Sound Currency Volume 8-10

Sound Currency Volume 8-10

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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. 1901 edition. Excerpt: ...of banking to relieve crises, and the advantage it would have over conditions where such currency might be issued by many independent banks lics in the fact that it could give greater assurance to the public of the instant redeemableness, the absolute soundness, and the sufficiency, of such currency, and hence afford a remedy by so much more efiicacious than could any individual banks either singly or in combination. III. There are in general two ways of securing the establishment of a centralized system of banking (a) by government initiative and b) by private effort. If the centralization of the banking system of t e country is to be left to individuals, this object can probably be fully attained only if all restrictions upon banking centralization shall be removed, so that the business community can be left to work out its own ends unhampered. Chief among these removals would be the withdrawal of the prohibition of branch banking. On the other hand, if a more positive method should be pursued by government initiative, it might be carried out in any one of three ways. The administration might establish, own, and operate, a large institution doing business on conservative principles along specified lines and practically amounting to a magnified Treasury Department. It might establish an institution similar to the early banks of the United States, the stock in which should be largely held by private individuals, the government only retaining so much as would enable it to exercise a certain oversight in the management of its affairs. Finally, it might permit private individuals to establish a large central bank whose stock should be exclusively owned by private citizens, but with which the government would enter into contracts whereby it...show more

Product details

  • Paperback | 288 pages
  • 189 x 246 x 15mm | 517g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 123686784X
  • 9781236867841