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SUPPLEMENT to l i s t o p p e n d in g i n v i
t a t i o n s POP SENATOR ALDRICH TO DELIVER
ADDRESSES.
FLORIDA.
f
i
(\P '
TAMPA:
L e t t e r d a te d N ov. 1 3 , 1 9 0 9 .
From THOMAS J . L .
BROWN,
'
“P r e s i d e n t Tampa Cham ber o f C om m erce.
To a d - U
\
d r e s s a CONVENTION OF BANKERS OF THE SOUTHERN STATES f \
V
a s g u e s t o f h o n o r , a t b a n q u e t, F eb ru a ry 1 6 , 1 9 1 0 .
N'
D in n e r , e v e n in g .
"
u^ 3 ~ V.
A
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INDIANA.
or
t t .e r d a te d N o ^ | 2 3 , J # b 9 .
/from .H E R B E R T
P r e a t .'la n d j f e r | W a v e r |y C9 4 ) 1 P v e b i d e n t
o c f e t i ^ h . % S eco n d ^ ^ h v it & f io t i t o
r a r a u n 1 THIS. SECTION" i n J a n u a V v .
J a JxA
y
.
LOUISIANA.
r-
1
NEW ORLEANS:
L e t t e r d a te d N ov. 2 4 , 1 9 0 9 .
From LYNN H.
DINKINS, P r e a t . I n t e r s t a t e T r u s t an d B a n k in g C o.
G e n e r a l i n v i t a t i o n t o d e l i v e r a d d r e s 3 i n New O r le a n s
a t d a t e t o b e f i x e d by S e n a t o r A l d r i c h .
r
1
V
#- \
NEW YORK.
TROY:
/
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(
\
L e t t e r d a ted D ec. 1 6 , 1 9 0 9 .
From HENRY COLVIN,
ti
C h airm an G roup V , N. Y . S t a t e B a n k e r s ' A s s n .
R eH 'l
f u r r in g to p r io r i n v i t a t i o n , s t a t e s th a t d in n e r s a r e
*
u s u a l l y h e l d on S a t u r d a y e v e n i n g s .
BUFFALO:
L e t t e r d a te d N ov. 1 0 , 1 9 0 9 .
From JOHN N.
KLOEPJER (H am burgh, N . Y . ) , T r e a s u r e r N. Y . S t a t e
r
u
B a n k e r s ’ A s 3 n . , an d C h airm an o f G roup 1 .
To a d d r e s s
/
" 1 - ' ^ a n n u a l m e e t in g a n d b a n q u e t o f GROUP 1 , NEW YORK STATE
i
^
BANKERS' ASSOCIATION, a t B u f f a l o C lu b , d u r in g D e c e m b e r ^ ' i ‘
f / i ’P ) o r J a n u a r y , a t t im e t o be f i x e d by S e n a t o r A l d r i c h .
D in n e r , e v e n in g .
(6)
NEW YORK —
continued.
BUFFALO:
L e t t e r d a te d L ee. 9 , 1 9 0 5 .
F roia SAMUEL ELLIS
( A s s t . C a s h i e r M f r s . and T r a d e r s N a t l . B k . ) , S e c r e t a r y
G roup 1 , N. Y . S t a t e B a n k e r s ' A s s n .
To a d d r e s s a n
n u a l d i n n e r o f GROUP 1 , NEW YORK STATE BANKERS' AS 3 0 CIATION, i n J a n u a r y o r F e b r u a r y , 1 9 1 0 , a t t im e t o be
f i x e d by S e n a t o r A l d r i c h .
D in n e r , e v e n in g .
OHIO.
'
CLEVELAND:
L e t t e r d a te d N ov. 2 3 , 1 9 0 9 .
From MUNSON A.
HAVENS, S e c ' y C l e v e l a n d Cham ber o f C om m erce.
H o p es
t o h a v e Chamber o f Commerce h e a r S e n a t o r A l d r i c h "a
l i t t l e l a t e r " , v i z : a f t e r m e e t in g o f C o n g r e s s , when
'}_)'
l e g i s l a t i v e p rogram f o r th e s e s s i o n i s a s c e r t a i n e d .
i
, .CINCINNATI:
L e tt e r d a te d D ec. 1 4 , 1 9 0 9 .
From W. S . ROWE,
C o m m e r c ia l C lu b , C i n c i n n a t i .
A c k n o w le d g e s a c c e p t a n c e
" v
o f i n v i t a t i o n t o a d d r e s s COMMERCIAL CLUB OF CINCINNATI
on S a tx ir d a y e v e n i n g , J a n u a r y 2 2 , 1 9 1 0 .
D in n e r , e v e n -
/ a/ .
V
lne-
"
(
n
s
O
j
TENNESSEE.
NASHVILLE:
T e le g r a m
d a te d D ec. 1 5 , 1 9 0 9 .
Prom E . W.
POSTER, P r e s t . N a s h v i l l e B o a r d o f T r a d e .
To a d d r e s s
NASHVILLE BOARD OP TRADE a t S e n a t o r A l d r i c h ’ s c o n v e n "
ie n c e .
L uncheon, n oon .
( A l s o t e l e g r a m o f D e c . 15
.,w
fr o m GEORGE M. REYNOLDS, s e c o n d i n g a b o v e , an d u r g i n g
p r e s e n c e on D e c . 2 3 . )
RHODE ISLAND.
a
I,
u
%
A %T
*
x
PROVIDENCE:
L e t t e r d a t e d Dec* 1 6 , 1 9 0 9 .
Prom RATHBONE
GARDNER, P r e s t . U n io n T r u s t C o.
S econ d s p r io r in v it a t i o n o f Mr. S t o c k w e l l t o a d d r e s s ECONOMIC CLUB OP
1
PROVIDENCE " a t a n e a r l y d a t e . 1*
D in n e r , e v e n in g .
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V
(7)
LIST
OF
PEN D ING
A LD R ICH
TO D E L I V E R
v ita tio n s
fi
4 ',U
IN V ITA TIO N S
w ere
ADDRESSES.
p e n d in g
D ec.
..
i* v
FOR
SENATOR
(Th ese
18 ,
1S 0 9 .)
n i £ 4l Q
**
in
V
CO N N ECTICU T.
HEW H A V E N :
L e tte r
GRAVES
(179
dated
8,
Nov.
C hurch
S t .,
New
190 9.
From
H aven ),
Se creta ry
C lu b
of
th e
C ity
of
New
CLUE
OF
THE
C ITY
OF
NEW H A V E N
( / I/ o n " a l m o s t
■
eve n in g.
any
H aven.
Thursday
a fte r
To
at
ARTHUR
address
f i r s t
C.
E co n o m ic
ECONOM IC
annual
d in n er
T h a n k sg iv in g ."
D in n e r,
G EO R G IA.
ATLANTA:
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LOWRY.
L
( N
fi 1
M-i
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ATLANTA:
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j.
V
f
k o
jX ' \N ov.
3rd ,
W.
O ct.
G.
190 9.
in v ita tio n
m on etary
and
27,
v is it
m atters.
d ated
O ct.
le t t e r
COOPER,
to
190 9;
D ec.
S e cre ta ry
ROBERT
A tla n ta
Tim e
29 ,
d ated
From
not
also
4th ,
to
A tla n ta
J.
and
m ake
sp e c ifie d .
le tte r
sam e
dated
e ffe c t.
Cham ber
of
C or a
, m erce.
G eneral in v ita tio n
t o a d d r e s s A T L A N T A CHAMBER
s \ \ ** V
- i ' O F COMMERCE " a t y o u r e a r l i e s t c o n v e n i e n c e " o n m o n e t a r y
<
\b
1
on
T eleg ram
v 'F r o m
■k \ A
G eneral
address
\
dated
V h
m atters.
T im e
to
be
fix e d
by
Sen ator
A ld rich .
iUV/A
r
SIO U X
C ITY :
T e le g ra m s
C o m m issio n er
;
S io u x
dated
C ity
Nov.
8,
190 9.
C o m m ercial
From
C lu b ,
E R K IN S .
G eneral in v ita tio n
t o sp ealc
L a te to be f i x e d by S e n a to r A ld r i c h .
and
in
C.
J .
GEORGE
S io u x
BELL
D.
j/
C ity .
'
KENTUCKY:
|
j t ’I
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(J
(A
LO U ISV ILLE:
,
BATE
i C‘ j
(A sst.
P re sid e n t
, -
o f
L e tte r
of
B an k in g .
d ated
C a sh ie r
Aug.
12 ,
190 9.
L o u is v ille
N a tl.
L o u is v ille
To
address
C h apter,
m eetin g
'l
(1)
From
B a n k in g
A m erican
of
JO H N
T.
C o .),
In s titu te
LO U ISV ILLE
CHAPTER.
\
/
K E ’ TTU C K Y ------c o n t i n u e d .
A M ERICAN
IN STITU TE
room s.
Tim e
not
OF B A N K IN G ,
at
Board
o f
Trade
J .
W.
sp e cifie d .
M ASSACHUSETTS.
BOSTON:
L e tte r
6
(N o.
To
rn ,
Y-
Beacon
address
N atio n al
i
Sen ator
BOSTON:
S
,)
S t .) ,
or
190 9.
CLUB
OP B O S T O N
B in n e r,
d ated
Nov.
address
th e
B ate
10 ,
(bu t
on
C lu b
to
(?)
BRATSON
of
/
B oston .
w ork
be
,
o f
fix e d
th e
by
eve n in g .
BOSTON
D ecem ber
Prom
E co n o m ic
C o m m issio n .
A ld rich .
To
13 ,
Se creta ry
ECONOMIC
T eleg ram
▼ em ber
Nov.
M onetary
W EEKS.
/ (£ '■
d ated
190 9.
Prom
CHAMBER
not
OP
betw een
JO H N W.
COMMERCE
1
D ec.
in
and
No-
5. )
Bee.
.
M ISSO U R I.
\
JO P LIN :
No
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190 9.
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G eneral
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in -
/
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'in -t h e
h \ k r
NEW Y O R K .
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TH0Y:
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r '
o
^ v . .?
State
fjt f
NEW Y O R K
0-
p
i
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V
d in n er
C IATIO N ,
even in g.
6
at
CRAG IN
(100
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BBW YO RK
of
A LLIN G
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of
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5,
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V-
V .
CLUB
19 10 .
L e tte r
(C are
In stitu te
N assau
of
Prom
B an k ),
be
guest
V,
HBW Y O R K
h e ld
Bee.
OP
of
THE
C ITY
Sep t.
Y.
B an k in g ,
11
P in e
Thursday
(2)
<2>
V,
and
of
Prom
N.
on
Y.
NEW Y O R K
p.
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Y.
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ASSO
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ad
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m eet
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m.
190 9.
C ity ),
IT.
BANKERSf
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OF
23,
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STATE
1:3 0
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on
honor
C om m ittee
C ity
CO LVIN
Group
190 9.
Luncheon,
dated
of
in
4,
C h airraan
C lu b
HENRY
C h airm an
To
d ated
R e p u b lica n
REPU BLICAN
1909.
u su a lly
B road w ay),
r e g u la r m eetin g
o f O ctober.
v
GROUP
L e tte r
C ITY:
/ r- *
1
2 ,
State
"d in n e r
C ITY :
dress
'
Bee.
N atio n al
B an kers
annual
(
dated
Prom
P re sid e n t
To
IT.
A m eri.
address
a fte r
B.
any
m id d le
• v
✓
NEW Y O R K -----c o n t i n u e d .
HEW Y O R K
C ITY :
L e tte r
VAN D ERLIP
.
L >
( /
\
j
M
(P rest.
V III,
N.
V III,
NEW YO RK
d in n er
d ated
Y.
at
State
O ct.
29,
N atio n al
C ity
B an k ers’
A s
STATE
B an k ),
3n.
BANKERS'
W a ld o rf-A sto ria ,
190 9.
To
From
C h a irm a n
address
A SSO C IATIO N ,
Jan u ary
FRANK
17 ,
A.
Group
V
GROUP
at
annual
19 10 .
D in n e r,
even in g.
C
NEW YO RK
C“
^
L e tte r
d ated
Nov.
19 ,
190 9.
From
L.
(V ice -P re st.
E q u ita b le
Trust
E x e cu tiv e
C o m m ittee
Trust
Se ctio n ,
Am.
SEC TIO N ,
AM ERICAN
honor
Sen ator
3n.
To
vERS'
address
TRUST
ASSO C IATIO N ,
ric h .
of
D ate
to
at
be
Co.
COMPANY
lu n ch eo n
fix e d
by
in
Sen ator
C o .),
L.
G ILLESP IE
A s
(\
C ITY:
o f
a-
C h airm an
B ankers'
A ld rich .
BANK-A ld -
Luncheon.
O H IO .
C IN C IN N A TI:
i
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\
T eleg ra m
PORAKER.
G eneral
b u sin ess-m en
> \ '\ r )
C IN C IN N A TI:
1i:
p! .j -kh'
HUTTON,
‘h
b
0
of
9,
in v ita tio n
190 9.
to
Prom
address
J.
B.
bankers
/
and
C in cin n a ti.
d ated
Nov.
9,
190 9.
P re sid e n t,
and
FRANK
H.
BALLMAN,
C lu b
OP
Nov.
T e le g ra m
B ankers'
CLUB
d ated
o f
To
C in cin n a ti.
C IN C IN N A TI
at
d ate
From
E .
S e cre ta ry ,
address
co n v e n ie n t
W ILLIA M
to
1/
BANKERS'
Sen ator
A la -
rich .
CLEVELAND:
T eleg ra m s
MUNSON
A.
HAVENS,
m erce.
d ate
To
to
be
of
17
Se cre ta ry
address
fix e d
Nov.
by
and
Nov.
C le ve la n d
CLEVELAND
Sen ator
CH AJW ER
2 2 ,
190 9.
Cham ber
OP
Prom
of
Cora-
COMMERCE
^
at
*
A ld rich .
PEN N SYLVA N IA.
a
P H ILA D ELPH IA :
,y . {
ELLIO TT
L e tte r
(B rest.
A sso cia tio n
\ V
i
M
3
«
d res
■
H o te l,
of
BANKERS
D in n e r,
at
d ated
C en tral
D ec.
N a tl.
P h ila d e lp h ia
OF
annual
4 ,
on
B k .),
at
(3)
Banks.
W ILLIA M
of
th e
To
ad-
T.
-7
B e l l v u e - S t r a t f ord
W ednesday,
eve n in g.
From
P re sid e n t
N atio n al
PH ILAD ELPH IA
d in n er
190 9.
Feb.
2,
19 10 .
'
/
/
PENNSYLVANIA - PH ILAD ELPH IA :
i
0 ^ .
B LISH ,
P re sid e n t
V ER SITY
/
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OP
12
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jo f
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.
to
'W h a rto n
To
27,
L e tte r
address
d ated
(U n iv e rsity
P o litic a l
H.
HARGER
U n iv e rsity
"a fte r
co n ven in g
of
‘Z/
of
WHARTON A S S O C I A T I O N ,
of
and
O ct.
P a .),
28,
S o c ia l
U N I
C o n g re s s ."
AM ERICAN
ACADEMY
jCi
SCIEN C E
in
honor
M on etary
19 10 .
Tim e
OP
not
Prom
A m erican
S cie n ce .
of
of
190 9.
P re sid e n t
se ssio n
Jan u ary",
Prom
A sso cia tio n ,
^
I j
190 9.
12 :4 5 .
To
L.
S.
address
P O LITIC A L
AND
C om in iss i o n ,
/
Academ y
sp e c ia l
{/
SO CIA L
"som e
tim e
in
sp e cifie d .
s’
PH ILAD ELPH IA :
KNOX
i J
r\ v1
L e tte r
(B an k
C h apter,
o f
Tim e
d ated
N orth
A m erican
'P H IL A D E L P H IA
,A
( '
not
O ct.
In stitu te
CHAPTER,
L e tte r
STOCKVELL
<((
C lu b
A
of
ID EN CE
^^
to
/I
f
be
(328
dated
of
JO H N
C.
/
P h ila d e lp h ia
B a n k in g .
To
IN STITU TE
address
OP B A N K I N G .
on
th e
fix e d
w ork
by
30,
190 9.
Exch an ge),
To
of
ECONOM IC
M on etary
A ld rich .
A tla n tic
Prom
Secretary
address
th e
Sen ator
(P re sid e n t
ISLA N D .
ITov.
B u tle r
P ro vid e n ce .
METCALF
Prom
sp e c ifie d .
PR O VID EN CE:
jj\
190 9.
P re sid e n t
AM ERICAN
RHODE
I
27,
A m e rica),
s '
c'
O ct.
PEN N SYLVA N IA ,
PH ILAD ELPH IA :
u-
dated
P e n n sylvan ia .
X)
\
(
/
/
L e tte r
continued.
N a tl.
EDWARD
A,
E co n o m ic
CLUB
OP
C o m m issio n .
r#
PROV
oy
D ate
A lso
le tte r
fro m
B k .)
se co n d in g
E.
P
in v i
ta tio n .
4/
PRO VID EN CE:
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GREENE
X
,
(
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(
I J banquet
V L i
\
Sons
L e tte r
d ated
(44 A lu m n i
o f th e
on
A v e .),
A m erican
o f RHODE
REVO LU TIO N ,
D ec.
ISLAN D
Peb.
22 ,
7,
190 9.
P re sid e n t
Prom
Rhode
W ILLIA M
Isla n d
R e vo lu tio n .
To
SO C IETY,
OP T H E
19 10 .
SONS
address
C.
S o cie ty
annual
AM ER ICAN
E ve n in g .
l -\
-V
1*
W ISCO N SIN .
MENOM ONIE:
\\ a *
t 1
(T \
JA C K SO N ,
L e tte r
dated
C h a irm a n
of
Nov.
6,
190 9.
C o m m ittee
(4)
of
Prom
Group
1
PRANK
o f
C.
W isco n sin
\ \y
W isc o n s i n —
continued.
•
j.
¥,v
B ankers'
A sso cia tio n .
BARKERS'
A SSO C IA T Ion
at
annual
m ee tin g
on
To
and
Jan .
address
CO M M ERCIAL
14 ,
( 5)
19 10 .
CROUP
CLUB
I
OP
OP W i s c o n s i n
C
M EM OM OniE
D in n e r,
e ve n in g .
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LIST
AND
OF
IN VITA TIO N S
OTHER
THAT
M ISC ELLA N EO U S
CONNECTED W ITH
SENATOR
HAVE
BEEN
HATTERS
D E C L IN E ]';,
NOT
A LD R IC H ’ S
D IR ECTLY
SPEAK IN G
TOUR.
CALIFO R N IA .
SAN
FR A N CISCO :
Prom
F.
L e tte rs
B.
ANDERSON,
re so lu tio n s
conduct
cisco
oth er
o f
m ake
c it ie s
and
O ct.
M onetary
th e
P a c ific
190 9.
E n clo ses
C o m m issio n
in v e stig a tio n s
of
30,
C a lifo rn ia .
N atio n al
and
11
Aug.
Bank
in v itin g
h e arin g s
and
d ated
in
San
to
Fran
‘v
f
C oast.
M ASSACHUSETTS.
BOSTON:
L e tte r
H EATH FIELD
;
Bank
V
to b er,
\
■ BOSTON:
*
,
fro m
OF
d ated
C iv ic
dre38 B 0 S T 0 H
D e clin e d .
BARNWELL.
(y
a'
0
L e tte r
A LD R ICH ,
to
CLUB
Nov.
OF
24,
S e cre ta ry ,
C ITY
CLUB
dated
B a rn w e ll.
A ld r ic h to v i s i t
to M acon , Oa.
in
C o m m ercial
on
SOUTH
K
at
HERBERT
C o .),
To
BOSTON
M in n e a p o lis,
CO M M ERCIAL
W IN SH IP,
Trust
B oston .
re fe rred
Se creta ry
L e tte r
&
From
P re sid e n t
address
its
D.
s/
BANK
m eetin g
in
O c
D e clin e d .
sent
address
190 9.
Dep.
of
A SSO CIATIO N
In v ita tio n
BARTLETT,
15 ,
Safe
A ssn,
190 9.
A ld rich
Sep t.
(B oston
O ffic e rs '
O FFIC ER S’
BOSTON:
dated
O ct.
of
Nov.
12 ,
190 9,
C lu b
o f
BOSTON.
B oston
Sen ator
to
S.
B oston .
L.
/
To
D e clin e d .
190 9.
From
C itv
Thursday,
AD D ISO N
C lu b .
D ec.
9,
L.
To
/
ad-
190 9.
CAR O LIN A.
27,
190 9.
P erson al
Pudge
te le g ra m
A ld rich
From
in v ita tio n
on
th e
»Tud(^e
to
ROBERT
Sen ator
S e n a t o r 's
trip
‘
H
THE
CURRENCY
Q U ESTIO N .
re ce n tly
The
tou r
d iscu ssio n
cip a l
at
o f
o f
th e
fin a n cia l
o itie s / w ill
la rg e
and
do
prom pt
and
o f
cou n try
th e
m en
in
th e
and
beoone
and
fo r t ify
C ongress
muoh
upon
v a rio u s
the
e a rlie s t
w ith in
a
our
fin a n c ia l
them
a ffa ir s
in
tim e
on
a
d isp o sed
sound
e v il
is
reached
As
th at
and
fin a n cie r,
S p e cie
P aym en ts:
"th e
o f
fin a n c ia l
f a r c e — —t h e
way
in te re sts
th e
favo r
o f
in
vie w
o f
3
fo r
i f
th e
•
■
_
th in k in g
upon
h is
su g g estio n
w e ll,
to
act
co n fer
th e
is
in
a
w ith
no
and
le g is la to r s
q u estio n
reason
m anner
b a sis
our
in su re
b efo re
why
th at
th e
v
it
co u ld
Id
us
p la ce
a g a in st
th ese
w ith
great
re g u la rity ,
and
tim e
u n til
th e
th e
root
o f
re m e d ie d .
em in en t
b u sin ess
in
And
th ere
b u sin ess
cou n try
b a sis*
b rin g
o f
th e
p rin
b u sin e ss
th at
seem t o b e r e p e a t e d
he repou ted
co n tin u e to
fro m tim e to
doubt
W ith
m om ent,
fo r
th e
h is
b an k in g
su b je ct,
to
o f
sen tim en t
p la ce
in d u ced
e ffo rt
b o d ie s
and
th e
flu r r ie s
no
th e
an
be
be
a
A ld rich ,
good
p u b lic
tim e ly ,
th e
p o ssib le
rea so n a b le
w ill
our
WttS
I I
in
muoh
ad opted, to
co u ld
in te re ste d
support
w ith
s a tis fa c to ry
Congress,
and
not
and
Sen ator
co m m ercial
frau gh t
b e in g
co m m u n ities
a c tiv e ly
p e rio d ica l
sound
o f
by
c r y s ta llis in g
m easures
a
m ade
b efo re
be
tow ard s
se ssio n
at
q u estio n s
u n d o u b ted ly
e ffic ie n t
ap p ro a ch in g
M M S tX g H : ; r r
cou n try
o f
num erous
to
Jo h n
Sherm an,
resum e
is
way
s e ttle
to
to
said
o f
re su m e ,"
it
is
th e
cou n try
to
e n jo y
o b je ct
le sso n s
we
have
and
to
a
th e
so
it
s e ttle
rest
had
R esu m p tio n
upon
d u rin g
co u ld
o f
be
said
i t ,
and
th e
su b je ct.
the
past
p erm it
15
or
20
y e a r s , and th e s e v e r a l "c a m p a ig n s o f e d u c a t io n " t h a t h a v e b een t h r u s t
t o g e t h e r w it h t h e i n v e s t i g a t i o n s o f th e M o n e ta ry C o m m issio n ,
upon u s w ith in th a t tim e ,^ th e re is
c e r t a i n l y no l a o k o f e x p e r i e n c e o r
in fo rm atio n
pared
th e
to
deal
co m p lexio n
years,
and
The
o f
th e
barks
h u m b le
i f
w ork
th e
w ith
o f
su b je ct,
th e
Congress
d e la ye d
o f
and
and
th e
190 8,
w ith
sm ooth
o p in io n
out
create
a
and
su b je ct
by
V R EELA N D -ALD R IC H
d ire ctio n ,
upon
new
as
o f
law m ak ers
are
th ey
w ill
a
fin ish in g
very
d efeo ts
b est
and
system
to
was
3CXXXXX
stro k es
no
doubt
be.
m a te ria lly
have
o c £ v " 'B io n
XXXXXXXXA
it s
ever
changes
m em bers V i l l
w h ich
few
th e
now
n e c e ssa rily
B ILL
som e
our
A n o th er
w ith in
pre
th in g ;
a
few
it
a ll
over
reached
in
th e
passage
a
step
in
p o p u la rize
in co n siste n cie s
th at
w el?
le a rn
m e
to
as
co u ld
th e
it
rig h t
w ith
w o u ld
p o ssib ly
be
a g a in .
th e
in
my
d evised
H'
(2 )
fo r
th e
ever
in te re sts
th at
o f
it
o f
is
th is
th e
alo n g
cou n try
c r itic a l
fro m
g ro w in g
purposes
and
th e
th in g )
sam e
H ouse
becom e*
The
how
sm a ll
prepared
m ay
it
to
In
passed
purpose.
it
or
how
regard
or
H ouse
o f
be
becam e
is
I
id e a l
it
in
th e ir
c la ss
o f
am ount
e ffe c tiv e
and
s a tis fa c to ry
g a tin g
th e
a ll
th at
m ay
th e
and
uses
several
cou n try
em ergency
(v/h icn
m ade
reason
th e
For
to
is
one
and
approach
th e
re lia b le
each
i t
cen tre;
no
may
w ill
fin a n cia l
be,
w ill
m atter
be
co n tin g e n cie s
exist
th is
p resen t,
enorm ous
fo r
a ll
o f
a
e lse w h e re ,
th at
and
be
as
to
th is
th e
by
out
it
w o u ld
by
w ere
at
every
be
do
can
m ed iu m
$3 ,15 0 ,0 0 0 ,0 0 0
th at
m oney
be
o f
to
by
m ay
added
my m in d
to
pay
to
$ 3 5 .
and
fa ir
th e
fo r
i f
th e
ra te
th at
in
o f
so
soon
Thus
th at
in
m anner m oot
a
ra y m i n d ,
in
issu e d ,
And
upon
seotired
be
p ro vid e d
a
re lie d
c o lla te r a l
fo r
paym ent.
secured
about
fe a tu re
q u a lifie d
re tire d .
an ri
it
gen eral
and
such
be
e n a b le
s e ttlin g
fo r
secured
be
th e
d evised .
th e ir
w o u ld
can
but
w e ll
re q u ire d
resp ect,
le a s t,
o f
p e rio d s,
w e ll
p ro m p tly
"e la s t ic it y "
m eans
W ith
and
w o u ld
a u to m a tica lly
fo r
thera; i t
be
men
be
p le d g e d
w o u ld
in
w here
com petent
currency
m oney
a b so lu te ly
th at
tim e )
p o ssib ly
co m m u n ity
e xp e rim en t,
m anner
o n ly
a ctive
co u ld
c irc u la tin g
sum
not
in
an
o b lig a tio n s.
paym ent
cou n try
it
lo n g e r
a ll
each
d esired
no
fo r
w o u ld
put
m uch
th e
has
n e c e ssitie s
up
c o lla te ra l
and
W ith
th at
use
approved
th e
p e rfe ct
e ffe c tiv e
u n p ro fita b le
in
and
be
o n ly
ten d er
known
o f
to
( it s
d iscu sse d
e la s t ic it y ,
at
u sefu l
be
i t s
is
strin g e n cy ;
p la o e
S e co n d ly,
th e
w ill
co n d itio n s
C e r tific a te
m ore
and
th at
to
th at
1 9 0 7 ------- s a v e d
can
p e rfe c t,
any
fo r
"e la s t ic it y "
a fo re sa id
th e
currency
C e r tific a te ?
ar
va ryin g
fo r
one
fo r
b u sin e ss
e ffe c tiv e ly *
le g a l
upon
on
p ro vid e
banks
w e ll
u sin g
in te re st
as
system
tim e s
red em p tio n
banks
a
fir s t
s e c u ritie s ,
th e
such
c e rta in ly
th e
w e ll
m ore
rem ain s
b e tte r
as
in cre a sin g
d ire ctio n
18 9 3—
H ouse
th e
and
rig h t
1 8 7 3 -------1 8 8 4 —
C e r tific a te
la rg e ,
co n sta- tly
b e s t 'e m e r g e n c y
Act
betw een
n o th in g
th e
th e "C le a rin g
o f
and
in ve n te d »~ a n d
p reve n tive ,
and
in
as
in
th e
th at
used
ever
vast
nearer
how
c ircu la tio n
and
v iz ,
w ith o u t
w o u ld
was
such
C le a rin g
b a la n ce s
it,
th e
p ro m p tly
th in g
be
o f
lin e s
th e
e ffic ie n tly
The
to
th e
re su lt,
or
a rise
o n ly
is
p a n ic
C le a fin g
th e
It
th at
ru in ;
o f
cou n try.
p e rio d s,
u tte r
dem ands
no
per
m uch
p e rfe ct
oth er
way*
ca p ita ,
in cre asin g
at
aggre
th e
rate
(3)
o f
about
1 0 0 , 000,000
$
co n d itio n s
o rd in a ry
is
am ple
id e al
m et
but
it
w ith ,
ip
th ey
are
sh o u ld
then
house
o f
under
arran ged,
m em bers
o f
a
Banks,
gency,
and
upon
re sp e ctiv e
by
sam e
N atio n al
Bank
w h ic h
th e
N atio n al
th ey
w o u ld
Banks;
no
lo n g e r
As
an
and
o f
c f
th e
very
se rio u s
in
la tte r
part
o f
banks,
th e
C le a rin g
o f,
kept
how ever.
a
H ouse
la rg e
o f
th e
C le a rin g
in
the
sane
co m p an ies
th e ir
passed
even
> VM, 3
by
b oth
th at
G overnm ent
R tate
la w s
th e re o f
sam e
fo r
ra te
th e
th e ir
o f
as
p la ce
o f
th e
be.
cle a rin g
^he
not
ft ate
at
be
Banks
l e a s t , >vith
tim e s
c a ll
share
be
reserve
in
to
in te re st
sam e
by
cou n ted
se cu rity ,
course
it
exten t
p erm itted
In
Banks,
C o u ld
d ep o sits
be
tim e .
sh o u ld
a ll
n t a t 'i
ce rta in
e xtra
th rou gh ou t
c e rta in ly
and
fo r
fir s t
p ro b ab ly
th at
be
of
th e
use
co n tro l.
a
th is
w ill
In
it
N atio n al
c o lla te ra l
In
as
case
th e
but
upon
by
o f
m ay
be
in d u cem en t
fo r
it s
th e
s tr in
th e ir
cu rren cy,
as
bank
checks*
depo s i t o r s , t h e y
th e
c r is is
o f
advanced
very
th e ir
&
w ork
th e
and
re q u ire d
o f
re tire m e n t,
fo rtu n a te ly
th at
com p an ies
order
on
T h erefo re
o n ly
cu lle d
la rg e
sum s
in
. .
in
c ity
w ere
not
m em bers
th e
th e
upon
ad d itio n ,
and
th in
o f
re
spread
som e
b e n e fits
th e
checks
d u rin g
am
not
w ith
th e ir
I
d id
secure
d e p o sit
su cc e ssfu lly ,
m
to
m eans
lo a n s.
p r a c tic a lly ,
co m p an ies
not
dem and
s m
in
out
tru st
tru st
reserves
th rough
through
any
am ong
and
w ere
w o u ld
1 9 0 3 w h ich
th e ir
but
in
p a n ic
th at
o f
H ouse,
th e ir
th at
A sso cia tio n ,
part
m anner
how
O ctober,
b a la n ce s
c a llin g
p ro p o sitio n
o f
at
o rd in a ry
needed*
illu s tr a tio n
th e
and
under
p ro vid e
needed
general
co n tro l—
th erefo re
m in d ed
th e
fo r
a s s o c ia t io n , co u ld
th e
To
in su rm o u n tab le.
d e p o sito rie s
pay
currency
o b sta cles
a s s o c i a t io n , t o
o f
o f
so.
is
re sp e ct,
co n sid e ra tio n
d e p o sit
th at
sohem e
under
h o xire
th e
in
the
u n ifo rm
proper
fo r
when
o f
any
com posed
cle a rin g
Banks
th at
su p p ly
co n tin u e
a ll
th at
m eans
b e in g
th e re fo re ,
N a tio n a l
State
are
not
is
no
vfith
th e
doubt
G overnm ent
co n fro n ted
course
no
in
by
conceded
be
annum ,
th e re fo re ,
are
a sso cia tio n s
la tte r
w ill
co n d itio n s
g e n e ra lly
o ou n try
Ve
and
co n d itio n s,
a tta in in g
per
run
th e
and
on
cases
Banks
c' eared
th e
b an ics
by
o f
th ere
n a tio n a l
w ere
to
tru st
fo r
th at
m eans
w ith o u t
(4)
t
Had
la w ,
an
by
w h io h
cu rren cy,
and
th e
th a t,
vent
and
a sso cia tio n
th e
banks,
a ssista n ce
p a n ic
th e
am ong
th u s
w ere
th e
on
co u ld
th e
k n o w led ge
p an tos
e x iste d
d e p o sit
have
tru st
o f
th e
o f
such
o f
been
by
co n tem p lated
se cu rity ,
rendered
th at
th e
as
proper
co m p an ies
fa ct
possessed
cause
here
banks
p a n ics— -la c k
o f
at
once.
reso u rces,
w o u ld
And
co n fid en ce—
present
secure
and
and
in sp ire
th e
o n u ld
im m e d ia te ly
ended
such
hy
fr e e ly ,
asid e
power
fro m
to
pre
co n fid e n ce
w o u ld
g en e rally
d isap p e ar
e n tire ly .
