MANNER THE BANK OF FRANCE PROMOTES THE FREE DISTRIBUTION OF CREDIT IN FRANCE
      • IN WHAT MEASURE THE BANK MUST CONTROL CREDIT
    • LOCAL BANKS AND THE FINANCIAL INSTITUTIONS
    • IN WHAT MANNER THE BANK OF FRANCE PROMOTES THE FREE DISTRIBUTION OF CREDIT IN FRANCE
    • IN WHAT MEASURE THE BANK MUST CONTROL CREDIT
    • Territorial Expansion of the Bank of France
    • The Bank of France and Agricultural Credit
    • The Bank of France
      • INTERVIEW WITH M. PALLAIN, GOVERNOR OF THE BANK OF FRANCE[177]
    • INTERVIEW WITH M. PALLAIN, GOVERNOR OF THE BANK OF FRANCE[177]
    • The Crédit Lyonnais
      • INTERVIEWS WITH BARON BRINCARD, ADMINISTRATEUR DÉLÉGUÉ, AND OTHER OFFICIALS OF THE CRÉDIT LYONNAIS[178]
    • INTERVIEWS WITH BARON BRINCARD, ADMINISTRATEUR DÉLÉGUÉ, AND OTHER OFFICIALS OF THE CRÉDIT LYONNAIS[178]
    • Comptoir d'Escompte
      • INTERVIEW WITH M. ULLMANN, DIRECTOR OF THE COMPTOIR D'ESCOMPTE[179]
    • INTERVIEW WITH M. ULLMANN, DIRECTOR OF THE COMPTOIR D'ESCOMPTE[179]
    • Banque de Paris et des Pays-Bas
      • INTERVIEW WITH M. MORET, MANAGER OF THE BANQUE DE PARIS ET DES PAYS-BAS[180]
    • INTERVIEW WITH M. MORET, MANAGER OF THE BANQUE DE PARIS ET DES PAYS-BAS[180]
    • Crédit Foncier de France
      • INTERVIEW WITH M. TOUCHARD, SECRETARY[181]
    • INTERVIEW WITH M. TOUCHARD, SECRETARY[181]
    • Caisse des Dépôts et Consignations
      • INTERVIEW WITH M. DELATOUR, GENERAL DIRECTOR OF THE CAISSE DES DÉPÔTS ET CONSIGNATIONS[182]
    • INTERVIEW WITH M. DELATOUR, GENERAL DIRECTOR OF THE CAISSE DES DÉPÔTS ET CONSIGNATIONS[182]
    • Crédit Agricole
      • INTERVIEW WITH M. DECHARME, CHEF DU SERVICE DU CRÉDIT MUTUEL ET DE LA COOPÉRATION AGRICOLE AT THE MINISTÈRE DE L'AGRICULTURE[183]
    • INTERVIEW WITH M. DECHARME, CHEF DU SERVICE DU CRÉDIT MUTUEL ET DE LA COOPÉRATION AGRICOLE AT THE MINISTÈRE DE L'AGRICULTURE[183]
    • FOOTNOTES:
    • CHAPTER XXV
      • THE GERMAN BANKING SYSTEM
      • Banking Arrangements in Germany
      • General Sketch of Bank and Credit Organisation in Germany
        • BANKS OF ISSUE
        • COMMERCIAL BANKS AND THEIR RELATION TO INDUSTRY AND COMMERCE
        • LAND CREDIT INSTITUTIONS
        • RAIFFEISEN AND SCHULZE-DELITZSCH BANKS
      • BANKS OF ISSUE
      • COMMERCIAL BANKS AND THEIR RELATION TO INDUSTRY AND COMMERCE
      • LAND CREDIT INSTITUTIONS
      • RAIFFEISEN AND SCHULZE-DELITZSCH BANKS
      • Interview with Herr Kleemann, Director of the Dresdner Bank
      • The Reichsbank
        • INTERVIEWS WITH HERR DR. VON GLASENAPP, VICE-PRESIDENT, AND HERR DR. VON LUMM, DIRECTOR, OF THE REICHSBANK[191]
      • INTERVIEWS WITH HERR DR. VON GLASENAPP, VICE-PRESIDENT, AND HERR DR. VON LUMM, DIRECTOR, OF THE REICHSBANK[191]
      • Königliche Seehandlung
      • (Royal Sea-Trade Society)
        • INTERVIEW WITH HERR GEH. OBERFINANZRAT LOTTNER, DIRECTOR OF THE ROYAL SEEHANDLUNG, PRUSSIAN STATE BANK[192]
      • INTERVIEW WITH HERR GEH. OBERFINANZRAT LOTTNER, DIRECTOR OF THE ROYAL SEEHANDLUNG, PRUSSIAN STATE BANK[192]
      • Deutsche Bank
        • INTERVIEWS WITH HERR PAUL MANKIEWITZ, DIRECTOR, AND HERR A. BLINZIG, ALTERNATE, OF THE DEUTSCHE BANK[193]
