United States Investor Volume 23

United States Investor Volume 23

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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. 1912 edition. Excerpt: ...which promise can sell at a discount as such promises did during the ('ivil War and as such promises of the British Government, the consols, do to-day. Therefore, it cannot be alleged, even by those who advocate the use of bank notes as reserve for state banks, that these notes have the same elements of merit for reserve purposes which gold coin and bullion have and which the gold certificates, issued dollar for dollar against gold coin or bullion, undoubtedly possess. To be quite frank about it, what sound reason is there why a state bank should be permitted to compute national bank notes in its reserve unless the same power is to be accorded the naNo one can demonstrate any essential dissimilarity of state bank and country national bank. Very likely your reserve city national bank does need a bigger and a cleaner reserve of cash than does the state bank across the street. The national bank of New York Citv or (fhicago or San Francisco or Denver is the reserve agent t'or many other banks. it needs a big reserve of the best possible kind ot' cash. One of its obligations as reserve agent is to be in po Why Only State Banks sition at unexpected periods to supply its country correspondents with a considerable quantity of cash. The state bank across the street holds no reserve balances. It is subject, therefore, only to the demands for cash of its local customers who are less likely to make their demands unexpectedly and for unusual amounts. Outside the reserve cities of the country operate, however, a little under seven thousand national banks, there being only about four hundred national banks in all of the reserve cities. Those seven thousand country banks are not reserve agents. 'i'hey are subject to no unexpected demands...show more

Product details

  • Paperback | 764 pages
  • 189 x 246 x 39mm | 1,338g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236778197
  • 9781236778192