At
any
rate
A sso cia tio n s
rath er
than
fo rm ed
as
w h ich
the
as
fo r
th e
new
co n tem p lated
we
T h is
a ll
know,
Banks
is
o f
oaused
have
no
v o ice
Bank,
w here
a sso cia tio n
an
be
e x clu d e d ,
no
m eans
o f
in te re st
th at
atio n
o f
N atio n al
are
be
State
"th e
m aane
be
cou n try.
State
Banks
oause
general
fro m
th e
is
b e in g
its
fro m
also
cured,
Banks
by
o f
and
fact
fo rm atio n
o f
so
w orst
th e
Banks
fa r
upon
th at
few
a sso cia tio n ;
fo r
n ot,
at
a sso cia tio n .
The
m em b ersh ip
when
once
m ethod
o b je ctio n a b le ,
re ce iv e
th e m se lve s
lo ca te d
to
th e
as
be
responses
such
or
banks
to
su b je ct,
the
th at
w ill
to d ay,
e x c lu siv e ly
fo u n d
is
it
e x ist
nouse
th at
e n title d
fe a tu re
co n sid e re d
b efo re
is
C le a rin g
th ey
C ongress
d e sira b le
fo rm ed
as
N atio n al
act
th e
u tiliz in g
w e ll
p la s
any
a
p o in t
and
in ,
o f
from
cannot
th ere
ta x a tio n
as
support
is
and
oth er
de
and
cooper
now
organ
g e n e ra lly.
o f
g re ate st
m ig h t
fo r
p o ssib le
f la t ,
co n sid e re d
a ll
in s titu tio n s ,
in clu d e d ,
as
recent
th e
m em bers
Im portan t
sh o u ld
bo
fa r
fa lle n
w ith d ra w in g
must,
d evised
has
in
are
as
th e
perhaps
charges
fe cts
by
w h eth er
and
be
a sso cia tio n s
c h ie fly
N atio n al
ize d ,
sh o u ld
purpose
re q u ire
N atio n al
t ic a lly
m eans
good
cle a rin g
and
to
fu rth e rm o re ,
o ffs e t
th e
as
th e
th e
house
th e
in ten t
g re ate st
fa ilu re
p ro te ctio n
a sso cia tio n s
and
num ber"
o f
affo rd e d
one
th e
as
purpoee
th ey
or
o f
such
sh o u ld
m ore
by
a
law
som e
p ro m in e n t
N atio n al
Banks
and
d is a s te r.
Ae b e fo r e
stated ;
th e p r e s e n t la w i s
i n t h e r i g h t d i r e c t i o n , ho- e v e r ,
and w i t h a fe w m o d i f i c a t i o n s c a n be p u t in g o o d w o r k in g o r d e r ,
an d when
t h o r o u g h l y t r i e d o u t a n d t e s t e d , w i l l no d o u b t p r o v e t o b e a c o m p l e t e
p r e v e n t i v e f o r p a n i c s and g i v e g e n e r a l s a t i s f a c t i o n .
And c e r t a i n l y on a
b e t t e r b a s i s and f a r m ore e f f e c t i v e
fo r th e purpose th an th e s o -c a lle d
" c r e d i t c u r r e n c y " a s p ro p o se d by th e A m erican B a n k e r s ’ A s s n ., w h ich
W U B M I iiii i i
.
>.....
.
T ------- "
■
"" " T —
• ■
■
XK
(5)
has
no
s p e c ific
se cu rity
w h ich
w o u ld
cause
out; a
la rg e
part
The
proposed
? O k lah o m a
not
to
o f
is
upon
th e
su b je ct
and
fa ct
he
p la n
th at
to
is
m odest
w o u ld
not
be
in
th in k
In
th at
about
p o in t
and
respect
w e ll
known
o n ly,
o f
cen tral
la ve
rate
d ire ctio n
rem ain
doubt
is
to
o f
in te re st
o n ly,
o u tstan d in g
w ork
out
has^show n
state
not
say
purpose.
th e
C en tral
and
does
It
is
^or
us, th a t
o n ly ,
when
once
in d e fin ite ly #
so m eth in g
h is
to
a
very
lik e
th e
gu aran ty
is
p la n
b e lie v e
does
has
a ll
p e rfe c tly
open
w h atever.
he
ap paren t,
He
d o in g
m in d
any
not
id e a .
e v id e n tly
o f
th e
been
su cce ssfu l.
But
who
bow
down
co u ld
fo rm
how ever,
c e rta in ly
In
a
th at
g iv e n
he
cdn
to
area
and
p r a c tic a lly
o om in g
on,
and
riv a lry
b an k in g
is
a ll
not
it.
to
se ctio n
upon
o f
w o u ld
sim p ly
have
to
o w in g
to
d istan ce
as
th e
in d u ce
he
m uch
oth ers
th e
m ig h t
h a lf
sh o u ld
p le a su re
a rriv e
o f
be
m assfcf
a
dozen
It
fo r
o f
th e
in
in
th e
A sid e
fro m
w here
d istre ss
th at,
w o u ld
o f
each
sin ce
been
w ith
governm ent.
o f
d e fin e d
and
and
in
th e ir
n ature
needs
p a n ics
n o th in g
th e
lo n g
to
And
w ith
w e ll
con ten ted
our
known
in d ep en d en t
has
due
bank.
se rio u sly,
la rg e ly
be
la rg e ly
th e
cou n try?
them .
to
not
o f
one
a ll-s u f f ic ie n t ;
m ore, h ave
th e
su b je ct
care
fin a n ce s
cou n try
aw ait,
it
th e
have
o r
be
everyth in g
su ita b le
take
th is
o f
th is
very
betw een
re ly
w e ll
in
to
d ic ta te s
and
le a st
at
is
s p irit
now
bank
as
th e
th e
have
fo u n d
cen tu ry
co n sid e rin g
w o u ld
i l l s ,
to
e ffe c t
we
and
a
an yth in n g
reverse
le s s
fo r
in d ep en d en t
tow ard s
We
brunch
bank
sm a ll
has
p e o p le ,
w ere
o r
co m p a ra tiv e ly
th erefo re
th e
he
Bank
cou n try,
p a rtic u la r
th at
co m m itted
th at
the
th e
we
m ore
th at
fin a n c ia l
n o m in al
one
w h ich
cen tral
not
o th ers
w ith
to
q u e stio n
lo ca te d ?
and
he
em in en tly
an tag o n ism
be
th is
one
w o u ld
th e
o f
to
th e ir
suppose
o o n o .d e d
th at
co u n trie s
how ever,
o th er,
a
it#
ce n tra liz a tio n
cen tres
no
ca re fu l
d ire ctio n ,
w ith o u t
th at
bank
in
doubt
G u aran ty,
enough
and
tra in in g
e ls e ,
no
w o u ld
very
averse
a ll-p o w e rfu l,
th e
too
answ er
fo re ig n
cen tral
and
gu aran tee#
A ld rich
th ou gh t
it
e la s tic
w o u ld
D e p o sit
M r.
w o u ld
be
it
gu aran ty
Bank
alw ays
it
b e h in d
u p b u ild in g
one
a ll
And
b ig
o th er
i f
fin a n c ia lly
any
it
o f th e bank fo r r e l i e f ,
and th e n
F o r in sta n ce
too l a t e .
KXgX s u p p o s e t h e b a n k
w ere
lo ca te d
b u ild in g
be
to
rage
argued
in
have
te rrito ry
it s
m anagers
trib u ta ry
to
th at
d istan ce ?
1/ro e t
and
burn
i t s e l f
as
favo r
W e ll,
been
a tte m p tin g
w o u ld
at
it s
Europe.
th at
B oston ;
th e
co n tro lle d
have
in
up
in
we
m ore
to
is
out
th at
it
has
happen
to
know
o r
le s s
Ran
them
up
in
in
what
m anner
e s p e c ia lly
P ran ciso o ,
c e rta in ly
great
fire
been
trie d
and
o f
an
or
n ot,
th e
su ccessfu l
set
fe e l
over
sam e
o ccu p a tio n
we
v ie w
it
it
d id .
to
of
but
on
a
a
th is
featu re
success
crow ned
who
sim p ly
m ain
be
heads
w o u ld
th in k
of
sid e
in
p a n ic
w o u ld
The
fou n d
th ere,
th e
co u ld
and
assortm en t
in te re ste d
o f
th e
w ater?
m atter
No
u n w ie ld y,
in &
im p ra ctica l
cou n try
th at
th e
It
o f
th in g
sca rce ly
w ith in
ten d en cies
adopt
ch ild
h is
fo llo w in g
in d u ced
d evo te
good
to
who
le sse n
th e ir
tin e
p ra c tic a l
tro u b le s
o f
b e h in d
of
the
to
th e ir
and
w o rk in g
about
th e
ro ya lty;
seem
fo r
d istan ce s,
A m erican
d e m o cra tic
th at
im p o ssib le
m a g n ifice n t
o n ly
i f
and
p e o p le
th e
have
so
ardor
in
e n e rg ie s
order,
one
th e
and
it
range
th e re fo re ,
of
we
w o u ld
be
th is
fe e lin g
th e
im p ro vin g
w o u ld
th en
soon
and
w ill
M r.
the
present
have
fo u n d
th at
P o w le r
our
and
to
and
co u ld
id e a,
la w
th e
consent
su b je ct
Bank
grow -
g ra ft.
ever
i f
C en tral
th e
be
and
how ever,
so
upon
great
doubt
p o litic s
bank,
u n -A m erican ^
th is
no
cou n try
cen tral
m uch
o f
is
p o s s ib ilit ie s ,
fig h tin g
to
it
w o u ld
o f
uses
it
be
and
put
it
in
fin a n cia l
u s.
Su m m in g u p ,
th erefo re,
in a c t i v e m oney p e r i o d s t h e m em bers o f t h e
v a r i o u s c l e a r i n g h o u s e a s s o c i a t i o n s s h o u l d , o n t h e d e p o s i t ,> f p r o p e r s e
c u r i t y , an d u n d e r c a r e f u l r e s t r i c t i o n s , b e a u t h o r iz e d to i s s u * b iV » r in
° f
? uoh
^
* ‘ V ?
^
p
° ;
d e p o s i t o r o t h e r dem ands upon
a s s o c i a t i o n s con not be overco m e, th e n
them .
rem ove
O r,
th e
m emb
f ? V >f * t h e , p i»e 8f n t l a w 804 t h r o u E h t h a t m e a n s s e c u r e t h e c o o p e r N a tio n a l Banks a t c le a r in g house p o in ts .
T h i s w o u ld p u t an
-s 1 t #
fe a r o f
! ? u ld C0aBe» because th e y
the
d i f f i o u l t y fro m t h a t s o u r c e .
Pn„ * p ^ ° h f 1 A? fial ° 0 n d i t l o n
C o n g re ss to g iv e i t to u s .
Bank
'8 ,11
^ L l ' h ? * p e r i ° d i o a l s u 8P e n e i o n o f c l e a r i n g h o u s e b a n k s ; a n y
° T ^ded,
a s s e t s arn good—
oan at any t in e r e c e iv e prom pt
w ith o u t
i f th e
State
o b je ctio n -
n o t^ o rth
* *
w o u ld d ie
ountrymo v e
striv in g
•
fo r?
one
and
o f w h ich — *
e f f i -
a b o r n i n , and t h e
a l o n g s e r e n e l y fro m
I t
is
up
*
to
v
year
to
LIST OF ALTERNATES.
J . 3 . Forgan, P r e s 't F ir s t N atfl Bank, Chicago, I l l s . ,
or
J# T. T a lb e r t, l3 t V ic e -P r e s't Commercial N a t'l Bank, Chicago* or
Geo. M. R eynolds, P r e s 't C ontinental Hat11 Bank, Chicago.
John B. Ramsay, P r e s ’t N a t'l Mechanics Bank, Baltimore,M d.
Gen. J . *r. ^ h itin g , M obile, A la.
Although Gen. S i t i n g i s th e P resid en t o f the Peoples Bank,
a S tate Bank, he i s the lead in g banker in M obile, and i s b e lie v e d
to oe e x c e p tio n a lly w e ll q u a lifie d a l l around fo r d isc u ssin g and
handling a n a tte r o f t h is k ind .
A. Baldwin, J r . , V.P. New Orleans N ation al Bank, New O rleans, L a., or
C. M. F h itn ey , V ic e -P r e s 't W iitney-C entral N at’l Bank, New O rlaans.
Bion H. B arn ett, V ic e -P r e s't B a m ettN a tio n a l Bank, J a c k s o n v ille ,F la .
G* Harding, P r e s 't F ir s t N ational 3ank, Birmingham, A la.
A. M. Baldwin, P reset F ir s t N a t'l Bank, Montgomery, A la .
M. F. Backus, P r e s 't S e a ttle N a t'l Bank, S e a t t le , ^ ash 'n .
E. H. 3 a ile y , P r e s 't F ir s t N at’ l Bank, S t. Paul, Minn.
Vn. H. Dunwoody, P r e s t. Northwestern N a t'l Bank, M inneapolis, Minn.
E. C. McDougal, P r e s ’t Bank o f B u ffa lo , B u ffa lo , N. Y.
A. L. Ordean, P r e s 't F ir s t N a t'l 3ank, Duluth, Minn.
#
AMEUK-IBITT.
She a l l o t m e n t f o r r r i n t i n g and B in d in g f o r
h e r e b y m ade a v a i l a b l e
C on gress i s
f o r t h e p r i n t i n g a s p u b l i c d o c u m e n ts o f
s u c h o f t h e p u b l i c a t i o n s o f t h e n a t i o n a l L io n e ta r y C o m m issio n
as
t h e C o m m issio n may d e s i g n a t e *
d o c u m e n ts i s
to
tim e ,
h ere b y a u th o r iz e d to
s u p e r in te n d e n t o f
o rd er r e p r in te d ,
fo r s a le :
B liat t h e a p p r o p r i a t i o n f o r p r i n t i n g an d b i d d i n g
s h a l l b e r e im b u r s e d f o r t h e c o s t o f s u c h r e p r i n t s
m o n ey s r e c e i v e d
s a le
from t im e
s u c h p u b l i c d o c u m e n ts o f t h e n a t i o n a l M o n e ta r y Com
m i s s i o n a s may b e r e q u i r e d
P r o v id e d ,
And t h e
from t h e
b y t h e s u p e r i n t e n d e n t o f d o c u m e n ts from t h e
o f p u b l i c d o c u m e n ts*
IT.
E.
10 262.
■ Calcine a p p r o p r i a t i o n * t o s u p p l y u r g e n t < i e f i o i e n o i e a
p r i a t i o n s f o r th o f i s c a l
y e a r n in e te e n hundred
an c; f o r o t h e r p u r p o n e s .
A M E N D M E N T
On
page
29,
at
th e
end
of
lin e
in ap p ro
and t e n ,
.
10 ,
add
th e
fo llo w in g :
•s i
The
a l lo t len t
fo r
p rin tin g
jL*^
C ongress
in
hereby
nado
and
*'
a v a ila b le
fo r
the
'*
b in d in g
J
■
fo r
Cl\x
o rin tin g
aa
oub-
A
li e
docum ents
•lo n et h x y
of
suoh
C o /m issio n
su p erin ten d en t
re p rin te d ,
ra tio n a l
fro n
o f
as
tho
the
to
p u b lica tio n s
R e m issio n
docum ents
tin e
M onetary
o f
in
tin e ,
C o m ic cio n
as
be
to
docum ents
re q u ire d
c
: atio n ai
a u th o rise d
p u b lic
nay
th e
d e a l,m a te .
hereby
such
o f
fo r
And
th e
order
of
the
n o le%
/
P ro vid ed ,
That
th e
a p p ro p ria tio n
fo r
p rin tin g
and
b in d in g
^ -1
sh a ll
be
m oneys
s a ls
of
reim b u rsed
ro o eire d
p u b lic
by
fo r
th e
tho
co st
of
such
su p erin ten d en t
dooum en ts.
■
V.
1 1
a
of
re
> rin t«
docum ents
fro m
fro m
the
tho
TRUSTEES
C.F. MICHAELS
JOHN BARNESON
JAM ES McNAB. M e t IDCNT
WILLIAM L.CCRSTLC . v i c e
WILLIAM MATSON .SECOND
r r c s io c n t
VICE PRESIDENT
CHESTER W .BURKS. s e c r e t a r y
• treasui
ORGANIZED
W. A B IS S E L L
J A N E S K.M OFFITT
CUSTAVE BRENNER
H.D.MORTON
WILLIAM M.BUNKER
HENRY ROSENFELD
ALBERT E.CASTLE
JA N E S TYSON
STANLEY DOLLAR
ROLL A V. W ATT
1850
RESOLUTION
ADOPTED BY THE BOARD OP TRUSTEES
‘
AUGUST 1 1 , 1 9 0 9 .
----- o O o - - WHEREAS, t h e N a t i o n a l M o n e ta r y C o m m issio n i s
now en gaged , i n
tiie
s t u d y o f c u r r e n c y p r o b le m s , w i t h t h e p u r p o s e o f p r o p o s in g
r e fo r m
in
t h e m o n e ta r y s y s t e m o f t h e U n i t e d S t a t e s , a n d
h a s b e e n m a k in g i n v e s t i g a t i o n s
in v a r io u s
E u ro p e a n d i n p a r t s o f th e U n it e d S t a t e s
WHEREAS, t h e m e th o d s in v o g u e on t h e P a c i f i c
c o u n tr ie s o f
and
C o a s t and t h e h a b i t s
a n d c u s to m s o f t h e p e o p l e h e r e n a v e d e v e l o p e d a l o n g l i n e s
d iffe r in g ,
i n som e r e s p e c t s ,
o f th e U n ite d S t a t e s ,
fr o m t h o s e
o f o th e r l o c a l i t i e s
now t h e r e f o r e b e i t
RESOLVED, t h a t The Chamber o f Commerce o f San F r a n c i s c o r e s p e c t f u l l y
u rges th e se
c o n d itio n s
upon t h e a t t e n t i o n
o f th e N a t io n a l
M o n e ta r y C o m m issio n and e a r n e s t l y r e q u e s t s t h e H o n o r a b le
M em bers o f s a i d
g a tio n
C o m m issio n t o h o l d s e s s i o n s
o f th e s e c o n d itio n s
w e ll as
in
o th e r
fu r th e r
c itie s
fo r
th e
in v e s ti
i n t h e C i t y o f San F r a n c i s c o , a s
o f th e P a c if ic
C o a st,
and b e i t
;
RESOLVED, t h a t a C o m m ittee o f t h r e e b e a p p o i n t e d t o b r i n g t h i s m a t t e r
p r o p e r ly b e fo r e
t h e m em bers o f t h e N a t i o n a l M o n eta ry Com
m is s io n ,
t h a t end t h a t t h e y p u t
an d t o
m u n ic a t io n w i t h t h e r e p r e s e n t a t i v e
a s s o c ia tio n s o f t h is
c ity
to
th e m s e lv e s
in
com
c o m m e r c ia l and b u s i n e s s
s e c u r e th e
c o -o p e r a tio n
of
<
San Vranolsoo, August 11,
VI
1909
18, the Rational Monetary Commission is now
engaged in the study of ourrenoy problems, with the purpose of
proposing reform in the monetary system of the Uhlted States, end
has been making investigations in various countries of Europe and
in parts of the United States{ end
WHXRB18, the methods in vogue on the Paolflo Coast
and the habits and oustoms
of
the people here have developed along
lines differing, in some respeots, from those of other looalltles
of the United States,
low, therefore, be it
HESOIVBD:
That The MSrohants Association of San
Vrenolsoo respeotfully urges these conditions upon the attention
of the Vatlonal Monetary Commission end earneetly requests the
Honorable Members of said Commission to hold sessions for the
investigation of these oondltlone in the City of Sen Vrenolsoo, as
well as in other oltles of the Paolflo Coast*
And be it farther
BESOLVED:
That a oommlttee of The MSrohants Asso
olatlon of San Vrenolsoo be appointed to bring this matter properly
before the members of the Rational Monetary Commission, and to that end
that they put themselves in eommunloatlon with the representative
oomaeroial end business associations of this oity to scours the co
operation of the latter*
The Merohants Association of San
President*
ffmcisco
- 1*
A
be<»n
in
waa
o!
su b co m m ittee
se ssio n
fo r
th*.
the
at
o f
th<
the
purpo*e
S a tio n al
He t e l
o f
P I Ajia
arran g in g
t o:Q'.i 3 s i on d u r in g
[© n otary
fo r
fo r
tw o
the
day*,
w ork
th e summer p r i o r
to
I n g o f t h e C o w r ie a lo n w h ic h w i l l t a k e p l a t e
.Anout t h e m iddle: o f O c t o b e r .
s t a t i s t i c s , w h ic h h a v e
P r o f c n .- o r A. ? .
,< r v o f .
It
o f
th e
n e stin g
w enbera
t h e g e n e r a l ~f> t »
in
W a sh in g to n
num ber o f p a p e r s and
p rep a red u n d er th e d i r e c t io n
th a t
t h e m o n e ta r y
th e m
o f
a t th e
oc
to te
o r t * and s t a t i s t i c s w it h
ay ste m * w h ic h a r e u n d e r i n v e r t i r * -
by t n e C o m m issio n w i l l t c
p u b lic a tio n
rfce
have
A n d rew , w e r e s u b m it t e d t o t h e C o m m issio n i n
i » e x p e c te d
r e fe r e n c e tc
tlo n
be*n
A la r g o
C o a ti s a l o n
c o m p le t e d and re a d y
race t i n g .
a * » eom s w
A r h ib c o -v n ittc e w a s A p p o in te d
fa r
t o make a p e r s o n a l n xarain **
c ‘ on in C an ad a o f su c h f e a t u r e o o f th * C a n a d ia n s y s t e m a s
h a v e n e t a lr e a d y b e e n c o v e r e d by t h e i n v e s t i g a t i o n s o f
C o m m is s io n .
ct si m an ,
and
r *
su b com 1 t t e e
The
w ill
c o n s is t
i t o r a B u r r o w s and r . a n i o l ,
rtm
k o n y n iro .
o f
V r o tla n d ,
tfr.
H sp resen t .t i v e
w ill vi « it
su b co m m ittee
th e
Canada
week*
soma
- * ^0 d u r i n p t h e Mont t o f f t p t a b<;r •
Th«
ch airm an
o f
tho
Coatmi > s l o n ,
who
it
to
c a ll
fo r
Europe
fr
y
n -xt
week,
referen ce
w ill
to
the
for
a d d itio n a l
caa<
s
? til
w here
co m p le te
cover
I-
la
o f
co n tin u e
its
statem en ts
a ll
th e
m o tio n s
m on etary
system
in fo rm atio n
the
to
arran gem en ts
tr:«
purpose
th is
cou n try
in ve a tip
Ita ly ,
m is tin g
alre ad y
i n f o r a a t t on
o f
o f
th>
h ereto fo re
to
European
su b m itted
to
w in
w ith
& ri a n r*
system s
the
in
C o n n issio n
re q u ire d .
co m m issio n
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s t a t is t ic s
are
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and
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tho
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m eetin g
under
and
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fo r
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p rio r
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days.
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to
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t h e p u r p o s e o f t h e Com i a a l o n
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to c o n t i n u e
th e
w.ck, * 1 1 1
next
fo r
o f
v is it
fa ll
the
made
1
ar-
»ystem s
Com
d.
d iffe r e n t
and w i n t e r
f
F a lla c ie s
o f F o s t a l S a v in g s B a n k s.
P h i l a n t h r o p i c o r T y r a n n i c a l?
What i s
in
t h e t r u e p r o v i n c e o f g o v e r n m e n t, b u t " to p r o t e c t i t s
life ,
fo r
U n d o u b te d ly t h e l a t t e r .
lib e r ty
an d t h e p u r s u i t o f h a p p i n e s s " .
Our f o r e f a t h e r s f o u g h t
fr e e d o m fr o m g o v e r n m e n t a l t y r a n n y an d Thomas J e f f e r s o n who p e n n e d
our c o n s t i t u t i o n
w ,s l e d t o e x c l a i m
m erce a n d n a v i g a t i o n -
" A g r ic u ltu r e , m a n u fa c tu r e s,
th e fo u r p i l l a r s
m o st t h r i v i n g w hen l e f t m o st t r e e
o f our p r o s p e r it y -
th e door o f ty r a n n y b y e n t e r in g i n t o
c itiz e n s
in
o n e o f th e g r e a t
to g e th e r b e fo r e
t a l S a v in s B an k s f o r
b r ie fly ,
w i t h a v ie w
to op en
L et u s r e a
t a k in g a f i n a l p lu n g e i n t o p a t e r n a lis m ,
W ith a l l d u e d e f e r e n c e t o
th is
own w o r th y
aven u es o f n a tio n b u ild in g ?
o f w h ic h i n t h e l o n g r u n p a l s i e s
Is
tim e ,
c o m p e titio n w ith i t s
com
are th e
to in d iv id u a l e n te r p r is e " .
l a n d , w h ic h h a s p r o s p e r e d b e y o n d a l l t h e n a t i o n s o f a l l
son
c itiz e n s
th e e f f e c t s
human p r o g r e s s .
th e good i n t e n t
th e U n ite d S t a t e s ,
le t
o f th e
a d v o c a te s o f F os
us d ia g n o s e th e c a s e v e r y
to b r in g in g th e la r g e s t p o s s ib le p r o s p e r it y to
th e
n a tio n .
The p r i n c i p a l c l a i m s f o r
1st
I t w i l l b r i n g fro m h i d i n g b y d i s t r u s t f u l p e o p l e and b y f o r e i g n e r s
la r g e ly ,
2nd
t h e la w a r e t h a t , .
su n s o f
lo n e y now h o a r d e d .
I t w i l l p r o v id e
As t o t h e
fir s t
a s a fe p la c e
p r o p o s itio n ,
a re d i s t r u s t f u l p e o p le in
out o f th e ir
in d e m n ity p a id t o
is
s m a ll d e p o s i t o r ' s fu n d s .
t h e c o n c l u s i o n w a r r a n te d ?
T here
e v e r y la n d t h a t w i l l h o a r d m o n ey , n o m a t t e r
how g o o d t h e b a n k s o r e v e n t h e
p e o p le p u l l i n g
fo r th e
G overn m en t may b e .
s to c k in g s th e
Germany a f t e r
W it n e s s t h e F r e n c h
one th o u sa n d m i l l io n d o l la r s
t h e F r a n c o - P r u s s i a n W ar,
and t o - d a y
th o s e s m e p e o p le a r e th e g r e a t e s t h o a r d e r s o f c a s h o f any p r o g r e s s iv e
n a t i o n on e a r t h , n o t w i t h s t a n d i n g F r a n c e h a s a P o s t a l S v i n g s B a n k . The
am ount o f h o a r d e d m on ey i s
a p p r o x im a te ly so s m a ll in
th e U n ite d S t a t e s
w ith i t s
2 5 ,0 0 0 b a n k s s c a t t e r e d i n e v e r y h a m le t h a v i n g a n y s u r p l u s c a s h ,
th a t
su b ject i s
th e
a lm o s t u n w o r th y o f n o t i c e .
i n g s b a n k s a r e p u s h i n g t n e i r w ay i n t o
a ll
to
sa v e to th e
seco n d p r o p o s itio n
s i a l l s a v in g s s h o u ld b e p r o v id e d ,
t h e s e r i o u s en d o f i t
e v e r y home i n
th e
s t e e l sav
la n d , i n s p i r i n g
en d t h a t "Mony a p i c k l e make a j r u c k l e " .