      • INTERVIEWS WITH HERR PAUL MANKIEWITZ, DIRECTOR, AND HERR A. BLINZIG, ALTERNATE, OF THE DEUTSCHE BANK[193]
      • Dresdner Bank
        • INTERVIEWS WITH HERR SCHUSTER AND HERR NATHAN, DIRECTORS OF THE DRESDNER BANK[194]
      • INTERVIEWS WITH HERR SCHUSTER AND HERR NATHAN, DIRECTORS OF THE DRESDNER BANK[194]
      • Bank des Berliner Kassen-Vereins
        • INTERVIEW WITH HERR HOPPENSTEDT[195]
      • INTERVIEW WITH HERR HOPPENSTEDT[195]
      • FOOTNOTES:
    • THE GERMAN BANKING SYSTEM
    • Banking Arrangements in Germany
    • General Sketch of Bank and Credit Organisation in Germany
      • BANKS OF ISSUE
      • COMMERCIAL BANKS AND THEIR RELATION TO INDUSTRY AND COMMERCE
      • LAND CREDIT INSTITUTIONS
      • RAIFFEISEN AND SCHULZE-DELITZSCH BANKS
    • BANKS OF ISSUE
    • COMMERCIAL BANKS AND THEIR RELATION TO INDUSTRY AND COMMERCE
    • LAND CREDIT INSTITUTIONS
    • RAIFFEISEN AND SCHULZE-DELITZSCH BANKS
    • Interview with Herr Kleemann, Director of the Dresdner Bank
    • The Reichsbank
      • INTERVIEWS WITH HERR DR. VON GLASENAPP, VICE-PRESIDENT, AND HERR DR. VON LUMM, DIRECTOR, OF THE REICHSBANK[191]
    • INTERVIEWS WITH HERR DR. VON GLASENAPP, VICE-PRESIDENT, AND HERR DR. VON LUMM, DIRECTOR, OF THE REICHSBANK[191]
    • Königliche Seehandlung
    • (Royal Sea-Trade Society)
      • INTERVIEW WITH HERR GEH. OBERFINANZRAT LOTTNER, DIRECTOR OF THE ROYAL SEEHANDLUNG, PRUSSIAN STATE BANK[192]
    • INTERVIEW WITH HERR GEH. OBERFINANZRAT LOTTNER, DIRECTOR OF THE ROYAL SEEHANDLUNG, PRUSSIAN STATE BANK[192]
    • Deutsche Bank
      • INTERVIEWS WITH HERR PAUL MANKIEWITZ, DIRECTOR, AND HERR A. BLINZIG, ALTERNATE, OF THE DEUTSCHE BANK[193]
    • INTERVIEWS WITH HERR PAUL MANKIEWITZ, DIRECTOR, AND HERR A. BLINZIG, ALTERNATE, OF THE DEUTSCHE BANK[193]
    • Dresdner Bank
      • INTERVIEWS WITH HERR SCHUSTER AND HERR NATHAN, DIRECTORS OF THE DRESDNER BANK[194]
    • INTERVIEWS WITH HERR SCHUSTER AND HERR NATHAN, DIRECTORS OF THE DRESDNER BANK[194]
    • Bank des Berliner Kassen-Vereins
      • INTERVIEW WITH HERR HOPPENSTEDT[195]
    • INTERVIEW WITH HERR HOPPENSTEDT[195]
    • FOOTNOTES:
    • CHAPTER XXVI
      • BANKING IN SOUTH AMERICA
      • Our Growing Surplus for Foreign Investment
      • Greater Lending Power of Banks
      • European War
      • English Banks in South America
        • ENGLISH TRADE AND BANKS DEVELOP TOGETHER
      • ENGLISH TRADE AND BANKS DEVELOP TOGETHER
      • German Banks in South America
        • OTHER INFLUENCES IN BANK EXPANSION
      • OTHER INFLUENCES IN BANK EXPANSION
      • Other Banking Institutions
        • AMERICAN BANKS
        • DOMESTIC BANKS
        • LAND MORTGAGE BANKS
      • AMERICAN BANKS
      • DOMESTIC BANKS
      • LAND MORTGAGE BANKS
      • Conditions of Commercial Banking
        • LITTLE CONTROL OR CO-OPERATION
        • NATIONAL COLONIES
        • PERSONAL CHARACTER OF BUSINESS DEALINGS
        • UNDEVELOPED ECONOMIC ORGANISATION
        • INTEREST RATES
        • COMPENSATION OF DIRECTORATE
        • CLASSES OF BUSINESS OF FOREIGN BANKS
      • LITTLE CONTROL OR CO-OPERATION
      • NATIONAL COLONIES
      • PERSONAL CHARACTER OF BUSINESS DEALINGS
