Part 42

Loan Certificates, clearing house, 328 amount of, issued, 336 are bank credit currency, 336 denominations of, 329-333 lessons of, 333

London, clearing started in, 291, 302

Los Angeles, Clearing House, 316

Louisiana, bank act of, 343 statement of banks of, 361

Lubbock, Sir John, 299

MacVeagh, Franklin, 240, 405

Madison, James, 164, 165

Maine, Report of Bank Commissioner 1857, 357 and 1865, 358

Marshall, John, 58, 164

Mason, George, 163

Massachusetts, Report of Bank Commissioner, 358

Missouri, Bank of the State of, 73, 351 statement of Bank of, 361

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, 33 description of, 29 functions of, 30 gold is our, 26 how made, 26 what are the pieces of, 27 "wild cat," "red dog," etc., 348

Morrill, Justin S., 17

Mortgages, amount of, 249 rate of interest on, 249

Mutual Credit Societies, number of, 274 in Massachusetts, 275 resources for short loans, 277

Ohio, Bank of the state of, 73 bank act of, 344 statement of bank of, 361

Paper, accommodation, 128, 131 commercial, 120 difference between commercial and accommodation, 129

Paine, Thomas, 162

Panic of 1907, 471

Pinckney, Charles, 163

Population, shifting of, 32

Price, what is, 104

Prices, causes of higher, 31

Printing, importance of, 112

Promissory note, what is a, 86 note and draft identical, 87

Property, what is, 104 difference between property and wealth, 104

Postal Savings Banks, 384

Raiffeisen, Friedrich Wilhelm, 272

Real estate, unfit as basis for currency, 136

Redemption, in coin essential, 50

Reforms demanded, 494, 495, 496, 497

Reserves, amount of, 200 amount held by national and other banks, Appendix B, 381 amount of central, 222, 381 additional, where obtained, 409 Bagehot, 202 bank notes as, 204 circumstances should control amount of, 200 character of, 201 average, in United States, 208 elasticity of, 208, 219 from what points considered, 199 how increased, 220, 221 Jevons on, 202 legal tender quality unnecessary to, 188 national banks, 207 promises to pay as, 204 present, inefficient, 218 penalty for not maintaining, 423, 431, 432 present method of, useless, 218 are measure of value, therefore must be coin, 205 state or city debts as, 204 silver, not used in Bank of England, 206 should be national, 211 superimposed, 218 State bank, 207 taxation to compel equal, 212 unfair to permit unequal, 209 United States notes not actual, 206 what constitutes proper, 203

Ricardo, 441

Root, L. Carroll, 334

Ruggles, Charles A., 301, 310

Scotland, description of, currency by Conant, 68 currency by White, 68 effect of bank credit in, 67

Schulze, Francis Frederick, 272

Shaw, Leslie M., 487

Shaw, William A., 17

Sherman, John, 183

Sherman, Roger, 150, 166

Silver certificate, a warehouse receipt, 40

Silver dollars, amount of, Appendix A, 36, 43 a government debt, 40 a subsidiary coin, 39 a demand for gold, 38 not money, 38, 40 weight of, 36

Spaulding, E.G., 183

Stevens, Thaddeus, 183

Steam, importance of, 113

Standard of value, 9 changes in ratio of gold and silver as, 17 gold, the natural selection of, as the, 24 qualities of gold as, 17

Sub-Treasury, deposits in, 243

Suffolk Bank system, 73, 353, 354, 355, 361 achievements of, 334, 335 Bank was first clearing house in United States, 337, 338 commissioner's reports on, 357, 358 description of, 75 destroyed by 10 per cent tax, 74

Sumner, Charles, 179

Talbot, Joseph T., 205, 231

Uap, money of, 15

United States, bank clearings of, 373 financial center of world, 404 foreign trade of, 373 important interests of, 409 production of 1912, 373 size of, compared with Europe, 409 total business transactions of, 373

United States Government, nature of, 410 taxing power, only resource, 189, 191 time obligations only should be incurred, 192, 410 unfit to meet demand debts, 189

United States notes or greenbacks, additional cost of war due to, 185 agreement to pay gold, 34 amount of, Appendix A and 35 bonds issued for, 52 constitutionality of, 185-187 cost of, as currency, 50, 56 cost of, since 1879, 53 depreciation of, 184 drive gold out, 206 how converted into gold certificates, 427, 438 issues of, 183 lowest value of, 35 not money, 35 price of, a quotation of government credit, 41 resumption of payment of, 53 suspended payment of, 34 unfit for currency, 55

Walsh, John R., failure of, 314

War, Civil, first loan for, 177

Washington, George, 162, 165

Wealth, what is, 104 difference between property and, 107

Webster, Daniel, 111, 170

White, Horace, 30, 155

Wilson, John W., clearing house examiner, Los Angeles, 316

Zone, credit bureau of, 323 organization of, 338, 411 organization, repetition of National Government, 483 places of, discount limited to, 479 publicity of organization, 476 should not stand alone, 480 state lines do not conform to economic, 419