Banking Association And Uniform Currency Bill

Author : Academy Of Political Science
Publisher : Rarebooksclub.com
ISBN 13 : 9781230100432
Total Pages : 84 pages
Book Rating : 4.1/5 (4 download)

DOWNLOAD NOW!

Download or read book Banking and Currency in the U. S written by Academy Of Political Science and published by Rarebooksclub.com. This book was released on 2013-09 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1913 edition. Excerpt: ...may not, at least until after the consequences of its absence manifest themselves, exhibit sufficient caution and restraint in using their vast powers to extend credit, is not imaginary or fanciful. It is the inevitable conclusion which one must reach from an examination of many of the reasons which have been brought forward during the last few years to secure popular support for the method of banking reform exemplified both in the bill of the National Monetary Commission and in the Glass-Owen bill. Although I may seem to be going somewhat beyond the proper limits of my subject, I hope I may be pardoned if I indicate some few of the unfounded hopes which have been raised in the minds of the people during the discussion of the last few years--hopes which will make much trouble for those who may be entrusted with responsibility for the successful operation of the federal reserve banks. The bill of the National Monetary Commission contained a provision requiring the National Reserve Association to discount at a uniform rate through the country. This requirement was contrary to sound banking principles and altogether impracticable in a country in which such diverse financial and economic conditions coexist as in the United States. It is one of the most satisfactory results of the regional bank plan that this uniform rate ceases to be even politically necessary. In urging the merits of both the Glass-Owen bill and that of the monetary commission, large claims which cannot possibly be realized have been made to the effect that if the bill were enacted, rates for loans would be materially reduced and borrowers would secure largely increased accommodation. One well-known and enthusiastic advocate of the GlassOwen bill, whose knowledge of law it...