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Chester Arthur Phillips. Readings in Money and Banking
Readings in Money and Banking
Table of Contents
PREFACE
READINGS IN MONEY AND BANKING
CHAPTER I
THE ORIGIN AND FUNCTIONS OF MONEY
FOOTNOTES:
CHAPTER II
THE EARLY HISTORY OF MONEY
Currency in the Hunting State
Currency in the Pastoral State
Articles of Ornament as Currency
Currency in the Agricultural State
Manufactured and Miscellaneous Articles as Currency
The Invention of Coining
FOOTNOTES:
CHAPTER III
QUALITIES OF THE MATERIAL OF MONEY
1. Utility and Value
2. Portability
3. Indestructibility
4. Homogeneity
5. Divisibility
6. Stability of Value
7. Cognisability
FOOTNOTES:
CHAPTER IV
LEGAL TENDER[5]
FOOTNOTES:
CHAPTER V
THE GREENBACKS
The Greenback Issues
The Fluctuating Premium on Gold
The Effects of Greenbacks upon Wages
Rent
URBAN RENTS
FARM RENTS
Interest and Loan Capital
THE PROBLEM OF LENDERS AND BORROWERS OF CAPITAL
PURCHASING POWER OF THE PRINCIPAL OF LOANS
THE RATE OF INTEREST
Profits
PROFITS IN AGRICULTURE
STATISTICAL EVIDENCE REGARDING PROFITS
The Production and Consumption of Wealth
PRODUCTION
CONSUMPTION
The Greenbacks and the Cost of the Civil War
GREENBACKS AND EXPENDITURES
THE GREENBACKS AND RECEIPTS
(In millions of dollars)
Contraction and Inflation of the Legal Tenders[9]
Passage of the Resumption Act[10]
The Struggle for Resumption[11]
Arrangements for Resumption[12]
Should the Greenbacks Be Retired?
WHY RETIREMENT IS NOT IMPORTANT
The Confederate Currency[14]
FOOTNOTES:
CHAPTER VI
INTERNATIONAL BIMETALLISM
FOOTNOTES:
CHAPTER VII
THE SILVER QUESTION IN THE UNITED STATES
Agitation for Silver and the Passage of the Bland Bill
Provisions of the Act of 1878
SILVER CERTIFICATES
Causes of the Act
Wherein Peculiar
Limited Circulation of the Silver Dollars
Provisions of the Act of 1890
AMOUNT OF MONTHLY ISSUES
The Policy of the Banks
The Argument for Silver
THE BIMETALLIST ARGUMENTS
THE EFFECT OF IMPROVEMENTS IN PRODUCTION
THE CASE OF THE FARMER
The Repeal of the Sherman Silver Purchase Act and the Financial and Economic Consequences of Silver Legislation
SALE OF BONDS FOR GOLD
FOOTNOTES:
CHAPTER VIII
INDEX NUMBERS
FOOTNOTES:
CHAPTER IX
BANKING OPERATIONS AND ACCOUNTS
Statement of A Representative National Bank
The Relation Between Loans and Deposits
Relation Between Reserves and Demand Liabilities Again
THE RÔLE OF A SPECIE RESERVE ILLUSTRATED BY THE INCONVERTIBLE NOTES OF THE BANK OF ENGLAND ISSUED DURING THE OPERATION OF THE RESTRICTION ACT[37]
FOOTNOTES:
CHAPTER X
THE USE OF CREDIT INSTRUMENTS IN PAYMENTS IN THE UNITED STATES
FOOTNOTES:
CHAPTER XI
A SYMPOSIUM ON THE RELATION BETWEEN MONEY AND GENERAL PRICES
Indirect Influences on Purchasing Power[52]
[Summary]
The Testimony of Ricardo
FOOTNOTES:
CHAPTER XII
THE GOLD EXCHANGE STANDARD
Objections To The Gold-Exchange Standard For The Straits Settlements Answered
FOOTNOTES:
CHAPTER XIII
A PLAN FOR A COMPENSATED DOLLAR
FOOTNOTES:
CHAPTER XIV
MONETARY SYSTEMS OF FOREIGN COUNTRIES
England[89]
Canada
British Colonies
Latin Union
France
Belgium
Italy
Switzerland
Greece
Spain
Germany
Austria-Hungary
Portugal
Netherlands
Sweden—Norway—Denmark (Scandinavian Union)
Russia
Japan
China
Philippines
Argentina
Brazil
Chili
FOOTNOTES:
CHAPTER XV
THE NATURE AND FUNCTIONS OF TRUST COMPANIES
The Advantages of a Trust Company as Trustee
Banking
Corporate Trusts
Individual Trusts
Other Functions
Care of Securities and Valuables
Insurance
Compensation
Government Regulation
FOOTNOTES:
CHAPTER XVI
SAVINGS BANKS
Classification of Savings Banks
Trustee Savings Banks
Stock Savings Banks
Guaranty Savings Banks
Municipal Savings Banks
People's Banks
The Localization of Savings Banks in the United States
Postal Savings Banks
American Postal Savings Banks
ARGUMENTS FOR AND AGAINST THE ESTABLISHMENT OF POSTAL SAVINGS BANKS IN THE UNITED STATES
THE MAIN FEATURES OF THE SYSTEM
"Postal Savings Behind the Scenes"
FOOTNOTES:
CHAPTER XVII
DOMESTIC EXCHANGE
Exchange Relations Between Chicago and New York
Exchange Relations Between St. Louis and New York
Domestic Exchange in San Francisco on New York City
Currency Movements Between New England and the Eastern States
The Domestic Exchanges During the Crisis of 1907[102]
FOOTNOTES:
CHAPTER XVIII
FOREIGN EXCHANGE
The Nature of Foreign Exchange
"Favourable" and "Unfavourable" Exchanges
The Origin and Supply of Foreign Exchange
The Sources of the Demand for Foreign Exchange[106]
Methods of Financing Imports and Exports[107]
Credit Risks of Drafts Drawn on Buyers Abroad
England Draws Few Bills, But Accepts Many—The Reason and the Result
The Recent Rise of the American Acceptance Market
The Economies and Advantages of "Dollar Credits"[113]
The New York Foreign Exchange Market[114]
New York City Practically Absorbs by Purchase All American Foreign Exchange
How Money Is Made in Foreign Exchange—The Operations of the Foreign Department
I. SELLING "DEMAND" AGAINST "DEMAND"
II. SELLING CABLES AGAINST DEMAND EXCHANGE
III. SELLING "DEMAND" BILLS AGAINST REMITTANCES OF LONG BILLS
IV. THE OPERATION OF MAKING FOREIGN LOANS
V. THE DRAWING OF FINANCE-BILLS
VI. ARBITRAGING IN EXCHANGE
Gold Movements
COMPLICATIONS IN THE DETERMINATION OF GOLD POINTS
THE HANDLING OF GOLD SHIPMENTS
The Silver Exchanges
FOOTNOTES:
CHAPTER XIX
CLEARING HOUSES
I. In the United States
A CLEARING HOUSE DEFINED
METHODS OF EXCHANGE IN NEW YORK PRIOR TO 1853
THE ORIGIN OF THE NEW YORK CLEARING HOUSE
MEMBERSHIP AND ADMITTANCE FEES AT NEW YORK
[126]METHODS OF SETTLING BALANCES
[127]RATIO OF BALANCES TO CLEARINGS
[128]THE NATURE OF CLEARING-HOUSE LOAN CERTIFICATES
CLEARING-HOUSE LOAN CERTIFICATES AND THE EQUALIZATION OF RESERVES[129]
CLEARING-HOUSE BANK EXAMINATIONS[133]
II. Clearing Houses in England
THE LONDON BANKERS' CLEARING HOUSE AS THE FOREMOST EXAMPLE
PROVINCIAL CLEARINGS
FOOTNOTES:
CHAPTER XX
STATE BANKS AND TRUST COMPANIES SINCE THE PASSAGE OF THE NATIONAL BANK ACT
The Evolution of the Trust Company
Incorporation
Capital and Surplus Requirements
Liability of Stockholders
Restrictions on Loans and Discounts
LOANS TO DIRECTORS AND OFFICERS
REAL ESTATE LOANS
Reserves
Branch Banks
Further Reason for the Lack of Branch Banks in the United States
The New York State Bank Act of 1914[145]
FOOTNOTES:
CHAPTER XXI
THE CANADIAN BANKING SYSTEM
The System Not New
Other Financial Institutions
The Essentials of the System
PROCESS OF INCORPORATION
NOTE ISSUES
SECURITY OF NOTES
IMPORTANCE OF REDEMPTION
THE CIRCULATION REDEMPTION FUND
TWO NEGATIVE QUALITIES
