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PUBLICATIONS
IN COURSE OF PREPARATION FOR THE
NATIONAL MONETARY
COMMISSION
NOVEMBER 1, 1909
Washington : Government Printing Office : 1909
NATIONAL MONETARY COMMISSION.
NELSON W. ALDRICH, Rhode Island, Chairman
EDWARD B VRBBLA*TD, New York, Vice-ChairmaH.
JULIUS C. BURROWS, Michigan.
JESSE OVERSTREET, Indiana.
EUGENE HALS, Maine.
JOHN W. WEEKS, Massachusetts.
PHILANDER C. KNOX, Pennsylvania.
ROBERT W. BONYNGB, Colorado
THEODORE E. BURTON, Ohio.
SYLVESTER C. SMITH, California.
JOHN W. DANIEL, Virginia.
LE*MUBL P. PADGETT, Tennessee.
HENRY M. TELLER, Colorado.
GEORGE F. BURGESS, Texas.
HERNANDO D. MONEY, Mississippi.
ARSBNE P. PUJO, Louisiana.
JOSEPH W. BAILEY, Texas.
ARTHUR B. SHBLTON, Secretary.
A. PIATT ANDREW, Assistant to Commission.
3
PUBLICATIONS OF THE
NATIONAL MONETARY COMMISSION.
I.~MISCELLANEOUS.
INTERVIEWS ON THE BANKING AND CURRENCY SYSTEMS
OF ENGLAND, FRANCE, GERMANY, SWITZERLAND, AND
ITALY.(a)
(About 450 pages; in press.)
Contains interviews held in Europe by delegates of the National
Monetary Commission with representatives of the leading banks
and financial institutions of England, France, Germany, Switzerland, and Italy.
By Francis W. Hirst, editor of
(About 100 pages; in press.)
T H E CREDIT OF NATIONS.
The Economist.
Traces the growth of public debts in England, France, Germany, and the United States during recent decades and examines the influences affecting the values of government bonds
in the several countries.
FISCAL SYSTEMS OF ENGLAND, FRANCE, GERMANY, AND
UNITED STATES. By J. O. Manson, Chief of
Division of Accounts, Redemption, and Issues. (About
86 pages; in press.)
THE
A report upon the manner of receiving, handling, and disbursing
public moneys in the several countries, based upon special investigations made in Europe.
ARTICLES.
T H E DISCOUNT SYSTEM IN EUROPE.":!
burg.
By Paul M. War-
(43 pages; in press.)
A comparison of the organization of the discount market in the
leading countries of Europe, with methods pursued in this country.
(o) See Appendix A.
5
National
Monetary
BANK ACCEPTANCES.
Commission
By Lawrence Merton Jacobs.
{18
pages; in press.)
A description of the European practice of borrowing by means
of bank acceptances and a critical analysis of its effects.
n.—UNITED STATES.
STATISTICS FOR THE UNITED STATES,
1867-1909.
{About
250 pages; in press.)
Contains general statistics illustrating the growth of population,
wealth, business, and commerce, statistics of banks and banking,
of money, gold supply, foreign and domestic exchange, government
receipts and expenditures, bond issues and bond quotations, government cash balances, gold holdings, and deposits with the banks.
These figures have been collected from different departments of the
Government, from state bank supervisors, and managers of clearing
houses, and from various banks and financial journals.
SPECIAL REPORT FROM THE BANKS OF THE UNITED STATES,
1909.0 Compiled by Chas. A. Stewart. {About 50 pages;
in press.)
Contains tables based on special reports obtained for the Monetary Commission by the Comptroller of the Currency and the state
bank supervisors from 22,491 banks of the United States, including
national, state, savings, and private banks and loan and trust companies, showing their condition at the close of business April 28, 1909,
with the number of depositors, rates of interest paid upon various
classes of deposits, etc.
LAWS OF THE UNITED STATES CONCERNING MONEY, BANKING, AND LOANS. Compiled by A. T. Huntington,
Chief of Division of Loans and Currency, United States
Treasury. {In preparation.)
Contains all laws pertinent to these subjects, from 1789 down to
the present time.
DIGEST OF STATE BANKING LAWS.
By Samuel A. Welldon.
{About 800 pages; in press.)
