Miscellaneous Suggestions Received by the Committee on Banking and Currency United States Senate
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Excerpt from Miscellaneous Suggestions Received by the Committee on Banking and Currency United States Senate: Sixty-Third Congress, First Session, Respecting Currency Reform Miscellaneous suggestions received by the Senate committee on banking and currency, respecting proposed currency reform. San Francisco, Cal., November 14, 1912. My Dear Senator: Relative to conference had at luncheon on the 12th, on the subject of currency reform, at which time I made the suggestion that if the Democratic Party, now in power, having entire control of the Senate, House, and the Presidency, should give diligent attention to the reformation of the currency, providing a suitable and sound elasticity therefor, so indispensable in the conduct of the nations business at various seasons, particularly crop seasons, that industrial panics in the United States could conveniently be put behind us as things of the past and placed within the history column. You suggested that I embrace my views in a letter upon this subject, and I am pleased to comply with your suggestion. First, I may say that Mr. George M. Reynolds, president of the Continental & Commercial National Bank of Chicago, one of the foremost financial institutions in America, delivered an address before the National Lumber Manufacturers´ Association at Chicago, in May, 1911. I was so much impressed with the wisdom of his address that I offered a resolution that it be reduced to pamphlet form for convenient distribution. On perusal of Mr. Reynolds´s address, herewith inclosed to you, I believe the subject will appear as one of extreme simplicity, rather than a complex one, as is generally thought to be the case. To my mind the financial problem is extremely simple. You will remember that I suggested that Canada, having an asset currency, had never had an industrial panic in all of her history. By an asset currency I mean a currency capable of prompt expansion by the deposit of gilt-edge securities with the proper authorities. For instance, a central bank with an adequate capital of, say, three hundred to five hundred million dollars, established at Washington, properly hedged in so it could not be made the object of control by any of the money powers of the country, but made up of people of the entire banking fabric of the Nation, and by them managed in the same skillful and excellent manner in which national banks are managed at the present time, would provide a convenient means for an elastic expansion and proper contraction when the need for funds was passed. 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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