CANADIAN BANKERS' ASSOCIATION
ELASTICITY OF THE CIRCULATION
BANK NOTES HAVE NO COMPETITION
NO LIMIT OF ISSUE REALLY NECESSARY
THE PRACTICAL LIMIT UNDER THE LEGAL
Deposits
SAVINGS DEPOSITS ALWAYS PAID ON DEMAND
SAVINGS DEPOSITORS NOT PROPERLY REWARDED
No Bankers' Bank
Amount of the Reserve Fixed by Each Bank
Competition Is Not Lacking
Banking in Different Provinces
EASTERN PROVINCES HAVE SUFFERED
Large Use of Deposit Currency
Banks Silent Partners in Industry
A Customer's Line of Credit
Loans to Farmers
Call Loans in Canada and Elsewhere
The Banks as Financial Institutions
The Revision of the Bank Act, 1913[148]
Comparative Figures of Condition of Canadian Banks[149]
ASSETS
LIABILITIES
FOOTNOTES:
CHAPTER XXII
THE ENGLISH BANKING SYSTEM
Foundation and Growth of the Bank of England
Peel's Act or the Bank Charter Act of 1844, and its Suspensions
Account of the Liabilities and Assets of the Bank of England
For the Week ending 7th September, 1844
The Functions of the Bank of England
The Joint-Stock Banks
The Private Banks
The Merchant Bankers and Accepting Houses
The Discount Houses
Interview with the Governor and Directors of the Bank of England
Interview with Sir Felix Schuster, Governor of the Union of London and Smith's Bank Limited
Interview with Mr. Charles Gow, General Manager of the London Joint Stock Bank, Limited
FOOTNOTES:
CHAPTER XXIII
THE SCOTCH BANKS
Democracy of Scotch Banking
Use of Notes as "Till Money" in Relation to the Establishment of Branches
Evasion of Peel's Act
Defects
Bank of Scotland
INTERVIEW WITH SIR GEORGE ANDERSON, GENERAL MANAGER[160]
Royal Bank of Scotland
INTERVIEW WITH ADAM TAIT, CASHIER AND GENERAL MANAGER[161]
Commercial Bank of Scotland (Limited)
INTERVIEW WITH ALEXANDER BOGIE, GENERAL MANAGER[162]
Union Bank of Scotland (Limited)
INTERVIEW WITH ROBERT BLYTH, GENERAL MANAGER[164]
FOOTNOTES:
CHAPTER XXIV
THE FRENCH BANKING SYSTEM
The Bank of France
CASH HOLDINGS OF THE BANK OF FRANCE
Place of the Bank of France in the Distribution of Credit
LOCAL BANKS AND THE FINANCIAL INSTITUTIONS
IN WHAT MANNER THE BANK OF FRANCE PROMOTES THE FREE DISTRIBUTION OF CREDIT IN FRANCE
IN WHAT MEASURE THE BANK MUST CONTROL CREDIT
Territorial Expansion of the Bank of France
The Bank of France and Agricultural Credit
The Bank of France
INTERVIEW WITH M. PALLAIN, GOVERNOR OF THE BANK OF FRANCE[177]
The Crédit Lyonnais
INTERVIEWS WITH BARON BRINCARD, ADMINISTRATEUR DÉLÉGUÉ, AND OTHER OFFICIALS OF THE CRÉDIT LYONNAIS[178]
Comptoir d'Escompte
INTERVIEW WITH M. ULLMANN, DIRECTOR OF THE COMPTOIR D'ESCOMPTE[179]
Banque de Paris et des Pays-Bas
INTERVIEW WITH M. MORET, MANAGER OF THE BANQUE DE PARIS ET DES PAYS-BAS[180]
Crédit Foncier de France
INTERVIEW WITH M. TOUCHARD, SECRETARY[181]
Caisse des Dépôts et Consignations
INTERVIEW WITH M. DELATOUR, GENERAL DIRECTOR OF THE CAISSE DES DÉPÔTS ET CONSIGNATIONS[182]
Crédit Agricole
INTERVIEW WITH M. DECHARME, CHEF DU SERVICE DU CRÉDIT MUTUEL ET DE LA COOPÉRATION AGRICOLE AT THE MINISTÈRE DE L'AGRICULTURE[183]
FOOTNOTES:
CHAPTER XXV
THE GERMAN BANKING SYSTEM
Banking Arrangements in Germany
General Sketch of Bank and Credit Organisation in Germany
BANKS OF ISSUE
COMMERCIAL BANKS AND THEIR RELATION TO INDUSTRY AND COMMERCE
LAND CREDIT INSTITUTIONS