A classified summary of the laws actually current in the various
States with regard to state banks, trust companies, and savings banks.
°See Appendix B : Summary of special reports.
6
National
Monetary
Commission
By Dr. J. T. Holdsworth, of the University of Pittsburg. (147 pages; in
press.)
FIRST BANK OF THE UNITED STATES.
An examination of all available materials concerning the organization, practices, and history of the First United States Bank.
By Dr. Davis
R. Dewey, of the Massachusetts Institute of Technology.
(About 150 pages; in press.)
THE SECOND BANK OF THE UNITED STATES.
An account of the organization, development, and experiences of
the Second United States Bank.
Civile
(In preparation.)
HISTORY OF STATE BANKS BEFORE THE
Dr. Davis R. Dewey.
WAR.
By
Traces from original documents the organization and growth of
the banking systems of the several States in the period when note
issue was allowed.
THE SAFETY-FUND BANKING SYSTEM IN NEW YORK STATE
FROM 1829 To 1866. By Dr. Robert E. Chaddock, of
the University of Pennsylvania. (170 pages; in press.)
A study from original sources of the experiences of the New York
banks under the system of mutual guaranties.
THE
ORIGIN OF THE NATIONAL BANKING SYSTEM.
Andrew MacFarland Davis.
By
(In preparation.)
A study from original manuscripts of the motives which led to
the creation of the national bank system and which influenced its
form.
HISTORY OF CRISES UNDER THE NATIONAL BANKING SYS-
TEM. By Dr. O. M. W. Sprague, of Harvard University.
(In preparation.)
Traces the experiences of the banks during the several periods* of
panic and general suspension since the organization of the national
banking system.
7
National
Monetary
Commission
HISTORY OF THE NATIONAL BANK CURRENCY.
By A.
D.
Noyes, financial editor of the New York Evening Post.
(In press.)
T H E U S E OF CREDIT INSTRUMENTS IN PAYMENTS IN THE
UNITED STATES.
sity of Illinois.
By Dr. David Kinley, of the Univer(222 pages; in press.)
Tabulation of a special report obtained by the Commission from
all national banks as to the relative use of coin, paper money, and
credit instruments.
THE
DEVELOPMENT
OF THE
INDEPENDENT
TREASURY
SYSTEM. By Dr. David Kinley.
(In preparation.)
A study of the growth of the independent treasury from its origin
down to the present day.
SEASONAL VARIATIONS IN THE DEMANDS FOR CURRENCY
AND CAPITAL. By Dr. Edwin W. Kemmerer, of Cornell
University. (In preparation.)
A statistical study partially based upon special reports obtained
by the Commission from the clearing-house associations of the leading cities.
By John
E. Gardin, vice-president of the National City Bank, New
York. (In preparation.)
T H E FOREIGN BALANCE OF THE UNITED STATES.
An analysis of the balance of indebtedness of the United States
during the last thirty years.
CLEARING HOUSE METHODS AND PRACTICES.
By J .
G.
Cannon, vice-president of the Fourth National Bank,
New York. (In preparation.)
Examines recent development of clearing-house functions in
different parts of the United States.
m.—CANADA.
T H E HISTORY OF BANKING IN CANADA.
enridge.
By R. M. Breck-
(310 pages; in press.)
A history of Canadian banking during the last forty years, with a
compilation of the banking statutes.
8
National
Monetary
Commission
By Dr. Joseph French
Johnson, of New York University. (In preparation.)
THECANADIAN BANKING SYSTEM.
A study of banking practices and of the relations between the
banks of Canada at the present time.
[The Commission has also conducted personal inquiries in the
leading Canadian cities, the substance of which will be published
later.]
IV.—ENGLAND.
1867-1908. Prepared by
Sir R. H. Inglis Palgrave, F. R. S. and F. W. Hirst,
editor of the London Economist. (About 170 pages; in
press.)
STATISTICS FOR GREAT BRITAIN,
Tables covering the Bank of England statements since 1844 and
statistics for the joint stock and other banks during the last thirty
years, as well as general tables covering the growth of population,
business, wealth, and commerce, the money supply, rates of discount and foreign exchange, etc., since 1867.
By Hartley Withers,
financial editor of The London Times. (130 pages; in
press)
THE ENGUSH BANKING SYSTEM.
