Banking Reform Classic Reprint

Excerpt from Banking Reform The reform should not take the shape Of a dominant central bank, nor should it be the creature Of politics. For this reason the Government of the United States should not enter the discount and deposit business Of banking; but, on the other hand, it should supervise and regulate a cooperative means Of assistance, like an enlarged clearing-house association, in the common interest, and require the banks to pay all the cost Of providing capital, supplying gold reserves, and issuing notes under its close supervision. Thus the surplus profits of note-issues and Of discounts would go to the people of the United States. Moreover, in any legislation, care should be taken that control Of our credit system should not pass into the hands Of any sinister political or financial interests. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Excerpt from Money and Banking: Illustrated by American History Very few persons, if any, are satisfied with our present monetary condition. While I write these lines a withdrawal of $2, 3 gold from the Treasury causes a fresh tremor and confusion of tongues. Everybody assures everybody else, and tries to assure himself, that it is of no consequence. Probably no harm will come of it, but why should it be noticed at all, except by a few dealers in foreign exchange? Because the public Treasury undertakes to maintain the ultimate gold reserve of the country, and because people doubt whether it can do so at all times. Are these doubts unreasonable? The only law on the statute book really effective for the discharge of this obligation was passed in 1862 for a different emergency, had been forgotten a quar ter of a century, and was discovered by accident the last day in the afternoon. As regards the act of 187 5 (under which gold was twice procured last year for the replenish ment of the Treasury) it is a matter of dispute whether it is still in force, or whether it lapsed when specie payments were resumed. A dispute on such a question is itself an incentive to panic. Moreover, everything depends upon the mood and temper of the Administration for the time being whether such powers as the law confers shall be exercised wisely and promptly, or exercised at all. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Excerpt from Banking Reform in the United States: A Series of Proposals, Including a Central Bank of Limited Scope Proposal to substitute for the present system two classes of banks, local banks and reserve agents. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. To ensure a quality reading experience, this work has been proofread and republished using a format that seamlessly blends the original graphical elements with text in an easy-to-read typeface. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

Excerpt from Essays on Banking Reform in the United States In many minor respects also the Federal Reserve Act differs from the Aldrich bill; but in the two fundamentals of combined reserves and of a discount policy, the Federal Reserve Act has frankly accepted the principles of the Aldrich bill; and these principles, as has been stated, were the creation of Mr. Warburg and of Mr. Warburg alone. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Excerpt from Banking Reform an Essay on Prominent Banking Dangers and the Remedies They Demand The following pages deal with some of die practical questions at issue in modern English Banking, and with these alone. They are of the highest importance at the present time, and yet signs are not wanting that the lessons which recent events might have been expected to teach are being to some extent forgotten. Bank directors have fixed their attention upon points which, however important to shareholders, do not touch the heart of the difficulty. All our banks, joint-stock and private, require to be reduced to order, to be protected against themselves. Within less than a generation the modern deposit system has reached its present gigantic developments. Until the gold discoveries of California and Australia took place, we may indeed say that there was no gigantic bank in the country. But since 1858 the liabilities of many joint-stock banks, and of some private banks also, have more than doubled. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Excerpt from Industrial Justice Through Banking Reform: An Outline of a Policy of Individualism Whilst the evil of governmental restrictions on banking was frequently noticed by economists (notably by Spencer) during the last century, the theories hitherto advanced are, for the most part I think, seriously defective. Most of the earlier critics - those that wrote during the latter part of the eighteenth century and the first half of the nineteenth - objected merely to governmental restrictions on the establishment of banks and the issue of notes: they have generally overlooked the necessity for the abolition of the legally-fixed price of gold. Sir James Steuart, however, in the eighteenth century; Earl Stanhope, James Taylor of Bakewell, Jonathan Duncan and John Gray, in the earlier part of the nineteenth century; then Proudhon, Josiah Warren and, latterly, Tucker, drew attention to the more radical evils of our credit system. Their work was carried on by Messrs. Hake and Wesslau, A. Kitson, and also by a little knot of men who formed the Free Currency Propaganda in London during the last decade of the nineteenth century, of which men Messrs. Armsden, Badcock, Seymour and Tarn stood out most prominently. Yet, even the works of most of the above named reformers are somewhat defective in that they fail in the first place to trace the successive steps which must lead from the present system to their own. Their plans are usually for such ideal systems of banking as call for a greater development of mutual trust in the commercial world than exists at present, and since they omit to show how this increased mutual confidence is to be generated, their schemes have been brushed aside as visionary. Secondly, they have usually failed to meet the objections of orthodox economists regarding the effect of paper credit issues upon the movements of gold, a serious omission, as I shall later show. There still remains much to do in the elaboration of the case for banking reform. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

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