      • UNDEVELOPED ECONOMIC ORGANISATION
      • INTEREST RATES
      • COMPENSATION OF DIRECTORATE
      • CLASSES OF BUSINESS OF FOREIGN BANKS
      • FOOTNOTES:
    • BANKING IN SOUTH AMERICA
    • Our Growing Surplus for Foreign Investment
    • Greater Lending Power of Banks
    • European War
    • English Banks in South America
      • ENGLISH TRADE AND BANKS DEVELOP TOGETHER
    • ENGLISH TRADE AND BANKS DEVELOP TOGETHER
    • German Banks in South America
      • OTHER INFLUENCES IN BANK EXPANSION
    • OTHER INFLUENCES IN BANK EXPANSION
    • Other Banking Institutions
      • AMERICAN BANKS
      • DOMESTIC BANKS
      • LAND MORTGAGE BANKS
    • AMERICAN BANKS
    • DOMESTIC BANKS
    • LAND MORTGAGE BANKS
    • Conditions of Commercial Banking
      • LITTLE CONTROL OR CO-OPERATION
      • NATIONAL COLONIES
      • PERSONAL CHARACTER OF BUSINESS DEALINGS
      • UNDEVELOPED ECONOMIC ORGANISATION
      • INTEREST RATES
      • COMPENSATION OF DIRECTORATE
      • CLASSES OF BUSINESS OF FOREIGN BANKS
    • LITTLE CONTROL OR CO-OPERATION
    • NATIONAL COLONIES
    • PERSONAL CHARACTER OF BUSINESS DEALINGS
    • UNDEVELOPED ECONOMIC ORGANISATION
    • INTEREST RATES
    • COMPENSATION OF DIRECTORATE
    • CLASSES OF BUSINESS OF FOREIGN BANKS
    • FOOTNOTES:
    • CHAPTER XXVII
      • AGRICULTURAL CREDIT IN THE UNITED STATES
      • Agricultural Credit Conditions in the United States
      • Value of Farm Implements and Machinery in the U. S.[206]
      • Farm Credit in a Northwestern State[225]
        • LONG-TIME LOANS
        • SHORT-TIME LOANS
      • LONG-TIME LOANS
      • SHORT-TIME LOANS
      • Cattle Loan Banks[226]
      • FOOTNOTES:
    • AGRICULTURAL CREDIT IN THE UNITED STATES
    • Agricultural Credit Conditions in the United States
    • Value of Farm Implements and Machinery in the U. S.[206]
    • Farm Credit in a Northwestern State[225]
      • LONG-TIME LOANS
      • SHORT-TIME LOANS
    • LONG-TIME LOANS
    • SHORT-TIME LOANS
    • Cattle Loan Banks[226]
    • FOOTNOTES:
    • CHAPTER XXVIII
      • THE CONCENTRATION OF CONTROL OF MONEY AND CREDIT
      • Have We a Money Trust?
      • The Borrower and the Money Trust
        • BANKING THE MOST LOGICAL OF TRUSTS
        • NO LACK OF BANKING FACILITIES
        • WHERE THE MONEY HAS GONE
        • CONSOLIDATION—A STEADY PROCESS
        • HOW THE LAW HAS FOSTERED AFFILIATION
        • THE CORPORATION AND THE BANK
        • HARMONY THE WATCHWORD
        • MONEY POWER NOT DISTINCTLY AMERICAN
        • WHY, THEN, DO WE HEAR FEW COMPLAINTS FROM ABROAD?
        • WHERE IS THE VITAL DIFFERENCE?
      • BANKING THE MOST LOGICAL OF TRUSTS
      • NO LACK OF BANKING FACILITIES
      • WHERE THE MONEY HAS GONE
      • CONSOLIDATION—A STEADY PROCESS
      • HOW THE LAW HAS FOSTERED AFFILIATION
      • THE CORPORATION AND THE BANK
      • HARMONY THE WATCHWORD
      • MONEY POWER NOT DISTINCTLY AMERICAN
      • WHY, THEN, DO WE HEAR FEW COMPLAINTS FROM ABROAD?
      • WHERE IS THE VITAL DIFFERENCE?
      • The Banks and Railway Finance
      • FOOTNOTES:
    • THE CONCENTRATION OF CONTROL OF MONEY AND CREDIT
    • Have We a Money Trust?