The a n s w e r t o t h e
th e
The l i t t l e
is ,
a ll
th a t a s a f e p la c e to
c a n s a y Amen! t o
d e p o s it
t h a t . B ut
- 2
Why s h o u ld t h e U n it o d S t a t e s
p e t i t i o n w ith i t s
Is it
th a t in
-
G overn m en t e n t e r i n t o
a w h o le s a le co n -
own c i t i z e n s who a r e s t r u g g l i n g t o u p b u i ld t h e n a t i o n ?
not a fa c t
th a t i s
p ro v ed beyon d d is p u te by th e
a l l New E n g la n d , New Y ork and o t h e r o l d s t a t e s ,
p l u s c a p i t a l h a s a c c u m u la t e d ; w h e r e s a v i n g s b a n k s h a v e
s ta tis tic s ,
w here la r g e
su r
lo r e l a r g e l y
d e
v e l o p e d an d w h ere g o o d la w s r e g u l a t i n g t h e b u s i n e s s h a v e b e e n e n a c t e d ,
th a t
th e
lo s s e s
to
s a v in g s bank d e p o s it o r s h ave b een c o m p a r a tiv e ly i n
f i n i t e s i m a l s i n c e t h o s e g o o d la w s h a v e fo u n d t h e i r way i n t o
V/h'Te do m a t e r i a l l o s s e s o c c u r ?
in g in
th is
m i o th e r n a tio n s ;
th e S ta tu te s ?
I h a v e s t u d i e d t h e H i s t o r y o f Bank
h ave had n e a r ly h a l f a c e n tu r y o f p r a c
t i c a l e x p e r i e n c e and I c h a l l e n g e a n y man t o d i s p r o v e t h e f a c t
s t a t e s h a v in g g o o d la w s r e g u l a t i n g t h e b a n n in g b u s i n e s s ,
d e p o s ito r s are in f in it e s im a l;
la w s an d s t i l l
g r e a te r in
th e y a re
sta te s
If
in
fo u r y e a r s
th is i s
e n te r in to
r e g u l'te
tr u e ,
in
lo s s e s
to
s t a t e s h a v in g la x
h a v in g n o la w s a t a l l .
c e p t i o n s do n o t d i s p r o v e t h e r u l e .
p o s ito r
la r g e r in
th e
th a t,
O c c a s io n a l ex
N ot a d o l l a r h a s b e e n l o s t
to
a d e
s i n c e W i s c o n s i n p a s s e d h e r g o o d b a n n in g la w .
w hat i s
t h e p r o v i n c e o f g o v e r m e n t?
a t y r a n n ic a l c o m p e t it io n w ith i t s
t h e b a n k in g l a w s , t h a t l o s s e s
It is
not, t o
own c i t i z e n s , b u t t o
so
to d e p o s ito r s w i l l b e red u ced to
a minimum c o n s i s t e n t w i t h human i m p e r f e c t i o n s .
F u r th e r ,
le t
u s a w a it t h e r e p o r t o f t h e C o n g r e s s i o n a l M o n e ta r y Com
m i s s i o n w h ic h i s
e v i d e n t l y m a k in g a p r o f o u n d s t u d y o f m o n e ta r y s c i e n c e ,
w i t h t h e h o p e t h a t a so u n d rem ed y f o r
w i t h th e ir
tr a in
of e v ils ,
th e p r e v e n tio n o f c - s h
may b e p r o v i d e d .
s u s p e n s io n s
A ls o w i t h t h e h o p e t h a t
t h i s r e p o r t may r i v a l t h e c e l e b r a t e d B u l l i o n Re; o r t o f 1 8 1 0 t o
t h e H ou se
o f Commons.
I s n o t t h i s r e a s o n in g p h ilo s o p h ic a l?
Ah! b u t t h e r e i n
s till
a n o t h e r m ore s e r i o u s p h a s e o f t h i s
The E u r o p e a n n a t i o n s
h iv e b o n d e d d e b t s f o r
d o lla r s .
t h e r e t a k i n g P o s t a l s a v i n g s fro m i t s
The n a t i o n
p la c e s th e
lin g
fo r
.’u n d s i n t o
th e ' d o .
t h a t g o v e r n m e n t's b o n d s ,
What i s p r o p o s e d h e r e ?
ed d eb t o f about n in e h undred m i l l i o n
a b so rb ed as s e c u r it y
hil.
d o lla r s or m ore.
It is
p e o p le ,
at once
T he u n i t e d s t a t e s h«n a b on d
d o lla r s .
n o t im p r o b a b le -
th o u sa n d m i l l i o n
th u s p r e v e n t in g any w ran g
As t h e b u l k o f i t , i s
fo r n a t io n a l bank c i r c u l a t i o n ,
S u p p o s e - w h ic h i s
a th o u sa n d m i l l i o n
ov er s ix te e n
su b je c t.
its
now
bonds can n ot be
t h e p o s t a l d e p o s i t s r a n up t o
p rop osed to c o l l e c t
th is v a st
sum
fr c m t h e r u r a l d i s t r i c t s ,
as w e ll
th e p r o c e e d s in n a t io n a l b sn h s in
to
th e r u r a l d i s t r i c t s ,
V/ho d a r e s d e n y t h a t
as
in c i t i e s ,
th e c e n t e r s ,
as w e ll as th e g rea t
t h e s c r a m b le f o r
an d t h e n r e - d e p o s i t
t h u s d o ln
s e r io u s in ju r y
c e n ters.
th e p ie w i l l b e th e a b s o r b in g
an d s o u l a n n o y in g t o p i c w h ic h h o n e s t c o n g r e s s m a n an d g o v e r n m e n t o f f i c i a l s
w i l l g la d ly
V/ho
a v o id , b u t th e p o l i t i c a l g r a f t e r w i l l r e v e l in ?
a r e s deny th a t f a v o r it is m
h o l d sw ay w i t h
w i l l cre-'gp i n
and p o l i t i c a l p u l l w i l l
a sw ag o f a t h o u s a n d m i l l i o n o f d o l l a r s o r
o r e o f th e
d e a r p e o p l e s 1 m oney f o r i n v e s t m e n t i n v a r i o u s h i n d s o f s e c u r i t i e s
as
p rop osed ?
Who d a r e s d e n y t h a t
o rd er p a n ic c o n d it io n s ,
many b a n h s f o r d e p o s i t i n
c a s h w i l l b e draw n fr o m
t h e P o s t \1 S a v i n g s B an h ,
and s u c h c a s h b e c a u s e
o f s lo w r e d t a p e g o v e r n m e n t m o v e m e n ts w i l l n o t g e t b a c h i n t o
banhs o f d e p o s it
and i n t o
r e l i e f may b e h a d ,
t h e fe w
t h e c h a n n e l s o f com m erce t h a t i m p e r a t i v e q u i c h
t h e r e f o r e p a n i c c o n d i t i o n s w o u ld b e a g g r a v a t e d i n
s t e a d o f a m e lio r a te d ?
Who d a r e s c l a i m
•
th a t
a p a r a l l e l c a s e c n be fo u n d in
any p r o g r e s s
iv e n a tio n ?
The w a i l o f t h e u n e m p lo y e d o f L o n d o n ,
e m p lo y m e n t, & c . ,
to q u it e
m uch p a t e r n a l i s t i c ,
many f i e l d s ;
a
m ate rial
u n p r o fita b le
r e s u lt in g in
o f w h ic h n e a r l y a l l E u r o p e i s
a w a it* u s i f
in
its
crtu«cd
ty
c o m p e titio n w ith i t s
a d is e a s e ,
t a x e s , w an t o f
d it w g o th o r t o o
own c i t i z e n s
in
an d w i t h i t
fr o m t h e b l i g h t i n g e f f e c t s
now s u f f e r i n g ,
we v o l u n t e e r t o
w h ic h o u r f o r e f a t h e r s
e x ten t
e x c e s s iv e
c r u s h in g in d iv id u a l i n i t i a t i v e
a d d i t i o n a l em p lo y m e n t o f l a b o r ;
fa te
th e
s h o u l d w arn u s t h a t a l i h e
d e s t r o y o u r i n d i v i d u a l fr e e d o m f o r
f o u g h t • an d a g a i n s u b s t i t u t e
g o v e r n m e n ta l ty r a n n y
ste a d .
I am no p e s s i m i s t , b u t b e l i e v e it , a p a t r i o t i c d u t y t o s o u n d a w arn
in g
a g a in s t e n a c tin g in t o
e n t e r i n g w ed g e t o
la w a f a l l a c y
t h e p a r a l y z i n g i n f l u e n c e s o f p ‘t e r n a l i s m ,
g u i s e o f p h i l a n t h r o p y , w hen a l l
can p r o g r e s s .
t h a t u n d o u b t e d ly w o u ld be an
h is t o r y t o a d ie s p a te r n a lis m
under th e
d e a d e n s Lu
Hay o u r S ta te s m e n n o t b e n i l e d b y t/no a l l u r i n g f a l l a c y ,
b u t n a y t h e t r u t h f u l m axim u t t o r c d b y Thom as J e f f e r s o n p r e v a i l ,
e n d t h a t our w o n d e r f u l p r o g r e s s b o n o t d im m ed .
V/names h a , W i s c o n s i n .
F ebruary 19,
1909*
Anurew J .
F ra m e.
to th e
f
.i r <
PU3LI0ATI0N3 OP TIL'. NATIONAL I.DNKTARr COM'. 133ION
€ ,/ V $ Q
/
*****************
I - nioOUJu/JiLOu:
—" ( j ^ ln to rv iew s on the Banking and Currency Systems o f England, Prqnoj)^ Geimany and.
yj j
^
S w itzerla n d .
(434 pages - ]£) // * 7 *£*- * <•* & d
/S ^ £ ) v 1 f t io C redit o f ^Nations, by F rancis W. H ir s t.
(23 pages - g a lle y )
_ 4 0 feS rtio len :
D iscount System in Burope, by Paul M. Warburg.
(43 pages - CJ
_
____yjJ^Sanlc A cceptances, by Lawronco Merton Jacobs.
(18 pages - CJ >
/
i
II - UNITiR) STATUS
■ " ^ t ^ a t i s t i o s fo r tha U nited S t a t e s , 1067 - 1909,
(1-232A - R)
/ v O - ^ e o o t o f i’ta to Banking Laws, by 3 . A, Y/olldon.
(G a lley , _ _ pafjos, jt)
Q^-She Use o f C redit Instrum ents in Payments in tho United S t a t e s , by
,
David K inloy.
(62 pag ©3 - g a lle y )
F ir s t Bank o f tho United S t a t e s , by J . T. Holdsworth.
(146 pages - H)
H p ^ o t o r y o f tho N ation al Bank Currency, by Alosnnder Dana IToyes.
(20 pages - C.)
The S a fety Fund Banking System in Nov; Yoik S ta te from 1829 - 1866, by
H. IS. Jhaddock.
(170 pages - j£)
I I I - CANADA
o H isto ry o f 3an3cin{j in Canada, by R o o liff Horton 3reckenrld&o»
(310 pages - C)
IV - MIGRANT
t i s t i o s fo r Great B r ita in , 1867-1908, prepared by S ir R. II. I n g lis
P a lg ra v e, F .R .S ., and "The Hoonorniot".
(35 pages - ffo llo v )
X 0 ; S t a t i s t i c s o f the Bank o f England, prepared by S ir R. H. I n g li 3 P algravo,
F .R .S .
(o vw ^ G & o p agee*.***.•&)---
(& \j~
W
E n glish Bonking System , by H artley 771the r s .
(150 pages - £ ) ?
^jL^ildndon Bankers* C lea rin g House, by R. M. H olland.
(11 pages - g a l l e y )
V - FRAIIO?.
vJ^ fit^ volu tion o f C redit and Banks in France, from the founding o f th e Bank o f France
u n t il th e p resen t tim e , by Andre L ie s s e .
(271 pages - CJ
* Qk * io Bank o f Franco in i t s r e la t io n s to N ation al and In tern a tio n a l C re d it, by
T.taurice P atron.
( I iTJ pagos - R)
French S t a t i s t i c s , fu rn ish ed by tho C redit L yonnais.
(26 pagos - G a lle y )
H isto ry and Methods o f tho P aris Bourse, by N. V id a l. (65 pages - Cal l e y )
"ronch Savings and t h e ir In flu en ce upon th e Bank o f France and upon French
Banks, by A lfred Keymarok.
[ j'f p a g es, £ )
p
W
r r
,
v L r „ m
s m
t
Tho N ational Bonk o f Belgium , by Charles A. Conont.
-
(238 pages - C.)
v i i - sm m rt
^ ^ ^ t a t i s t i c o fo r Coimany, 1870 - 1908, prepared by Dr. 3 . B reslau or.
?
. .
456 pflgna r Prftl lOT){ > **$■
,
,
a Tno Croat German Banks and t h e ir GOnconttaticfo in oonnootion w ith the economic
«
Development o f Cermany, by Dr. J . R io sse r .
(68 pagos - G a lle y )
Roiohsbank, 1876-1900. ( J u b ila u ra ssch rift)
(355 pagos - &(?)
^^tfoxman Im perial Banking Laws, od itod by Dr. R. ICooh.
(65 pagos - Cal l e y )
**^"’tiBOQllanoou3 A r t ic le s on Gorman Banldng. (Covering the org a n iza tio n o f c r e d it ,
d irecto rs* f e e s , tho land mortgage a s s o c ia t io n s , th e savings banks.
^
the co-operafcivo s o c i e t i o s , e t c . )
(9 5 rav;G5 ~ Gal l owVr +y <• %■* L " **'•’ /
y v V / t r n Rei Renov/al o f Roiohsbank C harter. (In clu d in g a r t i c l e s covering "fchb roiniewal
o f th e ch a rter and d isc u ssio n s o f t h is su b ject in bankers* conventions
and elseutfiore, w ith a d ra ft o f tho b i l l )
(82 pages - G a llo y )
!he Gorman Bank Inquiry o f 1908: Stenographic R eports.
(1140 pages - £ )
e je c te d Documents on Bourse L o g isla ta r o .
(33 pagos - ( f o lle y )
(bvelopment o f th e Goman Banking System, by Robert Franz.
( I l l pages - £ )
V
I
r- *
- z -
VIIX - 5 <agzr.3L.ua)
he Sw iss Banking Law, by Dr. J’Aliua Laadmann.
g
'h < (p itfhe
(238 pages - C.)
- --3SXI00
Banking System in M ozlco, by Charles A. Jonant.
(68 pages ■ g a l l e y )
Y JPJ 1JJ*,
V,
KXHEOTS II? PRIHI AT QQTdSWZIZC PIUKTIIIO OFPIOK
************
1«
L is t o f oonferonooa l a London, a r is and B e r lin , and a l l papers and s t a t i s t i c s to
be prepared f o r th e Commission, oorreoted up to March 1 6 , 1909.
2*
In terv iew s on th e Banking and Currency Systems o f Mngland, France, Germany and
S w ltso rla n d .
J . 60401, 434 p a g es.
'
3.
The C red it o f n a t io n s , by Franolo 7.'. H ir s t.
4.
The D isoount System in Muropo, by Paul
5.
Bonk Aoooptanooo, by Lawrenoo .Icrton Jaoobo.
J . 05518,
10 p a g es,
.
S t a t i s t i c s fo r th e United S t a t o s , 1067-1909.
J . 72138,
1 - 232 A ,
6
J . 82300,
arb arg.
1 DS - 23 DS.
J.85520 ,
43 p a g es.
7.
D ig est o f S ta te Baiildng Laws, by S . A. ’. /e lld o n ,
0.
The Use o f C redit Instrum ents in Payments In th e U nited S t a t e s , by David K in lo v .
J .7 0 7 1 ,
1 PP - 62 PP.
9.
The Pi ra t Bank o f the U nited s t a t o 3 , by
J . 72800,
T. Holdsworth.
J .7 0 6 9 , 146 pogoa.
10.
H isto ry o f the n a tio n a l Bank Currency, by Alexander Dam lio y es.
J.3701C , 20 p a g es,
11.
The Safoty-Pund Banking System in New York S ta te from 1829-1866, by iUS.Chaddoofc.
J .7 2 2 1 , 170 p eg o s.
12.
The H isto ry o f Banking in Canada, by K o e liff Morton Brooloonridge.
310 p a g es.
13.
i t a t i s t i o s f o r Croat B r ita in , 1367-1908, proi>ared by S ir H.U.I n fills P algravo,
P . 2 . 5 . , and ’"The Moonomist".
J .7 2 1 3 6 , 1 QC - 35 CC>
14.
St a t l o t i os o f the Bank o f .'.ngltuid, prepared by S i r P .H .In g lls P algravo, P.H .S.
J . 86496, 1 -
16.
Tho M nglish Banking System , by H artley V/ithare.
16.
London Bankers’ C learin g House, by
17.
e v o lu tio n o f C redit and Bonks in Franco, from tho founding o f tho iBank o f
u n t i l tho p rese n t t i n o , by Andre I,lo ss© . J .1 9 7 1 , 271 pogos.
18.
The Borer o f France in i t s r e la t io n s t o n a tio n a l and In tern a tio n a l C r e d it, by
Mourioo P atron.
J . 03704,
19.
Fronoh S t a t i s t i o s , fiti-nlshed by tho C redit L yonnais.
20.
Tho H isto ry and Methods o f tho P aris Bourso, by E. V id a l.
J . 76651,
U, H olland.
J .8 7 5 5 ,
J ,0 7 4 0 0 ,
150 p a g es.
1 UK - 11 HK.
J.G 3701,
1 IK - 26 IK.
J . 90312, 1 PV - 65 PV.
21 •
F r e n c h S a v i n g s and t h e i r I n f l u e n c e upon t h e Bank o f F r a n c o and upon F r e n c h B a n k s ,
b y A l f r e d ReymarCk.
J.8 235,
22#
The N a t i o n a l Bank o f B e lgiu m ,
23*
Statistics
1
by C h arles A.
f o r Germany, 1 8 7 0 - 1 9 0 8 ,
OR -
Conant.
p r e p a r e d b y Dr#
J . 85519,
B.
238
B reslau er.
pages*
J.7 2138 ,
56 CR.
24#
Th e G r e a t German B a n k s a n d t h e i r C o n c e n t r a t i o n i n c o n n e c t i o n w i t h t h e E c o n o m i c
D e v e l o p m e n t o f G e r m a n y , b y Dr# J * R i e s s e r .
J . 90311,
1 GT - 68 G T .
25.
The R e i o h s b a n k ,
1876-1900.
26.
Gorman I m p e r i a l
Banking L a w s ,
27.
M iscellan eou s A r t i c l e s
28.
In Re:
29.
Th e German B a n k I n q u i r y o f 1 9 0 8 :
30.
Selected
ed ited by D r.
o n Ge r m a n B a n k i n g .
Renewal o f R e ich sb a n k C h a r t e r .
D r.
B.
B reslau er.
Development
o f the
32.
The S w i s s
33.
The B a n k in g S y s t e m
J.3 7 16 ,
1
by D r.
in M exico,
Ju liu s
Koch.
J.7 72 6 7,
Sten ograph ic
FS -
German B a n k i n g S y s t e m ,
Banking Law ,
R.
J.8 230 2,
J . 83703,
Do oum en ts on B o u r s e L e g i s l a t i o n
31.
( Ju b ilau rn 3s o h r i f t }
355 pages.
J.8 370 2,
1
DH -
1 AE -
R eports.
1
FL -
65 FL.
1140
pages.
9 3 DR .
82 AE.
J . 83713,
and O r g a n i s a t i o n
i n Germany, b y
33 FS.
b y Robert F r a n s .
Landmann.
by C h arles A.
J.8 370 0 ,
Conant.
J . 772 71,1 1 1
pages.
238 pages.
J.8 6 4 0 ,
1
3V -
68
BY
t
i
i
hi
LIST /O P
I IN VITATIO NS
FOR
SENATOR
ALDRICH
TO
D ELIV ER
ADDRESSES.
COLORADO:
C o lo rad o
S p r i n g s rw
Prom W in .P .S lo cu m , P r e s i d e n t ,
C o lle g e ,
to
"W in t e r 's N ig h t
£
'x
D ate
to
su it
C o lo ra d o
C lu b ."
Sen ator.
ILLIN O IS:
C h icag o
-
Prom
C o m m ercial
IO W A:
V
i
M o in es
Cedar
-
/
(
L
Nov.
6.
ft
(K -
>T '''
..X
„
'
‘
o
•dm J o h n W u n d e r l i c h , S e c r e t a r y ,
Com m er
c i a l C lu b . D ate to s u i t S e n a to r.
»\
R ap id s
F a ir fie ld
D ate
i G eorge F . H enry, P re s id e n t,
The G ra n t
ub
(R e p u b lic a n ). D ate to s u i t S e n a to r .
F r
p jr .
i'
i
-
(
■*
Des
C lu b
C .M .J u n k in , P u b l i s h e r "T h e L e d g e r . ", S u g g e s t s
"su m m er s e a s o n " a s g o p d t i m e .
C ' 7 " * •rv't -
**
/ j
t
M ASSACHUSETTS:
B oston
v
-
Prom H . D . H e a t h f i e W ,
Pre
sid e n t,
Bank O f f i c e r s '
A s s o c i a t i o n , B o s t o n . D ate to
su it Sen ator.
|
M ICH IG AN :
v
'
D e tro it
-
P ro m C h a s.B .S a w y e r, S e c r e t a r y ,
D ate to s u i t s e n a t o r .
Board
of
Com m erce.
MINNESOTA:
v
W in o n a
-
Prom H .M .K in n e y ,
C h airm an , E x .C o m .N a t l .A s s n .A g r i c u l t u r a l Im p lem en t & V e h i c l e M a n u f a c t u r e r s .
D ate, O c t.29 ,
at
C h icag o .
v r A 'i
M in n e ap o lis
-
j
Prom M i n n e a p o l i s C l e a r i n g
D a te to
su it sen ato r.
H ouse
f}
' A*
A sso cia tio n .
M ISSO U R I:
Jo p lin
K ansas
-
F ro m C o m m e r c i a l C l u b s o f J o p l i n , Webb C i t y ,
C arth age,
to
s p e a k a t J o p l i n . D a te to s u i t
C ity
-
From
^•'*7 / **-<rU* t
S t.L o u is
-
F .P .N e a l,
H ouse
Prom
can
P re sid e n t,
A sso cia tio n .
D ate
K ansas
to
Hugh K . W ag n er, P r e s i d e n t ,
A u x ilia r y . D ate, Nov. 9.
C ity
su it
and
Sen ator.
" * / 8 \ flA*
C l e a r‘i n g f , J
,
Senator.
S t.L o u is
o *A
X
£ . I
R e p u b li
, y r
—2—
S t.L o u is
Prom
C o m m ercial
C lu b .
NEW Y O P K :
New
York
C ity
-
Prom J .E d w a r d
o f Com m erce.
Sim m on s, P r e s i d e n t , C h am b er
D ate, Nov. 1 8 .
New
York
C ity
-
Prom
C lu b .
New
York
C ity
-
Prom N . D . A i l i n g , P r e s i d e n t ,
A m erican In
s t i t u t e o f B a n k i n g , New Y o r k C i t y C h a .p t e r .
Any T h u rsd a y e v e n in g a f t e r m id d le o f O ct
ober.
E co n o m ic
D ate,
N o v .29.
W ISCO N SIN :
M ilw a u k e e
P r o m Wm. G e o .
u fa c tu re rs1
B ruce,
S e cre ta ry,
A s s o c ia t io n . D ate
M e rc h a n ts & M anto
su it se n a to r.
N ovem ber 1 0 ,
The F i r s t B an k o f t h e U n it e d
1909
S ta te s.
The U se o f C r e d i t I n s t r u m e n t s .
S ta tis tic s
fo r
t h e U n it e d
S ta te s.
The S a f e t y - F u n d B a n k in g S y s te m i n New Y o rk S t a t e ,
li s to r y
o f t h e N a t i o n a l B ank C u r r e n c y .
B an k A c c e p t a n c e s .
I n te r v ie w s
on t h e B ank a n d C u r r e n c y S y s t e m s .
The H i s t o r y o f B a n k in g i n
C anada.
The E n g l i s h B a n k in g S y s t e m .
S ta tis tic s
fo r
t h e B ank o f E n g la n d .
The D i s c o u n t S y s te m i n E u r o p e .
The B ank o f F r a n c e .
F r e n c h S a v i n g s and T h e ir I n f l u e n c e u pon t h e B ank o f F r a n c e and
O th e r F r e n c h B a n k s .
E v o lu tio n
o f t h e C r e d i t an d iawdcfcxg
Bank o f F r a n c e .
The S w is s B a n k in g Law.
The N a t i o n a l
Bank o f B e lg iu m .
The R e ic h s b a n k .
M is c e lla n e o u s A r t i c l e s
on German B a n k in g .
German I m p e r i a l B a n k in g L a w s.
S ta tis tic s
f o r G erm any.
D e v e lo p m e n t o f t h e German B a n k in g S y s t e m .
B a n k in g S y stera o f M e x ic o .
IT IN E R A R Y OP PR IV A TE CAR
"C O L U M B IA ."
PR I E A Y ,
Leave
New Y o r k ,
Penn.
R.
R.
N O VEM BER
T rain
No.
SatuehaY ,
A rriv e
C h icag o ,
P.
P t.
W,
<Se
C.
Leave
A rriv e
C h icag o ,
S t.
L o u is,
A rriv e
Leave
L o u is,
K an sas
K an sas
No.
C.
&
E.
Nov.
I.
8,
T rain
at
S t.
M isso u ri
C ity ,
C ity ,
P ac.
M isso u ri
M isso u ri
No.
Pac.
m.
-
-
-
-
-7 :3 0
a.
m.
7th :
I.
2 1,
T rain
No.
2 1,
-
.................................7 : 3 5
-
-
p .
T ra in
T rain
-
.
NO VEM BER
No.
-
m.
L o u is .)
T rain
P ac.
a.
6t h :
1 3 ,
NO VEM BER
&E.
TU ESD AY,
S t.
NO VEM BER
C.
(M onday,
Leave
2 5 , ______________________7 : 5 5
T rain
SU N D A Y,
5th :
7,
No.
No.
9th :
-
-
7,
10 5 ,
-
-
-
-
-
-
-
2 :2 0
a.
m.
9 :3 0
a.
m.
-10 :2 5
p.
I’
•
m.
\7EDNESDAY, N0VE7.IBER 10th:
Arriva Omaha, Missouri Pac. Train No. 105, - - - - - -
7:00 a. m.
THURSDAY, NOVEMBER 11th:
Leave
Omaha, 111. Central Train No. 4,
7:30 a. m.
-
-
- 1 1 :3
/
*
S
•
'«
-2 -
THURSDAY, NOVEMBER 11th —
continued.
Arriva Minneapolis, M. & St. L. Train No. 1, - - - - - 5:58 p. m.
(Friday, Minneapolis; Saturday, St. Paul.)
SATURDAY, NOVEMBER 13th:
Leave St. Paul, C. M. & St. P. Train No. 10, - - - - -
10:30 p. m.
SUNDAY, NOVEMBER 14th:
Arrive Chicago - - - - - - - - - - - - - - - - - - - -
io a. m.
MONDAY, NOVEMBER 15th:
Leave Chicago, C. M.
&
St. P. Train No. 5, - - - - - - 9:30 a. m.
Arrive Milwaukee - - - - - - - - - - - - - - - - - - -
n
:30
a. m.
TUESDAY, NOVEMBER 16th:
Leave Milwaukee, C. M. & St. P. train No. 56, - - - - -4:50 a. m.
Arrive Chicago, C. M. & St. P. Train No. 56, - - - - - 7:00 a. m.
Leave Chicago, Mich. Central Train No. 10, - - - - - -
io:30 a. m.
A rrive Detroit, Mich. Central train No. 10,/ - - - - -5:55 p. m.
Leave Detroit, Mich. Central Train No. 14,- - - - - -
-10:45 p. m.
WEDNESDAY, NOVEMBER 17th:
A rrive New York, N. Y. Central Train No. 14, - - - - -8:33 p. m.
ITINERARY Of PRIVATE CAR
■COLUMBIA*
TRIDAY NOVEMBER 12th MINNEAPOLIS
On traek No. 6 Chioago Milwaukee & St Paul station until 8 P.M,
SATURDAY NOVEMBER 13th ST PAUL
On traek No. 14 Union station
t
Leave St Paul 11:00 P.M. Chioago Milwaukee
St Paul train Ho, 10
(Thla train la due to leave at 10:30 hut will he held until 11 PM
or if necessary a few minutes later to aocommodate Senator Aldrich)
SUNDAY NOVEMBER 14th
Arrive Milwaukee Chicago Milwaukee & St Paul train No. 10 7:50 AX
(Car to he transfered from Chioago Milwaukee & St Paul to Chioago
ScNorthwester Station)
Leave Milwaukee 9:00 A.M. Chioago
Northwestern train No. 8
Arrive Lake Forest at 10:29 A.M.
Car will he side traoked at Lake forest at a convenient point
and remain till Monday A.M.
Note. Those desiring to spend Sunday in Chioago transfer to farlor
ear on Chioago Sc Northwestern train No, 8 before arrival at Lake
forest and reaoh Chioago at 11:15 A.M.
Chioago on Chioago Sc Northwestern
Me Kinsie st) Monday at 8 A.M.
COLUMBIA" at Lake forest.
To rejoin party leave
train 19 ( Station Veils Sc
This train will piok up "THE
MONDAY NOVEMBER 15th
Car will be attached to Chicago & Northwestern train 19 leaving
Lake Forat at 8:45 A.M,
.
Arrive Milwaukee at 10:15 A.M.
Leave Milwaukee Chicago & Northwestern Special train about 11 EM
TUESDAY NOVEMBER 16th
Arrive Chicago, Chicago & Northwestern Special train abott 1 A.M.
(Car to be delivered to Michigan Central)
Leave Chicago, Michigan Central train 46-12 at 3:00 A.M.
Arrive Detroit 12;25 noon
Leave Detroit Miohlgan Central train 14 at l» :4t> p.M.
-
11- S 3
WEDNESDAY NOVEMBER 17th
Arrive New York, N e w York Central & Hudson RiWer train#58-5;40 EM
(Car to be transfered from Miohigan Central train 14 to New York
Central train No. 58 at Buffalo.
r
#
TH E
M O N E T A R Y C O M M I S S I O N ' S SPECIAL RE PORT P R O M BANKS.
If b a n k i n g statistics are a true
(>
ditions,
measure
index to economic
'
the pe o p l e of the U n i t e d States are enjoying a g r e a t e r
of p r o s p e r i t y than ever before.
, --
>
fc I
>
i
l— * ‘
Am
a
^
i * fjji interesting iln w t t . n l i
jiiin n 'T* W'P
the N a t ional M o n e t a r y Commission,
interest
l^ . . ^ t iM i* * * * * tf* ^ * * m t* M
•
' '*■'
ilj^itiiii
n
iij
docxuneny in question con
The
tains a © m p i l a t i o n of the special repo r t s
'
fm
' '
is set forth d&ta v o f the greatest
to bank e r s and financiers.
