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. 1915 edition. Excerpt: ... CHAPTER II HISTORY OF
BANKING REFORM MOVEMENT Deficiencies in the national banking system
were perceived comparatively early in its history, but did not make
themselves felt in a way so serious as to enlist active effort for
their correction until about twenty-five years after the system had
first become operative. Moreover, during this period of twenty-five
years, the difficulties which were most seriously felt were not
those that afterward caused most annoyance and led to most active
effort for improvement. Probably the first inconvenience that was
experienced in the management of the national circulation after the
national banking system had been definitely created and the Act had
been amended to meet the earlier requirements of the conditions
then existing, was the prospect that the supply of Government
bonds, available at prices that would enable the banks to put out
circulation based thereon, would be insufficient. In 1880-83 this
problem had become acute, due to the fact that the twentyyear bonds
which had been issued by the Federal Government during the Civil
War at 5 and 6 per cent. interest were expiring, and the question
what should be done in connection with them was unsettled. This
problem was disposed of by refunding the bonds for another twenty
years, and thus enabling the national banks to get the securities
they needed as a basis for their circulation. With the growth of
the great surpluses of revenue during the decade 1880-90, a new
type of problem appeared; for the purchases of bonds made by the
Treasury Department, in order thus to use up the surplus, had again
brought the bonds to a premium and made it questionable whether the
maintenance of the circulation on a satisfactory basis providing
for the issue of enough of...
|Country of origin:
Henry Parker Willis
||246 x 189 x 4mm (L x W x T)
||Paperback - Trade
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