Download PDF, EPUB, MOBI Proceedings of the Annual Convention of the American Bankers' Association Volume 30

Proceedings of the Annual Convention of the American Bankers' Association Volume 30. American Bankers Association

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Author: American Bankers Association
Page Count: 126 pages
Published Date: 01 May 2012
Publisher: Rarebooksclub.com
Publication Country: Miami Fl, United States
Language: English
Type: PDF
ISBN: 9781231223789
Download Link: Proceedings of the Annual Convention of the American Bankers' Association Volume 30
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1904 Excerpt: ...for the issue of credit currency as such relief measure? The consensus of opinion seems to answer, No! Personally I do not see any serious objections to a great central bank as fiscal agent for the United States and as a bank of the banks, somewhat on the order of the Imperial Bank of Germany, or on the order of the Bank of England, but with full power to legally issue currency under a five per cent, per annum interest rate on deposit of securities, as was done by the Bank of England in 1847, 1857 and 1866. as an elastic or emergency measure to throttle panics in their incipiency, but I suppose the banks holding government deposits would object. The nearest sound solution of the second question comes from our able Secretary of the Treasury, and also from the committee, s conservative report of last year before this convention. Both advocated the issue of relief National bank notes in excess of present issues, under a 5 per cent, to 6 per cent, interest penalty to ensure its retirement after the temporary pressure for funds is over. This tax, which is the essence of soundness, in compelling the return of the extra issues back into the reservoir to be ready to quench the next fire and also to prevent inflation, has been, to my mind at least, altogether too freely criticised. 1 fear that some critics have allowed selfishness as to profits to outweigh the necessity for relief. Many good men have declared they would issue no currency and pay 5 per cent, on it. Under ordinary conditions, of course, we would not, but under extraordinary conditions when frightened depositors are demanding cash; when country bankers are necessarily withdrawing reserve balances, and solvent merchants and manufacturers are calling for loans to pay bills and keep the wheels of commerce ..

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