    • The Borrower and the Money Trust
      • BANKING THE MOST LOGICAL OF TRUSTS
      • NO LACK OF BANKING FACILITIES
      • WHERE THE MONEY HAS GONE
      • CONSOLIDATION—A STEADY PROCESS
      • HOW THE LAW HAS FOSTERED AFFILIATION
      • THE CORPORATION AND THE BANK
      • HARMONY THE WATCHWORD
      • MONEY POWER NOT DISTINCTLY AMERICAN
      • WHY, THEN, DO WE HEAR FEW COMPLAINTS FROM ABROAD?
      • WHERE IS THE VITAL DIFFERENCE?
    • BANKING THE MOST LOGICAL OF TRUSTS
    • NO LACK OF BANKING FACILITIES
    • WHERE THE MONEY HAS GONE
    • CONSOLIDATION—A STEADY PROCESS
    • HOW THE LAW HAS FOSTERED AFFILIATION
    • THE CORPORATION AND THE BANK
    • HARMONY THE WATCHWORD
    • MONEY POWER NOT DISTINCTLY AMERICAN
    • WHY, THEN, DO WE HEAR FEW COMPLAINTS FROM ABROAD?
    • WHERE IS THE VITAL DIFFERENCE?
    • The Banks and Railway Finance
    • FOOTNOTES:
    • CHAPTER XXIX
      • CRISES
      • The Nature of an Economic Crisis
      • The Crisis of 1907 in the Light of History
      • Current Theories of Crises
        • TWO POINTS OF AGREEMENT
        • BEVERIDGE'S "COMPETITION THEORY"
        • MAY'S THEORY OF THE DISCREPANCY BETWEEN WAGES AND PRODUCTIVITY
        • HOBSON'S THEORY OF OVER-SAVING
        • HULL'S THEORY OF THE CHANGING COSTS OF CONSTRUCTION
        • SOMBART'S THEORY OF THE UNEVEN EXPANSION IN THE PRODUCTION OF ORGANIC AND INORGANIC GOODS
        • CARVER'S THEORY OF THE DISSIMILAR PRICE FLUCTUATIONS OF PRODUCERS' AND CONSUMERS' GOODS
        • FISHER'S THEORY OF THE LAGGING ADJUSTMENT OF INTEREST
      • TWO POINTS OF AGREEMENT
      • BEVERIDGE'S "COMPETITION THEORY"
      • MAY'S THEORY OF THE DISCREPANCY BETWEEN WAGES AND PRODUCTIVITY
      • HOBSON'S THEORY OF OVER-SAVING
      • HULL'S THEORY OF THE CHANGING COSTS OF CONSTRUCTION
      • SOMBART'S THEORY OF THE UNEVEN EXPANSION IN THE PRODUCTION OF ORGANIC AND INORGANIC GOODS
      • CARVER'S THEORY OF THE DISSIMILAR PRICE FLUCTUATIONS OF PRODUCERS' AND CONSUMERS' GOODS
      • FISHER'S THEORY OF THE LAGGING ADJUSTMENT OF INTEREST
      • Mitchell's Theory of Business Cycles
        • 1. THE CUMULATION OF PROSPERITY
        • 2. HOW PROSPERITY BREEDS A CRISIS
        • 3. CRISES AND PANICS
        • 4. DEPRESSION
      • 1. THE CUMULATION OF PROSPERITY
      • 2. HOW PROSPERITY BREEDS A CRISIS
      • 3. CRISES AND PANICS
      • 4. DEPRESSION
      • Moore's "Rainfall" Theory
      • Stringent Money and Financial Panics[247]
      • How Banks Should Handle Panics
      • FOOTNOTES:
    • CRISES
    • The Nature of an Economic Crisis
    • The Crisis of 1907 in the Light of History
    • Current Theories of Crises
      • TWO POINTS OF AGREEMENT
      • BEVERIDGE'S "COMPETITION THEORY"
      • MAY'S THEORY OF THE DISCREPANCY BETWEEN WAGES AND PRODUCTIVITY
      • HOBSON'S THEORY OF OVER-SAVING
      • HULL'S THEORY OF THE CHANGING COSTS OF CONSTRUCTION
      • SOMBART'S THEORY OF THE UNEVEN EXPANSION IN THE PRODUCTION OF ORGANIC AND INORGANIC GOODS
      • CARVER'S THEORY OF THE DISSIMILAR PRICE FLUCTUATIONS OF PRODUCERS' AND CONSUMERS' GOODS
      • FISHER'S THEORY OF THE LAGGING ADJUSTMENT OF INTEREST
    • TWO POINTS OF AGREEMENT
    • BEVERIDGE'S "COMPETITION THEORY"
