Die Untersuchung landwirtschaftlich und gewerblich wichtiger Stoffe

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Monograph

Identifikator:: 883823179

URN:: urn:nbn:de:zbw-retromon-4396

Document type:: Monograph

Author:: König, Joseph http://d-nb.info/gnd/119182084

Title:: Die Untersuchung landwirtschaftlich und gewerblich wichtiger Stoffe

Edition:: Dritte, neubearbeitete Auflage

Place of publication:: Berlin

Publisher:: Verlagsbuchhandlung Paul Parey

Year of publication:: 1906

Scope:: 1 Online-Ressource (XXIII, 1083 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Obst- und Beerenfrüchte sowie deren Erzeugnisse

Collection:: Economics Books

THE NATURE OF BANK DEPOSITS II§ when he contended that the*evils of banking arise entirely from the ill-advised union of the functions of loan office and of manu- factory of paper money. ‘By being loan offices, they are enabled to loan all the money they can make, or at least, as much as they please; and by being the manufacturers of a paper currency they are enabled to make as much money as they can loan.” ! He would forbid the issue of notes by banks. Gallatin believed that “the proper banking business consists not in making currency, but in dealing in existing currency and in credit, or, as both are generally expressed, bankers are money dealers.” 2 Banks should borrow and lend money. The New York law prohibiting private banking he deemed entirely desirable with respect to note issue, but professed himself unable to understand, “Why individuals should not be permitted to deposit their money with whom they please.” 3 Gouge, Vethake, Walker, and many others as well, would have subscribed readily to the statement of a writer in Hunt's Merchants’ Magazine, that The business of banks and bankers is to borrow money from one class and lend it to another. . . . Credits they may issue, sight or time drafts, or any other means to accomplish the proper transfer of moneys or commodities from one place to another, but the issue of paper for the circulation of a country ought not to be connected with banks or banking privileges. . . . Take away from the banks of the United States the power of issuing paper money, and the whole difficulty of banking vanishes. Banks would borrow and lend money as individuals.? That banks of deposit and discount are entirely different in character from banks that add the function of issuing credit in the form of circulating notes was very nearly the universal view. The faulty conception of deposits was indicated, again, by the distinction drawn between them and bank notes with respect to ! Raymond, Elements of Political Economy (1823), ii, 129. 2 Gallatin, Letter to Maison (December 20, 1836), Writings, ii, 515. $ Ibid.,ii, 514; Considerations, etc. (1831), p. 95, note ¢. In 1837 New York did in fact repeal the law of 1818 prohibiting unincorporated banking in so far as it re- ferred to merely “keeping offices for the purpose of receiving deposits, or discounting notes or bills.” Laws (1837), chap. 20, p. 14. * Wilkes, “Banking and the Currency,” Hunt's Merchants’ Magazine (August, 1858), xxxix, 192. § Ibid., p. 193. See also, James Buchanan, First Annual Message (December 8, 1857), in Richardson, Messages of the Presidents, v, 441.

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