Factures consulaires et certificats d'origine

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Monograph

Identifikator:: 1758040688

URN:: urn:nbn:de:zbw-retromon-134707

Document type:: Monograph

Title:: Factures consulaires et certificats d'origine

Edition:: (Nouv. éd.)

Place of publication:: Paris

Publisher:: Soc. Fermière de Publications Officielles

Year of publication:: 1927

Scope:: 69 Seiten

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: I. - Factures consulaires

Collection:: Economics Books

48 POSTAL SAVINGS bonds of 1908-18 then payable at the pleasure of the Government. The investment features of the Postal Savings Bank act can not be fully understood except in connection with the general subject of banking reform, which was before the public when the Postal Savings Bank act was passed. At that time the National Monetary Commission was at work on the subject of banking reform. One of the greatest defects of our national banking sys tem was generally admitted to be the bond se cured circulation. By reason of the privilege of being used as security for bank note circulation, the $731,000,000 2 per cent bonds then outstand ing commanded a price much higher than they otherwise would have commanded in the market. The banks had purchased them in good faith, and if the circulation privilege were to be taken away, the Government would be under obligation to protect the banks from loss. The investment of postal savings bank funds, it was argued, would provide a method for the purchase of these bonds at par when the circulation privilege should be taken away from them, 35 and they might then be converted by the Government into bonds bearing a proper rate of interest from the fiscal point of view. 35 Cf. speech of President Taft on the subject of the Postal Savings Bank, Milwaukee, September 17, 1909. Cong. Rec., Feb. 17. 1910, pp. 2048-2050.

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