    • MAY'S THEORY OF THE DISCREPANCY BETWEEN WAGES AND PRODUCTIVITY
    • HOBSON'S THEORY OF OVER-SAVING
    • HULL'S THEORY OF THE CHANGING COSTS OF CONSTRUCTION
    • SOMBART'S THEORY OF THE UNEVEN EXPANSION IN THE PRODUCTION OF ORGANIC AND INORGANIC GOODS
    • CARVER'S THEORY OF THE DISSIMILAR PRICE FLUCTUATIONS OF PRODUCERS' AND CONSUMERS' GOODS
    • FISHER'S THEORY OF THE LAGGING ADJUSTMENT OF INTEREST
    • Mitchell's Theory of Business Cycles
      • 1. THE CUMULATION OF PROSPERITY
      • 2. HOW PROSPERITY BREEDS A CRISIS
      • 3. CRISES AND PANICS
      • 4. DEPRESSION
    • 1. THE CUMULATION OF PROSPERITY
    • 2. HOW PROSPERITY BREEDS A CRISIS
    • 3. CRISES AND PANICS
    • 4. DEPRESSION
    • Moore's "Rainfall" Theory
    • Stringent Money and Financial Panics[247]
    • How Banks Should Handle Panics
    • FOOTNOTES:
    • CHAPTER XXX
      • THE WEAKNESSES OF OUR BANKING SYSTEM PRIOR TO THE ESTABLISHMENT OF THE FEDERAL RESERVE SYSTEM
      • Conflicting Opinions
      • Inflexibility of Ledger Balances
        • RIGID RESERVE REQUIREMENTS
        • NEED OF BANKERS' BANK
      • RIGID RESERVE REQUIREMENTS
      • NEED OF BANKERS' BANK
      • The Parcellation of Reserves
      • Redeposited or Overlapping Reserves
      • The Perverse Elasticity of National Bank Notes
      • National Bank Notes Unsound and Unsafe
      • Speculation Involved in the Issue of Notes
        • STATEMENT I
        • STATEMENT II
      • STATEMENT I
      • STATEMENT II
      • The Lack of Adjustment Between Bank Notes and Deposits
      • The Commercial Paper Situation in the United States
      • No System of Bank Acceptances and the Absence of an Open Discount Market
        • THE ESSENTIAL CONDITIONS FOR THE ESTABLISHMENT OF AN INTERNATIONAL DISCOUNT MARKET
      • THE ESSENTIAL CONDITIONS FOR THE ESTABLISHMENT OF AN INTERNATIONAL DISCOUNT MARKET
      • Cash Stock Exchange Dealings
      • No Power to Lend on Real Estate[278]
      • The Independent Treasury as a Source of Weakness in Our Banking System[280]
        • DIFFICULTIES ARISING FROM THE TREASURY SYSTEM
        • CORRESPONDENCE OF TREASURY RECEIPTS AND DISBURSEMENTS
        • EXAGGERATION OF TREASURY EVILS
      • DIFFICULTIES ARISING FROM THE TREASURY SYSTEM
      • CORRESPONDENCE OF TREASURY RECEIPTS AND DISBURSEMENTS
      • EXAGGERATION OF TREASURY EVILS
      • Lack of Central Control
      • Absence of Regulation of Ratio of Deposits to Capital and Surplus
      • Banking Abuses
        • USURIOUS INTEREST RATES
        • BANKERS' VIEW OF USURIOUS INTEREST RATES
      • USURIOUS INTEREST RATES
      • BANKERS' VIEW OF USURIOUS INTEREST RATES
      • FOOTNOTES:
    • THE WEAKNESSES OF OUR BANKING SYSTEM PRIOR TO THE ESTABLISHMENT OF THE FEDERAL RESERVE SYSTEM
    • Conflicting Opinions
    • Inflexibility of Ledger Balances
      • RIGID RESERVE REQUIREMENTS
      • NEED OF BANKERS' BANK
    • RIGID RESERVE REQUIREMENTS
    • NEED OF BANKERS' BANK
    • The Parcellation of Reserves
    • Redeposited or Overlapping Reserves
    • The Perverse Elasticity of National Bank Notes
    • National Bank Notes Unsound and Unsafe
    • Speculation Involved in the Issue of Notes
      • STATEMENT I
      • STATEMENT II
    • STATEMENT I
    • STATEMENT II
