Commercial West Volume 30

Commercial West Volume 30

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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. 1916 edition. Excerpt: ...the business of international oanking. Neither foreign nor domestic trade goes by favor, and it is only by providing ships to carry the goods and banks to transmit the credit, that we can hope to retain the business of the more undeveloped countries. Stock of Gold Being Concentrated The Federal reserve banks are gradually concentrating the stock of gold which heretofore has been almost use less, because scattered. In the hands of those banks it will be a firm basis for a note issue which will take care of any demands for currency that panic conditions mar produce. We all know how futile it has been to attempt to meet extraordinary demands by paying out gold, and we know how banks have competed with each other to secure gold, drawing it from centers where it would be of some use to outposts where it was valueless. It is obvious that we have overworked the word "reserve." Gold is the only true reserve, for it pays debts in any civilized country and under any conditions. Under ordinary circumstances, balances carried with corresponding banks form a convenient method of paying our debts to depositors, so such balances have been called reserves though they cannot properly be so designated. Balances with the Federal reserve banks are now legally entitled to be called reserves and yet they fall short in the final test--availability in all countries and at all times. These balances will liquidate deposits in our own country, so we may ask why the notes of the reserve banks cannot be counted--if not as "reserve" at least as cash. In estimating the ability of a bank to meet extriordinary demands we can certainly add to its gold, not only Federal reserve notes, but national bank notes, which paper might be given a special...show more

Product details

  • Paperback | 1036 pages
  • 189 x 246 x 52mm | 1,810g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236916182
  • 9781236916181