Principles of Money and Banking: A Series of Selected Materials

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University of Chicago Press, 1916 - 785 pages

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Contents

Money and Human Motives Walton H Hamilton
14
Money Is Power Edward Lane
16
12 Poverty and the Export of Precious Metals Martin Luther
18
Advantage of a Favorable Trade Balance Josiah Tucker
19
Mercantilism in 1870 Bonamy Price
20
The Practical Business View of Wealth Tenry V Poor
21
Mercantilism Today John Callan OLaughlin
22
Patronize Home Industry Walton H Hamilton
23
19 Whence the Complaint of the Want of Money? Joseph Harris
24
Money and Wealth John Witherspoon
25
A Practical Business View Today Moodys Magazine
26
Money and the Supply of Capital Charles J Bullock
27
Is Money a Superior Kind of Wealth ? Charles Gide
28
The Supply of Standard Money Required Lyman J Gage
30
THE ROLE OF MONEY IN INDUSTRIAL SOCIETY 26 The Standard of Deferred Payments and Industrial Progress W Cunningham
31
Money and Capital Accumulation Walton H Hamilton
32
Money and Business Organization Thorstein Veblen
34
Money and Economic Activity Wesley C Mitchell
35
A Pecuniary Society H J Davenport
36
The Rôle of Money in Economic Organization Walton H Hamilton
39
THE ORIGIN AND DEVELOPMENT OF MONEY INTRODUCTION
45
A ORIGIN OF PRIMITIVE MONEY 32 The Origin and Use of Money Adam Smith
46
The Origin of Media of Exchange Karl Menger
48
The Origin of Money through Intertribal Relations Carl Biicher
51
Methods of Debasing the Standard Joseph Harris
52
B FORMS OF PRIMITIVE MONEY 36 Requisites of a Satisfactory Money Material W Stanley Jevons
54
Primitive Systems of Currency William Ridgeway
56
Cattle as Money Homer
62
THE USE OF METALS AS MONEY 40 Evolution of the Precious Metals Karl Menger
66
Superiority of Gold and Silver W Stanley Jevons
67
A Monetary Chronology Sound Currency
69
The Beginnings of European Monetary History W A Shaw
72
Production of Gold and Silver in the World Since the Dis covery of America Director of the Mint
74
PRINCIPLES OF COINAGE 45 Invention of Coinage Henry V Poor
75
Form Design and Size of Coins W Stanley Jevons
76
Coinage A Government Function W Stanley Jevons
78
The Coinage Process at the United States Mints Horace White
80
Coinage Rules and Regulations
81
Seignorage Palgraves Dictionary of Political Economy
85
Social Effects of a Bad Coinage Thomas Babington Macaulay
86
King Jamess Brass Money Thomas Babington Macaulay
92
A GENERAL PRINCIPLES
98
B HISTORY OF BIMETALLISM
113
BIMETALLISM IN THE UNITED STATEs UNTIL 1873
119
PAGE
128
INTERNATIONAL BIMETALLISM
129
A ADVANTAGES OF PAPER CURRENCY
136
B HISTORY OF GOVERNMENT PAPER MONEY
144
The Periodicity of Fluctuations in Trade S J Chapman
147
The Nature and Advantages of Bank Acceptances
152
66
162
BUILDING AND LOAN ASSOCIATIONS
175
THE AFTERMATH OF THE GREENBACKs
178
67
192
THE REGULATION OF GOVERNMENT PAPER CURRENCY
204
THE SILVER
210
A THE AGITATION FoR THE RECoLNAGE OF SILVER
216
B THE RESULTS OF THE SILVER AGITATION
229
69
237
THE CLOSE OF THE SILVER CONTROVERSY
241
70
248
THE CONTROL
258
THE EXISTING SYSTEM OF THE UNITED STATES
276
A Classification of Banks and Types of Banking Operations 6
6
The Various Services of Banks James W Gilbart 7
7
The Goldsmith Bankers in England Palgraves Dictionary of Political Economy
10
THE NATURE AND FUNCTIONS OF CREDIT INTRODUCTION 12
12
A Definition of Credit J Laurence Laughlin 13
13
The Basis of Credit 15
15
The Various kinds of Credit 16
16
Commercial Versus Investment Credit 20
20
The Importance of Investment Credit 21
21
The Complicated System of Commercial Credit 22
22
Ratio of Notes to Deposits in Different Classes of Banks
23
Principal Items in National Bank Statements
24
The Function of a Cash Reserve Irving Fisher
25
Is Credit a Form of Capital ? J R McCulloch 26
26
Classification of Loans in National Banks Comptroller of the Currency
27
The Monetary Function of Commercial Credit J Laurence Laughlin 28
28
29 Loans on Commercial Paper Roger W Babson and Ralph
29
INSTRUMENTS OF COMMERCIAL CREDIT INTRODUCTION 31
31
Types of Commercial Credit Instruments 32
32
The Credit Department of a Bank
33
A Financial Statement
34
Origin and Development of Mercantile Instruments Wil liam Green Hale 35
35
The Development of Credit Instruments in the United States Joseph J Klein 36
36
The Use of Checks in the United States David Kinley 37
37
Call Loans
38
Collateral Loans and Stock Exchange Speculation Sereno S Pratt
39
