Loading ...A London financial expert soon after the passage of the Federal Reserve Act wrote these significant words :
That striking statement with reference to one aspect of banking emphasizes the tremendous force and power of banking in modern economic life. Recent experiences have awakened keener public appreciation of the fundamental problems in banking. Finance in all its relations is very intimate to all of us. Business men are seeing more clearly the business services which a good banking system is capable of rendering them, pro\dded it is used intelligently and understandingly, and the nation as a whole, after many bitter experiences with an inadequate and archaic banking machinery, has awakened to the national and international importance of a scientific money and banking system.
Banking from whatever aspect it is approached is interesting, fascinating, and romantic. Whether we consider the magnificence of certain banking buildings, the almost incomprehensible figures of banking statistics, or the fortunes of individual bankers who have won world fame and distinction, there is much to arouse the imagination of one who is deeply interested in modern business and finance. Yet banking is to most people a closed book. Banking operations run a mysterious course of their own and are little understood even by those who are dependent upon banking services. Both business and the banks themselves suffer from this lack of exact knowledge on the subject.
Banking functions may for convenience be considered from two points of view, though ultimately and finally the two interests merge into each other. These two interests are those of the individual as a user of banking services and of the bank as an institution in our economic system.
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