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