Chapter 4

1. State Banks, 68 2. National Banks, 70 3. The Independent Treasury System, 75 4. The Interrelations of These Institutions, 78 5. Operation of the System, 82 (a) Conflict of Functions and Laws, 82 (b) Loan Operations, 85 (c) Treasury Operations, 88 (d) Operation of the Reserve System, 91 (e) Lack of Elasticity in the Currency, 95 6. Plans for Reform, 97