Seventeen Talks on the Banking Question Between Uncle Sam and Mr. Farmer, Mr. Banker, Mr. Lawyer, Mr. Laboringman, Mr. Merchant, Mr. Manufacturer

MR. LAWYER: I am convinced of that also, but the trouble is going to be to bring it together, centralize it and so mobilize it that we can make the most of it. We have learned o...

MR. BANKER: No, sir, I do not think that the increased output of gold is the cause of higher prices. The increased prices can be more than accounted for in other ways. Think of...

MR. MANUFACTURER: I agree with you, it certainly is. I was talking the other day with a Congressman about the Canadian Currency system, and he said, "yes, it works fine up there...

"Now, it is apparent that if this diagnosis is correct, the bankers did not cause the panic, as is so frequently charged. Indirectly, the bankers had a good deal to do with brin...

UNCLE SAM: Well, it does really look to me as if I had been living in a fool's paradise. Those dear old greenbacks they have been about as much of a fraud as the dollar of our d...

MR. MERCHANT: Oh, I see that now. We have simply converted $200,000 of cash capital into $200,000 of passive or fixed capital. Before he built the ditch he had $200,000 and befo...

_First_: For the purpose of a definite idea of just what exchange is, let us remember that exchange includes every written promise or order to pay money that is used to substitu...

MR. MERCHANT: Certainly the man who has a fad or who is even a crank upon any subject, enjoys life a good deal more than a dead level commonplace fellow, who never takes any par...

_Fourth_: It has, practically speaking, perfect durability. It will not corrode, or waste away, except by wear, and waste by wear is now largely obviated by the use of some repr...

MR. LAWYER: Then, Mr. Banker, instead of sending as you now do, 9 per cent of your deposits, or $175,000, to a reserve city, and that city in turn sending a part of it to some c...

A manufacturer of woolen goods at Lancashire, England, sold to a wholesale merchant on the other side, $10,000 worth of goods on three months' time. The wholesale merchant sold...

The State of Louisiana passed a Bank Act which, though erring in one or two particulars, was nevertheless almost ideal; and under it, the state in 1860 stood fourth in banking c...

MR. BANKER: My position was just the reverse of that of Mr. Lawyer, for while I had studied it from an economic point of view and that of a practical banker, and had become so c...

"Nothing is wanted to the perfect strength of the truth, that the constitution put an end to paper money in all the United States and in all the several states.... 'No suggestio...

All of you seem to have possessed that high moral courage essential to the progress of the world, ready acknowledgment of error, even though the confession bore heavily upon the...

The report of the Comptroller also shows this fact, that while all other banks than the National Banks, excluding the Mutual Savings Bank, hold only 7 per cent cash reserves of...

He said, you will remember that we were a State Bank until about a year ago, when we became a National Bank. Our capital of $100,000 is all invested in this bank building which...

Gentlemen, I have been a banker, as you know, for about forty years. I have never been favorably impressed with any of the methods yet proposed for the guarantee of bank deposit...

In the fall of 1690, upon the return of an unsuccessful expedition which Massachusetts had sent out to capture Quebec, the general court, the then legislative power, ordered an...

If there is one thing, more than any other, that should be kept out of this coöperative organization, it is politics. If the appointment should be the perquisite of the Presiden...

SECTION 61. That any national bank desiring to wind up its affairs and go out of business shall be entitled to receive back all its advances made upon its deposits and note issu...

WHO WAS A MEMBER OF THE HOUSE OF REPRESENTATIVES FOR SIXTEEN YEARS, A MEMBER OF THE BANKING AND CURRENCY COMMITTEE FOR FOURTEEN YEARS AND CHAIRMAN OF THE COMMITTEE FOR EIGHT YEARS

"If one of your local bankers were asked how much he allowed his bank to issue in cashier's checks, he would tell you that he issued whatever sums his customers wanted; either a...

COMMENT:--You will have noted in Sections 77 and 96, also in Section 97, that provision has been made for paying gold into the Reserve Fund, which is the fund behind the Greenba...

_Second_: That there was a perfect adaptation of the deposits and note issues to the peculiar and ever changing demands of the people during the panic, and during the depression...

It may be objected by some self-satisfied, selfish, ignorant and unpatriotic banker, who is doing all of these things now in some way with ample or even more than satisfactory p...

"Now, it is clear that money produces a profit, and becomes capital, by the second of these methods. Money is used as capital by exchanging it for some goods or labor, the produ...

Besides the loan certificates issued in 1893, there was a considerable amount of emergency circulation taken out by the banks in the Southeast, under the title of "Clearing Hous...

"I agree that this measure can only be justified on the ground of necessity. I do believe there is a pressing necessity that these demand notes should be made a legal tender, if...

SECTION 109. That no loan shall be considered or consummated in any State until there are organized in such State at least twenty local associations in accordance with sections...

Members are those who borrow from the bank. They are generally responsible in all their property, not merely for their own borrowings, but for the debts of the society to the ou...

When the Price Conventions failed of their object, new ones were held fixing new limits, for example fourfold the prices of 1774, then eightfold, then tenfold, then twentyfold--...

The early retail societies found it hard to get good terms from wholesale houses, owing to the enmity of the private merchants. The law did not allow them to amalgamate and star...

On June 13, 1908, the association passed a resolution compelling all trust companies, who were members, to carry a cash reserve of 25 per cent, and on Jan. 16, 1908, the associa...

"A relief measure reforming the banking and currency system must include, among its necessary features, provisions for never-failing reserves and never-failing currency, and for...

"There is a measure which though belonging to the administration of banks, rather than to legal enactment, is suggested on account of its great importance. Few regulations would...

_Third_: Every local association, or primary unit, should be an association of men within a restricted locality and the business should also be confined to the immediate vicinit...

MR. LAWYER: While Mr. Manufacturer was reading what Secretary MacVeagh said, I have been wondering what the people would do if the United States Steel Corporation, the Standard...

You will remember that when Aldrich made his first announcement about his plan, he said that we must have a _Central Bank_ and that immediately President Taft declared at Boston...

"2. The Comptroller may appoint a receiver when he concludes that a bank is insolvent. But here again he has been hampered by the legal definition of insolvency, which is 'inabi...

_Fourteenth: Each Board of Control should have access to this central gold reserve, and should have power to sell gold to any bank within its zone and under its supervision, in...

Money, amount held by banks in United States, Appendix B amount of, in United States, Appendix A coin and commodity must be of equal value, 44 credit must not be called money, 3...