International trade

Bibliographic data

Monograph

Identifikator:: 1758394757

URN:: urn:nbn:de:zbw-retromon-136209

Document type:: Monograph

Author:: Taussig, Frank William http://d-nb.info/gnd/120199459

Title:: International trade

Place of publication:: New York, NY

Publisher:: Macmillan

Year of publication:: 1927

Scope:: XXI, 425 Seiten; graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part II. Problems of verification

Collection:: Economics Books

206 INTERNATIONAL TRADE simplest case — at least for recent times — of a banking system in which bank notes as well as bank deposits are allowed to grow or shrink freely, in which specie plays a very slight part in the circulating medium, in which the entire structure, while it rests on specie, yet rests on a slender basis of specie. In sum, it is one in which we may expect a high degree both of sensitiveness to the international flow of specie and of domination by that flow. Somewhat different, again, and yet in many ways similar to Great Britain and Canada was the United States during the period from 1879 to 1914 — from the resumption of specie payments to the establishment of the Federal Reserve System. Deposits, functioning in the concrete form of checks, formed the largest constituent in the circulating medium. The eager competition of a multitude of banks, and the general atmosphere of enterprise and money-making, led each and every bank to expand to the maximum. That maximum was in part limited by law, in part was made somewhat elastic because of the difference in policy between the more conservative and the more venturesome insti- tutions and directorates. It was affected, too, in no small degree by the factor of demand for counter cash and large change. Bank notes, while more elastic, more available for counter purposes, than in Great Britain, were much less so than in Canada. Issued as they were under the restrictions of the National Bank legislation, they responded very uncertainly to the varying calls for large change. During the period when the silver issues competed with them — a period, moreover, when the legislative restrictions fettered them most — they showed virtually no response to such calls. In the later period, after 1893, the fetters were less severely felt. Yet even then bank notes were issued only in very uncertain accord with fluctuations in the demands for large change; and, as regards an individual bank, hardly a trace of connection could be found between the circulation of that bank’s notes and the calls on that bank for counter cash. The other items of hand-to-hand money — United States notes, silver dollars and certificates — were fixed in amount: tho the volume in actual circulation was affected

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