, ....
•
A JU U L u Jy b
•"*
of a/ndition
,
J
*
" * ’* * " * X * i^ ^ ^ ^
,U°..t.hr o w light upon the m o n e t a r y s i t u a t i o n W i i c h were obtained from
the banks
... .
M\i P
ilfii 1 W * c 6 u > w
tC
__ _
The
j;iifp'awfi»d'><W»'»»n'Wr^«^<rt<Ad^^a^ze ..n ii^iit|i e s ij^or
iq£
- h iu io ^ A
s' ^ The reports were d e s i g n e d to exhibit the exact condition of
/ t h e banks
28,
a3 shown b y their books at the
1909,
and they present
or
thi3
of b u siness April
under
. . . investigat i o n .
P r a c t i c a l l y every incorporated b a n k
j.
dose
\
in detail every item of resources and
i.tiRS .....
P e.....
r t f*L®nt.to_t h e :. sub^egt
a reporu
J
-.^i^i.^tlAtj.cal tab-
•
,
in the United States f u r ^ / ,,!
investigation and r e p o r t s f r o m a larger p e r c e n
tage of private b a n k i n g concerns than ever before made public were
-- »n.
o
i
p l a c e d at t ie disposal
O w i n g to tiie difference
of the Commission.
in the laws of the several
states in/
form a t i o n relating to banks
operating outside of the n a tional sys
tem as her e t o f o r e f u r n i s h e d the Compt r o l l e r of the Currency,
state ba n k supervisors,
could not represent the true conditions of
all banks for any stated date,
and of great diversity
it has b e e n p o s s i b l e
Commission,
being ne c e s s a r ily of varying dates
in detailand form of reports.
F o r the first time
tes
in the h i s t o r y o f b a n k i n g in the United Sta
as a result
of this inquiry made by the
to p r e s e n t data u n i f o r m in chareter and date from all
institutions engaged
in b a n k i n g throughout
tht country
v The c o m pilation thus comprising the most
hensive
by
complete and c o m p r e
information relating to banks o f the United States ever yet
\
printed.
The banks repcr ting f o r this invest igati on include,
6,893 natio-
%
n a l » 11,319 state;
1,703 mu t u a l
and stock savings;
1,49? private;
_ 9_
and 1,079 loan
and trust companies
,
™
The. r e s o u r c e 3
r
4
of/.these banks <**• a p p r o x i m a t e l y 21.1 b i l l i o n
*
a,
/ iJU L .r v 'r ''*
doll a r s .
A brief analysis of t h e resources
l oa n s
cf 11,373 m i l l i o n
millions;
investmeits in bonds
due f r o m banks 2,562 millions;
809 m i l l i o n s
dollars;
dollars;
and l i a b i l i t i e s
cash on hand,
shows
etc.,
4,614
including
in gold coin a nd certificates amounts to 1,452 m i l l i o n
other resources ip94 millions;
surplus and profits 1,835 millions;
deposits 14,106 m i l l i o n s
capital 1,800 millions;
due to banks 2,484 millions;
(including g overnment deposits);
other
*
l i a b i l i t i e s 870 millions.
Of the deposits 6,956 m i l l i o n s
mil l i o n s
are savings
625 millions
consist
deposits;
are subject
1,212 m i l l i o n s
4,926
are on time and
of d e m a n d certificates.
F o l l o w i n g the special
report f r o m t h e banks,
inquiry r e l a t i n g to c h a r a c t e r of deposits,
paid etc.,
to check,
was made by the Commission,
a supplement ary
depositors,
interest
to w h i c h 1 8 , 2 h 5 banks
responded.
The total
deposits
in these banks on or about June 30,
w&fruabrfwL 13,iTcj5 m i l l i o n dollars,
tors or deposit accounts,
credited to over 25 m i l l i o n
which over 8,600,000 were depositors
average rate
deposi
ranging fr o m one dollar upward.
N e a r l y 15 m i l l i o n deposi t o r s had savings or time accounts,
The
1909,
of
in savings banks.
of interest paid on savings accounts b y the
is 3.55^ and 3.1 Ofi on other interest bearing accounts ;
banks
over 40)o of the banks p a y no interest
5 thousand banks p a ^ interest
on ordinary deposits;
on a deposit
of 25 dollars
over
or le ss
and about 12 h undred on sums ranging from 25 dollars up to 500 dol
lars .
While the n u m b e r of dep o s i t o r s may a ppear to be u n u s u a l l y large
it must
be borne
in mind that doubtless
in many
instances the
individual m ay "nave a checking a n d a savings deposit
same or different,
the bank
institutions,
being t r e a t e d in
as two or more depositors.
account
same
in the
the report f r o m
Such duplication,
however,
-3 -
may be o f f s e t to a g r e a t e x t e n t by t h e number o f d e p o s i t o r s in banks
from which r e t u r n s were n o t r e c e i v e d by t h e Commission.
The nu m b e r of b a n k s has m a r e than doubled since 19 0 0 and
t h e C o m m is si o n 's r e p o r t includes 1,145 m o r e than r e p o r t e d to the
C o m p t r o l l e r i n 1908.
R e s o u r c e s show an increase of about 8/ over 1908; a n d 95/ over
t h e amount r e p o r t e d i n 1900; l o a n s have increased 1 0 0 / in nine y e a r s
while
more
investments have
i n c r e a s e d 92/;
than 75/ since 1900;
capital
stock has
increased by
individual deposits by 93/ and total
d e p o s i t s b y 94 Jo*
D u r i n g the
current y e a r l o a n s have
increased n e a r l y 9/oJ
and deposits over 9-1/2/ .
i n v e s t m e n t s in bonds etc., about 3-3/4/
.
p
B A IIK
to hju^Jktf
uXU
OF THE UNI T E E E T / T T S .
R E S C U E n E !?
*,
a4>w
JU«
*/
l l ’-I t U
.
fM A y /
I\ n^Lt-iXr, t-J \L-,
i r *<w i. -J m J < f 4 w X *
r
*
v
1 ? g n " ' ft * ? *i j ftU ,.fi.fL-G Q Tnp 1 l P . ^ ^ y - ' 4 + ^ ' « H 4 !' i ' O ^ F ' * vo r n r t ’ T r E '^ o m m k s i o n
4<&&^»£&&feexa.»o f i . ^ p x i 1
[*
11ig 11■w
wf yf’gi?
*
d
fr
21!"f
g
y
(
f
/
W
*
W
f
V
fcr
/tt
p e * i # ' r T C T f t ff’w * ’« >e1
L** * L *»
1^i
r>- Hwi/-phc rive rare*
'Are p e r c a M t a
I p $ ‘° 3 7 «2 4 .
have
Geographically
nk re s o u r c e n
s t a t e d t h e b inks of t h e " la n te r n ° t a t e s
i ta ^ e s o u r c e o o f $ 4 £ 0 . 1 P ; p anics o f t h e V.'ectcrr. " t a t e e
a re
wi t h $1 ,'l.
those
of 'lew Lrigland,
Ik w i t h $433*6(1);
resqurcen of the brinks of the Pacific States
in H a
^
.
jy**^
* ?4 7«77;i M i d d l e ’ estern "tate’s $3''•0.64; Southern r't'iteo $73 .39.
^
^
"he
*\»
state of New York has the
la pest p e r - c a p i t a ^ | bank resources,
/
*
w i t h $676.07;
Massachueette
ring second w i t h $ r"J7 •<
’ 5 • Nevada
✓
w i t h $ r 12.7?;
$ 4 5 7 * j 2.
third
*
California,
fourth w i t h $4?6.70;
Rhode Island,
In the Southern °tates, V'est V i r g i n i a
fifth
is first w i t h $112,66
y
bank resources;
Louisiana,
second w i t h $96.
✓*
2; Tex is third wi t h
y/
•$r 0 . 6 r ; V i r ginia fourth, w i t h $°8.6l.
In the V i d d l e Ve stern H a t e s
\s
y
TllinoH
ir first with ?'40.39; M i s s o u r i
second,
V'
Iowa third, w i t h $234.7°;
w i t h $ 2 1 5 .5 0 ;
✓
Ohio
fourth,
w i t h $ 2 0 ' . 66.
In the W e s t e r n
i/
y
states Colorado
is fir~t,
w i t h $ 2 5 0 . 6 r'; ''e' raska second,
-ith $234.92;
✓
"on tana and ’."yoming b e i n g next
respectively*
j? leu
i. i
-
TUnmni
u . 1.
'
t i l l l' T ?„
ir. order,
.— 1 r
an
r^-'
.
-iu.i...4 y)
‘Srrtrr-
j
•, . . . . ♦. c
‘
CAPITAL STOCK OF NATIONAL AND OTHER RANKS
A consolidation of the^reports obtftinecL^Tiowsfthat the aggregate
amount o! the* capital stock of the hanks of fire United States including
island possessions is $1,800,036,368,
jjwivny© of almut 21 pec cent
lor th© ycar
y
*
w i t h $207.72 ar.c $207.26
*uul, uvex.7a par aent ahovu the imimmt
reported *m 4rmf*
The amount invested in capital of hanks located in tlie
Eastern States is $581,370,131; in the Middle Western States,
$509,622,221; in the Southern States, $297,137,727; in the Pacific
States, $149,279,601; in the New England States, $138,499,518; in
the Western States, $118,075,127; and in the island possessions,
$6,052,043. New Y ork has a larger amount than any other State
, invested in bank capital, over $263,000,000; Pennsylvania being
' n vxt with $229,000,000, Illinois third with $122,000,000, and Ohio
fourth with $101,000,000. In the New England States Massachu
setts is lirst with $72,000,000, Connecticut second with $25,000,000,
and Rhode Island third with $14,000,000. In the Southern States
Pexas is first with $57,000,000, Kentucky second with $36,000,000,
Georgia third with $31,000,000. O f the Middle Western States,
Illinois is first with $122,000,000, Ohio second with $101,000,000,
Missouri third with $79,000,000. O f the Western States Kansas is
first with $26,000,000, Nebraska second with $25,000,000, Oklahoma
third with $19,000,000. O f the Pacific States California is first with
$96,000,000, Washington second with $20,000,000, Oregon third with
$11,000,000. In the island possessions $3,000,000 is invested in the
hanks of Hawaii, $1,454,302 in Porto Rico, ami $1,532,604 in the
Philippines.
•
9
Q h * * * * * * & + «!>’
J
15,598
national state,etc.,
banks.
banks.
Classification,
Loans.........................
l nitod States bonds........ "
All other bonds and securities
<itsh (Including nattonal-bank notes
( apftal stock.......
Surplus and profits
Deposits (individual)..'
..........
Aggregate resources
Total,
22,491
banks.
•1>4,987. 7 SO. 385. 5 1*11.37
373. 2
740. 2
52. 0
804.8 2.950. 8
3. 821.0
920. 8
525. 2
1. 452. 0
9.41.0
800. 0
1. 800.0
79->. 1 1.039. 5
1. 844. 0
4, 820.0 9.209. 5 14. 035. 5
y.im .u 11.720. 1 21.
712.8
° t i. j -
eludes mortgages owned^
•k ttis s fir s :
..W c ,
bank. m h c r t Z
5
, J t
the aggregate resources of nil reporting banks: over 65 er ™
ml.vulunl deposits; and over 56 per cent of the aggr^ateToan s
cm »r iii. ,«,i, i , I . , , - , ,1;! ; ; , r m
f
'
s
f
Of
il" ™p,t*1*n<i 38 i»r
ry
5 ,
19 10 ,
1>
An
budget
is
a ffo rd e d
C o m m is s io n
and
in te re s tin g
on
d iv is io n
by
h im
to
In
th e
case
m a k in g
th e
The
in
th e
th e
up
o f
th e
and
a t
th e
and
is
body,
D ecem ber
a fte r
m e e tin g
(o r
—
a
o f
w ays
budget
and
o f
r e q u ir e d
to
m ean s"
a
th e
and
v o te
fis o a l
s u b m its
r e v ie w
to
o f
o f
H o u se
eaoh
yea r
th e
th e
y e a r,
to
th e
Com m ons
s u p p ly
as
th e
by
in
M r.
th e
as
M an so n
as
e s t i
e n s u in g
by
th e
p o s s ib le
are
m oney
o f
a fte r
ap p ro val
so on
in
ch arge
so on
e s tim a te s
g ra n ts
o f
c o n s id e r e d
T reasu ry
e x p e n d itu r e
v is it
m a im e r
fo rth
as
c h ie f
c o u n trie s .
W ho h a v e
and
F ran ce,
p erso n al
th e
or
M o n e ta ry
M an son ,
are
se t
r e v is io n
The
th e
on
th e
a
th e y
is
fo rw a rd
a fte r
H o u se
it
each
m eet
P a r lia m e n t.
eaoh
sp eeo h
to
e s tim a te s ,
se p a ra te
in
o f
d e p a rtm e n ts
ch a p te rs),
E a r ly
h is
o ffic ia ls
B rita in ,
0.
o f
o r
o f
p re se n te d
g iv e n
E n g lis h
E n g la n d ,
E u ro p ean
co u rt
th e
b e g in n in g
are
is
o f
w h ic h
G reat
se v e ra l
r e s u lt
th e
n a tio n a l
J .
in
o f
T h ese
In
and
M r.
m eth o d
case
y e a r.
o h a p te rs,
th e
th e
im p o rta n t
accoun t
th e
a m o u n ts
v o te s
an
o ver
S ta te s ,
by
th e
th re e
a cco u n ts.
th e
in to
co u n try
e s tim a te s ,
m a te s
th e
th e
by
U n ite d
T reasu ry,
eaoh
T reasu ry,
th e
w ritte n
o f
s tr u g g le
p u b lic
w as
th e
fis o a l
o f
th e
dooum ent
p r a o tio a b le ,
o f
on
m ade
c h e c k in g
In
th a t
rep o rt
S yste m s
o a p ita ls
le g is la tiv e
a u d itin g
a
" F is c a l
G e r m a n y ,"
o f
"b y
s id e lig h t
by
d iv id e d
v o te s
or
ch a p te r.
th e
C h a n o e llo r
H o u se
o f
r e c e ip ts
o f
Com m ons
and
’J
th e
in
Exch equ er
"o o m m ltte e
e x p e n d itu r e s
o f
th e
-2 -
p ast
to
y e a r,
th e
and
g iv e s
e s tim a te d
ip a te d
reven u e
m e n t,
fo r
cu sto m
to
o th e rs
w ith
th e se
d ered
th e
fix
o f
s u p p ly ,"
M a je s ty
s e r v ic e s
in
m on eys
cu rren t
th e
s u p p ly "
th e
p r e c e d in g
are
th e n
been
r e o e iv e d
th e
H ou se
to
and
m eans
fo r
is
b r ie fly
by
th e
d u tie s
d e c la r in g
a
change
th e n
a p p o in te d
e s tim a te s
s e s s io n
Com m ons
tim e
e n s u in g
to
th e
to
co ver
excess
The
re p o rte d
fir s t
to
th e
o f
rep o rt
and
re s o lv e
it s e lf
in to
d e n o m in a te d ,
s u p p ly
"th e
th e
fo r
w ays
w ith
regard
th e
a n tic
o f
m ade
and
ta x e s
fu tu re
to
re fe rre d
w h ic h
to
p asses
th e
th e
it
any
The
and
it
o f
in
"c o m m itte e
e x p e n d itu r e
o f
a ls o
th e
p assed
e s tim a te s
i f
p assed
an y,
in
o r
Com m ons
g ra n tin g
e x p e n d itu r e ,
"c o m
is
r e s o lu tio n s
s u p p le m e n ta r y
o f
c o m m itte e .
e s tim a te s
are
th e
su b sta n ce
H o u so
th a t
is
a lte r
day;
s ta te
m e a n s ,"
b i l l .
th o
to
h is
The
fin a n c e
a
r e s o lu tio n s
th e
has
e x p e d ie n t
R e s o lu tio n s
H o u se,
th e
in
d e fra y
th e
r a is in g
and
p ro p o sed .
d is c u s s e s
tim e
to
and
it
is
o f
p re se n te d
be
y e a r.
y e a r.
y e a r,
Exch equ er
"o o m m itte e
is
n eo essary
W hen t h e
in
yea r
w h ic h
o f
e n s u in g
th e
e m b o d ie d
fro m
and
o f
th e n
r e q u ir e d
y e a r,
th e
sta te m e n t
sam e.
and
cu rren t
su m s
e x p la n a to r y
is
H ou se
and
th e
to
se v e ra l
th e n
The
o f
e n s u in g
regard
fo r
p assed
a n n u a lly ,
th e
th e
th e
and
C h a n c e llo r
are
s u p p ly "
th a t
d u r in g
th e
th e
r e s o lu tio n s
m itte e
o f
m eet
r e s o lu tio n s
g r a n tin g
gen eral
e x p e n d itu r e
to
A fte r
a
on
H is
se v e ra l
g ra n tin g
fo r
th e
to
th o
g ra n ts
"c o m m itte e
o f
H o u se.
o f
th e
agreed
a
"c o m m itte e
to ,
o f
s u p p ly "
a
day
is
o o m m itte e
"to
c o n s id e r
g ra n te d
o o m m itte e
to
o f
H is
w ays
a p p o in te d
M a je s t y ,"
and
o f
o r,
m e a n s ."
has
fo r
w ays
as
it
-3 -
The
to
th e
tim e
r e s o lu tio n s
to
s u p p ly
tim e
out
g ra n te d
"c o m m itte e
p assed
o f
in to
m a te d
la w
th e
ftw n n g
Im p e ria l
and
r e la tiv e
S e cre ta ry
e x p e n d itu r e s
C h a n c e llo r
to
It
is s u e
o f
th e ir
o f
o f
th e
c a lle d
th e
b u d g e t.
th e
w h o le
In
th e
th e
G erm an y
ch anges
P ie t.
th a t
in
s e r v ic e s
In
G reat
B rita in
so u ro e
fro m
w h ic h
c o lle c tio n s
any
th e
fr a c tio n a l
w h o le
p art
m itte d
th ro u g h
by
d ire c tin g
th e
th e
o f
to
T reasu ry
G erm an
th e
th e
m oneys
in
o f
f if t y
pounds
(£ 50 ).
Bank
o f
a u th o r ity
o f
eaoh
hand
o f
w hen
O cto b e r
to
d e p a rtm e n ts
la w
Fran ce
fix e s
and
in
r e m it
th e
th e
it
reco m
and
th e
reven u es
bank
h a n d lin g
th e
a
Im p e ria l
ce n tra l
th e
am ount
o f
o f
and
to
th e ir
r e s p e c tiv e
a
s m a ll
b a la n c e ,
except
H oneys
Ir e la n d ,
d e p a rtm e n t•
m akes
o f
to
by
a p p o rtio n s
by
th e
w e e k ly
e s t i
th e
ta x a tio n
e s tim a te s
and,
n ecessary
C o u n c il
in
to
e x p e n d itu r e
p re se n te d
and
Bank
in
p u b lic
c o u n trie s
m ade,
w h ic h
ta x e s
p ro p o sed
rep o rt
th e
th e
e x p e n d itu r e
th e
go vern m en t
c o lle c to r s
E n g la n d ,
a p p lie s
Fed eral
are
good
"b y
"b ills
T h is
p rep ares
th e se
are
o f
o f
be
w h ic h
a l l
to
th e
m a k in g
fro m
a c t ."
yea r
am ount
e m p ir e ,
la r g e
every
e ffe c t
g ra n ts
p assed
in
e s tim a te d
th e
fo r
v o tin g
r e s p e c tiv e
fix
fu n d s.
d e p a rtm e n ts
v o te
th e
ap p ears
ren d ers
a d ju s ts
p r a c tic a l
to w a rd
fu n d
e s tim a te s
ta x e s
by
in c o rp o ra te d
F in a n c e
and
g iv e s
r e s o lu tio n s
"c o n s o lid a te d
h im s e lf
to
fu n d "
o f
d e p a rtm e n ts.
m e n d a tio n s
s u p p ly "
The
are
C h am b ers
d ire c t
o f
m ean s"
M in is te r
o r d in a r ily
th e
th e
th e
go vern m en t
is
o f
m ean s"
th e
The
anu
"c o n s o lid a te d
te rm e d
th e m ,
reven u e.
T to io h
am ount
fo r
w ays
L fc ije s ty .
and
P ran ce
r e c e iv e d
su p p o rt
th e
are
o f
" c o m m itte e
H is
w ays
o o lle a g u e s
h a v in g
in
o f
to
la w
In
h is
" c o m m itto o
are
o r
g e n e r a lly
banks
re
ap p ro ved
The
do
not
th e y
pay
Bank
in te re s t
ren d er
tra n s fe rrin g ,
to
a n o th e r
as
In
in
am ount
under
th is
needed
bank
Fran co ,
fo r
th e
th ro u g h
to
m ay
r e q u ir e d ,
be
d ir e c tio n
c a tio n
tio n ,
any
and
o f
w ith
m ay
In
cash
o ffio ©
w h ic h
is
p iro .
Tho
and
o f
th e
d e p o s its
th e
to
b a la n c e
th e
to w n
o f
T reasu ry
o ffic e s
w ith o u t
o f
th e
fu n d s
o f
paym ent
nor
H o w ever,
agent
o r
p la c e
in
in
th e
go vern
excess
T reasu ry'
T h ere
06
o f
is
a
o f
th e
is
th e
in
b ran ch
who,
d is p o s e
o f
and
o f
any
The
co n sta n t
w ith o u t
p u b lic
o f
p u b lic
g o v e rn m e n t.
d ire c t
th e
o ffic e s
d e p a rtm e n ts
tra n s fe rs
o f
tr e a s u r e r s -p a y e u r -g e n e r a l,
to
"b a n k s
d e p a rtm e n ts
one
fu n d s
th e
tr e a s u r e r s -p a y o u r -g e n e r a l,
any
o th e r
d e p o s ito ry
b u s in e s s
m akes
exp en se
o f
a
F in a n c e .
each
th e r e in .
fro m
p u b lic
p u b lic
o f
and
d e p o s ita ry
e x p e n d itu r e s .
is
o f
o th e r
p la c e d
fu n d s
m eet
P ran ce
th e
and
T reasu ry
p u b lic
M in is te r
m ovem ent
G erm an y
to
th e
a n o th e r
Such
th is
o rd er
tr a n s a c tio n s
in
tra n sfe r
is
p u b lic
by
R e ic h s b a n k ,
lo c a te d
Tho
o f
B ran ch es,
its
as
gen eral
c o m m u n i
a u th o r is a
m oneys
fo r
w h a te v e r.
R e ic h s b a n k
fo rm a n c e
th e
Bank
th e
th e
m ake
q u ir e m e n ts .
th ro u g h
to
needed
p r in c ip a l
th e
not
p u rp o se
o f
fro m
th e
p u b lic
tr a n s a c tin g
w h ic h
m oneys
be
th e
its
exp en se,
p la c e d
o o n tro l
in
o f
m ay
P ran ce
is
th e
s e r v ic e s
fre e
th e y
w h ic h
th e
on
v a lu a b le
by
m e n t,
o f E n g la n d ,
a
oach
is
or
m ade
fu n o tio n ,
o f
m ay
th e
aro
Im p e ria l
o ity
s p e c ia l
fu n d s
w h ere
w ith o u t
is
th e
tra n sfe rre d
T reasu ry
u s u a lly
and
th e re
is
exp en se
o f
to
m eet
o ffo c to d
Bank,
d e p o s ito ry
it
be
its
a
th e
c u s to d ia n
th e
o f
one
o f
Im p e ria l
th e
re
exchange
o ffic e
T reasu ry.
one
p u b lic
b ran o h es,
cash
to
by
fro m
In
cxccsr
o f
th o
om -
T reasu ry.
th e
o f
p er
-h o
gen eral
"b a la n c e
lo c a te d
in
th e
n ecessary
to
u ry
(o r
"b ills
p la c in g
fu n d s
he
th e
are
not
r e q u ir e d
d iffe r e n t
a n tic ip a te
exch equ er
p ro ceed s
tra n s fe rre d
r e q u ir e d
by
th e
to
in
th e
s ta te s ;
th e
fro m
Im p e ria l
and
th e
c re d it
th e
bank
cash
v t fio n
reven u es
h il ls ) ,
th e
c h ie f
"b y
th e
hank
o f
to
T reasu ry.
on
o ffic e s
s p e c ia l
is s u e
u s u a lly
th e
th e
o f
th e
T reasu ry-
o c c a s io n s
it
is
sh o rt
te rm
T reas
d is c o u n ts
su ch
"b ills ,
Im p e ria l
c h ie f
c f
T reasu ry.
cash
o ffic e s
The
ac
m ay
March 21,
19 10 .
BAIIK IITOUiny OP 1908.
H ow
p ro ved
her
s p e c ia l
•and
h a n k in g
in q u ir y
p u b lis h e d
m is s io n
G erm an y
body,
p r ie to r s ,
ana
fro m
and
m ost
n e a r ly
th e y
a
th e
c o n s is te d
s e n ta tiv e
la w s
b y
b y
m et
o f
to
in te re s tin g
m eet
n a tio n a l
h u n d red
w h o se
M o n e ta ry
p o litic a l
p o rtio n s
o f
in
a
how
w a3
h e a rin g s
th e
have
C o m m is s io n .
and
w as
a
w h o se
has
im
s u b je c t
been
o f
te s tim o n y
G erm an
la n d e d
to o k
w as
fo rm s
a
tr a n s la te d
th o r o u g h ly
They
w h ic h
sh e
The
m e rch a n ts,
s c ie n c e .
d is c u s s io n
th e ir
ana
c ris e s
b an k ers,
a u th o r itie s ,
engaged
19 0 7
m em b ers
le a d in g
o f
o f
fu tu re
tw e n ty -fo u r
in c lu d in g
th e m s e lv e s
c r is is
c o m m is s io n ,
p ro fe sso rs
tw o
th e
com
re p re
p ro
e v id e n c e
re p o rte d ,
one
o f
th e
re p o rt.
This investigation being based upon very recent experience
and its results having been embodied in a revision of the banking
law, presents many points of special interest in the present discus
sion of monetary reform in the United States.
Some complaints were
heara in Germany over the fact that during the erisis the Imperial
Bank was compelled to raise its disoount rate to 7-&- per oent.
This
was a condition so abnormal in Europe that it was declared by one of
the members of the commission, Mr. Fischer, chairman of the Chamber,
A
of Reutlingen, to have been, "in the eyes of the public, nothing
short of usury."
The comparative financial isolation of Germany,
as a result of the hostile feeling against her in Prance, found an
I
-2 -
eoho
th e
In
th e
d e c la r a tio n
R e ic h s ta g ,
w ays
ru sh es
g o ld ,
a
th a t
to
th e
th in g
ch arge
s h o u ld
tin g e n t,
or
one-th ir d
co vered
in
o u s ly
known
to
($47,500,000)
a m o u n ts
but
w hen
ce n t,
m uch
n o te s
and
n o te s
w ith o u t
are
oven
and
v e r s ity
o f B e r lin ,
th a t
th e
p r a o tio a i!
in
o f
a
an
ra te
in q u ir y ,
r a is e d ,
w ith
w eek
a
o f
as
new
is s u e
q u e s tio n
th e
B e r lin ,
o f
th e
D r,
th a t
in
o f
w as
in
p r e v i
m ark s
th o se
o f
b y
g o ld ,
fiv e
th e
d is c u s s e d
£ r .
un
th e
fu ll
r a is in g '
w ith
A d o lp h
o f
th e
G o ttin g e n ,
p o in to d
out
U n i
and
by
dem and
fo r
c a p ita l
th e
dem and
fo r
c ir c u la tio n
to
d is c o u n t
w ent
a lv ta y 3
hand
in
per
con
th e
d ir e c tly
o f
m ark s
not
ta x
R ie s s o r ,
U n iv e r s ity
o f
o f
Above
th e
w as
Ja c o b
It
lim it
a
con
2 0 0 , 000,000
e c o n o m is ts ,
c o m m is s io n .
c o m m is s io n
o f
it
re se rv e
r e s u lt
o f
a l
u p o n ,"
n o te
a
o f
w h e th e r
472,629,000
o o vo r,
a lto g e th e r,
e m in e n t
th e
T h is
co vered
She
th e
w as
upon
each , q u a r t e r .