Examines banking practices in England and Scotland and includes an account of the London Stock Exchange.
By H. S. Foxwell,
of the London School of Economics. (In preparation.)
HISTORY OF BANKING IN ENGLAND.
A brief survey of the development of banking in England.
ARTICLES.
By Robert M.
Holland, Honorable Secretary of the Clearing House.
(About jo pages; in press.)
LONDON BANKERS' CLEARING HOUSE.
TH$& BALANCE G# TRADE AND INDEBTEDNESS BETWEEN
By George Paish, editor of
(In preparation)
AMERICA AND ENGLAND.
The Statist*
12882—09—2
9
National
Monetary
Commission
By Ernest Sykes,
Secretary of the Institute of Bankers. (In preparation.)
ENGLISH BANKING ORGANIZATIONS.
V.-^FRANCR.
1870-1908. Prepared by Albert
Aupetit, of the Bank of Prance, and M. Lefevre, of
the Credit I<yonnais. (About 170 pages; in press.)
STATISTICS FOR FRANCE,
These tables cover the statements of the Bank of Prance and
other banks, credit societies, and financial institutions during the
last thirty years, with statistics showing the growth of population,
business, wealth, and commerce in France, the rates of discount,
international exchange, etc.
EVOLUTION OF CREDIT AND BANKS IN FRANCE.
By
Andre Liesse, professor in the Conservatoire National
des Arts et Metiers. (271 pages; in press.)
A study of the development of French banking from the founding
of the Bank of France down to the present time.
THE BANK OF FRANCE IN ITS RELATIONS TO NATIONAL
AND INTERNATIONAL CREDIT.
By Maurice Patron.
(*59 po^es; in press.)
Examines the functions, polices, and influence of the Bank of
France.
By Albert Aupetit, head
of the .Department of Economic Studies in the Bank of
France. (In preparation.)
THE FRENCH BANKING SYSTEM.
Describes the different kinds of banks operating in France, the
nature of their business, and the provisions of law or custom which
govern them. Includes the text of the principal statutes governing
the various classes of banks.
THE HISTORY AND METHODS OF THE PARIS BOURSE.
By
E. Vidal, editor of La Cote de la Banque et de la Bourse.
(About 180 pages; in press.)
Follows the history of the Paris Bourse, its organization, methods
and regulations.
10
National
Monetary
Commission
ARTICLE.
FRENCH SAVINGS AND THEIR INFLUENCE UPON THE BANK
By Alfred
(ig pages; in press.)
OF FRANCE AND UPON FRENCH BANKS.
Neymarck, editor of Le Rentier.
VL—GERMANY.
1870-1908. Prepared by Dr.
B. Breslauer, of the German Bankers' Association, and
Robert Franz, of the Deutsche Oekonomist. (About
180 pages; in press.)
STATISTICS FOR GERMANY,
Tables covering the operations of the Reichsbank, the German
joint stock banks, the hypothekenbanken, landschaften, savings
banks, etc., the general growth of population, business, wealth and
commerce, the movements of gold, rates of discount and of foreign
exchange during the last forty years.
THE REICHSBANK, 1876-1900. (355 pages; in press.)
A translation of the volume describing the organization and operations of the Reichsbank published upon the occasion of its twenty*
fifth anniversary.
Edited by Dr. R.
Koch, former president of the Reichsbank. (197 pages;
in press.)
GERMAN IMPERIAL BANKING LAWS.
Contains the text of the principal laws relating to banks passed
since 1875, with a descriptive introduction.
THE GREAT GERMAN BANKS AND THEIR CONCENTRATION
IN CONNECTION WITH THE ECONOMIC DEVELOPMENT OF
GERMANY. By Dr. J. Riesser. (About 210 pages; in
press.)
A study of recent developments among the large joint stock banks
of Germany.
MISCELLANEOUS ARTICLES ON GERMAN BANKING.
(263
pages; in press.)
Articles by various writers upon the check and transfer system,
the organization of credit, the system of directors' fees, land
Mortgage associations, agricultural' improvement banks, savings
teaks, cooperative societies, etc.
ti
National
Monetary
Commission
RENEWAL OF REICHSBANK CHARTER.
