Sound Currency, 1896; A Compendium of Accurate and Timely Information on Currency Questions Intended for Writers, Speakers and Students

Sound Currency, 1896; A Compendium of Accurate and Timely Information on Currency Questions Intended for Writers, Speakers and Students

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1896 edition. Excerpt: ...1858 was $40,000--the largest amount ever appropriated for the purpose. The redemptions during this year amounted to $400,000,000. In other words, the business was carried on at an expense of only 10 cents per $1,000. It is interesting to compare with this the results of our present system of redemption of National Bank notes. In the fiscal year 1894, the total amount of such notes passing through the redemption agency in the Treasury Department at "Washington was $101,767,455, of which $50,944,080 were soiled and mutilated notes returned for destruction and reissue, $10,929,535 more were in final redemption of notes of banks no longer issuing circulation, and only $39,893,840 normal current redemption. This redemption was carried on at a cost of $107,445--or $1.06 per $1,000. When it is remembered that it is only through constant working of an effective system of redemption that elasticity can be secured and every tendency to expansion in excess of the demands of commerce promptly checked, the importance of this showing can not be too strongly emphasized. In New England at this time the circulation of the banks for which redemption was carried on was less than $40,000,000. The whole circulation was, therefore, on an average, redeemed ten times over during the year. At the present time an amount equal to the entire circulation of the National banks does not pass through the redemption agency in less than two years, even at the rate of lastyear's redemptions, which were far larger in proportion to the circulation of the banks than at any other time for the past fifteen years. The following table shows the amount of notes of New England banks annually redeemed through the Suffolk Bank: The Bank Of Mutual Redemption. The opposition to the...show more

Product details

  • Paperback | 474 pages
  • 189 x 246 x 24mm | 839g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236628519
  • 9781236628510