National banking under the Federal Reserve System

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Monograph

Identifikator:: 1757542345

URN:: urn:nbn:de:zbw-retromon-135097

Document type:: Monograph

Title:: National banking under the Federal Reserve System

Place of publication:: New York

Publisher:: The National City Bank of New York

Year of publication:: 1927

Scope:: 154 S.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Growth of the national banking system

Collection:: Economics Books

GROWTH OF THE NATIONAL BANKING SYSTEM 1 this chapter it is impossible to attempt anything approaching a comprehensive history of national banking in the United States. The subject itself is so broad and so involved with other subjects in the fields of finance closely akin to it, that it can be treated here only in general outline. The sketch following is presented with the idea that it may serve as the background that is essential to a thorough understanding of the national banking system as it operates today. For convenience, and for purposes of comparison, the history of national banking may be divided into four main periods: I—1863-1882 Formative Period. I11—1883-1899 Natural Development. [11—1900-1918 Development of Smaller Banks. IV—1914 to present date Under Federal Reserve System. FORMATIVE PERIOD Tue fundamental difference between the general course followed by American banking before and since the establishment of the national banking system is this: In the earlier period the tendency of banking was toward the extensive use of bank credit in the form of note issue; this form of credit completely lacked stability and constant value, since it was subjected to no central supervision. During the national banking period, the tendency was toward more extensive use of bank credit in the form of deposits, and relatively less in the form of note issue. Note issue was a privilege conferred only upon those banks under Federal supervision, and was hence subjected to central control, with resultant stability of value. A very simple set of figures illustrates this differentiation quite clearly. We may assume that the national banking system had become [11]

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