(About 240 pages;
in press.)
Miscellaneous articles concerning the renewal of the charter,
including a discussion of the subject in the German Bankers' Association convention and the draft of the proposed bill.
THE GERMAN BANK INQUIRY* OF
Reports.
1908. Stenographic
(1,140 pages; in press.)
Stenographic reports of the proceedings of the German Bank
Inquiry Commission of 1908.
SELECTED DOCUMENTS ON BOURSE LEGISLATION AND
ORGANIZATION IN GERMANY, (100 pages; in press.)
The text of the laws and regulations governing the German stock
exchanges.
DEVELOPMENT OF THE GERMAN BANKING SYSTEM.
By
Robert Franz, editor of the Deutsche Oekonomist.
(111 pages; in press.)
A statistical study of the development of different sorts of banks
in Germany.
VII.—SWITZERLAND.
By Dr. Julius Iyandmann,
of the Swiss National Bank. (238 pages; in press.)
THE SWISS BANKING LAW.
An account of the recent change in Switzerland from decentralized
to centralized note issue, with the text of the act of 1905 and abstracts
from recent articles and reports upon the operation of the act.
Vm.—ITALY.
BANKING IN ITALY.
By Carlo F. Ferraris. (In course of
translation.)
Traces the history of banking in Italy during the last forty years.
By Comm. Tito Canovai, General
Secretary of the Ban): of Italy. (In preparation.)
THE BANK OF ITALY.
An account of the conditions and motives which have ted to the
growing concentration of power and note issue in Italy during the
last fifteen years.
[A contribution upon.recent tendencies in Italian banking is also
expected from Signor Luzzatti, former Minister of the Treasury.]
12
National
Monetary
Commission
IX.—JAPAN.
By Marquis Katsura,
Premier and Minister of Finance of Japan, Baron Sakatani, Ex-Minister of Finance, and Baron Takahashi,
Vice-Governor of the Bank of Japan. (In preparation.)
THE BANKING SYSTEM OF JAPAN.
X.—SWEDEN.
THE SWEDISH BANKING SYSTEM.
By A. W. Flux.
(In
preparation.)
This volume, prepared for the Commission in Sweden, traces
recent developments in Swedish banking and especially the concentration of note issue effected by the law of 1899.
XI.—BELGIUM.
THE NATIONAL BANK OF BELGIUM.
nant.
By Charles A. Co-
(238 pages; in press.)
An account of the history of the bank and of the laws and customs which govern its operation.
XH.—MEXICO.
T H E BANKING SYSTEM OF MEXICO.
nant.
By Charles A. Co-
(About 200 pages; in press.)
An account of banking legislation and practice in Mexico.
xra.—DIAGRAMS.
PORTFOLIO OF DIAGRAMS.
(24 diagrams in color.)
Indicating the operations and growth of the different sorts of
banks, changes in the money supply, foreign and domestic movements of money and merchandise, rates of discount and of foreign
and domestic exchange in the United States and other countries
during the last forty years.
13
APPENDIX A.
EUROPEAN CONFERENCES HELD BY REPRESENTATIVES OF
THE NATIONAL MONETARY COMMISSION.
CONFERENCES IN LONDON.
1908.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
12. Parr's Bank (Limited), Mr. R. W. Whalley, general manager.
Union Discount Company, London, Mr. Christopher R. Nugent,
manager.
Prof. Herbert S. Foxwell.
13. London City and Midland Bank (Limited), Mr. Edward H.
Holden, M. P., managing director.
National Provincial Bank of England (Limited), Mr. R. T.
Haines, general manager.
Sir George Murray, K. C. B., permanent secretary of the
treasury.
14. " The Statist," London, Mr. George Paish, editor.
15. Parr's Bank (Limited), Mr. R. W. Whalley, general manager.
Bank of England, Mr. W. Middleton Campbell, governor; Mr.
Frederick Huth Jackson, director; Mr. Alfred C. Cole, director; Mr. Edward C. Grenfell, director.
17. London City and Midland Bank (Limited), Mr. Edward H
Holden.
Bank of England, Mr. H. W. Search, discount officer.
London and Westminster Bank (Limited), Mr. T. J. Russell and
Mr. Edward Clifton Brown.