    • The Lack of Adjustment Between Bank Notes and Deposits
    • The Commercial Paper Situation in the United States
    • No System of Bank Acceptances and the Absence of an Open Discount Market
      • THE ESSENTIAL CONDITIONS FOR THE ESTABLISHMENT OF AN INTERNATIONAL DISCOUNT MARKET
    • THE ESSENTIAL CONDITIONS FOR THE ESTABLISHMENT OF AN INTERNATIONAL DISCOUNT MARKET
    • Cash Stock Exchange Dealings
    • No Power to Lend on Real Estate[278]
    • The Independent Treasury as a Source of Weakness in Our Banking System[280]
      • DIFFICULTIES ARISING FROM THE TREASURY SYSTEM
      • CORRESPONDENCE OF TREASURY RECEIPTS AND DISBURSEMENTS
      • EXAGGERATION OF TREASURY EVILS
    • DIFFICULTIES ARISING FROM THE TREASURY SYSTEM
    • CORRESPONDENCE OF TREASURY RECEIPTS AND DISBURSEMENTS
    • EXAGGERATION OF TREASURY EVILS
    • Lack of Central Control
    • Absence of Regulation of Ratio of Deposits to Capital and Surplus
    • Banking Abuses
      • USURIOUS INTEREST RATES
      • BANKERS' VIEW OF USURIOUS INTEREST RATES
    • USURIOUS INTEREST RATES
    • BANKERS' VIEW OF USURIOUS INTEREST RATES
    • FOOTNOTES:
    • CHAPTER XXXI
      • THE FEDERAL RESERVE SYSTEM
      • The Federal Reserve Act[287]
        • THE SPIRIT AND OBJECTS OF THE ACT
        • ORGANIZATION
        • CAPITAL, EARNINGS, DEPOSITS OF THE FEDERAL RESERVE BANKS
        • FEDERAL RESERVE NOTES AND NATIONAL BANK NOTES
        • LENDING OPERATIONS OF THE FEDERAL RESERVE BANKS
        • ADDITIONAL POWERS OF NATIONAL BANKS
        • SUPERVISORY FUNCTIONS OF THE FEDERAL RESERVE BOARD
      • THE SPIRIT AND OBJECTS OF THE ACT
      • ORGANIZATION
      • CAPITAL, EARNINGS, DEPOSITS OF THE FEDERAL RESERVE BANKS
      • FEDERAL RESERVE NOTES AND NATIONAL BANK NOTES
      • LENDING OPERATIONS OF THE FEDERAL RESERVE BANKS
      • ADDITIONAL POWERS OF NATIONAL BANKS
      • SUPERVISORY FUNCTIONS OF THE FEDERAL RESERVE BOARD
      • The Federal Reserve Act—an Experiment
      • The Federal Reserve Act and Democracy in Banking
      • The Elasticity of Note Issue Under the New Currency Law[299]
      • Notes Printed and Issued
      • Impounding Gold
      • The Financial Policy of the Federal Reserve Banks[302]
      • Relations of Federal Reserve Banks with Member Banks[303]
        • RELATIONS BETWEEN THE FEDERAL RESERVE BANK OF MINNEAPOLIS AND ITS MEMBERS
        • RELATIONS BETWEEN THE FEDERAL RESERVE BANK OF BOSTON AND ITS MEMBER BANKS
      • RELATIONS BETWEEN THE FEDERAL RESERVE BANK OF MINNEAPOLIS AND ITS MEMBERS
      • RELATIONS BETWEEN THE FEDERAL RESERVE BANK OF BOSTON AND ITS MEMBER BANKS
      • Federal Reserve Banks and the Acceptance Market
      • Clearings and Collections in Practice
      • Branches and Agencies
      • Proposed Amendments to Federal Reserve Act[311]
        • STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS.[312]
        • Combined resources and liabilities of all Federal Reserve Banks as at close of business on the last Friday of each month during 1915.
      • STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS.[312]
      • Combined resources and liabilities of all Federal Reserve Banks as at close of business on the last Friday of each month during 1915.
