PREFACE The man who stands before the counter screen of a bank looks at a piece of complicated yet smooth working machinery that is to him a deep mystery. He admires but does not understand it. He knows that the receiving teller takes his deposit and the paying teller cashes his check. When he...
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INTRODUCTION This little story, based on fact, represents, though feebly, the relation that exists between the producing classes and the banks of America. The courts, lawyers, and constabulary hold the same relation to the banks they do to the robbers above mentioned. The banks are the great disbursing agencies of the government, and the principal...
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THE PROBLEM For many years the country has suffered from recurring periods of severe financial stringency. During these periods interest rates have been excessively high, and business men have lost heavily through inability to obtain necessary loans and discounts from the banks. At times wide-spread panic and general suspension of payments by the banks...
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INTRODUCTION THE following work is an attempt to explain, in as clear and simple language as possible, the elementary principles of Currency and Banking, their progressive development in practice, and the laws at present affecting them. Many of the works already existing on these subjects are excellent in several respects, and contain much valuable information; but...
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PREFACE THE principles of the following Work have appeared in former publications, but are more fully developed in this. Those publications have not been generally read, but were not, perhaps, without their effect. They at least have furnished the sub-stratum of more than one popular essay: if any writings on subjects of Political Economy can...
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The invention of Banking; to assist and enlarge the commerce of mankind, has been happily compared with that of arithmetic to extend and expedite their powers of calculation. The utility, therefore, of Banks to a commercial nation like this, need hardly be descanted upon. They are the channels by which remittances of money are...
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PREFACE The author of the present treatise were more than human did he not experience some slight misgivings upon this, his first introduction, to the reading public. The task he has undertaken is one of no little magnitude, and in its accomplishment he has been often reminded by well-meaning friends as well as ill-disposed enemies,...
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PREFACE Designed mainly for class, room use in connection with one of the introductory manuals on the subject of Money and Banking or of Money and Currency, this volume, in itself, lays no claim to completeness. Where its use is contemplated the problems of emphasis and proportion are, accordingly, to be solved by the...
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PREFACE In the present edition of these Lectures I have corrected some inaccuracies which occurred in the first. I have in many places, where my meaning seemed to be obscure, endeavoured to make it plain ; and I have, in some instances, altered the arrangement of the subjects. I believe that they are thus better...
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THE metals have so long performed the use of money, that money and coin are become almost synonymous, although in their principles they be quite different. The first thing therefore to be done in treating of money, is, to separate two ideas, which, by being blended .together, have very greatly contributed to throw a...
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Preface THE complexities of modern economic and social life induce study and investigation into causes for chaos as the result of difference between capital and labor, the high cost of living and other such problems. There is no doubt that fundamentally lack of thrift in the average individual ; his lack of co-operation, of...
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THE periodic recurrence in the United States of severe financial crises, from which the other great nations of the world are nearly if not quite exempt, indicates that something is fundamentally wrong with our banking system and credit machinery. It is, indeed, not uncommon to hear that system denounced as the worst now to...
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INTRODUCTION Great difficulty was frequently experienced in the course of this work in clearly distinguishing between different notions which had to be expressed by means of one and the same term in English. I have attempted to solve this difficulty by printing a genus with a small letter and a species with a capital letter....
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