National banking under the Federal Reserve System

Bibliographic data

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 kL Mey 3—The banks lacked adequate means for replenishing their reserves or increas- ing their loaning power under unusual demands. Rh a Currency Bank note currency—the only form of currency which might be expected to respond by expansion and contraction to unusual needs—was deprived of elas- ticity because its volume largely depended upon the amount and price of United States bonds. Cooperation I—Banks lacked the means to insure such effective cooperation as was necessary to protect their own and the public’s interests in times of stress. There was no cooperation of any kind among banks outside of clearing house cities; 2—The banks had no effective agency covering the entire country affording, necessary facilities for making domestic exchanges. Commercial paper {—Lack of commercial paper of an established standard issued for agricultural, industrial and commercial purposes, and available for investment by banks, had led to an unhealthy congestion of loanable funds in great centers, thus hindering production throughout the country on the whole; 2—There was no open market for the discount of such paper; 8—There was a disparity in discount rates throughout the country generally and there was in existence no agency, the influence of which could secure uniformity, steadiness and reasonableness in rates of discount. No banking facilities for emergency cases We had no effective agency that could surely provide adequate banking facili- ties for different regions, promptly and on reasonable terms, to meet the ordinary or unusual demands for credit or currency necessary for moving crops or for other legitimate purposes. Lack of uniformaty There was no power to enforce uniform standards throughout the country with regard to capital, reserves, examinations and the character and publicity of reports of all banks in the different sections of the country. [18] WEEE EE ete

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