CONTENTS 
PART IV 
BANKING POLICY AND THE BUSINESS CYCLE 
XV. Banxing PoLiCY . .. . —. 
The importance of short loans. — The relative merits of different types 
of commercial paper. — The discount rate. 
i] 
XVI. THEORIES OF THE CAUSES OF CRISES AND CYCLES . . 187 
Agnostic theories. — Emphasis placed upon the influence of the credit 
system. — Attention to the psychology of business men. — Periodicity 
of commercial crises. — Critics of the theory that banks cause the 
business cycle. — Theory of the self-generating cycle. — Influence of 
maladijustments of production. 
XVII. SUGGESTIONS FOR MODERATING THE CYCLE . . . . . 208 
Loan policy. — Surplus reserves at New York. — Abolition of the 
payment of interest at New York. — The call-loan evil at New York. 
BIBLIOGRAPHY . 
The English background. — The colonial! background. — The period 
1780-1860: (a) Secondary sources, (b) Primary sources. — Periodicals. 
222