**■ ■ ■ ■
i t
as
th e
is s u e
Fran co
reo k o n
p r o v is io n ,
g o ld
o f
o f
ta n .
m em ber
fu r n is h in g
not
is s u e d
th e
le x is ,
th e
ho
a
o f
d i3 0 U S 3 e d
w ith o u t
o.o w n e r , b y
o f
th e
By
G erm an y
a d d itio n a l
a b o lis h in g
D r,
in
m ay
c o n s id e r a b le
r e l a t e d . so
th e
o f
Bank
co u rse,
s p e c ia l
m ark s,
la s t
is s u e d
o f
a
tin e
fo r
th e
m em b ers
m em b ers
ris e
la w ,
w h ic h
u ltim a te ly
U n iv e r s ity
n e c e s s a r ily
a
w as
a lw a y s
o f
not
th e
o p e ra tiv e .
le a r n in g
se vera l
at
o f
known
p a y in g
550,000,000
V /ag n e r,
th e
s e r io u s ly
o f
is
becom es
tin g e n t,
m ost
is
th e
E n g la n d
q u e s tio n s
d u rin g
th e re
o f
can ,
lim it
th e
Bank
Bank
It
to
G am p l i a s s a u n e n ,
G erm an
w hat
w as,
Von
d iffic u lty ,
th e
in
($112,500,000),
v e s tig a tio n ,
o f
o f
m ade
g o ld
is s u e s
F re ih e rr
tin e s
th e
th e
he
th e
"in
reso u e
th a t
Am ong
o f
fc a n d
w as
w ith
- 3 -
th e
n e c e s s ity
D r,
W agner
fo r
th a t
in ju r io u s
s o -c a lle d
w ro n g
tim e
c la r e d ,
o ff
m o re
H e io h s b a n k
re se rv e ,
o f
s h o u ld
ta k e
ic a l
w h ic h
a
its
i t
o f
th o
o f
one
r e la tio n
th e
e v il
W agn er,
an
even t
h eard
w as
o f
fro m
s u s p e n s io n
a llo w e d ,
w as
on
h e ld
th e
b ecau se
stre n u o u s
back
sco p e
w as
fo r
u n til
fu n c tio n s
th e
o f
w hen
D r,
a
s p e u ie
o f
fre e
th e
q u a n tity
fix e d
th e
P eel
W agner
a ct
p ress
r e s p o n s ib ility
o f
is s u e
had
p a ym e n ts,
b a n ]'
de
th e
in
o ff
th e re
r a is in g
th a t
a
o f
th e
th e
o f
re m a in
and
to
fu n d s.
w h io h
w as
r e c a lle d
b y D r,
E n g la n d
ste p
th e
w as
s im p ly
b ecau se
th o
o f
m in is tr y ,
to
th e
o f
is s u e
th a t
One
in
18 5 7 ,
c ry
e q u iv a le n t
Bank
g ra n t
d o to r m in e
cash
th a t
c r i t
and
th e
r e c o lle c tio n ,
c ir
had,
and
p erso n al
o f
a t
th e
fra n o e
a d m in is tra tio n
in
ra te
n o te
re s tric tio n s
su sp en d ed
n o te
d is c o u n t
m a x im u m
n o te s
B an s*
f a ll
s h ip m e n ts
w o u ld
o f
o f
an
th e
lo n g
fa llin g
su ch
he
n o te s
w as
th e
a t
b e fo re
ra te
th e
and
by
th a t
to
F r '. n o e ,
fro m
d e c la r e d
cam e
th e
th a t
Iia d
re se rve
th a t
is s u e s
iss u e
p la c e
hnnpen
lik e
co n te n d e d
D is tr u s t,
m easu res
e x te n d e d
been
w ro n g
th e
oven
n o te w o rth y
He
n o te
o f
w as
c o n tin g e n t
one.
say
a tta in e d ,
C o n tin e n ta l
th e
to
u s u a lly
e ffe c ts
w h io h
th e
not
e x is te n c e ,
th a t
as
m ig h t
It
a o u t e ,"
had,
II
th e
to o
began
i t
o f
th e
G erm an y
bobw eon
o f
w ay
a t
I f
la r g e
th ro u g h o u t
3
w ere
c re d it,
w as
th i
is
so on
o b lig e d ,
h ig h e r .
tim e s
o f
In
as
m o re
l i c i t
oom es
p e o p le
s t i l l
a
n o te s.
b e n e fic ia l
o ffe o t
ab ro ad
and
a
s ig n a l
ex
is s u e
o f
th a n
it s
be
ab ro ad
be
c u la tio n
in g
w o u ld
to
fro m
th a t
m o re
d is o o u n t.
g o ld
ra th e r
sp read
and
e x is te n c e
danger
and
w as
in c re a s e d
th e
e ffe c t
"th is
an
w as
to
th e
E n g la n d
u n co vered
w as
- 4 -
n o te s
beyond
th e
le g a l
A c c e p tin g
c o n tin g e n t
th a t,
in
m a rts,
i t
it
be
a t
d e c is io n
r e ta in e d ,
to
r a is e d
fo r
is
th e
be
a d d itio n
p e rio d s ,
and
w o u ld
lim it.
x ra ±
p r e c is e ly
h ig h e r
tim e s
th e n
h r.
th e
a t
th e re
th a t
th e
m a jo r ity ,
V /ag n e r
r a is in g
s t i l l
su ch
o f
m ay
th e
su p p o rte d
c o n tin g e n t
th e
be
o h ie f
h o w ever,
th e
to
th a t
th e
s u g g e s tio n
5 5 0 ,0 0 0 ,0 0 0
m u c h -d is o u s s e d
q u a r te r ly
a
o f
g re a te r
fu n c tio n
need
o f
th e
c re d it,
c e n tra l
ban t
i
o f
is s u e
com es
in to
p la y .
gen t
o f
u n co vered
oeed
by
1 0 0 , 000,000
o th e r
u n ta x e d
or
p r a o tio a l
th is
s u g g e s tio n ,
b an k er,
! 'r .
T Ir.
F in c h e l
lim it
and
fo r
r e q u ir in g
th ir d
o f
le s s
ta x .
bank
not
be
th e re fo re ,
a llo w e d
m ark s
th e
n o to o ,
lim it
a
a t
th a t
su ch
th e
reserve
th e
c o n tin
tim e s
to
a u th o r iz e d
in
th e
th e
w h ic h
ex—
lim it
a t
m ade
by
w o u ld
ro t
d u ll
th e
sen se
o f
th a t
is s u e s
tru e
a d m it
p ro p o sal
th e
w hen
d an ger.
th e
fix e d
i f
reserve
th e
be
s u b je c t
h o w ever,
u n ta x e a
th e
i t
is s u e
is s u e s
o f
s o u n d in g
d e c la r e d
on
one-
to
under
c o n s titu te d
fre q u e n t
He
th e
o f
equal
w i 3e ,
c ir c u la tio n ,
th a t
Com pany
a lw a y s
s h o u ld
o f
th a t
&
a b o lis h in g
s h o u ld
p r o v is o
e x te n s io n
u n ta x e a
lie
fo r
a lto g e th e r
it
th e
o f M e r d e ls s o h n
a d d itio n a l
c o n s id e r e d
o f
th e
change
a
a d o p te d
p re fe re n c e
w ith
th e
exoept
He
and
s h o u ld
g o ld
o o n s id e r
en d s.
s ig n a l,
s ig n a l
a
r.’a g n e r
F is o h e l,
exp ressed
o f
c o n d itio n s ,
h r.
A rth u r
t w o —t h i r d s ,
d id
o ro o sed
p o in t:
am ount
th a n
q u a rte r
c la n g o r
th e
th e
He
e x is tin g
th e
n o te s
2 0 0 , 000,000
even
B e r lin .
w as
su g g e ste d ,
tim e s .
In
a
and
He
th is
a t
th e
a
o f
- 5 -
" I f
o f
th e
we
have
n o te
in
an
m ent
as
w e ll
a lto g
? .s
o f
th e
fre q u e n t
r e ta in ,
but
a t
I
tie
in
th a t
g re a te r
lim it
a t
s h o u ld
a t
be
to
th e
Luoho,
m ost
im p o rta n t
fo re
th e
d is o o u n t
im a te
tir a o .
th e
wo
say
q u a r te r ly
p e rio d s
it
is
a t
as
o th e r
is
in
o f
th e
e c o n o m ic
th e re fo re ,
s ig n a l
doos
m u st
be
we
an
a b n o r m l,
a t
th e
us
to
w o u ld
o fte n
have
ought
to
a
keep
cu rren cy
o v e r s te p p in g
w h ile
d e v e lo p
fo r
to
th e
h are
and
I
not
a b le
dem and u p o n
fo r
we
c ir c u la tio n
c ir c u la tio n ,
o f
lo a n s
o f
m ade
th e
b y
th e
co u n try ,
o f
th e
D e u tsch e
in
a il
th e
sta te m e n ts
w as
th e
s o le m n
th e
b ills ,
fu tu re
even
—
d is o u s s io n
th e
m o re
th a t
i s ,
th is
seem s
to
me
im p o r ta n c e
o f
th is
bonk,
w as
o th e r
bank
in
He
th a t
o f
w o u ld
th e
o f
is
th e
tim e s
th a t
r a in y
o f
b y M r.
had
been
th e
p r e s id e n t
p a st,
he
th e ir
d o c la r e d
o m -fin e
e c o n o m ic a lly
su b ;je o t,
and
r a is e d
Bank.
assu ran ce
th a n
on
i t
in
h eo au se
b e n e fic ia l
s ig n a l,
we
o y e r s te p p in g
it
a b n o r m a l."
c a p ita l
p o in t
our
a c tu a lly
tim e s ,
n o tn in g
o f
th a t
th e
fre o u e n t
p o in t
danger
n o te s
C ic e o to r
"G e n tle m e n ,
a p p re c ia te
th is
u n co vered
o p e r a tio n s ,
th e
I f
w as
o f
ch a ra cte r
th a t
b u s in e s s
C o n tin u in g
danger
w h e th e r
in
c o n d itio n
The
c o m m is s io n
R e io h s b a n k
th e
a
p r e c is e ly
s itu a tio n
w a rn in g s .
p e rio d s
fo rm e r
of
happened
it
c ir c u la tin g
a
has
su ch
and
regard ed
The
year a
h e ie n s h a n h ,
th a n
th e se
la s t
th is
p o in t
w ro n g
q u a n tity
m uch
th e
ab n o rm l
q u e s tio n
c e rta in
m in d
th e n
in
r e c e iv e
sou n d
in
c o n tin g e n t,
been
c o n d itio n
had
K e la n d th a t
b ro u gh t
i t s e l f
to
r e la tio n
o f
in
r e c e iv in g
ju s tifie d
flu id
th e
b e
th e
its
le g it
b ills .
s a id ;
you
d e c la r a tio n .
do
not
Even
i f
s u ffic ie n tly
our
w h o le
-6-
in q u ir y
s h o u ld
o p in io n ,
i -
i t
I
appear
s h o u ld
s h o u ld
have
a d m in is tr a tio n
i f
t .io
you
c o u ld ,
in
any
b e g in
w ith ,
th e
H e ic h
3b a n k .
A
th e
p o r tfo lio s
ce p te d
tio n
by
o f
th e
th e
m o d e r a tio n
to m e rs
d is o u s s io n
tio n s
b y
D r.
n o m ic
and
c a rr y in g
out
th is
keeps
th is
any
P .io s s e r ,
to
o f
tiio y
w ith
w ill
th e
tim o
to
tin e
o f
p r iv a te
a
not
"I
a
p r iv a te
on
a
aro
bound
a ffa ir s ,
th e
and
w h o le
he
e v e ry th in g
in c lin e d
b ills
not
o n ly
g e t
th o
tim e s ,
you
g et
a lo o
o f
num ber
th e
G e n tle m e n ,
h ave,
a c t iv it y
su ch
as
and
su co ess
R e io h s b a n k
You
w ith
th e
bank.
bank
tc
th e
o f
to
th e
to
th e
be
d e s iro d
th e
th a t
r e p le n is h
can n ot
a c
m o d era
d e s ir e d
k in d
occu py
is
an
to
la tt e r ,
o f
sa y ,
not
o n ly
to
co r s i dor
to
keep
in
s ig h t
s itu a tio n
o f
th e
cam e
it s
i t
cu s
it s
itn
in s is te d
c o n s id e r in g
th e y
th a t
in
c o u n t r y ."
even
and
have
do
not
evo ry
b e a rin g s
e c o n o m ic
eco
"t in t
p o s itio n
th a t
but
under
o b lig a
w as
d e c la r e d ,
o ffic ia l
in te re s ts ,
e c o n o n io
c f
he
b u s in e s s
but
co u n try
b e tw e e n
o b lig a tio n
ir e ie t o S ,”
th a t
th e
d iffe r e n c e
Tven
th e
a lw a y s
b u s in e s s ;
p r iv a te
won
d e s ir e .
h a r d ly
th e
th e ir s .
have
th e
Im p e ria l B e a k
w ith o u t
have
tre m e n d o u s
o f
you
o u ts id e
a c c e p t ."
o f
c o n s id e r
b u s in e s s
c o n n e c tio n
he
p o in t
a
fo r m in g
s tre n g th e n in g
upon
you
tre a ch e ro u s
in
o f
w ill
la
a c h ie v e d
p o s s ib ly
e x te n t
But
banker
w o re
c a rry
tr a n s a c tio n
g re a t
in
in te re s ts .
m e r e ly
a
a ll
assu ran ce
sen se,
banker
or
a t
p r in c ip le
b a h !:
d u tie s
th o se
not
e ffe c t
p r a c tic a l
had
in flu e n c e
to
fro m
d ire c to rs
th e ir
th e
d ra fts
th e
m e r e ly
le a s t
to
it
n e ce ssary
th e
The
su ccess
a t
R e io h s b a n k .
o f
no
th a t
banker
w h o se
have
c o n s id e r
in
R e io h s b a n k
tc
upon
a tip o o t3
in
M arch
S p e c ia l
m ade
p u h lio
B a n k in g
by
la w ,"
a d o p te d
th is
b ecau se
in s titu tio n
b ecam e
la w
to
o n ly
th e
in
18 6 4
th e
and
p a r tic u la r s
to
bank
re la tin g
in g
w as
Ju liu s
fro m
th e
o f
fo r
a
n o te
th e
Bank
who
fo r
h as
th e
banks
in
b a n k .^
fa ilu r e
new
by
S w is s
in
th e
o f
case
A
m ade
a
to
in
ove
th a t
o f
th o
la w
18 0 2
th e
o f
w as
18 8 1
E u ro p e
bank
la w
began
p a n ic .
o f
w as
Bank
are
is
In
and
does
not
w h io h
th e
o f
o f
e m p h a s iz e d
a
by
o f
th e
by
a
bank
B r.
and
is o la te d
syste m
in
are
S w is s
b a n k in g ,
*
d iffe r
fo r
C o m m is s io n
and
th o se
lim ita tio n
fra m e d
o f
in
d iffe r e n c e s
on
w a3
18 50
la r g e ly
18 8 2 .
systo m
p resen t
in
th o
s u p e r v is io n
stu d y
S w is s
th e
o f
re se rv e s,
b il l
he
N e th e r la n d s
in
th e re
to
a u th o r iz in g
it
The
Ja p a n
M o n e ta ry
fto m
a ct
and
m o n o grap h
life -lo n g
gen eral
banks
a
"T h e
B e lg ia n
bank
but
N o tio n a l
tr a n s itio n
th o
th e
g o vern m en t
S ta te s .
th e
th e
on
N a tio n a l
B e lg iu m ,
S w itz e r la n d
o f
19 0 5 ,
Bank
Bank
The
o ,
c ir c u la tio n ,
o f
U n ite d
th e
on
19 10 .
about
co u n try
bank.
c e n tra l
th e
stu d y
p rep ared
m ade
o f
m o n o grap h
la s t
la w ,
o f
o a re fu l
in d e p e n d e n t
a rra n g e m o n ts
to
th o
19 0 7,
S w is s
and
c a r e fu lly
Tho
o f
th e
m odel
is
O cto b e r
o w n e rs h ip
th e
Landm ann,
fo llo w e d
o f
b u s in e s s ,
in
on
th e
C o m m is s io n
c e n tra l
r e o rg a n iz a tio n
r e o e iv e
o e n tra l
la w
a
a
su m m er
o rg a n iz a tio n
ch a ra cte r
lik e ly
fa r
th e
c o m m e r c ia l
e s s e n tia lly
th e
a d o p tio n
so
fo llo w e d
in
to
M o n e ta ry
S w itz e r la n d
o f
c o n s id e r e d
n a tio n a l
syste m
P rio r
th e
th e
a tta ch e s
th o
o p e ra tio n s
to
in te re s t
2 ,
who
and
ce n tra l
o le a r in g
th e
fe a r
-2
in
18 8 7
th a t
F ran co
w o u ld
be
no
th e ir
p o w e rfu l
D e p a rtm e n t
m ake
to
lo n g e r
en d eavo rs
to
th e ir
fro m
F r a n c e ."
Thus
have
done,
re n cy ,
ra t
had
event
as
began
u n til
th e
th e
W h ic h
18 9 0 ,
th e
d id
not
ta k e
to
p a n ic
d id
not
e x p e rie n c e s
5 0 ,0 0 0
a
o f
2 3 1,5 7 8
in
as
to
v o to
o f
1 5 8 ,6 1 5 ,
It
r e q u ir e d
a c c e p ta b le
o th e r
to
p e rm it
th a t
on
th e
th e
e le m e n t
o f
o f
a t
lo a n s
and
by
th e
s p e c ie
to
th e
Fran ce
exch equer
th a t
a id
o f
th e
b ills
in
w o u ld
h o a rd in g
nows
tim e
o b ta in
o f
th e
sam e
"to
fu n d s
c o m in g
Bank
F in a n c e
enough
in s te a d
th o
fro m
banks
th e
have
o f
c o in
th e
to
Fed eral
to
th e
an
earn est
dem and
in
Labor
th a t
cu r
B u n d es-
th e
to
th e
in
fa v o r
o f
a
m a jo r ity
o f
about
hand
sta te
to
th e
fro m
to
o f
in
in
bank,
u n d er
th e
r e v is in g
to
A p r il,
w o u ld
H ence
7 3 ,0 0 0
18 9 1
c e n tra l
go vern m en t
secu re
c e n tra l
b u s in e s s
s o c ia lis m
th e
p e o p lo .
c r e a tio n
p e rio d
i f
a
th a t
F e d e r a tio n
n ecessary
18 9 1,
fo r
S w itz e r la n d
an nounced
am endm ent
a
in
S w is s
e n tire
one
to
banka
Fed eral
re q u e ste d
as
or
su p p o rte d
th o
or
o f
th e
and
th e
im p o s s ib le
r e lie v e d
O o to b e r,
so
i t
s i^ ia tu r o s
c o n s titu tio n a l
so
E n g la n d
o f
by
c ir c u la tio n
A s s e m b ly
th e
18 8 7 ,
th a t
s u b s id e .
g e n e r a lly
W o r k m e n 's
,
o ash ,
le d
o o lle c t
%
th e
is s u e
s u b je c t,
s titu tio n
b il l
th e
and
s u p p ly
is s u e d
b an k s,
w as
w ar
a d e q u a te
1
m ako
o f
th e
o f
o f
c o n tr a c tio n
on
so
n o te
S w is s
Bank
an
U arch
s h o u ld
up
v o te
ad verse
S w is s
ta k e
m is s io n
th e
w as
on
s itu a tio n
T h ese
bank,
th e
in to
c ir c u la r
th e
th e
th o
r e s o lv e d
th a t
o b ta in
h o ld in g s
e v e n ts
m a rk e t,
p lu n g e d
A
red u ce
u n e x p e cte d
th e
to
S w itz e r la n d
o ase
o f
a
a b le
be
n e ig h b o r.
o f
stre n g th e n
w o u ld
su b
cam e
th e
con
a g a in s t
an
v o te s.
19 0 5
to
c o m m u n ity
S w itz e r la n d
p e rfe c t
and
on
w h io h
dem anded
r ig id
o ffic ia l
th e
g o v e rn m e n t.
and
w aB
endum ,
th e
so
in
hope
n ecessary
fu n c tio n s ,
o f
n a tio n a l
c o m m e r c ia l
pow er
fo r
not
th e
p u rch ase
are
on
m o re
th a n
th re e
s a le
m e ta llic
o f
th e
o u sto d y
Tho
is s u e ;
and
p u rch ase
te m p o ra ry
o f
G o vern m en t
lo a n s
s u b s c rip tio n ;
and
and
and
o th e r
o f
ch ecks
but
o f
a cce p ta n ce
c o m m is s io n ,
tr a n s a c tio n
a t
on
tra n sfe r
but
o f
o f
th e
th o
but
o n ly
in
in c lu d e
s ig n a tu r e s ;
m o re
sto ck s;
o n ly
fo r
th e
th o
p u r
th e
S w is s
p a r tic ip a tio n
b u s in e s s
a c
b u s i
m e ta l3 ;
fo r
T & iic h
th a n
c le a r in g
p re c io u s
fin a n c ia l
o f
c o u n tr ie s
not
a p p lic a tio n s
w ith o u t
ch a ra cte r
th o se
tw o
and
its
S w itz e r la n d
fo re ig n
fo r
upon
o b ta in
d e a lin g
on
in c lu d in g
in
as
by
r e fe r
upon
th e
sam o
le a s t
o b lig a tio n s ,
d e a lin g
as
a
to
fu n c tio n s
lo a n s
not
in te re s t;
go vern m en t
o b ta in
e n te re d
b ills
bank
agreed
fa ile d
fa r
th o
o f
and
th e
so
th e se
b ills
g ra n tin g
to
th e
w as
in s titu tio n s
b e a rin g
th e
bank
lim ite d ,
o f
19 0 5
p o lls ,
th o
d is c o u n tin g
in v e s tm e n t;
on
th e
and
w ith o u t
v a ria b le s ;
a t
o f
e ffo rt
m o n th s
o f
o f
a ct
s u b s ta n tia lly
s e c u r itie s ,
d e p o s its
o w n e rs h ip
th e
e n u m e r a tio n
th e
b a s is ;
a g a in s t
it
w ere
to
B e lg iu m
n o te
a
o f
o f
o f
ce p ta n ce
p o se
fu n c tio n s
th e
th a t
s ig n a ttir o s
co n co rn o d ,
Bank
m o n th s
n e ss;
o f
p art
h o w ever,
d e fe a tin g
b a n k in g .
th e
th re e
num ber
w as
and
a c c e p ta b le
o f
T h ese
b u s in e s s
th o
F in a lly ,
g e n e r a lly
th e
co n tro l
in
th e
o f
th e
is
not
C o n fe d e ra tio n .
Tho
je c t
to
any
w h o le ,
nor
in
o ase
th e
is s u e
fix e d
upon
o f
n o te s
m a x im u m ,
th o
th e
o f
nor
u n co vered
G o rm an
by
th e
to
S w is s
any
ta x
c ir c u la tio n
R o io h s b a u k .
n a tio n a l
Bank
upon
c ir c u la tio n
above
Tho
th o
a
fix e d
n a tio n a l
lim it,
Bank
is
su b
ns
an
th u
3
a
-4 -
p la c e d
in
is s u e s
w ith o u t
in g
th e
to
a
p o s itio n
regard
d e n o m in a tio n s
20 -
fra n c
“b y
th e
n o te s
N a tio n a l
and
a g e n c ie s
fo r
no
o f
case
o f
th e
F ed eral
not
g iv e n
agency
th e re
be
m o re
th e
th o
e q u a lity
Tho
th e
N a tio n a l
are
th e
ner
o f
o o v s rin g
a ls o
r ig id
as
th e
case
th o
th o
o f
m anner
in
it s e lf
o f
th o se
th o
co ver
c ir c u la tio n
th e se
th e
S w is s
bank
th e
and
o f
n o te s
to
th e
39
Bank
o f
are
o f
tim e s
o ffio o s
o f
th o ir
fa c e
th e
covor
B ard :
th e
fo r
th a n
R e ic h s h a n k ;
o n ly
th e
not
m an
o n ly
lia o ilit ie s .
am ount
c o n s is t
o f
but
n ecessary
a r tic le
at
cash
p e rm it;
is
p r o s c rib e s
m u st
th e
th e
lo rra n n
tim e
o f
as
cash
r e g u la to r !
a ct
it s
fa r
N a tio n a l
th o
o f
e x c e p tio n
p u b lic
th e
la w
p e rm itte d
o ffic e s
N a tio n a l
th e
o f
b ran ch
th a n
w ith
r e la t
is s u e
C o n tra ry
n o te s
or
sh o rt
s h a ll
so
c o n c e r n in g
upon
banks
fo r
o n ly
S w is s
th e
E n g la n d ,
c o v e rin g
o th e r
need
W ith
b a r s ': a c t
o b lig a tio n s
o f
th e
The
r e q u ir e d
o ffic e .
and
acoopt
th o
is
n o te
is s u e d
r e d e m p tio n
acco rd an ce
o f
aro
re d e m p tio n
ce n tra l
to
Bank
n o u es,
m e ta llic
o e n t . o f th e
o f
in
its
te m p o r a r ily
a l l
own
te n d e r.
Bank
o b lig e d
m o re
w h ile
The
le g a l
r e q u ir e m e n ts
p la c e
in
o f
th o se
he
at
its
d e la y
n o te s
fo r
fro m
th a n
r e q u ir e d
and
th e
su ch
per
cash
o th e r
q u a n tity ,
is
C o n s titu tio n ,
in s titu tio n s
40
r e d e m p tio n
o f
im m e d ia te
o n ly ;
and
T reasu ry
but
B ern e
am ount
fra n c s.
c a se s,
u n lim ite d
a t
1,0 0 0
and
A ct
Su d o ral
th in ,
e x tr a o r d in a r y
in
th e
B a n k -n o te s
and
Bank
o n ljr
n o te s
50 0 ,
or
E n g lis h
o f w ar,
v a lu e .
“b u s i n e s s #
b ran ch
th e
d o crease
c o n s id e r a tio n s
10 0 ,
seat
Im m e d ia te
th e
or
U n c o n d itio n a l
its
s h a ll
th e
th e
in
any
o f
te n d e r,
at
o b ta in in g
te rm s
to
50 ,
m ay,
le g a l
Bank
h o ld in g s
in
o f
B u n d e sra t.
in
in c re a s e
r e q u ir e m e n ts
in
n o te s,
to
to
le g a l
a t
le a s t
te n d e r,
5
g o ld
in
o e n t.
o f
b a rs,
not
S w is s
or
fo re ig n
co vo ro d
by
d is c o u n t
In
a l l
keep
or
d e m a n d a b le
fo re ig n
b ills .
b ars
W h ile
o f
is s u e
rig h t
o f
a
is s u in g
th e r,
by
wny
C o n fe d e ra tio n ,
o f
th is
is
se t
te e n
S w is s
fo rth
yea rs*
in
th e
th e
in
th o
as
a r tic le
tu rn ,
o f
fix e d
be
g iv e n
by
tra n s fe rre d
to
it
th e
b y
ta x
th e
th is
to
is
it
an
la w ;
la s t
n a tio n a l
and
to
p r e v io u s
th e
fu rth e r
s o le
C o n s titu
Bank
and
to
th e
por
w ith ^ * */
C o n fe d
fu r
th e
am ount
th is
e x p ira tio n
am ount
o f
head
a
o f
f i f
th e
o en su s.
re tu rn ,
fo r
th e
la w ,
paym ent
c e n tim e s
or
n a tio n a l
th e
lo g a l
th e
th e
c a lc u la tin g
th e
in
n a tio n a l
F ed eral
d is tr ib u te
o f
80
Bank
a
annual
a fte r
be
by
to
th e
due
c o n fe rre d
in s ta n c e ,
th e
it
o b lig e d
b ills
S w is s
b e lo n g s
o f
to
m ode
re p re se n ts
s ta te ;
39
o b lig e d
w ill
th o
fir s t
is
ta x e d ,
not
th e
m o n o p o ly
m ake
The
th e
e ith e r
e q u iv a le n t
is
upon
th o
a s s ig n e d
ta x ,
per
fa llin g
d is c o u n t
Bank
c o n fe rs
o f
d u tie s
p e rio d
o o n o o s s io n
by
to
gran t
28
to
n a tio n a l
c a n to n s.
a r tic le
p o p u la tio n ,
is
fo r
tr a n s itio n
The
w h ic h
a c c o rd in g
Bank
d ire c tly
p r iv ile g e
c o n c e s s io n
to
not
w h ic h
T fliic h ,
paym ent
is
S w is s
b a n k -n o te s ,
f u lf il
o f
c ir c u la tio n
th e ir
in
In
to
by
ye a rs
tio n .
u n d e rta k e s
n a tio n a l
tw e n ty
e x c lu s iv e ly
60
c o n s is tin g
lia b ilit ie s
o o in s ,
th e
r e m a in in g
co ver
th e
co vered
g o ld
to
a
( i .o .,
C o n fe d e ra tio n
o f
e ra tio n
re tu rn
)
fo re ig n
The
p e rio d
fo re g o in g
days
g ra n te d
be
th e
b ills .
lia b ilit ie s
n o te
For
m is t
fo re ig n
th e
te n
or
th e
c o m p e n s a tio n s .
fo r
tim e
c o in s .
th e re
or
to
w ith in
g o ld
B a n !:,
b ills
sh o rt
te n d e r,
m o n o p o ly
m e ta l
a d d itio n
to
g o ld
th e
fix e d
in
b a n k -n o te
c o n s id e r a tio n
ad van ce,
m o n o p o ly
fo r
th e
—S r
g r a n tin g
o f
th is
s u p e r v is io n
o f
o f
and
th o
hank
c a n to n s
in
th o
As
down
th e
p r o fit
p lu s
ta l
to
handed
he
over
m a in in g
th e
have
net
ru le s :
th o
fo r
th o
th o
o o -o p o r a tio n
in
th o
and
c o n s titu tio n
C o n fo d o ra tio n
~
he
tra n s fe rre d
s h a ll
reach ed
N e x t,
a
a
to ta l
A fte r
c o n c e s s io n
p r o fits
equ al
ta x
t w o —t h i r d s
to
go
hue
to
to
o f
th is
and
th e
th o
in
30
no
th o
ce n t,
on
o f
th e
th e
c a n to n s
and
th e
th a n
th e
su r
th o
oank’s
sh are
in d e m n ity
C o n fe d e r a tio n .
la y s
m o re
u n til
ce n t,
la w
in
case
per
ca n to n a l
th o
sh ow n
s u r p lu s ,
por
to
p r o fits ,
o a r n in g s
c o n t .,
d iv id e n d
o u t.
not
annual
per
c a p i
is
Of
to
any
he
re
o n o —t h i r d
to
C o n fe d e r a tio n .
( $ 9 ,6 5 0 ,0 0 0 ) ,
d iv id e d
in to
fifth s
c a p ita l
w as
o f
th e
p r o p o r tio n
in d e p e n d e n t
to
re m a in d e r
a s ,
S w is s
so a ts
o f
o f
w as
to
fo r
th o
10 0 ,0 0 0
in
th o
fo r
fo r
g re a t,
h as
500
5 0 ,0 0 0 ,0 0 0
fra n c s
o f
w as
th e ir
by
each .
th o
fo r
a u th o r is e d
hut
i’ w o -
ca n to n s
reserved
s u b s c rip tio n ,
fra n c s
uno
is s u e s .
s u b s c rip tio n
c o r p o ra tio n s .
C erm n
no
o f
is
s u b s c rip tio n
r a tio
o o n tra l
th e
hank
and
Bank
O n o —f i f t h
p u b lic
c itiz e n s
S w is s
ch areo
re se rve d
is s u e
Bank
v a rio u s
N a tio n a l
p o p u la tio n .
in s ta n o o ,
N a tio n a l
th e
th o
o ffe re d
S w is s
T ftilik e
t r ie s ,
th e ir
hanks
whs l i m i t e d
in
O f th e
o f
th e
o f
10
a
in
p r o v id e d
p a r tic ip a tio n
c a p ita l
The
fo u n d
p a r tic ip a tio n
fh e
in
he
a cco u n t,
p a id
as
to
p r o fits .
regard s
o a p ita l.
is
th o
not
fra n c s ,
is
C o n fe d e ra tio n
in
lo s s
s h a ll
o h are
th e
fo llo w in g
and
5 0 0 ,0 0 0
m o n o p o ly
hanks
o f
is s u e
R e ia h c h a n k
a c tu a l
a u th o r itie s .
o o n tra l
or
o f
th e
se a t;
N e ith e r
fo re ig n
th e
Bank
th e ro
coun
o f
F ran co ,
e x is t
Z u r ic h
nor
o n ly
th o
- 7 ~
B ern e
o f
o ffic o
th e
is
under
th e
n a tio n a l
Bank;
th o se
o ffic e s ,
no
th e ir
ow n
d is tin c tio n
c o -o r d in a te
b ran ch
t r o l,
o f
and
The
c h ie f
th e
le g a l
B ern e,
The
o f
th e
o o u n c ll,
o o n m itte e ,
m ent
ta k e
Tho
tr e a ty ,
su ch
liq u id a tio n
Bank,
to
o f
ye a r;
w ith
lo o a l
o f
a
o f
r u le
se a t
is
th e
a t
3 u r io h .
banks
o f
is s u e )
as
is
b ran ch
th e
are
o f
th o
a l l
th e se
th e
and
con
by
th e
bank
m anage
p r iv a te
to
a fte r
fo r
is
s ittin g s
o f
s im ila r
an d,
Bank
th e
b o ard
a c q u ire ,
bank
u s u a lly
o o r a n itte o ;
pow er
o o u n o il.