The Law of Negotiable Instruments D Curtis Gano 40
40
Interest Rates in the New York Money Market William
41
Uniform Negotiable Instruments Law William Green Hale 47
47
PRINCIPLES OF COMMERCIAL BANKING INTRODUCTION 49
49
A ANALYSIS OF BANKING OPERATIONS AND ACCOUNTS 19 Typical Bank Statements 51
51
Analysis of a Bank Statement 53
53
Discount Deposit and Issue Charles F Dunbar 57
57
75
75
77
77
78
78
79
79
81
81
83
83
84
84
85
85
Clearings of NonMember Banks in Chicago James G Cannon 113
113
Lost Motion in Collecting Checks James C Hallock 115
115
Correspondent Relations between Banks William A Scott 116
116
The Concentration of Money in Great Financial Centers 118
118
Examples of Rapid Concentration of Funds Fred M Taylor 119
119
New York the Great Financial Center O M W Sprague 120
120
Rediscounting by National Banks Lawrence O Murray I22 60 Various Means of Intersectional Borrowing Joseph J Klein 123
123
a Seasonal 61 Seasonal Variations in New York Money Market Edwin Walter Kemmerer 125
125
Seasonal Variations in Other Centers Edwin Walter Kem merer 128
128
The Theory of Domestic Exchange William A Scott 129
129
Exchange Rates and Movements of Currency to and from Chicago Edwin Walter Kemmerer 132
132
Interest on Deposits and Seasonal Disturbances William A Richardson 135
135
Seasonal Fluctuations and Commercial Failures Edwin Walter Kemmerer 136
136
Seasonal Variations in Supply of Currency Edwin Walter Kemmerer 137
137
Inelasticity of Currency for Seasonal Needs Comptroller of the Currency 139
139
Historical Summary David Kinley 140
140
Results of the Isolation of Public Funds Murray S Wildman 142
142
Treasury Aid for Seasonal Stringency Journal of Political Economy 144
144
Crises and Panics in the United States 148
148
The Rhythm of Business Activity Wesley C Mitchell 150
150
Seasonal Variations and Panics Edwin Walter Kemmerer 157
157
Banking Conditions during Depressions Walter W Stewart 159
159
Banking Policy in Periods of Expanding Business 0 M
160
Banking Policy Immediately Preceding a Crisis O M W Sprague 163
163
A Sample Foreboding Elliot C McDougal 165
165
Independent Banking the Cause of Inflation Victor Mora wets 167
167
The Character of the Panic of 1893 Alexander D Noyes 170
170
Events in the Panic of 1907 Ralph Scott Harris 172 V
173
The Strain upon New York in Time of Panic 0 M W Sprague 174
174
Suspension of Specie Payments O M W Sprague 175
175
The New York View of Interior Currency Shipments Current Economic Problems 177
177
Position of Banks in Time of Panic H J Davenport 180
180
Treasury Aid in Time of Crisis David Kinley 181
181
The Need in Time of Crisis J Laurence Laughlin 184
184
BondSecured Notes and Cyclical Elasticity Indianapolis Monetary Commission 185
185
Interest on Deposits and Bank Note Elasticity 0 M W Sprague 187
187
ClearingHouse Loan Certificates and Equalization of Re serves O M W Sprague 188
188
Substitutes for Cash in the Panic of 1907 A Piatt Andrew 192
192
THE REGULATION OF BANKING INTRODUCTION 197
197
A GOVERNMENTAL SUPERVISION 96 Incorporation William A Scott 199
199
Adoption of the System of Free Banking Horace White 200
200
The Kirby Private Bank Failure Chicago Banker 201
201
The Nature of Government Supervision of National Banks 202
202
B REGULATION OF NATIONAL BANK OPERATIONS
207
REGULATION OF STATE BANKING
215
THE REGULATION OF NOTE ISSUES
225
Reasons for Establishing the National Banking System Andrew McFarland Davis 253
253
The Protest against National Bank Issues Horace Boies 255
255
Double Profit on BankNote Issues R W Jones 257
257
THE FEDERAL RESERVE SYSTEM INTRODUCTION 259
259
A GENERAL DESCRIPTION OF THE SYSTEM 130 The Creation of the Federal Reserve System C W Barron 262
262
The Underlying Purpose of the Act C W Barron 264
264
A Birdseye View of the Federal Reserve System Charles S Hamlin 265
265
The Federal Reserve Districts 268
268
Comparative Data on Districts Journal of Political Economy 269
269
Superiority of District over Central Bank Plan J Laurence Laughlin 270
270
Reasons for Choice of Districts The Organization Committee 271
271
Criticism of the Districts Chosen Journal of Political Economy 273
273
The Federal Reserve Board E E Agger 276
276
Functions of the Reserve Banks Federal Reserve Board 277
277
The Directors of the Federal Reserve Banks Milton C
280
B THE PRACTICAL WORKING OF THE SYSTEM 141 Defects to be Remedied by the Act J Laurence Laughlin 282
282
Three Types of Bank Notes in the Future Thomas Conway and Ernest M Patterson 283
283
Elasticity of Notes under the New Law Fred M Taylor
