Pending Banking Legislation: Letters by Officers of the National City Bank of New York to the Banking and Currency Committees of the Congress of the United States, Also Copy of the Bill as Introduced June 26, 1913 (Classic Reprint) - Softcover

Unknown Author

Softcover

ISBN 10: 1331394961 ISBN 13: 9781331394969

Publisher: Forgotten Books, 2020

Synopsis

Excerpt from Pending Banking Legislation: Letters by Officers of the National City Bank of New York to the Banking and Currency Committees of the Congress of the United States, Also Copy of the Bill as Introduced June 26, 1913

Sir:

Students of our banking situation are, I believe, in substantial agreement upon the main principles that should govern sound financial legislation. Briefly stated, the objects aimed at should be,

(a) The mobilization of bank reserves.

(b), The retirement of our present bond-seen red circulation by a method fair to the banks which have been forced by law to buy Government bonds above their investment market value.

(c) The authorization of a bank-note currency which will be responsive in volume to the demands of commerce, and which will lay upon commerce no unnecessary burden of tax through the fact that business men find it desirable at certain seasons to borrow the credit of a bank in the form of circulating notes instead of bank deposits.

In this connection it should be clearly kept in mind that the main business of a bank is to exchange its credit for the credit of its customers. The customers' credit is known to but a small circle. The bank's credit is known to a wider circle. The business of banking is to exchange the obligation of the bank for the obligation of the bank's customer.

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Edition details

• Publisher: Forgotten Books
• Publication date: 2020
• ISBN 10: 1331394961
• ISBN 13: 9781331394969
• Binding: Paperback
• Language: English
• Number of pages: 81