RAIFFEISEN AND SCHULZE-DELITZSCH BANKS
Interview with Herr Kleemann, Director of the Dresdner Bank
The Reichsbank
INTERVIEWS WITH HERR DR. VON GLASENAPP, VICE-PRESIDENT, AND HERR DR. VON LUMM, DIRECTOR, OF THE REICHSBANK[191]
Königliche Seehandlung
(Royal Sea-Trade Society)
INTERVIEW WITH HERR GEH. OBERFINANZRAT LOTTNER, DIRECTOR OF THE ROYAL SEEHANDLUNG, PRUSSIAN STATE BANK[192]
Deutsche Bank
INTERVIEWS WITH HERR PAUL MANKIEWITZ, DIRECTOR, AND HERR A. BLINZIG, ALTERNATE, OF THE DEUTSCHE BANK[193]
Dresdner Bank
INTERVIEWS WITH HERR SCHUSTER AND HERR NATHAN, DIRECTORS OF THE DRESDNER BANK[194]
Bank des Berliner Kassen-Vereins
INTERVIEW WITH HERR HOPPENSTEDT[195]
FOOTNOTES:
CHAPTER XXVI
BANKING IN SOUTH AMERICA
Our Growing Surplus for Foreign Investment
Greater Lending Power of Banks
European War
English Banks in South America
ENGLISH TRADE AND BANKS DEVELOP TOGETHER
German Banks in South America
OTHER INFLUENCES IN BANK EXPANSION
Other Banking Institutions
AMERICAN BANKS
DOMESTIC BANKS
LAND MORTGAGE BANKS
Conditions of Commercial Banking
LITTLE CONTROL OR CO-OPERATION
NATIONAL COLONIES
PERSONAL CHARACTER OF BUSINESS DEALINGS
UNDEVELOPED ECONOMIC ORGANISATION
INTEREST RATES
COMPENSATION OF DIRECTORATE
CLASSES OF BUSINESS OF FOREIGN BANKS
FOOTNOTES:
CHAPTER XXVII
AGRICULTURAL CREDIT IN THE UNITED STATES
Agricultural Credit Conditions in the United States
Value of Farm Implements and Machinery in the U. S.[206]
Farm Credit in a Northwestern State[225]
LONG-TIME LOANS
SHORT-TIME LOANS
Cattle Loan Banks[226]
FOOTNOTES:
CHAPTER XXVIII
THE CONCENTRATION OF CONTROL OF MONEY AND CREDIT
Have We a Money Trust?
The Borrower and the Money Trust
BANKING THE MOST LOGICAL OF TRUSTS
NO LACK OF BANKING FACILITIES
WHERE THE MONEY HAS GONE
CONSOLIDATION—A STEADY PROCESS
HOW THE LAW HAS FOSTERED AFFILIATION
THE CORPORATION AND THE BANK
HARMONY THE WATCHWORD
MONEY POWER NOT DISTINCTLY AMERICAN
WHY, THEN, DO WE HEAR FEW COMPLAINTS FROM ABROAD?
WHERE IS THE VITAL DIFFERENCE?
The Banks and Railway Finance
FOOTNOTES:
CHAPTER XXIX
CRISES
The Nature of an Economic Crisis
The Crisis of 1907 in the Light of History
Current Theories of Crises
TWO POINTS OF AGREEMENT
BEVERIDGE'S "COMPETITION THEORY"
MAY'S THEORY OF THE DISCREPANCY BETWEEN WAGES AND PRODUCTIVITY
HOBSON'S THEORY OF OVER-SAVING
HULL'S THEORY OF THE CHANGING COSTS OF CONSTRUCTION
SOMBART'S THEORY OF THE UNEVEN EXPANSION IN THE PRODUCTION OF ORGANIC AND INORGANIC GOODS
CARVER'S THEORY OF THE DISSIMILAR PRICE FLUCTUATIONS OF PRODUCERS' AND CONSUMERS' GOODS
FISHER'S THEORY OF THE LAGGING ADJUSTMENT OF INTEREST
Mitchell's Theory of Business Cycles
1. THE CUMULATION OF PROSPERITY
2. HOW PROSPERITY BREEDS A CRISIS
3. CRISES AND PANICS
4. DEPRESSION
Moore's "Rainfall" Theory
Stringent Money and Financial Panics[247]
How Banks Should Handle Panics
FOOTNOTES:
CHAPTER XXX
THE WEAKNESSES OF OUR BANKING SYSTEM PRIOR TO THE ESTABLISHMENT OF THE FEDERAL RESERVE SYSTEM
Conflicting Opinions
Inflexibility of Ledger Balances
RIGID RESERVE REQUIREMENTS
NEED OF BANKERS' BANK
The Parcellation of Reserves
Redeposited or Overlapping Reserves
The Perverse Elasticity of National Bank Notes
National Bank Notes Unsound and Unsafe
Speculation Involved in the Issue of Notes
STATEMENT I
