An Analysis of the Banking and Currency System of the United States
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| Hersteller: | Forgotten Books (Disbrow, Charles Wesley) |
| Stand: | 2015-08-04 03:50:33 |
Produktbeschreibung
Excerpt from An Analysis of the Banking and Currency System of the United States: Indicating the Cause of Periodic Panics and Suggesting a Remedy This pamphlet is designed to show that the periodic financial panics in the United States result from certain fixed and specific causes, and that an analysis of these causes indicates that the approach of such panics may be clearly noted and effectually prevented. It is designed to show that of the existing currency in the nation, only a portion finds its way into the banks. That with a given quantity of currency in the banks only a definite amount of credit can be extended by the banks. That periodically, owing to the growth of business and the expansion of bank loans, the entire banks of the nation reach the extreme limit of their loaning capacity and can grant no more credit, with the result that a "capital famine" ensues, immediately affecting all branches of industry and precipitating a financial panic. It is also designed to show that all of our currency is based upon and supported by the gold in circulation; that a given quantity of gold will only support a given quantity of paper, and that we shall invite commercial disaster and national dishonor by injecting too much paper into our circulation; so that there is a definite limit to the quantity of currency. The amount of our currency can not be indefinitely increased, and it is therefore necessary to get the greatest possible use out of the currency that we have, and to so regulate our affairs that we shall get along on the credit that can safely be granted with such amount of currency. It is the opinion of the writer that the trouble with our existing system is two-fold: First. That there is no machinery for the regulation and control of bank loans and credits, and no method by which a gradual check can be placed upon the expansion of bank credits when the reserves of currency run low. Second. That there is no adequate organization among the banks for mutual support, and, therefore, each individual bank must keep on hand in a dead reserve fund too large an amount of currency, with the result that the amount of bank credit that can be granted is unduly limited. The remedy suggested is the creation of a Central Bank with strictly limited powers which shall hold the surplus reserves of all of the banks, and also the moneys of the national government, and which shall use such moneys solely for the purpose of rediscounting short-term bank paper. 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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