25
are
is
its
own
th e
n a tio n a l
o ffic e s ,
w h ic h
o h ie f
to
in a p p r o p r ia te
a u th o r itie s
o th e r
and
o f
o f
e x is tin g
gen eral
th e
th e y
n a tio n a l
m e e tin g s
b u s in e s s
th e
whom
th e
on
r e o e iv in g
"b ra n c h
th e re
m anagem ent
th e
ca rry
c o m m is s io n s ;
bank
o f
as
The
o ffic e s
s h a r e h o ld e r s ,
Bank
bank
th e
seat
th e
The
th e
o f
u n ifo rm
banks
s h a r e h o ld e r s ,
fro m
a
o th e r
o ffic e ;
a u th o r iz e d
as
th e
in d e p e n d e n c e ;
a ls o
n a tio n a l
b u s in e s s
D ir o k to r iu m
Bank,
o o u n o il;
ap art
m em b ers
s u b o rd in a te
o f
th e
"b r a n c h
is
th e m
m a n a g e m e n ts.
lik e
Bank
g o v e r n in g
th o
bank
a u d it
m em b ers,
o f
th e
h o ld e r s ,
15
su ch
o o n tin u e
Tho
m e e tin g
c h ie fly
a ll
under
B ern e,
th o
e x is tin g
(c o n s e q u e n tly
as
a t
n a tio n a l
h ave,
d egree
m e e tin g s
and
o f
o f
a d m in is tra tiv e
gen eral
( D ir e k to r iu m )
sam e
n a tio n a l
p la c e
and
to g e th e r
and
a t
bank
th e
m anagem ent
Am ong th e
o ffic e
g ro u p ed
c o n s titu te
o ffic e s
m a n a g e m e n t.
have
o ffic e s ,
im m e d ia te
b o ard
o f
th e
annual
T h is
o f
ta k e s
th e
p la o e
lo c a l
m e e tin g
re p o rts,
by
th e
is
th e
is
gen eral
o n ly
once
a
c o m m itte e s ,
m anagem ent
o o u n o il
e le o te d
in o lu d o
o f
and
th e
th e
tn o
sh are
e le c tio n
com p osed
B u n d e sra t,
o f
o f
40
a ll
fo r
8-
th e
p e r io d
q u a rte r.
hank
o f
one
It
e x e r c is e s
c o m m itte e ,
th e
o o u n c il
y e a rs.
to
o f
It
th e
and
The
fiv e
m a n a g e m e n ts.
o ffic e r s ,
b e tw e e n
o o n s is ts
th re e
th e
The
o f
th e
h o ld in g s
fir s t
o f
tw o
o f
o f
r a ilw a y s ,
m akes
l 't o ©
under
ch arge
fo r
o f
a
p e r io d
th o
o f
o e n tra l
($772 )
are
s a la r ie s
are
is s u e
to
th e
banks
s h o u ld
b e g in n in g
p ira tio n
a cce p ts
s ix
o f
o f
th e
o f
ye a rs
by
ohoeen
th o
th o
a
by
d ire c tly
syste m
o f
w ith d ra w
th e
th is
a
a c tu a l
p e rio d ,
o b lig a tio n ,
w h o se
who
F ed eral
a t
and
s a la r y
th e
fro m
o f
m anag
d is c o u n t
and
tra n s
d e p a rtm e n t
has
a t
o f
a u th o r itie s
above
n o te
th e
th o
and
Each
O ffic ia ls
o f
Z u r ic h ;
ch arge
o ffic ia ls
o ld
bank,
o f
syste m
i t
c ir c u la tio n
own
h o ard
cash
th o
lo c a l
o f-
a p p o in te d
and
4 ,0 0 0
e m p lo y e e s
fra n c s
r e c e iv in g
s m a lle r
m a n a g e m e n t.
th e
w ill
d ire c to ra te
3u b -m a n a g e r,
is
p r o p o s a ls
d iv id e d
B ern e.
B u n d e sra t.
c o m m itte e ;
by
a
fo u r
are
o f
a ls o
th e
th e
fu n c tio n s
lo c a te d
vhooe
its
or
o f
s u b m its
o f
are
th e
W h ic h
m em b ers
th ro u g h
te rm
and
m em b ers
o p e ra tio n
on
o f
a
th e
o e n tra l
th e ir
fo x *
and
m anager
bank
tr a n s itio n
e le c te d
h e a d q u a rte rs
a d m in is tra tio n
ch osen
In
th e
v ic e -p r e s id e n t
D ir e k to r iu m ,
th e
every
and
d e p a rtm e n t
w ith
once
p r e s id e n t
c o m m itte e s
d e p a rtm e n t,
le a s t
hank
c o n tro l,
th e se
h is
at
th e
m em b ers,
th o
m e e ts
over
c h o ic e
The
—
tr a n s a c tio n s
F ed eral
is
th o
gen eral
n o te -is s u in g
and
lo c a l
th re e
d e p a rtm e n ts,
d e p a rtm e n t
is s u e .
o f
th e
m em b ers
th e
th o
in g
o f
o th e r
r e s p e c tin g
c o u n c il
s u p e r v is io n
o o n s is ts
n o m in a te s
lo c a l
hank
d ire c t
B u n d esrat
o f
head
w h ic h
a ls o
and
fe r ,
y e a r.
w as
w ith in
th e
so on
b e h a lf
o f
p r o v id e d
th re e
n a tio n a l
a r r iv e ,
and
in d e p e n d e n t
on
th a t
years
Bank.
th e
th e
A t
o f
lo c a l
fro m
th e
th e
n a tio n a l
b e h a lf
n o te
it s
ex
Bank
le g a l
su cce sso rs,
to
s t i l l
o ir o u la tio n ,
case
he
o f
in
hanks
e q u iv a le n t
o f
th e
fro m
o f
th ro e
th e
day
e x p ira tio n
cash
th a t
o f
o f
have
th e ir
yea rs
any
th e
r e c e iv in g
r e d e e m in g
th e
o ld
n o te s
th o
not
p re se n te d
th e
yea rs
ceases
fo r
th e
o f
th e
to
th e
h a n k -n o te s
Bank
cash
p r io r
th e
th e
in
re d e m p tio n
goes
th o
to
to
above
th e
th e
cash
e x p ir a tio n
o b lig a tio n
A t
o b lig a tio n
cash
m ay
In
th e
q u e s tio n .
th o
th a t
y e a rs.
Bank
m e n tio n e d ,
and
Issu e
N a tio n a l
a cce p ts
e x is t
o f
th ir ty
e q u iv a le n t
above
to
hanks
fo llo w in g
o ver
N a tio n a l
th ir ty
w ith in
o u ts ta n d in g
th e
fu n d .
n o te s
handed
o f
n o te s
th e
e q u iv a le n t
fe d e ra l
th e
o f
o f
in v a lid
T IE
An
Im p e ria l
m oney
o f
B E IC H S B M K
e x p o s itio n
Bank
th e
G erm an
G erm an y,
is
m ade
B a n k in g
D e u tsch e
O e k o n o m is t, "
M o n e ta ry
C o m m is s io n .
p art
th e
T fliio h
th o
tra n sfe r
th e
fo r
p u rp o se
bank
a
tra n s fe rs
am ount
in g
a
in c re a s e d
fo r
18 9 5
g ro w th
n essed
a
m illio n
T h is
up
m ark s;
am ount
in
o le a r in g s
o f
to
a t
th e
19 0 0
o f
th e
por
is
th e
san e
y e a r
in
35
and
th e
tr a n s a c tio n s
a t
p u b lic
by
th e
R a tio n a l
b ro u gh t
out
is
h o u se,
m any
a cco u n ts
a t
The
in
th e
to ta l
th e
The
ce n t,
next
m ark s
le s s
19 0 8 .
th e
15
In
seven
fiv o
The
m illio n
about
th ro u g h
n ext
m ark s.
m illio n
o n ly
th e
(a b o u t
por
th e
ce n t,
a d d itio n
R e io h s b a n k ,
and
o f
sh ow s
o f
su ch
The
y e a rs,
yea rs
y e a r
m ark s;
th a n
v o lu m e
am ount
in
and
R e ic h s b a n k
G erm an y
18 8 8
th e
th ro u g h
b ran ch es
ce n t,
per
y e a r
"D e v e lo p m e n t
"D e r
it s
In
G erm an
o f
c le a r in g
reco rd ed
2 2 2 ,13 7
2 6 0 ,6 5 7
on
( $ 15 ,5 0 0 ,0 0 0 ,0 0 0 ) .
m illio n
about
a
th e
m ark s
16 3 ,6 3 2
to
o f
o r
e d ito r
fa c ts
y e a rs.
m ark s.
o n ly
m ade
as
keep
m illio n
19 0 7 ,
D ew Y o r k
been
re d is c o u n ts .
recen t
50
F ran z,
c lie n ts
w h ic h
R e io h s b a n k ,
m o n o grap h
s tr ik in g
it s
and
th e
M ARKET.
r e g u la tio n
p la y s
m illio n
w as
s e ttlin g
o f
d e v e lo p m e n t
and
th e
ju s t
tr a n s a c tio n s )
about
w h io h
R o b ert
has
b an k s,
6 3 ,8 2 5
by
by
r e a lly
w ith in
IIQ D E Y
in te re s tin g
b e tw e e n
9 3 ,6 9 8
fu rth e r
D ew Y o r k
tie s
a t
in
o le a r in g
g ro w th
ro ao h ed
p la y s
O ne
(g ir o
GERM AK
p art
S yste m "
jo in t-s to c k
o f
IIIE
th o
w h ic h
fu n d s
tra n sfe rs
r e m a r k a b le
in
R e io h s b a n k
o f
b e tw e e n
th e
o f
o f
m a rk e t,
ADD
sta n d
d o v o lo p c d
19 0 5
19 0 6 ,
w it
2 4 5 ,6 2 2
$ 6 3 ,0 0 0 ,0 0 0 ,0 0 0 )
o le a r in g s
at
lo s s
th e
to
th a n
th e se
c le a r in g
f a c i l i
h o u ses
\
-2 -
e x is te d
so m e
In
in
G erm an y,
c o u n tr ie s
re fe re n c e
R e io h s b a n k ,
s tra te s
a
w ith in
th e
p o s its
on
by
to
but
reaso n
th e
H err
in o re a s e
in
reo en t
p art
o f
y e a rs,
th e
o f
th a n
th e
average
v o lu m e
R e io h s b a n k ,
r e q u ir e m e n ts
w h ile
th e
average
decade
d e p o s its
It
But
oau sed
w ith
bank
th o u g h
th e
in
tu rn
In o re a se ,
le s s
o f
u se
o f
in
and
ta n ta m o u n t
it
to
to
f e ll
v o lu m e
iln p s s U r r
o f
pays
as
th e se
on
th e re fo re
m in i m u m
in
m ade
th e
th e
th e
sen se
its
n o te
th a t
o f
o f
it s
34
to
th a t
ce n t,
accoun t
th e se
o f
d e p o s its ,
fo r
th e
o f
an
o f
th e
a d e q u a te
A n o th e r,
d e s ir a b le
o f
th e
w as
b a s is
g ir o
re se rv e s,
by
ex
d e p o s its .
exp en ses
in c re a s e
c ir c u la tio n
lo s s
per
o p e ra tin g
cash
de
p ro ven
ju s tifie d .
th e
an
th e
fa r
th e se
th e
ohange
dem on
p e rio d .
on
bank
fu lly
re q u ir e m e n ts
s tre n g th e n in g
In o re a se
o f
o f
w as
e q u iv a le n t
acooun t
th e
c o m p e lle d
on
sam e
o p e ra tio n s
r e q u ir e m e n t
w h ic h
It
in te re s t
th e
at
a cco u n ts.
in c re a s e d
th e
bank.
p a r tic u la r ly
fe lt
tra n sfe rs
no
o p e ra tio n s
o f
th e se
in
tr a n s a c tio n s
in c re a s e d
19 0 6
had
kept
u se
ap p ears
d e p o s its .
d e p o s its
th e
la r g e r
to
o f
o e n tra l
tra n s fe r
h as
and
th a n
in v e s tig a tio n
o f
a
th e
a co o u n ts
It
o o n t .d u r in g
seem s
a
th e
bank
reaso n
th e se
fro m
th e
th e
stre n g th e n e d ,
e n a b le d
per
v o lu m e
by
aooount
m in im u m
th e
tra n sfe r
Im p o rta n t,
w as
w as
th a t
d e p o s its
in c re a s in g
bank
p o s its
th e
g ro w th
lim it
by
tru e
fre e
by
th e
a ls o
m in im u m
th a t
th e
88
g ro w n
g ir o
g ir o
18 9 8 -19 0 7 ,
had
is
on
it s
o f
v o lu m e
d e p o s ito r s .
d u rin g
fo r
am ount
th e
im p o r ta n t
th ro u ^ i
s t a t is t ic a l
tra n s fe rs
th e re fo re ,
new
th e
o f
le s s
tra n sfe r
a c c o m p a n ie d
g ir o
b a la n c e s
adopt
p en se
th e se
c o n s id e r a b le
th e
r e g a rd in g
o f
th a t
m o re
are
o p e ra tio n s
d e c la r e s
average
th e se
th e
Fran z
th e
w ith in
o f
o p e ra tio n s
ch a ra cte r
th a t
The
th e ir
o f
de
w h ic h
th r e e fo ld
- 3 -
am ount
o f
su ch
n e c tio n
th a t
s p e c ie .
As
s u lt
o f
th e
a
b ills
c re d ite d
(a b o u t
creased
in
19 0 7
R e io h s b a n k
o f
d u stry
is
th e
and
th e
per
o e n t.
3 6 .1
p er
c e n t .) ;
e t o .,
o f
6
p er
per
(th e
d is c o u n ts .
T h is ,
to
th e
had
th e ir
o r ig in
The
gen eral
r u le
and
fa c t
18 9 2
in
18 9 2 ,
in
th a t
w as
th e
On
th e
v a lu e s
p a id
in
con
fo rm
are
o f
th e
o f
re
d is
c a s ^ ->
have
but
to
d e c lin e d
2 0 ,7 0 7
r a p id ity
th e
o f
average
n ark s
tra n sa c
v o lu m e
7 ,7 9 2 ,6 7 6 m a r k s ,
sh are
h o w ever,
tra n s fe r
M arch
3 1 ,
co n cern s
o f
had
and
o f
in
d is c o u n tin g
in
a ll
oases
in
th e
o f
th e
R e io h s b a n k
is
im p ly
by
fie ld
to
m oney
o f
and
th e
and
fin a n c e
d is c o u n t
o n ly
in s u r
e t c .) ,
a lo n e
w as
in d iv id u a ls ,
0 .8
la r g e s t
th a t
In
b an k ers,
p r iv a te
th e
d is tr ib u
c o r p o ra tio n s
th e
o f
fo llo w s :
in d u s tr ie s ,
secu re
not
as
th e
p r iv a te
b a n k in g
a llie d
does
19 0 8 ,
w as
fo u n d a tio n s ,
a ls o
tr a n s a c tio n s
tra n s p o rta tio n ,
c r e d it(b a n k s ,
b o d ie s ,
fo r
in
co m m erce,
in te r e s ts
R e io h s b a n k
th e
o fte n
a cco u n ts
in c re a s e
p r iv a te
a g r ic u ltu r e
b a n k in g
not
in
th is
m ark s.
o e n t.
co rp o ra te
o e n t .;
in
c e n t .;
m oney
per
The
se n te d
27
o f
q u ite
are
in
m ade
in s ta n c e ,
$ 7 ,5 0 0 )
w o r ld .
a cco u n ts
fu lly
tra n s fe r
p a r tic ip a n t
b a n k in g
fo r
th e
w h ic h
m e n tio n
a cco u n ts
great
by
to
a cco u n ts.
on
(a b o u t
1 0 ,6 9 3 ,6 9 5
be
c o lla te r a l
b a la n c e s
The
p ro p er
not
c a se ,
r e s p e c tiv e
in d ic a te d
o e n t .;
5 2 .6
in
upon
m ark s
la r g e s t
g ir o
p er
th e se
fa c t,
a cco u n t,
tra d e ,
1 3 .8
o f
19 0 7,
to
but
need
th e
is
per
The
an ce,
in
is
a c o o u n ts
lo a n s
average
h o w ever,
tr a n s a c tio n s
tio n
to
$ 5 ,0 0 0 )
tio n s ,
o f
military
3 0 ,4 5 6
It
o p e ra tio n s ,
o r
The
fro m
g ir o
m a tte r
c r e d it
co u n te d
m e r e ly
in c r e a s e •
per
o e n t.
p r o p o rtio n
b ills
p re
b a n k in g
and
o ir o le s
b a n k in g .
su oh
b ills
o f
-4 -
exohange
e x c lu d e
th a t
as
aro
fro m
i s ,
it s
b ills
T h ere
is
m oney
o la im
a
tim a te ly
p o rtio n
th e
o f
o f
beoom es
goods
b ills
in
not
a
tra n s fe rre d
fro m
in
in
e c o n o m ic
in
o f
and
fid e
b il l
e c o n o m ic
b e g in n in g
p ro d u cer
to
o f
in
fin a n c ia l
b ills
a
secu red
th ro u g h
s o ld
is
th e
th e
By
re le a s e d
o on su m er
w hen
o r
u l
b e in g
goo d s.
tim e
~
re a l
liq u id a tin g
goods
w ith
is
and
to
tr a n s a c tio n s .
upon
It
th e
th e
and
b ased
e x is te n c e ,
fu n c tio n
exch an ge
b u s in e s s
i t s e l f .
c o n ta in e d
fix e d
th e
c re d it
The
s e c u rity
u se,
"b ills
bona
th is .
c a p ita l
fre sh
on
a lre a d y
th e
c a p ita l
fo r
s o -c a lle d
fo r
c a p ita l
p r o d u c e r 's
m e r c a n tile
b ased
m easu re
d is c h a rg e s
th e
th e
reaso n
a
a v a ila b le
are
are
b u s in e s s
it
g e n u in e
p o r tfo lio
good
is
by
fa c t
w h ic h
ve ry
d is c o u n te d
m eans
in
and
th e se
th e
m anu
fa c tu re r.
The
b ill
o f
m is ta k e
bank
th e
exch ange
in
to
w h ic h
r e s t,
b a n k in g ”
m ake
c o u ld
th e
is
th e
c r e d it
not
bo
sh are
fo r
th e
not
"m e r c a n tile ”
s u ffic ie n tly
It
w as
e ffo rts
p r o p e r ly
o n ly
to
o la s s e d
d is c o u n te d
by
th e
fa c t
about
a fte r
a
"fin a n c ia l”
to
19 0 7
fro m
under
b ills
th a t
and
p a te n t
e lim in a te
o f
R e io h s b a n k
p r o p o r tio n
h o ld in g s
The
o f
th e
average
( $ 1 1 ,0 0 0 ,0 0 0 ) ,
by
o ases.
a
th e
th a t
it s
h a v in g
g reat
been
th o
any
R e ic h s -
h o ld in g s
fir s t
c r o d ite d
th e
p r e c lu d e
a ll
h ead.
to
For
"fin a n c e
m a jo r ity
h a n d le d
o f
fir s t
an cl
b ills
by
b an k s.
The
y e a rs.
h o w ever,
a cco u n te d
d is c o u n te d
b e tw e e n
s p e c ia l
la r g e
are
b ills
i s ,
In d iv id u a l
began
b ills
d iffe r e n c e
and
o f
fo re ig n
R e io h s b a n k
h o ld in g s
th e
to ta l
In
b ills
h as
exch ango
In cre a se d
19 0 7
am ount
o f
o f
w ere
th e
c o n s id e r a b ly
4 4 ,4 6 1 ,0 0 0
fo re ig n
to
b ills
to ta l
in
recen t
p u rch ased
d u rin g
m ark s
-5
th e
yo ar
th at
th e
■ was
2 6 8 ,119 ,0 0 0
ad equate
h o ld in g s
co n tin u o u s
co u n trie s,
and
e a rly
o f
part
b u sin e ss*
creases
th e
as
show n
by
e ig n
b i l l s .
rate
o f
as
th e
It
m ost
Bard:
exchange
b u sin e ss
o f
o f
to
a
fo re ig n
ily
in cu rre d
in
h a n d lin g
are
o f
fo re ig n
ra tio n a l
d isco u n t
p o licy
It
a
is
th an
th e
goes
sp o cia l
fo re ig n
sayin g
o rg a n iza tio n
n a tu ra lly
d o m estic
p o licy
m ore
b il ls
b il ls .
and
lo sse s
o f
bank
in
Ahon,
to
s e ll
in
form s
Bank
th at
d iffio u lt
and
th e
h ith e rto
A u stro -H u n g arian
w ith o u t
o la ss
in cre ase
and
th e
on
u n fa v o ra b le ,
o ffe rs
fu rth e r
T h is
by
sin ce
th is
is
fo r
fo re ig n
b i l l s .
paym ents
a
m oans
w ith
to
H eieh sb arik
d e la ys
reco g n ized
fa v o ra b le
exp o rts.
it
o f
paym ents
g o ld
re q u ire s
s o lid ity
or
was
e x ce lle n t
a tte n tio n
h o ld in g s
th e
an
It
p a rtic u la rly
exchange
r a te s ,
B e lg iu m .
as
o f
in te rn a tio n a l
su c c e s s fu lly
m a te ria l,
b ala n ce
o f
Its
a o tu al
are
R o ich sb a n k ,
ra te s
o f
h ills
in cre ase d
p reven ts
th e
th e
oxchange
and
th e
g iv e n
th e
th u s
R a tio n a l
o h o io e
has
b ala n ce
su p p lem en t
pursued
o f
p o ssib le
h ig h e r
exchange
fe c tiv e
been
19 0 8 ,
($6 5 ,0 0 0 ,0 0 0 ),
fo re ig n
a cco rd in g ly
m uch
co n tra ry ,
o f
re g u la tio n
W henever
as
m arks
th e
a
fo r
th e
an
e f
has
and
th e
fo re ig n
ca re fu l
to
a sce rta in
are
m ore
e a s
K
Jan u ary
2 1 ,
19 10 .
t*
/
v
it*
HOW T E E
The
Germ any,
even
te rse
R a tio n a l
190 8
D r.
w ith
von
in
to
an
M on etary
and
h is
tw o
th e
c ia te s
th e
ch ara cte r
bank
is
t r i a l
th e
not
m ust
b i l l
th e
o u ssin g
co llo q u y
"Q .
a
b i l l
"A .
not
o f
th e
th e
o f
at
by
th e
th e
bank,
banks,
th e
le a st
tw o
to
h o ld
th e
"b alan ce
brought
out
in
H err
to -d a y
in
th e
D r.
von
o ffic e rs
th e
was
Dumrn,
and h is
o f
th e
d e cla re d
It
was
d e cla re d ,
o f
b ills
in
tim e
and
known
ra te s
a t
to
th e
bank
th ere
be
o f
—
asso
o f
m ade
th e
R e ich s-
and
how ever,
m ay
m ust
tho
in d u s
th at
tak e.
be
so lve n t.
bank,
H err
D ire cto r.
"th e
co m m ercial
th e
a
th e
bank
q u estio n
th e
o f
Sen ator
R eio h sb an k ,
A ld rich
it
by
sum m er
fo r
p a rtie s
d isco u n t
Bank
but
k in d
m on th s
Im p e rial
betw een
th e
Sen ato r
e m p ire ,"
o f
o f
D iscu ssin g
th ree
u n ifo rm ity
and
or
p u b lic
C o m m issio n
vfliich
o f
e x a c tly
exceed
nam es
th e
is
in te rv ie w
o ffic ia ls
to
fo r
m ade
an
r e p lie s .
bank
p rescrib e s
They
h is
o n ly
o f
and
borrow ers,
o f
asked
b u sin e ss
e n te rp rise s
la w
w ere
C o m m issio n ,
th e
com m erce
re p o rt,
le a d in g
in stru c tiv e
o f
o f
OQKUEBOB
R o ich sb an k ,
V io e -P re sid e n t,
q u e stio n s
but
Gorm an
typ es
PROTHCTS
th e
C o m m issio n ,
S e a rch in g
b r ie f
a id
a sso c ia te s
o f
BADS
w h ich
o f f ic ia l
G lasen ap p ,
o f
In
d iffe re n t
m anner
A ld rich
m anner
endeavors
"betw een
CBaBftS
on
D ls-
fo llo w in g
ooourred:
W o u ld
a
custom er
d isco u n ted
Y e s;
and
a t
a t
4
in
per
every
a
l i t t l e
o en t.
branch
tow n
in
Sou th
to -d a y?
o f
th e
R eio h sb an k .
th o
Germ any
get
2
" Q.
C o u ld anyone g e t a lo w e r r a t e th a n 4 p e r c e n t .?
"A .
Bo;
was
a
tim e
th e
Bank
th e
m arket
d e cid e d
The
to
o f
th e
rate
d isco u n t
"A .
Is
or
It
co m m o d atio n ,
bank
to
The
any
o f
any
was
th e
is
o f
d isco u n t.
b u sin e ss
th ey
w o u ld
ra te ,
to
There
th at
w h ich
purchase
but
in
1896
in
it
was
th e
was
change
th at
it
lie ich sb a n k ,
ought
e x ce p tio n
a l l
in
o f
p o lic y .
was
th ou gh t
th at
a
w ith
not
to
fa vo r
its
make
o f
task s
a
and
d is tin c
anyone.
It
is
a lik e .
on
th e
R e ich sb an k
part
and
was
o f
th e
oth er
th is
change
p riv a te
banks.
banks
o f
as
p o licy
a g ita tio n ?
w ore
s t i l l
i f
th e ir
w h eth er
is
th at
fo r
th e
q u e stio n
no
not
th e
to
R eio h sb an k
th an
has
to
an
servo
is
fo r
o f
favo r
th e
to
account
part
rate
to
o f
lis te n
a
by
th e
d isp o sed
ch aracter
du ty
ho
co m p la in ts
h ig h e r
R e ich sb an k
lo an s
sim ila r
co m m u n ity,
an
rate
everybody.
reason
3o r v e
th e
one
fa v o ra b le
reason
th e
a
e .,
fo r
lik e
m ake
th ere
R eich sb an k
w h o le .
o f
th ere
o f
bank
th e
.
m ore
rate
or
co m p e titio n
" Q.
th e
th e
W as
Bo;
a
im p o rtan t
w h o le
o f
"A .
one
state
c la s s ,
because
at
o n ly
d id
1
now,
in s titu tio n
th e
any
b ills
m ost
ce n tra l
does
but
"A .
p o licy
m ade
est
have
has
R e ich sb an k
E n gla n d
p rim e
to
"Q .
to
o f
R eich sb an k
th e
P le a se
d u tie s
th e
when
"Q .
great
tio n
th e
o ffe rin g
or
n o t.
th e
e v e ry b o d y ."
o th er
every
everyone
o f
th e
The
banks.
a p p lica tio n
bo
lo w
fo r
s a tis fa c to ry ?
who
oom os
The
p rin cip le
co m m u n ity,
but
fo r
the
a c
o f
I
-3 -
How t h e
to
tid e
over
"T h e
in g .
do.
purohase
p e rio d s
o f
governm ent
They
n ig h t
governm ent
also
I f
fro m
them
aid e d
d e ficie n t
d e p o sits
d ep o sit
th ey
is
tre a su ry
revenue
treasu ry
fu n d s
w ith d raw
w ith
w ith
or
h i l l s ,
was
h ills
us
th e ir
tem porary
as
a
set
fo rth
w ith
us
p riv a te
cre d it
acco m m o d atio n
runs
fo r
th e ir
ra te ,
are
fo llo w s:
safe -k e e p
firm
lo w
c re d itin g
as
or
we
hank
u su a lly
account
w ith
th e
p ro ceed s.
"Q .
That
rate
"A .
They
do
oth er
hank
"Q .
Is
"A .
Bo.
"Q .
To
"A .
Bo.
" Q.
That
in
th e
th ere
any
hear?
a
fix e d
m ake
paym en ts
th e
sam e,
"Q .
are
it
e x ce p tio n
oth er
F ir s t ,
second,
hut
d isco u n ted
as
any
th e
o f
th e
h a
fo r
3
th e
th e
re la tio n s
its
in
or
o f
has
h an d le
to
th e
branches
governm ent
o f
th e
Germ an
vfliat
is
re g u la te
G iro
as
d e p o sit
to
th e
govern m en t?
Governm ent
re q u ire d
th e
or
w e ll
th e
rate
person?
th e
b u sin e ss;
governm ent
w herever
2oe3
in stitu tio n
hank
to
made
to
th e
o f
b u sin e ss
re ce iv e
H e ich sb an k
in
th e
c irc u la tio n
tra n sfe r
as
o f
to
th e
th e
hank?
m oney,
and
sum s
to
due
e x is t.
d iffe re n t
branches
o f
B e ich sb an k ?
"A .
count
hear
an
conduct
and,
th e
not
th ey
b il ls .
"A .
to
do
and
Y es.
is
livery
tre a te d
departm en t
th e
sane
as
o f
any
th e
governm ent
oth er
cu stom er.
has
its
The
own
a c
H e ich sb an k
4-
is
th e
fis c a l
th in g
th at
o b lig e d ,
agent
is
th e
governm ent
R e ich sb an k
m ig h t
q u estio n
o f
tio n
th e
U n ited
h is
as
w ith
rate
fiv e
th e
to
and
co m p e n sa tio n .
head
a
th ey
W ith o u t
syn d ica te
fo r
do
e very
b e in g
tak in g
over
a
on
o f
th e
c e n t.,
S ta te s ,
o f
co n tin g e n t
w h ich
th e
p o licy
n otes
p u b lic,
was
th e
sid e
ono
has
th e
re q u ire d ,
and
th e
issu e ,
a ttra c te d
o f
d iscu sse d
n ote
so
hank
betw een
bank
m uch
in
w ith o u t
under
a
a tte n
su p p ly in g
regard
to
Sen ator
o ffic e r s
the
th e
d is
h ld rich .
on
th e
and
o th er,
fo llo w s:
when
2o
you
youhave
a
"A .
rate
o f
even
at
Ho.
d iso o u n t
3p er
tim e s
o f
stre ss
cen t,
ta x
"A .
p u b lic
and
th e
th at
la rg e
She
5
per
when
th at
it
taxed
rato
to
o f
th ere
any
issu e
o f
taxed
n o tes;
At
had to
us
be
m ust
se co n d a rily
Is
n otes
as
b e tte r
o f
fo r
b ills
o u tstan d in g ?
has
tim e s
pay
a
d isco u n t
a
not
we
have
ta x
m atter
fo r
you
in creased
d isco u n ted
o f
o f
to
its
5
per
cen t.
p o licy
add
th e
in
5
per
d isco u n t.
w h io h
"Q .
rate
R e ich sb an k
ce n t.
w o u ld
H e ich sb a n k
is
h ig h e r
we h a v e
su ggested
in stitu tio n
it
a
am ount o f
above
been
th e
charge
o c c a sio n s th e
c e n t.,
has
to
alw ays
On
"Q .I t
per
am ount
th e
a sso cia te s
"Q .
a
Governm ent
lo a n ."
ta n
count
Im p e rial
w ith o u t
s p e c ia l
m arket
th e
re q u ire d
On t h e
in
o f
bo
has
a
co n sid e red
to
care
m o n ey-m ak in g
co n n e ctio n
in
take
oth or
betw een
w ords,
in
th e
fir s t
o f
th e
p u b lic
p la ce
as
in te re s t,
in s titu tio n .
th e
ra te
co u ld
o f
th ere
d isco u n t
be
a
and
co n d itio n
5-
o f
a ffa ir s
n otes
h a vin g
to
rate
m ent
th e
th e
Y es.
pay
o f
That
a
ta x
was
6-§-
was
per
cen t,
h ills
r it y
fo r
Upon
th is
p o in t
"Q .
