Loading ...THE four article in this volume were published in the Quarterly Journal of Economics for May 1900, February, August and November 1010. Only the first of them has been subjected to any very considerable revision. Matters which are considered more in d( tail in the subsequent papers have been omitted, corrections and additions have been made, and the tone rather than the substance has been modified. Convinced that a central bank patterned after those of Europe would not fit into our system, I drew the unqualified conclusion that a central bank would not prove a remedy for our financial ills. Further reflection led to the proposal of a central bank of limited scope which is brought forward in the final chapter. Without much change in substance the phraseology of the first paper has been modified in many places so as to make evident that its arguments apply only to central banks of the European type exercising influence primarily through their lending operations and discount policy.
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