18. Baring Bros. & Co., London, Mr. Gaspard Farrer.
Hong Kong and Shanghai Banking Corporation, Mr. C. S. Addis,
manager in London.
19. Bank of England, Mr. Frederick Huth Jackson, Mr. Alfred C.
Cole.
Munroe & Co., Mr. F . de Reiset, 7 Rue Scribe, Paris.
Bank of Liverpool, Mr. James H. Simpson, general manager.
20. Swiss Bankverein, London, Mr. Leon Rueff, managing director;
Mr. L. Joseph, submanager.
15
National
Monetary
Commission
CONFERENCES IN BERLIN.
Aug.
26. Deutsche Bank, Dr. Paul Mankiewitz, director.
Aug.
27. Deutsche Bank, Dr. Paul Mankiewitz, director.
Reichsbank, Dr. von Glasenapp, vice-president; Dr. von Lumm,
director.
Aug.
28. Reichsbank, Dr. von Glasenapp, vice-president; Dr. von Lumm,
director.
Aug.
29. Dresdner Bank, Herren Schuster & Nathan, directors.
Aug. 31. Dresdner Bank, Herren Schuster & Nathan, directors.
Reichsbank, Dr. von Glasenapp, vice-president; Dr. von IyUmm,
director.
Sept.
1. Deutsche Bank, Dr. Paul Mankiewitz, director.
Sept.
2. Reichsbank, Dr. von k m m , director.
Dresdner Bank, Herren Schuster & Nathan, directors.
Sept.
4. Schulze-Delitsch Genossenschaften, Herr Kleemann, director.
Sept.
7. Preussische Central Genossenschafts-Kasse, Geheimrat Hessberger
etal.
Berliner Kassen Verein, Herr Hoppenstedt.
Sept.
8. Preussische Central Bodenkredit Actien Gesellschaft, Geh. Regierungsrat von Klitzing.
Sept.
9. Preussische Central Genossenschafts-Kasse, Geheimrat Hessberger
etal.
Pfandbrief Bank, Kommerzienrat Dannanbaum.
Sept.
10. Royal Seehandlung, Geheimer Oberfinanzrat
president.
Littner, vice-
Sept. n . Kur- und Neumarkisches Ritterschaftliches Kredit-Institut, Geheimrat Heintze, president.
Neues Brandenburgisches Kredit Institut and Kur- und Neumarkische Ritterschaftliche Darlehns Kasse.
Sept. 14. Berliner Handels Gesellschaft, Dr. Mosler.
Disconto Gesellschaft, Dr. Salomonsohn.
Sept. 15. Von Mendelssohn & Co., Herr Franz von Mendelssohn.
5. Bleichroeder, Dr. von Schwabach.
Sept. 16. Berliner Sparkasse, Herr Stadtrat Emil Gehricke, president.
Sept. 18. Disconto Gesellschaft, Dr. Salomonsohn.
16
National
Monetary
Commission
CONFERENCES IN PARIS.
Aug.
24 and Sept. 26. Banque de France, M. Pallain, gouverneur.
Aug.
25. CrSdit Lyonnais, Baron Brincard, administrator.
Sept. 29. CrSdit Lyonnais, M. Lefevre, chef des Etudes financieres.
Comptoir d'Escompte, M. Ullmann, directeur.
Oct.
1. CrSdit Lyonnais, M. Lefevre.
Oct.
2. Credit Agricole, M. Decharme, chef du service du credit mutuel
et de la co-operation agricoles.
CrSdit Fancier, M. Touchard, secretaire g6ne>al.
Oct.
3. CrSdit Lyonnais, M. Lefevre.
Oct.
5. Caisse des DSpdts et Consignations, M. Delatour, directeur general.
Oct.
6. Mouvement des Fonds (ministere des finances), M. Sergent, chef.
Caisses d'Epargne, M. Georges Paulet, directeur de 1'assurance
et de la preVoyance sociales, au ministere du travail.
Oct.
7. Banque de Paris et des Pays-Bas, M. Moret, directeur.
Banque de France, M. Pallain, gouverneur.
Oct.
12. Lord Swaythling.
London Joint Stock Bank, Mr. Charles Gow, manager.
ADDITIONAL CONFERENCES IN LONDON.
