Postal savings

Bibliographic data

Monograph

Identifikator:: 869930397

URN:: urn:nbn:de:zbw-retromon-49420

Document type:: Monograph

Author:: Kemmerer, Edwin Walter http://d-nb.info/gnd/101827717

Title:: Postal savings

Place of publication:: London

Publisher:: Humphrey Milford

Year of publication:: 1917

Scope:: 1 Online-Ressource (VIII, 176 Seiten)

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter II - The postal savings bank act of 1910

Collection:: Economics Books

48 POSTAL SAVINGS bonds of 1908-18 then payable at the pleasure of the Government. The investment features of the Postal Savings Bank act can not be fully understood except in connection with the general subject of banking reform, which was before the public when the Postal Savings Bank act was passed. At that time the National Monetary Commission was at work on the subject of banking reform. One of the greatest defects of our national banking sys tem was generally admitted to be the bond se cured circulation. By reason of the privilege of being used as security for bank note circulation, the $731,000,000 2 per cent bonds then outstand ing commanded a price much higher than they otherwise would have commanded in the market. The banks had purchased them in good faith, and if the circulation privilege were to be taken away, the Government would be under obligation to protect the banks from loss. The investment of postal savings bank funds, it was argued, would provide a method for the purchase of these bonds at par when the circulation privilege should be taken away from them, 35 and they might then be converted by the Government into bonds bearing a proper rate of interest from the fiscal point of view. 35 Cf. speech of President Taft on the subject of the Postal Savings Bank, Milwaukee, September 17, 1909. Cong. Rec., Feb. 17. 1910, pp. 2048-2050.

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