Readings in Money and Banking Selected and Adapted

The primary purpose of the Federal Reserve Act of December 23, 1913, is to make certain that there will always be an available supply of money and credit in this country with wh...

The form of this chapter was suggested by the proceedings of a session of the 1910 Meeting of the American Economic Association, devoted to a consideration of the causes of the...

[103]The bill, or order to pay money in a foreign centre, is the commodity that is actually bought and sold by dealers in foreign exchange, but it is better for the moment to le...

[249]For fifty years the United States has lived rather happily under the National Bank Act, born in the strife of the Civil War and developed in the period of the nation's grea...

[313]During the half-century that has elapsed since the Civil War, there has probably been no period of six months within which there have occurred transformations of so far-rea...

[231]A definition of an economic "crisis" is, like most other definitions, very difficult to construct. By way of introduction we shall quote a few chosen somewhat at random. Ad...

[150]About the year 1691 the Government of William and Mary experienced considerable difficulty in raising the necessary funds to prosecute the war with France; but "the hour br...

[8]The greenbacks were an outgrowth of the Civil War. Soon after the opening of the struggle the Secretary of the Treasury negotiated a loan of $150,000,000 with Eastern banks....

[165]The Bank of France was established in the year 1800, and was at first an entirely private concern, with a capital of $6,000,000. Among the first subscribers were Napoleon B...

[16]Such was the singular combination of events after the peace of 1865 that almost at the moment when a million citizens were turned from organised destruction to pursuit of pe...

While agricultural credit has been a subject of intermittent discussion in the United States for almost a generation, the movement has had its main development within recent yea...

[184]Various systems can be adopted in the banking profession for the transaction of business. The most lucrative method, at all events the one in which the power of large capit...

[31]The intermediate employed in actual transactions is, in increasing degree, that form of currency called credit, the lowest order of currency, rather than money itself. Check...

[147]Financially, Canada is part of the United States. Fully half the gold reserve upon which its credit system is based is lodged in the vaults of the New York Clearing House....

The following discussion of clearing houses is confined mainly to the United States and England. References to the clearing houses of France and Germany, where the introduction...

[140]The banking institutions of the United States other than national banks are ordinarily classified into (a) state banks, (b) trust companies, (c) stock savings banks, (d) mu...

An established and well-defined identity and community of interest between a few leaders of finance which has been created and is held together through stock holdings, interlock...

[93]The savings bank works with those unacquainted with the ways of business and who could not single handed take good care of their money, or invest it safely or profitably. Th...

[87]In the _Purchasing Power of Money_ (1911) I sketched a plan for controlling the price level, _i. e._, standardizing the purchasing power of monetary units. This plan was pre...

It is an essential feature of the gold exchange standard as it exists in the Philippines, for example, that premiums charged by the Government in Manila for exchange on New York...

[96]The banker has become the bookkeeper and settling agent of the business world. The products of a locality, let us say the State of Georgia, move out to the markets of the wo...

First. It has been evident for some years that the trade between North and South America is rapidly developing. In the ten years, 1903-1913, the exports from the United States t...

[91]The trust company supplements the bank. Through a long process of evolution the bank has developed as a means of facilitating the exchange of commodities. The trust company...

[158]The functions performed by the eight Scotch banks and their 1,245 branches[159] are essentially similar to those already described as being carried out by their English bre...

[15]... There are natural and commercial causes which may operate to produce either an incessant fluctuation in the relative value of silver and gold, or a wide and increasing d...

[1]In order to understand the manifold functions of a Circulating Medium, there is no better way than to consider what are the principal inconveniences which we should experienc...

[90]The monetary unit is the _pound_, or _sovereign_, equal to $4.8665, divided into 20 _shillings_ of 12 _pence_ each, each penny equal to 4 _farthings_. Originally the pound w...

[39]Discussions concerning the issue of notes by banking institutions, which largely occupied the attention of students of finance and business men in the eighteenth and the fir...

[3]Living in civilized communities, and accustomed to the use of coined metallic money, we learn to identify money with gold and silver; hence spring hurtful and insidious falla...

The essential idea of "legal tender" is that quality given to money by law which obliges the creditor to receive it in full satisfaction of a past debt when expressed in general...

[4]Many recent writers, such as Huskisson, MacCulloch, James Mill, Garnier, Chevalier, and Walras, have satisfactorily described the qualities which should be possessed by the m...

[30]Index numbers are used to indicate changes in the value of money. The objects for which this measurement is undertaken are thus well stated by Sir R. Giffen (Second Report o...

[247] E. W. Kemmerer, _Seasonal Variations in the Relative Demand for Currency and Capital in the United States_, p. 232. Publications of the National Monetary Commission, Senat...

[13] A. Piatt Andrew, The Essential and the Unessential in Currency Legislation, in _Questions of Public Policy_, Addresses delivered in the Page Lecture Series, 1913, before th...