      • FOOTNOTES:
    • THE FEDERAL RESERVE SYSTEM
    • The Federal Reserve Act[287]
      • THE SPIRIT AND OBJECTS OF THE ACT
      • ORGANIZATION
      • CAPITAL, EARNINGS, DEPOSITS OF THE FEDERAL RESERVE BANKS
      • FEDERAL RESERVE NOTES AND NATIONAL BANK NOTES
      • LENDING OPERATIONS OF THE FEDERAL RESERVE BANKS
      • ADDITIONAL POWERS OF NATIONAL BANKS
      • SUPERVISORY FUNCTIONS OF THE FEDERAL RESERVE BOARD
    • THE SPIRIT AND OBJECTS OF THE ACT
    • ORGANIZATION
    • CAPITAL, EARNINGS, DEPOSITS OF THE FEDERAL RESERVE BANKS
    • FEDERAL RESERVE NOTES AND NATIONAL BANK NOTES
    • LENDING OPERATIONS OF THE FEDERAL RESERVE BANKS
    • ADDITIONAL POWERS OF NATIONAL BANKS
    • SUPERVISORY FUNCTIONS OF THE FEDERAL RESERVE BOARD
    • The Federal Reserve Act—an Experiment
    • The Federal Reserve Act and Democracy in Banking
    • The Elasticity of Note Issue Under the New Currency Law[299]
    • Notes Printed and Issued
    • Impounding Gold
    • The Financial Policy of the Federal Reserve Banks[302]
    • Relations of Federal Reserve Banks with Member Banks[303]
      • RELATIONS BETWEEN THE FEDERAL RESERVE BANK OF MINNEAPOLIS AND ITS MEMBERS
      • RELATIONS BETWEEN THE FEDERAL RESERVE BANK OF BOSTON AND ITS MEMBER BANKS
    • RELATIONS BETWEEN THE FEDERAL RESERVE BANK OF MINNEAPOLIS AND ITS MEMBERS
    • RELATIONS BETWEEN THE FEDERAL RESERVE BANK OF BOSTON AND ITS MEMBER BANKS
    • Federal Reserve Banks and the Acceptance Market
    • Clearings and Collections in Practice
    • Branches and Agencies
    • Proposed Amendments to Federal Reserve Act[311]
      • STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS.[312]
      • Combined resources and liabilities of all Federal Reserve Banks as at close of business on the last Friday of each month during 1915.
    • STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS.[312]
    • Combined resources and liabilities of all Federal Reserve Banks as at close of business on the last Friday of each month during 1915.
    • FOOTNOTES:
    • CHAPTER XXXII
      • THE EARLY EVENTS OF THE EUROPEAN WAR IN RELATION TO MONEY BANKING AND FINANCE
      • American Finance and the European War
        • I
        • II
        • III
        • IV
        • V
        • VI
      • I
      • II
      • III
      • IV
      • V
      • VI
      • National Bank Failures and Suspensions—1914 Compared with 1893 and 1907[317]
      • The Effects of the War with Special Reference to the Central Banks of France, Germany, and England
        • I
        • II
        • III
      • I
      • II
      • III
      • Darlehnskassen and Other Financial Novelties in Germany
      • The War and the World's Financial Centre
        • MR. WITHERS A GOOD ENGLISHMAN
      • MR. WITHERS A GOOD ENGLISHMAN
      • America's Chance of Holding World Purse-Strings[323]
      • FOOTNOTES:
    • THE EARLY EVENTS OF THE EUROPEAN WAR IN RELATION TO MONEY BANKING AND FINANCE
    • American Finance and the European War
      • I
      • II
      • III
      • IV
      • V
      • VI
    • I
    • II
    • III
    • IV
    • V
    • VI
    • National Bank Failures and Suspensions—1914 Compared with 1893 and 1907[317]
    • The Effects of the War with Special Reference to the Central Banks of France, Germany, and England
      • I
      • II
      • III
    • I
    • II
    • III
    • Darlehnskassen and Other Financial Novelties in Germany
    • The War and the World's Financial Centre
      • MR. WITHERS A GOOD ENGLISHMAN
    • MR. WITHERS A GOOD ENGLISHMAN
    • America's Chance of Holding World Purse-Strings[323]
    • FOOTNOTES:
    • APPENDIX A
      • AN APPROXIMATE FORMULA FOR DETERMINING THE VELOCITY OF THE CIRCULATION OF MONEY
      • FOOTNOTES:
    • AN APPROXIMATE FORMULA FOR DETERMINING THE VELOCITY OF THE CIRCULATION OF MONEY
    • FOOTNOTES:
    • APPENDIX B
      • SOME REGULATIONS OF THE FEDERAL RESERVE BOARD
        • ACCEPTANCE OF STATEMENTS IN LIEU OF CERTIFICATES AS TO CHARACTER OF COMMERCIAL PAPER
