Review of Proposed Banking and Currency Bill (Classic Reprint)
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| Partner: | buecher.de |
| Hersteller: | Forgotten Books (Forgan, James B.) |
| Stand: | 2015-08-04 03:50:33 |
Produktbeschreibung
Excerpt from Review of Proposed Banking and Currency Bill [The Federal Reserve Act, S. 2639 and H. R. 6454, simultaneously introduced in the Senate and the House of Representatives, June 26, 1913, reviewed by James B. Forgan.] Federal Reserve Districts Section 2. Provides for the organization of "not less than twelve" Federal Reserve districts in which there shall be established twelve Federal Reserve Banks to which national banks are required to subscribe the capital to the extent of 20% of their own capital, one half to be paid in cash, the other half to be subject to call. The minimum capital of any Federal Reserve Bank to be $5,000,000. The Currency Commission of the American Bankers Association in its answer to question number 13 of questions formulated by a sub-committe of the Banking and Currency Committee of the United States Senate placed itself on record as follows in regard to the number there should be of Federal Reserve Banks or Associations and I am heartily in accord with them: "In our opinion one central reserve association with branches would best serve our present necessities. Failing that, a small number of regional reserve associations, also with branches, might be organized to serve the purpose. The smaller the number of regional reserve associations, however, the more effective the reserve control. If there are to be a number of regional reserve associations they should be under some kind of central control in which both the government and the various associations should have representation. "Three objections to the regional reserve associations occur to us: "First. They will divide the cash reserves of the country into as many different ownerships as there are regional associations. No individual bank can now strengthen its cash reserves without at the same time and to the same extent depleting the reserve of some other bank, so with the regional reserve associations, no one of them will be able to strengthen its cash reserves without drawing them from and reducing to the same extent the reserve of one of the other associations. "Second. In connection with the shipping of reserve money from one section of the country to another. 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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