287
Elasticity of Credit under the New Law J Laurence Laughlin
295
Aid in the Moving of Crops under the New System Federal Reserve Board
298
Greenbacks and the Federal Reserve System A D Welton
299
Rediscounting and Expansibility of Deposits E E Agger
300
Discount Rates Established Federal Reserve Board
303
Present Discount Rates Federal Reserve Bulletin
304
Rediscounts between Federal Reserve Banks Federal Re serve Board
305
Guaranty Trust Company of New York
307
Provisions Governing Bankers Acceptances Federal Re serve Board
309
Domestic Acceptances Provided For Federal Reserve Board
312
Federal Reserve Banks and the Foreign Exchanges E E Agger
314
OpenMarket Operations Federal Reserve Board
316
Time Deposits and Savings Accounts Federal Reserve Board
318
158 Combined Statements of Federal Reserve Banks Federal Reserve Bulletin
321
Clearings under the New System Federal Reserve Board
322
InterDistrict Collections Milton C Elliot
324
RELATION OF THE SYSTEM TO OTHER BANKING INSTITUTIONS 162 Membership of State Banks in the Federal Reserve System Journal of P...
325
A State Bankers View of the Federal Reserve System Frank N Briggs
327
The Attitude of the Federal Reserve Board Charles S Hamlin
329
New Yorks New State Banking Law Theo H Price
330
The Trust Companies and the Federal Reserve Act Journal of Political Economy
333
DepartmentStore Banking The Annalist
335
The Federal Reserve System Not a Harmonizing Agency A D Welton
336
COOPERATIVE BANKING AGENCIES INTRODUCTION
338
A THE LOAN SHARKS 169 The Salary Loan Business in New York City Clarence W Wassam
339
Efforts at Remediation Arthur H Ham
343
The LoanShark Campaign Malcolm W Davis
345
The Morris Plan of Loaning on Personal Responsibility Literary Digest
347
B COOPERATIVE INSTITUTIONS 173 Cooperative Credit Unions Arthur H Ham and Leonard G Robinson
348
The Blessings of Cooperative Banks Henry W Wolf
353
B LONGTIME INVESTMENT CREDIT
379
A SAVINGS BANKS
402
B INVESTMENT BANKS OR BOND HOUSES
429
THE INTERRELATIONS OF FINANCIAL OPERATIONS
441
98
451
B THE FEDERAL RESERVE SYSTEM AND INVESTMENT OPERATIONS
460
FINANCIAL CONCENTRATION AND CONTROL
471
Cannon
477
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Page 209 - Such as shall be conveyed to it in satisfaction of debts previously contracted in the course of its dealings.
Page 278 - July 14, 1890, are legal tender for all debts, public and private, except where otherwise expressly stipulated in the contract. United States notes or "greenbacks" are legal tender for all debts, public and private, except duties on imports and interest on the public debt.
Page 260 - An Act to provide for the establishment of Federal reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes.
Page 308 - Any member bank may accept drafts or bills of exchange drawn upon it and growing out of transactions involving the importation or exportation of goods having not more than six months...
Page 461 - Federal reserve bank may discount notes, drafts, and bills of exchange! arising out of actual commercial transactions; that is, notes, drafts, and bills of exchange issued or drawn for agricultural, industrial, or commercial purposes, or the proceeds of which have been used, or are to be used, for such purposes...
Page 209 - But the discount of bills of exchange drawn in good faith against actually existing values, and the discount of commercial or business paper actually owned by the person negotiating the same, shall not be considered as money borrowed.
Page 292 - Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice and protest by such bank as to its own indorsement exclusively, any Federal reserve bank may discount notes, drafts, and bills of exchange! arising out of actual commercial transactions...
Page 247 - There are those who believe that, if you will only legislate to make the well-to-do prosperous, their prosperity will leak through on those below. The Democratic idea, however, has been that if you legislate to make the masses prosperous, their prosperity will find its way up through every class which rests upon them.
Page 209 - No association shall make any loan or discount on the security of the shares of its own capital stock, nor be the purchaser or holder of any such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith...
Page 419 - ... shall be exempt from all taxes or duties of the United States, as well as from taxation in any form by or under State, municipal, or local authority...

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