Banking theories in the United States before 1860

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Monograph

Identifikator:: 1764912950

URN:: urn:nbn:de:zbw-retromon-143253

Document type:: Monograph

Author:: Otto, Berthold http://d-nb.info/gnd/11873878X

Title:: Weltwirtschaftsleere und Weltwirtschaft

Place of publication:: Berlin-Lichterfelde

Publisher:: Verlag des Hauslehrers

Year of publication:: 1928

Scope:: 48 Seiten

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Von der inneren Verfassung der Betriebe

Collection:: Economics Books

CONTENTS INTRODUCTION =. . - a mame wy =, General characteristics of the period. — Relativity of its banking theories and practices. PART I THE UTILITY OF BANKS AS A SOURCE OF MEDIA OF PAYMENT I. THE FUNCTIONS OF BANKING . . Tendency to make banking synonymous with note issue. — Banking operations classified as deposit, discount and issue. — Is note issue essential? — Banks considered as agencies in the distribution of loanable funds. — Banks as clearing houses for the cancellation of debts and credits. — Summary. EARLY MINOR ARGUMENTS CONCERNING THE MERITS OF BANKS 3. , SR. . The desirability of banks a moot question. — Minor advantages ascribed to banks. — Arguments of their early critics. BANKS INCREASE THE COUNTRY’S CAPITAL. . . . . . . Inflationist notions in the colonies. — Their revival with the appearance of modern commercial banks. — Their general refutation after the first few decades.— The doctrine that bank-note inflation lowers the interest rate. — Douglass’s doctrine of appreciation and interest. T IG FT. 26 IV. BANKS PROVIDE AN INEXPENSIVE SUBSTITUTE FOR METALLIC CORRENCY Jo hai he il i ome bt ey Sa oH es Smith’s statement of the doctrine. — Minor corrections at the hands of American writers. — Critics of this alleged benefit of banking. — Con- clusion. Banks Drive Specie Out oF THE COUNTRY . . . . . . Colonial treatment of the doctrine. — Its influence at the end of the eighteenth century. — The views of later writers. ou 1) 320 V. 48 VI. Banks Cause Price FLucTUuATIONS . . . . af Introductory. — The charge that banks cause price fluctuations. — The doctrine that convertibility prevents overissue. — Criticism of this thesis. — Theory that the manner in which notes are placed in circula- tion prevents overissue. — And that the amount of notes in circulation is a result of conditions of trade. — A just adjudication of the dispute. — Colwell’s well-considered views. — Summary. VII. Banks ProviDE AN E1aASTIC CURRENCY. . . . . . . . The elasticity of bank currency, except in its mischievous aspects, gen- erally ignored. — But a few writers did give attention to it. 55 7C

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