A cco rd in g
note
as
"A .
So.
"Q .
They
o n ly
"A .
o f
th e
and
th ere
w ere
no
taxed
tim e s
exchange
to
your
d e cid e
Ly
co u ld
n otes
fo llo w in g
not
require t h e
or
th e
fa ct
does
d ire cto rs
e x p la in e d
but
She
th e
he
co llo q u y
w eek ly
in
th e
R eich sb an k
i t s e l f
w h eth er
in flu e n ce
in
th e ir
ju d g
ra isin g
o f
th e
r a te ."
o ffic e r s
o f
th e
R eich sb an k
used
w ere
o f
never
as
a
p art
tre a te d
o f
as
th e
an
secu
a s s e t.
occu rred:
sta te re n t
you
carry
none
o f
your
a sse t?
are
regarded
Y es;
She
w arrant
issu e ,
an
happened.
ce rta in
fu rth e r
fo re ig n
and
at
co n d itio n s
th at
n otes
has
d isco u n t.
It
own
rate
o u tstan d in g ?
"A .
th e
w here
m ere ly
as
th ey
h e ld
issu ed
are
here
when
and
p a id
co n sid e re d
as
in
your
branches
in
store
out?
issu e d
o n ly
when
out
o f
D eutsch e
Bank
w o u ld
our
p o sse ssio n .
"Q .
issu e d
day
a
a
n ote
in
th e
hands
o f
th e
he
an
n ote?
"A .
Y es.
"Q .
’. T h a t
is
R eich gb arik
"A .
100
But
m arks
The
fro n
th e
n ote
system
o f
R eich sb an k
100
o f
i f
a
nan
d e p o sits
to
narks?
w o u ld
c irc u la tio n .
h o o k k eep in g ,
cre d it
th e
man
100
narks
and
deduct
6-
"Q .
th e
She
fo u r
Item ,
o th er
"A .
banks
European
th e
step s
"Q .
"A .
"A .
Seven
"Q .
I f
is
g o ld
at
and
"Q .
Do
you
d id
th e
o n ly
was
th is
Y es.
are
th ose
th e
n otes
o f
th e
re lie d
stock
tim e
upon
o f
o f
so
th e
th e
la rg e ly
cou n try,
p an ic
o f
by
th e
th e
190 ?
ques
le d
to
you
o f
e ffe c tiv e
th e
in crease
also
step s
rate
add
to
your
g o ld
at
d isco u n t.
We
co n sid e r
th at
one.
at
per
had
to
take?
ra te
o n e -h a lf
th e
3cne
th at
tim e ?
cen t.
not
been
s u ffic ie n t,
you
w o u ld
have
ra te ?
lo a n
m oney
w ith o u t
in te re st
to
p eo p le
who
are
g o ld ?
Y e s,
fo r
th at
th e
th e
A ro
"A .
’W e l l ,
m ay
is
tim e
o rd in a ry
"Q .
wo
th e
tak en
step s
h ig h
"A .
when
have
th e
in cre ase d
im p o rte rs
is
How
"A .
w h ich
tak en
in creased
" 3 .
p o rts,
w ore
W hat
We
im p o rtin g
p ro tect
m ust
m easure
tin e s
b a n ts,"
d iscu ssio n :
You
tim e .
fu rth e r
oth er
issu e v
m easure
to
fo llo w in g
t.iis
th e
banks
what
th at
o f
o f
Y e s."
Upon
tio n
"Issu e s
th ere
any
b e sid e s
ra ise
at
done.
th e
We
g o ld
g o ld
oth er
is
in
advances
tr a n s it;
w ith o u t
we
do
im p o rt
p o in t
is
not
stop s
tak en
to
in crease
g ran tin g
such
make
tim e s
lo an s
our
w ith o u t
t a r i f f
th at
even
to
in
reached.
th e
in te re st
fo r
in te re st
th e
on
im p o rt?
g o ld
purchase
o f
im
-7
fo re ign
ra ise
co in s,
"Q .
Pay
"A .
Y es;
but
rate
o f
th e
fo re ig n
g o ld
a
b i l l s . ”
as
h ig h e r
th is
th e
Banh
o f
E n g la n d
does.
p rice ?
is
d isco u n t,
not
im p o rta n t.
"b esid es
s e llin g
The
a
re a l
c e rta in
rem edy
am ount
is
o f
to
February 7, 1910.
USE
p u b lic
hy
One
o f
th e
n a tio n a l
In stru m en ts
o f
th e
in
and
16 ,
tio n
o f
c it ie s
used
r e t a il
o f
so m etim es
supposed.
K an sas,
sta te s
per
U ebraska,
am o u n tin g
c e n t.;
percen tage
was
th e
em p lo ym en t
in stru m en ts
o f
cre d it
hy
hy
r e t a il
d e a le rs
banks
th at
th e
6 8 .7
in
2 5 ,0 0 0
to
per
o it ie s ,
7 0 ,5
show
fiv e
in
c e n t.;
per
D akota
a
per
and
sim ila r
a
s ta te s ,
m ak in g
th e ir
se le cte d
Out
to ta l
o f
th e
c e n t.;
p ro p o rtio n
and
order
Io w a,
and
Sou th
o f
7 5 .2
per
Texas,
D akota,
co n d itio n
o f
An
w ere
o f
tnan
d e p o sits
5 .4
c e n t.;
in
out
checks
checks
per
o f
exam in a
are
is
I llin o is ,
h ig h e st
6 8 .5
d ate,
the
le a vin g
paym ents
sp e cie ,
th e
la b o re rs.
under
th at
r e t a il
o f
$ 3 6 ,2 5 5 ,3 0 8 ,
a g ric u ltu ra l
in d ica te d
E in le y ,
se le cte d
c it ie s
ch eck s.
sta te s
c e n t.;
on
in
in
th e
and
aggregated
in h ab itan ts,
fiv e
farm ers
reserve
wa3
c e n t.,
$ 4 ,8 9 4 ,1 8 1 ,
7 8 .5
n orth
p er
Texas.
2 1 .8
o f
d e p o sits
farm ers
The
and
o u tsid e
r e t a il
N ebraska,
la rg e
o f
s ta te ,
lik e
C re d it
a n a ly sis
each
s ta te s ,
o f
Use
th e
cu rren o y,
I llin o is ,
"T h e
m ade
is
hy
th e
on
ju st
I llin o is ,
in
o e n t.;
C o m m issio n
report
D avid
th an
g e n e ra lly
th e
D r.
or
m ore
o f
hy
d e p o sits
m ore
phases
S ta te s ,"
la w
$2 4 ,9 2 9 ,6 2 0 ,
AITU x A B O B B R S .
U n ited
o f
in
show ed
h a n k in g
FA3UKR3
lio n e ta ry
n a tio n a l
190 9,
n a tio n a l
w h ich
in
BY
in te re stin g
P aym en ts
sim ila r
d e p o sits
M arch
th e
U n iv e rsity
checks
The
0 jT C H E C K S
Iow a,
in
was
th ose
7 2 .8
cen t.
ra tio
K ansas,
o f
The
check
74 .4
per
per
cen t.
w h ich
th ere
are
It
d e o la re d
a f fa ir s .
is
O th er
no
-2 -
by
D r.
Z in le y
sin ce
th e
p lu s
in
th at
hard
now h a v e
d e p o sit
tim e s
bank
th e
out
is
term in e
tu rn s
the
fro m
B rockton ,
th at
p la ce s
is
th e
cen t,
o f
up
checks
w ith ,
is
th e
and
be
not
cen ter
represen t
c it ie s
is
th e
so
h ig h
th e
o f
num ber
a
la rg e
proper.
o f
o f
o f
th e
4 6 .4
It
p eo p le
one
o f
to
thus
who
and
ohecks
th e
a
to
in
co n sid e re d ,
p a id
fo r
p eo p le
out
th at
w age-earn ers
a
per
per
in
de
a
to
in
o f
£ 7 8 ,3 7 3 .
num ber
o f
how ever,
is
d e a lt
A g a in ,
each
o f
m erch an ts
th e
o u tsid e
by
T ak in g
cen t,
th e
and
th ose
checks
w here
re
was
8 0 .7
to ta l
d e p o sits
brought
by
o f
purchase.
sa le s
fa ct
be
It
o f
de
L o w e ll,
show ed
per
to
th e
ta b le s.
69
in
c it ie s
o f
I.
R ive r
cen t,
ce n t,
fo r
is
P a ll
L o w e ll
order
R ive r,
d e p o sits
and
ch aracter
m ade
R.
ch ecks.
re ce iv e d
In
was
su r
in cre ase
o f
th e
Law rence
per
per
h ig h
o f
by
gen eral
£ 7 2 ,19 8 ;
purchases
d o lla rs
use
th e
no
n o tab le
checks
F a ll
r e t a il
alo n e,
5 2 .6
d is t r ic t
llo re o ve r,
o f
are
o f
resp ect
had
m eans
degree
£ 110 ,5 8 9 ;
la rg e .
p ro p o rtio n
th ou san ds
s ig n ific a n t
show s
percen tages
o f
o f
show s
a
by
th is
then
P aw tu ck et,
in
banks
B rockton
w age-earn ers
and
average
£ 7 9 ,5 6 7 ;
These
paym ents
checks
o f
P aterso n
"been
Law rence,
J . ;
d e p o sits
who
exam in atio n
lik e
n a tio n a l
in
e sta b lish m e n ts.
used,
o f
the
has
co n sid e ra b le
U.
change
p ro p o rtio n
d e p o sits
£ 2 6 ,4 0 7 ;
is
in
in
t a l
it
th ere
th e
c it ie s
to ta l
great
farm ers
in d u stria l
w ith
th e
in
o f
th at
a
p ro p o rtio n
p o sits
o f
in
B aterso n ,
fro m
63
and
th e re fo re
checks
in d is tr ia l
w e ll
o f
and
o f
a
18 9 0 -18 9 6 .
la rg e
ra tio
retu rn s
cen tage
o f
th e
been
w age-earn ers
L ia ss.;
fo u n d
o f
in flu e n ce d
p a y -ro lls
has
acco u n ts,
b a n k in g
Among
p a id
th ere
th e
o f
p la ce
th e
retu rn s
th e m se lve s.
nay
-3 -
The
m utu al
poor
nan,
banks
th e
in
in
day
savin g s
p a rtic u la rly
Law rence
in
But
ra tio
m utual
Baoh
in
savin g s
o f
th ese
In
to
w orkers
th e
week
to
th e
in
oash
banks
fro m
order
th e
en d in g
w ere
by
4 ,3 0 6
fa r
n a tio n a l
$6 0 ,19 2 ,6 4 6
w ere
percen tages
are
o f
ohecks,
cen tages
Ila n sa s,
7 3 ,3
to
send
up
in
and
cash
2 6 .7 ,
B on tan a,
h ig h e st
in
th e
O regon,
B on tan a,
Sou th
a g ric u ltu ra l
ilow
p ro p o rtio n
o f
3t a
Je rse y ,
wage
$
th e
and
th e
w ere
ch aracter
U tah ,
be
B e x ico ,
and
in
in
th e
w ere
la rg e st
to
The
p ercen tage
th at
C o lo ra d o ,
Those
oheoks.
th e
per
Idah o,
V 7ash in gto n .
sta te s
made
co m p iled
ch ecks.
n o tice d
Hhode
re p ly
n a tio n a l
D akota,
and
fo r
p a y -ro lls
Lorth
in d u stria l
P e n n sy lv a n ia ,
paym ents
am o u n tin g
The
A riz o n a ,
Hew
checks.
paym ents
fro m
retu rn s
p a y -ro lls
o f
banks
o f
retu rn s
w ill
in
8 , 000 .
am ount
The
it
o f
by
in
cen t,
$ 2 4 ,0 5 6 ,5 3 2
and
paym ents
d e p o sits
th e
The
The
th e
by
th e
ce n t,
to
fu rn ish e d
in
lle vad a,
te s .
per
per
on
case
wage
th at
sta te s
D akota,
4
th e
savin g s
44
each
th e
o f
re c e ip ts ,
had
in
o f
re s p e c tiv e ly .
in
L lin n eso ta,
to ta l
due
"banks
m utu al
o f
im p o rtan t.
sh o w in g
th e
ta b le s
re s p e c tiv e ly .
m ost
are
fu rth er
th e
L o w e ll
th an
fa c to r ie s ,
was
B o ssao h u setts,
sm a ll
th en
o f
hand,
le ss
as
th e ir
o n ly
19 0 9 , w ere
banks
made
9 5 .2 ,
run
O k lah o m a,
g e n e ra l,
th e
3 iv e r ,
s t i l l
and
1 3 ,
ask in g
checks
oth er
aggregated
m ills
o f
Those
th e
F a ll
te s t
H arch
q iie stio n
in
to
But
percen tages
On
in
regarded
cen t,
ch ecks.
"bank.
banks
per
h ig h
d e p o sits
in
and
in
com m on ly
w age-earn er.
4 1.9
th ese
one
are
th e
show
q u e stio n ,
ch ecks.
h ig h
banks
o f
Isla n d
a re ,
in
C o n n e cticu t,
show
a
very
m
m
The
paym ents
by
am ount
chech
M assach u setts,
C o n n e cticu t,
$ 5 0 2 ,5 3 1,
c e n t.;
Hew
Je rs e y ,
w h ile
"bank
—
Je rse y ,
cen t,
and
sta te
am ount
th e
o f
th e
la tt e r
Rhode
its
sta te s
sen ted
in
course
th is
h a lf
cash
hy
th e
wage
in d u stria l
D elaw are,
in
The
are
is
gen eral
draw n
no
paym ent,
way
fo r
ch ecks,
c e n t.;
1 8 .3
and
am ount
hy
th e
h ig h e st
and
in
p a id
n a tio n a l
hanks,
In
n orth
in
as
com e
in d u stria l
k n o w in g
Id ah o,
D akota,
The
th e
show s
has
o f
sta te
lo w e st
p reced in g
Hew H a m p s h i r e ,
Hew H a m p s h i r e
D r.
th e
A riz o n a ,
as
state
o f
6 1
checks
W ash in g to n .
sig n ifica n ce
"b ein g
in
H evada,
s ta te s ,
hy
a g g re g a tin g
fo rm er
o n e -fo u rth .
la st-n a m e d
hero
per
th e
IJassach u setts,
checks;
c e n t.;
Isla n d ,
p a y -ro lls
ch ecks,
H ehraska,
Tem as,
fo llo w s:
per
Rhode
10 .2
show
show n
run
2 .2
as
$ 10 ,2 5 3 ,9 2 4 ,
The
about
M ontana,
the
th ere
th at
is
D akota,
in
w ere
o f
cen t.
hanks
cen t.
p ercen tages
cla sse d
co n clu sio n s
sta te
per
Isla n d .
D is e a s in g
"O f
is
in
p a y -ro lls
oth er
fo llo w in g
39
hanks
C o n n e cticu t,
and
th e
c e n t.;
per
percen tage
sta te s
ch ecks,
1 9 .1
$ 12 ,5 6 4 ,5 19
Sou th
per
th e
fo rm ed
Hew Y o r k ,
ch eck s,
and
3how n
3 .4
c e n t.;
and
checks
$ 14 ,9 3 2 ,5 3 4 ,
o f
chock
w h ich
ch ecks,
M in n e so ta,
are
o f
per
p a id
O regon,
percen tages
group,
1 .1
cash
th e
Ean sas,
O k lah o m a,
in d u stria l
retu rn s
in
retu rn s
Iow n ,
lo a d in g
$ 2 ,3 6 3 ,0 9 2 ,
and
th e
th e
th e
P e n n sylva n ia ,
•i 1 8 , 3 6 9 , 7 4 6
th rou gh
reported
$ 2 ,14 8 ,3 6 3 ,
The
ce n t,
p a y -ro lls
$ 0 ,7 6 0 ,2 3 3 ,
ch ecks,
per
per
in
o f
7 .2
in
th ese
o n ly
per
Hew
0 .2
per
c e n t.,
betw een .
fig u re s,
the
E in lc y :
d o u b tle ss
how
m any
s a la rie s
p eo p le
o f
are
o ffic e rs
rex^roare
in clu d e d
num ber
nent
as
o f
by
ra th e r
trail
th an
w ith
tio n
checks
any
is
pay
check
w ill
th o
th e
p la ce s
th ey
th e
th e
vo lu m e
used
in
bank
acco u n ts
way
"T h e
m ak in g
tru e
i f
u sers
p e o p le .
He
is
and
and
chocks
any
to
The
u su a lly
chocks
is
p a id
m eant
no
to
degree
by
la b o re r
th e
la rg e r
is
week,
S
3
in
o r,
w age-earn ers
th e
to
n o t.
o f
I f
ca se s,
in to
th e
th in k
th e
exten t
th at
th ey
to
and
th e
at
ho
how ever,
sto res
in
n e v e rth e le ss,
som e
th ey
w h ich
prom ote
sw e ll
th ey
th e
th em se lve s.
or
are
use
There
o f
is
item s.
m anual
in com e
do
not
use
T h is
checks
is
la b o re rs.
th an
m any
any
cla ss
in
th is
ra te ,
by
th e
in
p ro b ab ly’
P eo p le
m anual
p ro p o rtio n a lly
an o th er
at
by
re cip ie n t
th at
la rg e
m ade
o f
m e n tio n in g .
th e
propor
th e
w age-earn ers
w orth
th e
u n q u e stio n a b ly,
sa lo o n s.
th ese
th at
in
o ases,
reason
degree
pay-
re
turn ed
to
is
sh o w in g
o f
m a jo rity
are
re ce iv e
T h is
or
la rg e
th ey
w age-earn ers
th at
is
account
fo r
w ith
m anual
som e
checks
th e
exten t
a
In
in
allo w an ce
any
p o sitio n s,
by
num bers
th en
som e
th e
The
a
a g ric u ltu ra l
ta b le s
draw
checks
by
oth er
h ig h .
la rg e
in
th at
to
cou n try.
th ey
th e
is
to
th e
la rg e
th e
In
done
w age-earn ers
o f
to
accu stom ed
th e
is
th em .
cashed
common b e l i e f
by
c le r ic a l
are
b i l l s ,
paym ents
w heth er
how ever,
p red o m in ates
a l l
th at
th ese
la rg e ly
m ak in g
fa ct
There
b u sin e ss
p a yin g
o f
th at
by
show ,
are
o f
paym en ts
cash
banks.
o f
se ctio n s
ch ecks.
is
are
custom
d ep o sited
own
fig u re s
cou n try
m ade
th e
m ust
be
p ro b a b ility
at
th e
cou n try
o f
The
th is
ch ecks,
th ey
h is
oashed
no
in
w ill
draw
th at
sh o w in g
re ce iv e
them ,
o f
in d u stria l
e v id e n ce
rate
ce iv e
and
in
k eep in g
tab le
traces.
w age-earn ers
check,
o f
as
as
in
la b o re rs,
w ealth y’
re sp e ct.
m on th .
Som e
s ta te s ,
th e
am ount
p e rio d
sm a ll
do
in d eed ,
w ere
to
not
he
want
w ith
m any
Uany
hanks
sm a ll.”
w h ich
now
re q u ire
each
person
lo n g e r.
The
th e
o f
such
g rain s
in
b a sis
a
sm a ll
paym en ts.
re co ive s
wages
acco u n ts.
o f
w e e k ly
hank
i3
acco u n t.
e s p e c ia lly
p la ce s
g la d
to
get
so
fa r
th an
th e re fo re ,
The
statem en t,
allo w an ce ,
are
sm a lle r
re ce iv e d ,
T h is
In
in
bank
3
are
,
how ever,
th e
a l l
i f
it
as
th ey
th e
wage
u su a lly
is
m ust
do
too
urged,
he
tak en
sm a lle r
p la ce s.
acco u n ts,
however
-2 -
th at
and
o f
la w
fo r
th o
tio n
w as,
20 7
p riv a to
under
p riv a te
£ 1 ,1 7 1 ,5 4 5
is
m uch
6,
19 0 9 ,
le ss
rocent
£ 19 0 ,0 19
bank
upon
reduoo
th e
by
covered
by
fo r
In
n o te s,
o f
tho
£ 2 ,6 7 6 ,3 5 0 ,
weeks
e n d in g
heads
o f
Scotoh
o p e ra tio n .
and
banks
system
o f
is
tho
16 ,
not
yot
lim it
u su a lly
Uovom bor
o f
i
th o
and
H ovora.ber
($1,4 4 0 ,0 0 0 ).
lo c a l
had
19 0 9 ,
to ta l
£ 9 9 ,16 4
w ill
banks.
and
au th o rize d
10 ,
a
c irc u la tio n
E n g la n d
and
1 1
11
and
e ffe c t iv e ,
o f
3
o n ly
en d in g
banks
au
to
an
7/alo s
lso u o
avorago
in clu d in g
th at
($ 14 1,2 3 4 ,0 0 0 ).
e ig h t
not
jo in t-sto o k
fu lly
covorod
c irc u la tio n
was
co n fo r
o p erated
w h ich
in
£ 2 9 7 ,18 3
£ 18 ,4 5 0 ,0 0 0 ,
avorago
19 0 9 ,
issu e s
an
m ak in g
weeks
c irc u la tio n
en d in g
in clu d o
a c tu a lly
becom e
c ir c u la
h avin g
£ 4 4 9 ,7 9 9 ,
o f
o f
£ 7 2 1,7 4 6
fiv e
to ta l
o f
are
o f
fo r
now
E n gla n d
o f
roason
la p sin g
jo in t-sto o k
Bn g la n d ,
th ere
o f
a
n ote
am ount
le g a l
O ctobor
th ese
has
£ 2 8 ,9 7 1,0 4 6
S co tla n d
w h ich
1 1
th e
b a n !3
am ount
au th o rize d
m on th
o f
jEgRVK
t ir e
th e
3« u o s
m ak in g
to
iso u o c
boon
th o
w h ich
th o
th o
g o ld ,
fo r
Bard:
to
i
($16 ,9 5 6 ,0 0 0 ),
(0 2 5 ,12 3 ,0 0 0 ).
lo c a l
Bank
2ho
rem ain in g
th e
s e c u ritie s
c irc u la tio n
tho
h avin g
banks,
raorger,
fu rth e r
th e
a u th o riz e d
£ 8 ,4 7 8 ,220
regard
au th o rize d
t h is ,
p riv a to
p ro vid ed
in
o u tsid o
w ith
w ith
th an
o n ly
1 1
la w
( $ 5 ,7 11 ,3 0 0 ) .
A ll
is
tho
ban’s
£ 5 ,1 5 3 ,4 1 7
co n d itio n s,
banks,
o f
s t i l l
banks,
c irc u la tio n
banks,
th e
jo in t-sto c k
o f
c e rta in
jo in t-sto c k
A
72
p ro v isio n s
th o riz e d
fo r
fo r
£ 7 ,0 4 6 ,7 5 7
as
la rg e ly
to
by
d u rin g
issu in g
g o ld
th o
is
fo u r
($3 4 ,3 5 2 ,9 0 0 ).
th e ir
upon
bonks
tho
p o licy
and
p rin o ip lo
She
tho
o f
en
co
-3 -
!n
th o rise d
tio n
Ire la n d
th oro
c irc u la tio n
d u rin g
th e
o f
fo u r
al x
are
£ 6 ,3 5 4 ,4 9 4
w o o lrs
o n d in g
o f i s duo ,
banks
ana
h avin g
O ctoh or
an
16 ,
h a vin g
avorago
19 0 9 ,
o f
an
au
c ir c u la
£ 7 ,8 4 0 ,3 3 3
($ 3 5 ,13 5 ,6 0 0 ).
In
P ru ssia
in ta ct
Germ any
in to
th e
under
th e
R o lch sh an k
c e rta in
hanks
o f
th o
hanks
o f
issu e ,
doned
at
once
la w
o th er
10 7 5 ,
o f
(o r
Im p erial
r e s tric tio n s
Gorm an
b e sid e s
Bank
rig h t
o f
th o
hanks
w h ich
co n tin u e d
1 1 1 ,1 2 5 ,0 0 0
m arks
surrendered
th o
o f
issu in g
lim it
The
o f
notos
oovorod
Deoem ber
by
1 6 ,
By
grad u al
o f
is
19 0 9 ,
was
la w
ab so rp tio n
p rio r
o f
o f
May
the
had
Those
banks
su rre n d e rin g
lo n g
in
P ru ssia,
boon
regard
th o
o f
h o gin n in g
o f
o f
B a n !:,
m rk 3
and
m aria*
not
th o
m arl®
th oro
($
th o
num ber
w ith
a
to
do
fu lly
c irc u la tio n
on
3 6 9 , 6 4 4 , 000 ) .
th ose
Sw ed ish
27
p riv a te
was
mado
b a n l®
th o
Boyal
by
th o
bank
o f
issu e .
The
o i
fo r
banks
p ro m p tly
re d isco u n ts.
g ra d u a lly
($ 16 ,3 3 3 ,0 0 0 ).
actu al
w oro
o iro u la tio n
aban
at
fo u r,
re q u ire d
p ro v isio n
o f
to
32
c ir c u la
rem ain ed
190 0
6 8 ,7 7 1,0 0 0
e x istin g
th ese
u n til
o f
le ft
tim e
au th o rise d
B o io n sD an k ,
stro n gest
to
15
in stitu tio n s
10 9 7 ,
th e ir
hut
th at
th ese
o iro u la tio n
th e
at
th o
hut
10 9 7 ,
1 2 ,
o f
n otos
Im p o ria l
to
The
Bank
G erm an y),
lssu o
1,5 5 6 ,3 9 6 ,0 0 0
w h ich
p r iv ile g e s
th o
th o
Bank,
sp e c ia l
at
w ere
th e
to
to
5 5 0 ,0 0 0 ,0 0 0
Sweden,
tho
issu e
c irc u la tio n
issu o
g o ld ,
o f
fa lle n
a u th o rise d
In
issu o .
rig h t
o f
c irc u la tio n
issu o .
($ 2 6 ,3 9 1,6 0 0 ),
had
a u th o riz e d
n ote
con vortea
Bank
Thoro
o f
th o
tio n
th e
s ta te s .
tho
w h ich
w oro
g iv e n
re su lt
was
th e
4-
-
red u o tlo n
19 0 7,
a
o f
to
th e
10 ,4 7 8 ,2 7 3
c irc u la tio n
tio n
o f
th o
o f
in
th o
num bered
about
render
a
co rta in
e n d in g
Ju n o
tra to d
in
th e
D ecem bor
o f
th o
th reo
10 ,0 0 0 ,0 0 0
ch ise
on
A j)ril
3 1 ,
th o
19 0 9 ,
bank
R e p u b lic
la tio n
o f
S co tla n d
o f
aro
o f
and
ono
o f
2 6 ,0 0 0 ,0 0 0
Bank
on
w h ile
so ve ro ig n
and
w ith
w ill
a
its
o f
w ith
p o p u la tio n
w ith
not
a
its
in
an
Bank
w h ile
d iv id o d
th at
yo ar
o f
by
about
o f
e x is tin g
R a tio n a l
w h ich
o f
have
about
m o u n ta in s,
p o p u la tio n
h avin g
do p o n d
Europe
Ita lia n
R a tio n a l
m s
in
th o
p erio d
note
fra n
Ban].; o n
(£ 2 5 ,6 7 0 ,0 0 0 ).
in
th o
a
ooncon-
p riv ile g e
o f
su r
(£ 5 ,0 18 ,0 0 0 ).
1099
pow ers
in
th o
bo
c irc u la tio n
e xp ira tio n
a
o f
w h io h
to
ovor
w ill
fran cs
lo se
d rach m s
issu e ,
(£ -4 1,50 0 ,0 0 0 ),
to
had
began
ro q u iro d
absorood
c irc u la tio n
133,0 0 0 ,0 0 0
M onaco,
was
Bank,
th o
The
p rio r
,
c ir c u la
Bank
o f
c irc u la tio n
fran cs
Sank
The
q u a rte rly ,
c irc u la tio n
th ose
Io n ian
M arin o ,
and
w ore
c irc u la tio n
M on ten egro,
Iro la n d ,
not
o n ly
so vo ro i^ i
San
19 0 6 ,
o n tiro
(£ 1,9 3 0 ,0 0 0 ),
was
o f
Tho
Royal
S w iss
banks
n otos
1
Jan u ary
d isap p e ared .
sta te
2 15 ,0 0 0 ,0 0 0
19 2 0 .
o n ly
11,5 0 0 ;
co u rso ,
E n g la n d .
2 5 ,
n a tio n a l
th o ir
th e
on
th o
Tho
lu w
o f
x ra .s
Tho
n a tio n a l
Tho
c e n tra l
but
drachm as
th o
was
th o
Bonk.
to
th o
whon
p r a c tic a lly
present
Bank.
banks
b an k s,
issu e
O ctober
19 0 9 ,
G rooco,
R a tio n a l
to
banks
(£ 5 4 ,6 0 6 ,0 0 0 ).
sln o o
19 0 7.
when
R a tio n a l
p riv a to
crotm s
th o
percen tage
19 10 ,
th o
(£ 4 ,9 5 1,5 0 0 ),
hna
o f
p rio r
lo c a l
In
am ong
30
1 5 ,
th o
banks
sum m er
2 0 ,
o f
2 0 3 ,7 5 7 ,8 14
S w itz e rla n d
b u sin e ss
th at
crow ns
p riv a te
In
on
c irc u la tio n
avov/od
o f
a
2 3 0 ,0 0 0 ;
w ith
n
popu
15 ,0 0 0 .
c e n tra l
o rae rg o n o ie s
not
uj»on
bank,
th o
aro ,
Ban:
o f
May
H ISTO R Y
The
great
c rise s
pared
is
H arvard
C R ISES
m ost
o f
in
U n iv e rsity ,
ca re fu l
fin a n c ia l
se ve ra l
a
h isto ry
o f
th e
w ritte n
18 9 3 ,
m onograph
w h ich
N ATIO N AL
has
o f
and
by
ju st
P ro fesso r
th e
been
made
Sprague
not
hundred
o f
even ts,
but
a u th o rita tiv e
th ose
su b je cts
by
w h ich
P ro fesso r
se v e ra l
th ese
BAN K ING
"b an k in g
190 7
co ve rin g
m ost
on
THE
sum m ary
18 8 4 ,
C o m m issio n .
a n a ly s is ,
UNDER
co m p le te
18 7 3 ,
em b o d ied
M on etary
been
OF
0.