        • BANKERS' ACCEPTANCES
      • ACCEPTANCE OF STATEMENTS IN LIEU OF CERTIFICATES AS TO CHARACTER OF COMMERCIAL PAPER
      • BANKERS' ACCEPTANCES
      • I
        • DEFINITION
      • DEFINITION
      • II
        • STATUTORY REQUIREMENTS UNDER SECTIONS 13 AND 14
      • STATUTORY REQUIREMENTS UNDER SECTIONS 13 AND 14
      • III
        • RULING
      • RULING
      • IV
        • ELIGIBILITY
      • ELIGIBILITY
      • V
        • POLICY AS TO PURCHASES
        • ACCEPTANCE BY MEMBER BANKS
      • POLICY AS TO PURCHASES
      • ACCEPTANCE BY MEMBER BANKS
      • CLEARINGS BETWEEN FEDERAL RESERVE BANKS
      • I
        • STATUTORY PROVISIONS UNDER SECTION 16
      • STATUTORY PROVISIONS UNDER SECTION 16
      • II
        • GENERAL PROVISIONS
      • GENERAL PROVISIONS
      • III
        • DEPOSITS IN THE GOLD SETTLEMENT FUND
      • DEPOSITS IN THE GOLD SETTLEMENT FUND
      • IV
        • CUSTODY OF FUNDS
      • CUSTODY OF FUNDS
      • V
        • ACCOUNTS
      • ACCOUNTS
      • VI
        • PROCEDURE
      • PROCEDURE
      • VII
        • DEFICITS
      • DEFICITS
      • VIII
        • EXCESS BALANCES
      • EXCESS BALANCES
      • IX
        • RESERVE
      • RESERVE
      • X
        • EXPENSES
      • EXPENSES
      • XI
        • AUDIT
      • AUDIT
      • XII
        • Membership of State Banks
      • Membership of State Banks
      • I
        • STATUTORY REQUIREMENTS
      • STATUTORY REQUIREMENTS
      • II
        • BANKS ELIGIBLE FOR MEMBERSHIP
      • BANKS ELIGIBLE FOR MEMBERSHIP
      • III
        • APPLICATION FOR MEMBERSHIP
      • APPLICATION FOR MEMBERSHIP
      • IV
        • APPROVAL OF APPLICATION
      • APPROVAL OF APPLICATION
      • V
        • POWERS AND RESTRICTIONS
      • POWERS AND RESTRICTIONS
      • VI
        • WITHDRAWALS
      • WITHDRAWALS
      • VII
        • EXAMINATIONS
      • EXAMINATIONS
      • VIII
        • FUTURE REGULATIONS
      • FUTURE REGULATIONS
      • FOOTNOTES:
    • SOME REGULATIONS OF THE FEDERAL RESERVE BOARD
      • ACCEPTANCE OF STATEMENTS IN LIEU OF CERTIFICATES AS TO CHARACTER OF COMMERCIAL PAPER
      • BANKERS' ACCEPTANCES
    • ACCEPTANCE OF STATEMENTS IN LIEU OF CERTIFICATES AS TO CHARACTER OF COMMERCIAL PAPER
    • BANKERS' ACCEPTANCES
    • I
      • DEFINITION
    • DEFINITION
    • II
      • STATUTORY REQUIREMENTS UNDER SECTIONS 13 AND 14
    • STATUTORY REQUIREMENTS UNDER SECTIONS 13 AND 14
    • III
      • RULING
    • RULING
    • IV
      • ELIGIBILITY
    • ELIGIBILITY
    • V
      • POLICY AS TO PURCHASES
      • ACCEPTANCE BY MEMBER BANKS
    • POLICY AS TO PURCHASES
    • ACCEPTANCE BY MEMBER BANKS
    • CLEARINGS BETWEEN FEDERAL RESERVE BANKS
    • I
      • STATUTORY PROVISIONS UNDER SECTION 16
    • STATUTORY PROVISIONS UNDER SECTION 16
    • II
      • GENERAL PROVISIONS
    • GENERAL PROVISIONS
    • III
      • DEPOSITS IN THE GOLD SETTLEMENT FUND
    • DEPOSITS IN THE GOLD SETTLEMENT FUND
    • IV
      • CUSTODY OF FUNDS
    • CUSTODY OF FUNDS
    • V
      • ACCOUNTS
    • ACCOUNTS
    • VI
      • PROCEDURE
    • PROCEDURE
    • VII
      • DEFICITS
    • DEFICITS
    • VIII
      • EXCESS BALANCES
    • EXCESS BALANCES
    • IX
      • RESERVE
    • RESERVE
    • X
      • EXPENSES
    • EXPENSES
    • XI
      • AUDIT
    • AUDIT
    • XII
      • Membership of State Banks
    • Membership of State Banks
    • I
      • STATUTORY REQUIREMENTS
    • STATUTORY REQUIREMENTS
    • II
      • BANKS ELIGIBLE FOR MEMBERSHIP
    • BANKS ELIGIBLE FOR MEMBERSHIP
    • III
      • APPLICATION FOR MEMBERSHIP
    • APPLICATION FOR MEMBERSHIP
    • IV
      • APPROVAL OF APPLICATION
    • APPROVAL OF APPLICATION
    • V
      • POWERS AND RESTRICTIONS
    • POWERS AND RESTRICTIONS
    • VI
      • WITHDRAWALS
    • WITHDRAWALS
    • VII
      • EXAMINATIONS
    • EXAMINATIONS
    • VIII
      • FUTURE REGULATIONS
    • FUTURE REGULATIONS
    • FOOTNOTES:
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