duties of such receiver; and every person who with like intent aids or abets any officer, director, clerk, employee, or agent of any corporation organized under this section, or receiver or clerk or employee of such receiver as aforesaid in any violation of this section, shall upon conviction thereof be imprisoned for not less than two years nor more than ten years, and may also be fined not more than $5,000, in the discretion of the court.
Liability of the U. S. Whoever being connected in any capacity with any corporation organized under this section represents in any way that the United States is liable for the payment of any bond or other obligation, or the interest thereon, issued or incurred by any corporation organized hereunder, or that the United States incurs any liability in respect of any act or omission of the corporation, shall be punished by a fine of not more than $10,000 and by imprisonment for not more than five years.
Approved, December 24, 1919.
Bank acceptance, form, 123
Bankers' bills, 244
Bank notes, national, 28; meth-
ods of regulating, 47; of state
banks taxed, 48; inelasticity,
49-52; of state banks, 142-
148; national, see National
Bank Notes; of Reserve banks,
52, 414
Banks, origin, 129; early private,
130; Bank of Venice, 130;
Bank of Amsterdam, 131;
Lombard's, 132; Bank of Eng-
land, 133, 322; Bank of North
America, 135; First Bank of
United States, 137; Second
Bank of United States, 139;
Suffolk Bank, 142; safety fund
system, 143; free banking sys-
tem, 145; State-owned, 147-
149; savings, see Savings
banks; commercial, functions
of, 155; farm loan banks, 158;
national banking system, 162–
164; administration of, 175;
bookkeeping, 194-198; loans,
259; credit department, 286;
examinations, 292; failures,
296; English system, 319-327;
Scotch system, 327; French
system, 328-332; German sys-
tem, 332-336; Canadian sys-
tem, 336-343; see also Na-
tional banking system, Federal
Reserve system, Farm loan
banks
Bills of exchange, domestic, 115,
227; foreign, see Foreign ex-
change, also Acceptances
Bills of lading, 117, 252, 267;
federal law, 268
Bimetallism, defined, 16; advan-
tages, 19; limitations, 20;
adopted by United States, 25;
abandoned, 32
Bland-Allison Act, 31
Book accounts, 107; abuses, 109;
as collateral, 264
Borrower's statement, 262, 287
Branch banking, in foreign sys-
tems, 327, 329, 331, 337; of Re-
serve and national banks, 166,
403
Broker, note, 281; member banks
as, 441
Bureau of Labor, price tables of,
85, 86
Call loans, 272
Canadian banking system, 336-
343
Cashier, duties of, 182
Checks, 122; certified, 120, 186,
277; traveler's, 251; clearing
and collection of, 222, 428
Circulation statement of U. S.
Treasury, 54
Clearing house, 212; New York,
weekly statement, 279; loan
certificates, 350; operations of
Federal Reserve banks, 430
Coinage, evolution of, 10-12;
United States system adopted,
25; laws revised, 29, 31, 32
Collateral loans, 193, 264
Collections, and note teller, 192;
foreign, 219; under Federal
Reserve system, 222, 428-437
Commercial paper, and note
broker, 281-286; defined by
Reserve Board, 390
Commodity, paper, 267,
rates, 270
Comptroller of Currency, head
of national banking system,
169; member of Federal Re-
serve Board, 380, 439
Cooke, T., on guaranty of bank
deposits, 210
Credit, definition, 3; currency,
39-53; nature of, 100; classes
of, 101-105; instruments of
commercial, 110-117; banking,
117; effect of, on prices, 124;
letter of, 124; rural, 158; de-
partment of banks, 286-289;
elements of, 289
Currency, bank, 46; movements,
228; see Paper currency
powers of Reserve Board, 380;
Advisory Council, 382; func-
tions and resources, 383; dis-
tribution of earnings, 387;
rediscounting under, 388-400;
open market operations, 400-
408; foreign branches per-
mitted, 407; regulation of gold
movements, 408-411; note is-
sues, 411-421; reserves mobil-
ized, 423-428; clearings and
collections, 428-437; relation
to Treasury, 437; new powers
of national banks as members,
439-443; state bank members,
443-446
Fiat currency, 42; dangers of,
Finance bills, 233, 245, 325
First Bank of the United States,
137
Fisher, Irving, on the "compen-