STATEMENT II
The Lack of Adjustment Between Bank Notes and Deposits
The Commercial Paper Situation in the United States
No System of Bank Acceptances and the Absence of an Open Discount Market
THE ESSENTIAL CONDITIONS FOR THE ESTABLISHMENT OF AN INTERNATIONAL DISCOUNT MARKET
Cash Stock Exchange Dealings
No Power to Lend on Real Estate[278]
The Independent Treasury as a Source of Weakness in Our Banking System[280]
DIFFICULTIES ARISING FROM THE TREASURY SYSTEM
CORRESPONDENCE OF TREASURY RECEIPTS AND DISBURSEMENTS
EXAGGERATION OF TREASURY EVILS
Lack of Central Control
Absence of Regulation of Ratio of Deposits to Capital and Surplus
Banking Abuses
USURIOUS INTEREST RATES
BANKERS' VIEW OF USURIOUS INTEREST RATES
FOOTNOTES:
CHAPTER XXXI
THE FEDERAL RESERVE SYSTEM
The Federal Reserve Act[287]
THE SPIRIT AND OBJECTS OF THE ACT
ORGANIZATION
CAPITAL, EARNINGS, DEPOSITS OF THE FEDERAL RESERVE BANKS
FEDERAL RESERVE NOTES AND NATIONAL BANK NOTES
LENDING OPERATIONS OF THE FEDERAL RESERVE BANKS
ADDITIONAL POWERS OF NATIONAL BANKS
SUPERVISORY FUNCTIONS OF THE FEDERAL RESERVE BOARD
The Federal Reserve Act—an Experiment
The Federal Reserve Act and Democracy in Banking
The Elasticity of Note Issue Under the New Currency Law[299]
Notes Printed and Issued
Impounding Gold
The Financial Policy of the Federal Reserve Banks[302]
Relations of Federal Reserve Banks with Member Banks[303]
RELATIONS BETWEEN THE FEDERAL RESERVE BANK OF MINNEAPOLIS AND ITS MEMBERS
Federal Reserve Banks and the Acceptance Market
Clearings and Collections in Practice
Branches and Agencies
Proposed Amendments to Federal Reserve Act[311]
STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS.[312] Combined resources and liabilities of all Federal Reserve Banks as at close of business on the last Friday of each month during 1915
FOOTNOTES:
CHAPTER XXXII
THE EARLY EVENTS OF THE EUROPEAN WAR IN RELATION TO MONEY BANKING AND FINANCE
American Finance and the European War
I
II
III
IV
V
VI
National Bank Failures and Suspensions—1914 Compared with 1893 and 1907[317]
The Effects of the War with Special Reference to the Central Banks of France, Germany, and England
I
II
III
Darlehnskassen and Other Financial Novelties in Germany
The War and the World's Financial Centre
MR. WITHERS A GOOD ENGLISHMAN
America's Chance of Holding World Purse-Strings[323]
FOOTNOTES:
APPENDIX A
AN APPROXIMATE FORMULA FOR DETERMINING THE VELOCITY OF THE CIRCULATION OF MONEY
FOOTNOTES:
APPENDIX B
SOME REGULATIONS OF THE FEDERAL RESERVE BOARD
ACCEPTANCE OF STATEMENTS IN LIEU OF CERTIFICATES AS TO CHARACTER OF COMMERCIAL PAPER
BANKERS' ACCEPTANCES. I
DEFINITION
II
STATUTORY REQUIREMENTS UNDER SECTIONS 13 AND 14
III
RULING
IV
ELIGIBILITY
V
POLICY AS TO PURCHASES
ACCEPTANCE BY MEMBER BANKS
CLEARINGS BETWEEN FEDERAL RESERVE BANKS
I
STATUTORY PROVISIONS UNDER SECTION 16
II
GENERAL PROVISIONS
III
DEPOSITS IN THE GOLD SETTLEMENT FUND
IV
CUSTODY OF FUNDS
V
ACCOUNTS
VI
PROCEDURE
VII
DEFICITS
VIII
EXCESS BALANCES
IX
RESERVE
X
EXPENSES
XI
AUDIT
XII
Membership of State Banks. I
STATUTORY REQUIREMENTS
II
BANKS ELIGIBLE FOR MEMBERSHIP
III
APPLICATION FOR MEMBERSHIP
IV
APPROVAL OF APPLICATION
V
POWERS AND RESTRICTIONS
VI
WITHDRAWALS
VII
EXAMINATIONS
VIII
FUTURE REGULATIONS
FOOTNOTES:
