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

NATIONAL BANKING UNDER THE FEDERAL RESERVE SYSTEM tion, passed a bill permitting the extension of charters of existing national banks for 20 more years. Thus closed what may be described as the formative period of the National Banking System. During the first 20 years of its existence, the system had been subject to attacks first from one side, then from another; one Secretary of the Treasury would be its warm defender; another would view it with apathy. Not infrequently, the issues which brought various phases of the National Banking System up for Congressional action, were not issues of a fundamental banking na- ture, but were of a strictly political character, and were dealt with accordingly. But, in the period covered by the first charters of the earliest national banks, the system established itself on a thoroughly firm basis. It proved its great usefulness to the financial organization of the country, and laid a firm foundation for the growth and strength which came to the national banks with each succeeding year. Since the passage of the recharter act in 1882, no effort has been made from any responsible source either to legislate the national banks out of existence, or to restrict the scope of their banking practices. In fact, the more recent tendency of Federal legislation has been to further broaden the national banks’ field of operation. | | NATURAL DEVELOPMENT Fis Tue period 1883-1899 was one of natural development in the history of the National Banking System in that those national banks already in existence were developing normally along the lines of scientific and modern banking principles, and that the new sections of the country were from year to year getting much needed banking facili- ties through the organization of additional national banks. National banks during the period were neither disturbed nor aided to any considerable extent by Federal legislation. The cur- rency phase of the nation’s financial problem occupied the major share of attention. Those who wished the country to go on a silver basis were pressing their case with unremitting vigor, and were [14]

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