Oct.
13. The Union of London and Smith's Bank, Sir Felix Schuster,
governor.
1909.
Oct. 1-2. Banca d'ltalia, Comm. Tito Canovai, chief general secretary.
17
A P P E N D I X B.
Summary of the special reports obtainedfor the National Monetary Commission from 22,491 banks of the United States (including national,
state, savings, and private banks and loan and trust companies), showing their condition at the close of business on the 28th day of April, 1909RESOURCES.
[Includes island possessions.]
22491 banks (including reserve city
banks).
.1. Loans and discoun's:
(a) On demand, unsecured by collateral
lb) On demand, secured by collateral
(c) On time, with two or more names, unsecured .
(rf) On time, single-name paper, unsecured
(e) On time, secured by collateral.
if) Secured bv real-estate mortgages ,
_ Not classified.
Overdrafts:
(a) Secured
(b) Unsecured
3- Bonds, securities, etc., including premiums thereon:
1. Domestic securities:
a) United States bonds
b) State, county, and municipal bonds
Railroad bonds
Bonds of other public-service corporations.
Other bonds
W 4 Stocks
2. Foreign securities:
(a) Government bonds
(*) Other securities
4. Banking house «
5. Furniture and fixtures
6. Other real estate owned
,
7. Mortgages owned
,
8. Due from national banks
9. Due from other banking institutions
10. Checks and other cash items...
11. Exchanges for clearing house
,
12. Actual cash on hand:
I Gold certificates
lc) Silver dollars
(d) Silver certificates
1 Subsidiary and minor coins
I^egal-tender notes *
I National-bank notes
, J Cash not classified
13. Five per cent redemption fund and due from Treasury .
14. All other items
Total.
1660,425,952.2*
1,930,634,198.23
2,539,965,833-o6
1,35»»78i, 832.63
2,036,358,417.46
1,127,276,405.37
269,373,19428
5M:$
792.787,7". 29
1,091,541.45519
1,560,006,360.83
466,526,0*7.08
379,646,689.28
280,226,872.27
24,637,510.66
19,068,929.67
408,550,195.16
40,108,261.75
95,377,084.98
x. 378.7<w,565.09
••sssls
57,927,035.65
379,965,542.46
226,866,397.03
582,707,820.00
22,567,086.00
179,609,270.00
32,911,340.51
271,794,002.00
22,020,000.00
38,500,580.14
72.879,4339X
«I, ©OS, 054, 420.7*
• Includes furniture and fixtures of the national banks.
• Includes all kinds of paper currency in the case of a few banks which failed to
make separate returns.
18
APPBNDIX B—Continued.
Summary of the special reports obtained for the National Monetary Commission from 22491 banks of the United States (including national,
state, savings, and private banks and loan and trust companies), showing their condition at the close of business on the 28th day of April,
IOOQ—Continued.
LIABILITIES.
[Includes island possessions.]
22.491 banks (including reserve city
banks).
1. Capital stock paid in
2. Surplus
3. Undivided profits (including accrued interest and any other
amounts set aside for special purposes, except item 15,
less current expenses, interest, and taxes paid)
4. Due to national banks
5. Due to other banking institutions
6. Dividends unpaid
7. Individual deposits subject to check
,
8. Savings deposits or deposits in interest or savings department
9. Demand certificates of deposit
TO. Time deposits, including time certificates of deposit
11. Certified checks
,
12. Cashier's, treasurer's, or secretary's checks outstanding —
12a. Deposits not classified
12b. United States deposits and deposits of United States disbursing officers
13. Notes and bills rediscounted
14. Bills payable, including certificates of deposit representing
money borrowed
15. Reserved for taxes
,
16. National-bank notes outstanding
17. Bonds borrowed
*i i AU other liabilities
Total
$1,800,036,368.00
1,326,090,642.50
508,534,786.43
1,103,918,704.30
1,380,185,191.07
„ 3.310,944.76
6,950.502,690.49
4,026,161,555.02
625,189,163.97
1,211,831,194 22
177,404,218.05
94,011,625.86
44,4«, 717.43
70,401,818.99
18,010,036.35
75,047,861.43
00
%%
121. TO
21,095,054,420.72
*9
@FedFRASER