sated dollar," 95-97
Foreign exchange, principles,
231; supply and demand of,
232-235; rates, 235-237; cor-
rectives of, 237-239; forms of,
240; bill of, 242; finance bills,
245; arbitraging, 247; letters
of credit, 248-255; depart-
ments, 255; under Federal Re-
serve system, 286; deranged by
European war, 364-367
Free banking system, 145
Free silver controversy, 30, 34
French banking system, 328-332
Futures, dealing in, 248
German banking system, 332-336
Gold, not stable in value, 9;
weight of, dollar, 17; weight
and fineness reduced, 27; re-
serve of Treasury threatened,
32-34; stock of, 55; certifi-
cates, 39, 60; price of, 69; de-
mand for, 70-73; changes in
world's stock, 74, 77; future
supply, 78; international move-
ments of, 239, 354, 409;
points, 236; reserves against
Federal Reserve notes, 416, 419;
pool to reestablish foreign ex-
change in 1914, 365; embargo,
410
Gold exchange standard, 22
Gold settlement fund, 230, 430
Gold Standard Act, 34, 44
Greenbacks, see United States
Gresham's law, 18-19
Guaranty of bank deposits, 207
Imperial Bank of Germany, 332-
334
Independent Treasury system, es-
tablished, 142; relation to na-
tional banks, 169; and do-
mestic exchange, 230; clumsy
and wasteful, 355; relation to
Federal Reserve system, 437-439
Index numbers, 81-88; and price
tables, 84; comparison of vari-
ous tables, 86
Indiana, State bank of, 147
Indianapolis Monetary Commis-
sion, 34
Inelastic currency, 49, 344
Inflation, 30-32, 43; safeguards
against in Federal Reserve sys-
tem, 410, 417
Insurance functions, of trust
companies, 314; of national
banks, 442
Joint stock banks, of England,
324
Letters of credit, 124, 248; com-
mercial, 251
Limping Standard, 21
Loans, 259-290; on real estate,
168, 269; how made, 261; col-
lateral, 193, 264; call, 272-276
Medium of exchange, 8, 13, 14,
Metallic money, 6; of United
States, 55-60; see Gold, Silver
Mint, colonial, 11; ratio of gold
and silver, 17; par of ex-
change, 236
Money, evolution of, 5-7; func-
tions of, 13-16; kinds of, in
United States, 54; value of,
see Value of money; quan-
tity theory of, 75-78; effect of
changes in purchasing power,
91-92; see Gold, Paper cur-
rency, Bank notes
Moratorium, 361
Multiple standard, 92-95
National bank notes, inelastic,
49, 344; amount outstanding,
63; at par with gold, 70; not
legal tender, 162; redemption
of, 184; profit on, 165; to be
retired under Act of 1913, 412
National banking system, lead-
ing features, 162; defects,
344-358
National currency associations,
350, 358, 360
National Monetary Commission,
358
Note broker, 281
Numerical transit system, 220
Ohio, State bank of, 148
Oklahoma, law of guaranty of
bank deposits, 207
Open market operations, of Eu-
ropean banks, 325; of Federal
Reserve banks, 352, 400, 408
Organization Committee, Federal
Reserve system, 375; work of,
in selecting districts and
banks, 367-374
Organization, of national banks,
170; of Federal Reserve banks,
Paper currency, early, 37; clas-
sification, 38-39; credit, 39;
advantages and disadvantages,
41, 44-46; national bank notes
and Reserve bank notes inelas-
tic, 49-52, 344, 411; kinds of,
in United States, 60-68
Paper standard period, 28
Par, of exchange, 235; all kinds
of United States money on
par with gold, 64-66; par col-
lections, 221, 428-437
Phelan Act, 399
Pittman Act, 52, 57
Postal savings banks, 307
President, bank, 180
Price, defined, 69; cycles, 76-78;
changes transmitted, 88-90;
effect of changes in, 90-92
Price tables, 82; comparison of
leading, 86; see Index numbers
Promissory note, form of, 114
Quantity theory, 75-78
Real estate, loans on, 168, 269,
441
Redemption of notes, Suffolk sys-
tem, 143; national banking
system, 164: Canadian system,
337
Rediscounts, 271-272; by Euro-
pean banks, 330; under Fed-
eral Reserve system, 388-400
Refunding 2 per cent onds, 411
Reichsbank, 333
Reserves, gold in Treasury, 35;
of national banks, 166, 421-
428; immobility of, 346; cen-
tralized under Federal Reserve
system, 423-428
Reserve bank notes, elastic, 52,
420
Rural credit banks, 158, 335
Safety fund system, 143
Sauerbeck, index numbers, 84, 85,
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