19 10 .
SYSTEM .
h isto ry
has
yet
o f
been
No yes,
o f
D ire cto r
H ouse
o f
th e
o f
th e
Sprague
p u b lic
by
th e
o n ly
p resen ts
o f
th e
also
w h ich
S e cre ta rie s
en ters
o f
th e
n a tio n a l
in to
M in t,
g re ate st
th e
event
E ven in g
and
th e
account
and
th e
e x istin g
th e
norm al
•
co n d itio n
L o u is
The
upw ard
o f
the
w ere
th e
m anner
average
in
by
such
P o st,
s p e c ia lis ts
D r.
C h airm an
c r is is
A.
o f
o f
in
o f
bankers,
w h ich
P ia tt
th e
system .
the
an
and
a p p e n d ix
h ereto fo re
Treasury
as
and
•
M r*
Andrew ,
New Y o r k
•
A.
D#
now
C le a rin g
a
s lig h tly
stron ger
o f
was
in
g e n e ra l.
th at
not
The
n a tu ra lly
o f
th e
Sprague
d e cla re s
p rece d in g
and
w ill
because
He
stren gth
lo an s
190 7
P ro fesso r
o f
ten den cy
banks
th e
am ong
m on etary
by
S t.
o f
in te re st
ju d g e d
and
a
b a n k in g
in
have
c f
C o m m ittee.
th e
ease
Currency
New Y o r k
The
in
th e
pre
W.
•
C o m p tro lle rs
the
M.
pages
a r tic le s
9 ,
th at
h a lf-d o ze n
th ose
•
co n d itio n
so
m arked
in
in
$4 0 8 ,0 0 0 ,0 0 0
recen t
la ys
a l l
o f
190 7
bare
o f
d e fects
banks,
w ore
in
New Y o r k
than
Now Y o r k
o f
d ate
th e
y e a rs ,
o u tsid e
a ttra c t
as
New Y o r k
in
a
and
190 6.
in
bank
th e
-2 -
lo a n s
in
189 7
n a tio n a l
was
hanks;
n e a rly
w h ile
per
cen t,
o f
and
tru st
co m p an ies,
was
s trik in g
y e a rs ,
th ose
net
fro m
o f
th e
ffom
Nov/ Y o r k
h e ld
have
th e
net
fro m
th e
in stitu tio n s
n a tio n a l
co m p an ies
made
d e p o sit
o f
be
in
order
o f
o u tsid e
fo r
fa ir s
at
tru st
th e
banks
in
any
to
th e
due
a
in
ease
190 7
w ith
to
o f
alm o st
seem s
to
have
reason ,
it
sh o u ld
o f
obscured
state
banks
o f
m ore
th e
In
ten
by
w h ile
in cre ase d
than
one-
d e p o sits
due
to
due
.grow th
th ose
o f
m illio n s
th e
hanks
New Y o r k
hanks
e t c .,
equal
th e
ten s
o f
15
$2 13,8 0 0 ,0 0 0 ,
18 9 7,
w h ich
above
n a tio n a l
l i t t l e
in
th e
ala rm in g .
co m p an ies,
d e p o sits
s h iftin g
co n tract
n ecessary
to
save
fo r
th e
lo a n s,
o u tsid e
o f
The
p o ssib le
co m p an ies
v io u sly
course
banks.
d e p o sits
?roxn
ju st
n a tio n a l
co n sid e re d
tru st
becom e
was
o f
th e
o f
tru st
lo an s
e sse n tia l
unsound
situ a tio n .
I f ,
tru st
had
li a b i lit i e s
th e
hanks,
ban kers'
th e
lo an s
d e p o sits
$15 5 ,0 0 0 ,0 0 0
$19 6 ,30 0 ,0 0 0 .
o f
hy
been
to
to
th e
in cre ase
$7 5 ,9 0 0 ,0 0 0
state
The
in
in cre ase d
aggregate
th e
The
sta te
th e
a ll
190 7
w e ll
19 0 7,
o f
in
to
to
ness
to
ce n t,
$7 12 ,0 0 0 ,0 0 0
how ever,
m ig h t
189 7
per
due
th ird
and
th e
to ta l.
and
d e p o sits
20
banks,
it
home
re q u ire
m oney
It
is
b an k in g
n a tio n a l
in
1906
d e cla re d ,
They
m ore
o f
w ill
cen tre
to
be
am ount
fe e l
no
fu n d s
becom es
a b le
at
it
sh o u ld e r
was
to
also
at
fo r
th e
th e
le a st
or
w ith d raw
when
n ecessary
a ll
tim e s
fro m
th ey
fo r
to
th e
w o u ld
re sp o n sib ility
n a tu ra lly
th e ir
th erefo re
to
There
to
n ecessary
o p e ra tio n s,
banks
situ a tio n .
e stim a te d
m arket.
th e
th e
lo c a l
th e
fu tu re.
th e ir
becom e
burden
elem en t
$ 3 0 0 ,0 0 0 ,0 0 0 .:
fo r
it
com e
th e
ob
th e
when
to
a f
d is
lo c a l
sh o u ld e r
at
\
lo a st
and
a
p art
also
to
o f
th e
su p p ly
T ak in g
s e lv e s ,
th e
hew
th e
C ity ,
York
over
60
fro m
le ss
th e
on
in
cen t,
hanks.
August
2 2 ,
it
had
tw ice
cash
to
o f
hy
as
fo r
cash
The
s ix
o f
fro m
them
hut
to ta l
tru st
ch aracter;
H anover,
o f
th ese
c it y
o f
o f
la rg o
as
le a d in g
hanks
p rin c ip a l
o f
—
hanks
a
net
hankers*
s lig h tly
above
th e
25
hanks
h e ld
com p an ies
w ere
th oy
g reater
d id
hanks
cash
assu m in g
not
on
th ose
a
fo r
is
a
190 7
w ere
cen t,
was
th e
o n ly
as
m ore
p ro p o rtio n
per
$14 0 ,7 0 0 ,0 0 0 .
h e ld
th an
a l l
hankers
in
d e p o sits
th e ir
a ll
The
la ck in g
and
o f
oth er
d e p o sits
hanks
reserve
hy
o b lig a tio n
th ese
—
in cre ase d
$4 10 ,2 0 0 ,0 0 0 .
hankers*
a ll
hanks,
h e ld
to
o f
co n tro lle d
had
th at
co n sp icu o u sly
net
th em
reserve
s ix
out
years
cash
hanks
hut
p ro p o rtio n a te ly
and
h o ld in g
was
th e
Chase
tw o -th ird s
hanks
hanks
resources
s ix
hanks
o f
th e
th e
th e
both
York
seven
o f
cash
o u tsid e
away.
hew
th e
hy
190 7
o f
le a d in g
th e
cen t,
about
reserves
d e p o sits
per
hanks
In
th e
th at
T h eir
was
draw n
out
to ta l.
th at
liq u id a te d
th u s
$30 4 ,2 0 0 ,0 0 0
and
18 7 3 .
la w .
few
e x p lo sive
th e
th e
d e p o sits
serves
in
net
w h ich
th at
n a tio n a l
■
P ark,
o b lig a tio n
was
re se rv e ,
been
than
q u ire d
19 0 7,
is
In
to
he
betw een
30
banks.
tw o -fifth s
resource
cash
about
th e
net
w h ich
p o in ts
F ir s t ,
o f
The
th irty -e ig h t
la rg e
o n ly
n a tio n a l
m ay
re la tio n
Sprague
18 73
th an
w h ich
cash
th e
Com m erce,
per
ce rta in
tho
up
P ro fesso r
co n tro lle d
lo an s
o f
re
$2 18 ,8 0 0 ,0 0 0
It
is
d e clared
re se rv e s,
in
re ce iv in g
r is k
p a rtic u la rly
th is
h e ld
o f
account
in
a
m ain tain
fo rm er
years#
re
4-
A fte r
a
and
th e
run
fo r
th o
p o w erfu l
no
u n ited
upon
an
w h atever
elem en t
cre d it
in g
a fte r
is
a d v a n ta g e ."
suspend
ever
endurance
th e
is
th e
fo u n d
th e
by
in
short
observers
d u ra tio n
o f
or
argued
th at
resu m p tio n
purpose.
K ow here
in crease
creased
every
been
in
by
a b le
In
th e
o f
cash
bank
$6 3,0 0 0 ,0 0 0 ,
to
co rtrao t
co m p elled
—
o f
fro m
thorn
to
ce n tra l
and
th at
" i t
m arket
dragooned
as
to
o f
tra d itio n
and
can
th e
stra in
th at
o n ly
o f
th ere
<
eco n o m ic
fa ilu re s
was
in
o f
th e
stra in
In
lo a n s
th o
190 7
is
by
an
suc
was
g re a tly
co n clu sio n
occurred
w ith
c r is is
served
any
no
it
Is
w here
York
th e
w herever
and
u se fu l
co n sid e ra b le
th ey
$7 7 5 ,0 0 0 ,0 0 0 .
Eew
and
u n n e ce ssa rily
th ere
to
to
doubt
con trasted
New Y o r k ,
$7 12 ,0 0 0 ,0 0 0
and
w h ich
k ittle
th is
d e la ye d
was
do
gen eral
broken
w h ich
su sp en sio n
cou n try
liq u id a te
o f
d ep ressio n
a fte r
except
be
situ a tio n
m anagem ent
th at
c r is is .
can
E v id en ce
b an k in g
som ew h at.
a
be
is
th e
pursuance
w h ich
th at
in to
c e r tific a te s
a
hut
p ro b ab le
m oney
w e ll
hanks
th at
lo an
fin a n c ia l
lo a n s
tak en ,
is
as
paym en ts
lo an s
i t
in te re st
actu al
th e
M organ,
issu e
M orse
d e cla red
be
b u sin ess
secured
is
th e
to
to
o f
o f
it
o f
have
Ue?i Y o r k .
th roughout
p o rio d
in
num ber
m oney
n r.fio rn .1
p revio u s
situ a tio n
18 9 3.
ad d itio n a l
in
fa ilu re
been
our
gen eral
gen eral
18 73
th e
th e
P.
sh o u ld
expressed
o f
lim ite d
in
own
banks
is
J.
d e cid e d
was
th e
have
w eakness
th e
o ith o r
th at
th e ir
i t
o f
se rio u sn e ss
by
w o u ld
was
o p in io n
exaggerated
M r.
w eakness
in.
it
source
The
th at
a l l
paym en ts,
presen t
c e ss fu l
o f
o f
o f
co m p an ies,
in stitu tio n s
When
cash
tru st
in flu e n ce
in flu e n tia l
what
account
ce rta in
actio n
c e rta in ly
liv e ly
banks
tru st
in
In
had
com pany
p o ssib le
and
5-
th e
o u tsid e
banks
One
e x p e rie n ce s
lo an s.
count
a ll
was
paper
th at
$
a
o f
a
o f
to ta l
a
tho
banks
lo a n
is
The
w o u ld
lo an s
o f
p o sitio n
to
ju st
o f
lo an
th e
—•
The
p o sitio n
cou rse,
25
c a ll
w h ich
nam o.
from
liq u id n e ss
lo an ,
co m m ercial
above
o f
§ 6 3,0 0 0 ,0 0 0
b e tte r
o f
Sprague
p ap er,
was
th e
th e
in
c a ll
lo an s
ac
reduced
tim e
at
lo a n
on
o p in io n
is
ven tu red
to
an
em er
is
under
m eet
than
it
i t
w o u ld
not
th en
be
in
per
cen t,
re q u ire m e n t
in
tim e s.
In
P ro fe sso r
h is
reserve
fin a l
Sprague
"So m ew h ere
o f
m arket.
m ands
o f
firm
a
upon
th ou gh ,
norm al
absence
co m m ercial
in
circu m sta n ce s,
alo n g
P ro fesso r
k in d
or
e x istin g
slid e
by
th e
o n ly
be
w ere
course.
in crease
in d iv id u a l
bank
its
sam e
draw n
v a rie tie s
sin g le
a ll
th e
le sso n s
n a tio n a l
How Y o r k
i f
th e
5 4 , 000 , 000 #
one
w ith
gency
o f
Out
fo r
o f
fo llo w e d
on
th e
le sso n s
o f
th e
c r is is ,
d e cla re s:
in
th e
le n d in g
A b ility
o f
co n clu sio n s
b an k in g
pow er,
in
d e p o sito rs
system
o f
a
and
it
sh o u ld
Hew Y o r k
to
in crease
fo r
m oney
w o u ld
cou n try
be
have
fo u n d
lo a n s
a lla ye d
in
and
th ere
its
to
sh o u ld
ce n tra l
m eet
every
th e
p an ic
be
a
m oney
de
sin o e
th e
such
re
9
e sta b lish m e n t
serve
T h is
power
and
reader
re a d in e ss
m ay
th e
n a tio n a l
d o u b tle ss
in v e stig a tio n
causes
th e
c f
w ill
be
have
consequences
o f
th e
o n ly
to
need
use
it
not
in
b an k in g
m ade
served
its
fu tu re
in
system .
a
its
absence
o f
th is
num ber
P ro visio n
o f
pur-n ose
in
tho
reserve
e m e rg e n c ie s."
d iffe re n t
i f
p ast
pow er,
fo r
w ays.
in.
sh o w in g
it
b rin g s
but
also
th e
home
o f
to
th e
\
♦
V-
H
\/
HOW GERMA13Y ATTAUSED A OSFTRAL BAEK.
An
to il f i e d
th e
account
note
o f
g re a te r
co h esio n
a fte r
th e
war
w ith
v/h ich
has
Ju st
in
been
T h is
m onograph
th e
fir s t
tw e n ty-fiv e
th e
e m p ire
in
th e
year
fo u n d a tio n
o f
th e
e m p ire
o f
w h ich
stated
in
th e
num ber
o f
th ese
ly
rig h t
th e
n otes
w ere
not
p u b lish e d
re g u la tio n s
sta tu te s
in to
not
retu rn ed
fo r
la rg e
th e
d iffe re n t
am ounts
ta le r .
S in o e
o f
sm a ll
th e
m any
banks
lie
also
engaged
bankB
e x iste d
banks
by
concerned
—
so
d id
to
not
as
but
to
o f
a
note
exten t
in to
th e
Germ any
ce n tra l
issu e ,
one
o f
fo r
th at
b efo re
th e
w h ich
and
a
fo r
banks
is
e x te n sive
as
m any
la rg e r
sum s
am oun ts,
issu e d
la rg e
lo w
as
one
fre q u e n tly
in
d e n o m in atio n
as
cover
b u sin e ss
It
sm a lle r
a ls o ,
was
th e
la rg o
m ost
p u ttin g
o f
fo r
sta te s
fo r
th e
bank
an o th er.
n otes
issu e
lio n etary
co m p le tio n
in
th ose
m atters
E n g lish
a
w ith
th e
b rin g in g
m onographs
as
s u ffic ie n t
in
th e
u tiliz in g
i s ,
o f
n a tio n a l
C ongress
S in ce
p ro vid e
some
fro m
w ith
o ften
down
co n tro l
th e
vario u s
to
th at
govern m en ts,
n o tes,
o f
th e
o f
upon
e x iste n ce
c irc u la tio n .
le g a l
ad equate,
its
A m p ire
p o lit ic a l
one
R eich sb an k
su b m itted
paym ent
as
by
Germ an
system
tra n sla tio n
made
n o tes,
th e
in
co n sid e ra b ly
Ju st
w ere
p o ssib le
a
th e
w e ll
fo rth
Ih ere
been
issu in g
as
th irty -o n e
d iffe re d
as
o n ly
o f
o f
C ongress
th e
190 0 .
had
banks
to
w h ich
part
set
is
by
years
docum ent
o f
is
su b m itted
stu d y
a
in
fin a n c ia l
Stan ce,
e la b o ra te
v a rio u s
m anner
c ir c u la t i o n 's
about
C o m m issio n .
th e
fo r
w h ich
n o tes,
tie d
up
2 -
p erm an en tly
th e
th o ir
l i a b i lit i e s
fa ilin g
due
o f
a t
tem p ted
th e
w ere
fo r
not
a ll
fo r
o f
th e
co n sist
banks
p ro h ib itiv e
s t r ic t ly
T h is
o f
m as
not
proper
o b lig a tio n s,
im p o ssib ility
Germ an
banks
p u b lic
c a p ita l.
such
fo r
as
banks,
n o tes,
tim e s.
to
th rou gh
n o tes
w h ich
a l l
O w in g
re g u la tio n s
w o rk in g
lice n sed
observed
tre a su rie s
o f
o f
issu e ,
b rin g in g
se v e ra l
m easures
to
by
s ta te s .
in
oth er
gen eral
and
w ore
keep
u n ifo rm
Germ an
o iit
o f
but
by
sta te s
th e ir
Ih ese
tra d e ,
regarded
about
a t
te r r ito r y
p ro h ib itio n s
w ere
a u th o rita tiv e
th e
p u b lic
o f
peace
w ith
o f
m on etary
as
great
in co n v e n ie n ce s.
Im m ed iately
th e
Germ an
refo rm .
be
put
G overnm ent
It
in
was
T h is
was
tain e d
also
som e
governm ent
n o tes.
"A ll
w ith d raw n
th e
new
in
th e
u n ifo rm ity
act
o f
p ro vid in g
sta te s
and
Ju ly
c irc u la tio n
or
be
18 7 3 ,
s y s
w h ich
bank
stan d ard
to
be
date
based
iss u e d ."
on
w ith d raw al
con
o f
im p e ria l
and
co in a g e
su b stitu tio n
th e
m arks
co u ld
th e
on
th is
b an k in g
system
th e
9 ,
and
th e
based
A fte r
in
itran ce,
fo r
p ro vid e d :
100
in
b an k in g
was
than
rem ain
the
u n ifo rm
it
18 76 .
ard
a
p o in t
1 ,
le ss
by
va rio u s
by
not
q u e stio n
about
re g u la tio n s
la tte r
Jan u ary
th e
b rin g
not
o f
to
co n clu sio n
b efo re
b an k -n o tes
am ounts
m ay
up
acco m p lish e d
n otes
Upon
took
th e
n e ce ssary,
o p e ra tio n ,
tem .
a fte r
o n ly
th e
are
n otes
o f
fo r
im p e ria l
stan d
v» :
-3 -
In
resp ect
d iffic u lt ie s
gard
to
th e
d iffe re n t
scrib e d
very
w o u ld
to
o f
n otes
How
a r is in g
possessed
th e
refo rm
m onograph
issu e d
d ire ct
a b o litio n
o f
was
to
cause
th e
u n ifo rm
banks
th e ir
n ote
was
in ju rin g
out
to
o f
tho
b an k in g
fro m
th e
p riv ile g e s
th e
H o ich sb a n k
as
note
p riv ile g e s
w as,
tho
and
a
to
The
o f
p ro vid e
th e
is
ffo m
o n ly
de
tho
p o ssib le
n atu re,
w h ich
branches,
ad equate
p riv ile g e s
re
o f
out
th e ir
s u ffic ie n tly
acq u ire d
w ith
fo llo w s:
gen eral
num ber
m easures
r ig h tfu lly
w orked
q u e stio n .
o f
system ,
banks
th e
d u ly
th e
e x istin g
g ra d tia lly
re g u la tio n s
lim it
m ake
th e
hy
th e
c ir c u la tio n ,
to
o f
was
by
th ese
co n sid e re d
decree
d iffic u lt y
w ith o u t
u n ific a tio n
th e
reduce
fh e
issu e
b e g in n in g ,
course
th e
en co u n tered
s ta te s .
in
"A
w ere
to
cover,
e ffe c tiv e
o f
th e
vario u s
banks.
"P u b lic
how ever,
to
such
o f
issu e
th at
o p in io n
favo re d
th e
m easures.
had
th ey
to
su p e rv ise
and
v ie w
cu rre n cie s.
fu lfille d
The
o n ly
d isp e n sa b le ,
o f
th e
re g u la te
th o
home
co n v ictio n
fro m
and
o f
18 57
and
to
s a t is fy
p u b lic
a l l,
o f
than
one
th erefo re
sid e
g ain e d
th at
a
as
sid e
In
bank
be
lim ite d
th ese
th at
hanks
was
cla im s,
have,
re la tio n
task s
im
above
c irc u la tio n ,
th ese
ce n tra liz e d
c e n tra l
b a n k in g ,
shown
th ey
m on etary
th at
in
cla im s fo r c r e d it ;
w ith
as
not
had
Thus
w e ll
ground
a
m ust
p riv a te
e n tire
trad e
th at
by
experts
1866
in te re s t.
th e
ce n tre ,
o f
refo rm
ra th e r,
in
p o in t
c ris e s
m a jo rity
b a n k in g
f u l f i l
fu n ctio n s
th e
great
th at
d u tie s
po rtan t
to
th e
vie w
The
oth er
have
and
to
fro m
fo re im
co u ld
be
m anagem ent
was
in
n e ce ssary,
w h ich
-4 -
o ith e r
th at
stan d s
it
alo n o
e x e rcise s
"T h ese
th e
k in gd o m
th e
yea r
o f
1866
or
at
a
a c t iv it y
o f
th is
P ru ssia .
It
o f
»!Ehe
verge;
a
in
lo o k ed
in g
.as
refo rm .
e x is tin g
to
th e
fu rth e r
th e
and
abu ses.
co n d itio n s
h e ld
fo r
th e
o f
o f
issu e
a l l
cash
th us
eco n o m ic
co n fin ed
la t t e r
and
banks
and
o f
fu lfille d
The
oth er
rig h t
o f
and
o f
in
and
th e
so
fo r
had
in
cre d it
o f
issu e
refu sed
e ith e r
th e ir
a f fa ir s .
c h ie fly
to
She
th e
e sta b lish in g
cre d it
h ig h e st
th e
step
to
th en
k in gd o m
branches
g re a te r
Germ an
in
banks
on
the
con
system ,
issu e
and
hand,
u p h o ld ,
and
was
hank
co u ld
o th er
a
con
sh o u ld
m on etary
o f
ou t,
e x is tin g ,
o f
w h ich
co u ld
m on etary
Germ an
w ith
o f
th o
fo u n d a tio n
th is
th e
co n sid e re d .
p art
o f
re q u ire d
o n ly
soem ou
d e ve lo p
co n stitu tio n .
tra n sfo rm a tio n
ho
du ty
c a rry
b an k in g
E m p ire
tra n sa ctio n s
e x istin g
aooordanoo
co u ld
Germ an
H e io h sb an k ,
n ecessary
th e
in stitu tio n
to
n a tio n a l
th e
been
B a n !:.
purchases
in
fin a l
The
"U n d er
th e
num ber
th e
re g u la tio n
o n ly
support
re g u la tin g
n atu ral
H e io h sb an k
P ru ssia n
system
cash
m o n etary
new
banks
.
a l l
fo rce
oth er
h ith e rto
how ever,
have
new
n p o ria l
.
had
b i l l
H e io h sb a n k ,
liv in g
q u e stio n ;
ready
not
th o
t ir e ly
the
w as,
.
a
moment
econ om ic
The
lim it
be
d id
su p e rv isin g
upon
firm
th e ir
There
G erran
th e
when
bank
u n ifo rm
o on tre,
a
c r i t i c a l
P ru ssia .
common
s is t
by
a l l
in flu e n ce .
fu n ctio n s
tin e
suspended
a
su rpasses
d o m in a tin g
affo rd ed
at
o u tsid e
o lso
P ru ssia
se rv io e s
o f
a
im p o rtan t
tra n sa ctio n s
lim ite d
or
Germ any
id o a
was
P ru ssia n
The
th e
o f
an
q u ito
Banx
P ru ssian
p o sitio n
en
out
in to
o f
an
Bank
a l
w h ich
th e
A
:
-5 -
new
In
R e ich sb an k
a d d itio n
to
was
to
th e
P ru ssian
"C o n sid e ra b le
co n versio n
la ye d
in
th e
Ju ly ,
fo r
th e
o f
th e
tin e
a
la id
b e in g
th e
id ea
re s tric te d
th e
.w ith d ra w a l
E m p ire
was
tio n .
On
th e ir
to
have
llo vem b o r
"A t
th e
th at
a
m ent
o f
la rg e
a
She
s ittin g
to
't h a t
d e sira b le
"A s
to
fo r
b ill
th e
on
o f
re a d in g
H e ich sb an k ,
and
th ese
o f
a
bank
b i l l .
Bundesrat
and
was
re g u la tio n
issu in g
hand
fo rw ard ed
Im p o ssib le .
way
th ose
b i l l
R eio h sb an k
th e
Jan u ary
free
A
in
te r r ito r y
th is
was
been
stood
th e
fo rcin g
co u ld ,
have
H e ich sb an k ,
th e
passed
an
ce ssio n s
o f
as
b i l l
(N ovem ber
th e
e stab lish m e n t
tl»
a
e n tire ly
fir s t
R e ich sb an k
fir s t
b ill
an
m a jo rity
refo rm .
4 ,
cla u se
p riv ile g e
th e
very
o f
G erm any.
banks
w ith
w h ich
abandoned
con ten t
o f
issu e
1 ,
180 6,
announce
few
sta te
th is
th orou gh
banks
w h ich
own
but
w ith
e x istin g
th e ir
a
de
o f
At
th e
F in a lly ,
o f
n o tes.
in
o f
d id
to
th e
d ate
th e
re o rg a n isa
a lte ra tio n s .
to
th e
R e ich stag .
(N ovem ber
16 ,
10 74)
it
was
c le a r
w .» i
J
in g
a
Bundesrat
5th
b efo re
p rin cip le s
B undesrat
o f
The
a
was
be
th at
in to
b i l l
added
agree
Bank
o f
how ever,
in tro d u ctio n
It
to
w o u ld
and
o f
w ish
Bank
w h o le
out
g u id in g
not
th e
d iff ic u lt ie s ,
fo rm u la tin g
issu e .
i'o r
P ru ssian
w o rk in g
18 74 ,
h o ld
a
and
a
H ouse
re fe rre d
2 1 ,
1074)
does
th o
o f
th is
E m p ire
th e
e s ta b lis h
p re lim in a ry
co n d itio n
fo r
a
co m m itte e ,
co n sid e r
been
th e
d e cisio n
by
im m ed iate
to
has
o f
th e
re so lv e d
not
d e cisio n
o rg a n izatio n
outcom e
regarded
n ecessary
was
co m m ittee
u n til
to
th e
at
a
once,
w h ich
by
a
d iscu ssio n
a rriv e d
at
in
its
vo te
o f
bank
o f
th e
re g ard in g
13
bank
th e
R e ic h sb a n k .'
th e
d e lib e ra tio n s
P ru ssian
Bank
le d
to
co n co m in g
th e
d e sire d
*
—6
r e s u lt.
P ru ssia
in ve ste d
m arks)
tio n
to
o f
o f
be
c a p ita l
th e
th e
a
bank,
th is
o f
In
avo id
to
d e cid e d
upon
cre a tio n
by
a fte r
th e
th e
th e
Bank
s t i l l
th e
A ct
in g
o f
th e
its
share
o f
he l o n g i n g
U m p ire
P ru ssia
d e cid e d
th e
w ere
to
in
a ffe c te d
avo id
re a d in g
th e
a
fo rm a lly
to
w ith d raw al
it
o f
its
(9 ,0 0 0 ,0 0 0
on
P ru ssian
accep ted
tran sfo rm
th e
to
b i l l
th e
d isso lu
Sank
any
by
th e
th e
w h ich
was
B u n d esrat,
P ru ssia n
a ffe c tin g
a p p re ciab le
in tro d u ctio n
m em ber
o f
as
h is
own
She
b il l
B u n desrat.
R eich sb an k
and,
and
th ird
U & rcli
14 ,
the
b a n k in g
purpose
and
m onograph
Pranz,
p assage:
\
o f
to
th e
th e
Bank
in to
e x istin g
exten t
by
th e
R eich sb an k .
to
th e
second
an o th er
b 'j R o b e r t
th e
co m m itte e
governs
in
not
fir s t
by
The
up
o f
le g a lly
a fte r
R e ic h sb a n k ."
was
in tro d u ce
o f
a
read y,
n a rk sjan d
re g u la tio n s
w ere
order
an o th er
in d u ced
it
She
issu e
e sta b lish m e n t
cede
p ro p o sa ls
R e ich sb an k .
banks
fo n d
in to
b a sis
i t s e l f
5 ,7 2 0 ,4 0 0
to
tran sfo rm ed
on
both
o f
reserve
She
and
d e cla re d
e d ito r
was
accepted
la te r ,
a
now
R e ich stag
m o tio n
th u s
th e
w ith o u t
R e ich stag
re a d in g s,
and
the
w h ich
w ith
act
som e
p o licy
o f
th e
U m p ire.
re su lt
o f
th e
new
"B o r
fo r
th e
D eutsch e
and
co m m ittee
to
was
m o d ifica tio n s
ra d ic a l
th e
18 7 5 ,
b il l
su p p lem en ted
by
prepared
o f
th e
o f
in
was
by
th e
changes
fu ll
se ssio n
p u b lish e d
as
m o d ifica tio n s,
le g is la tio n
R a tio n a l
is
Ik in etary
O ek o n o n ist,"
in
summed
C o m m issio n
th e
fo llo w
"Sh e
banks
was
th rou gh
p red o m in an ce
secured
th e
vo lu m e
co n sid e ra b ly
se q u e n tly
was
co n tin g e n ts
th e
o f
to
o f
th e
H o iclisb a n k
th rou gh
its
co n sid e ra b ly
o f
its
am ount
o f
in crease
th e
n ote
ta x -fre e
a l l
th e
s t i l l
banks
note
th e
p riv a te
la rg e r
m ig h t
w h ich
co n tin g e n ts,
th rough
th e
n ote
c a p ita l,
co n tin g e n t,
o th er
m ore
w h ich
over
exceeded
and
w h ich
a ccre tio n
renounce
th e ir
fu rth er
o f
sub
the
rig h ts
o f
@FedFRASER