Imágenes de páginas
PDF
EPUB

RESERVE SYSTEM

BY

EDWIN WALTER KEMMERER, PH.D.

PROFESSOR OF ECONOMICS AND FINANCE

IN PRINCETON UNIVERSITY

With a Preface by
BENJAMIN STRONG, LL.D.

GOVERNOR OF THE FEDERAL RESERVE BANK OF NEW YORK

FOURTH EDITION

PRINCETON UNIVERSITY PRESS

PRINCETON, N. J.
LONDON: HUMPHREY MILFORD
OXFORD UNIVERSITY PRESS

1920

[merged small][merged small][merged small][merged small][ocr errors]

CHAPTER VII

CREDIT ELASTICITY UNDER THE FEDERAL RESERVE SYSTEM.... 50–65

Provisions of federal reserve act for bond-secured

national bank notes, 50-51.—The federal reserve bank

note, 51.-Federal reserve notes, 51-52.—Their elasticity,

52-57.-Elasticity of deposit currency obtained in a num-

ber of ways: Removal of old rigid legal reserve require-

ments, 58. New legal reserve requirements less rigid

and

may be suspended in times of emergency, 58-61.

Privilege of rediscounting at federal reserve banks, 61-

62. Privilege of borrowing on collateral notes with short

maturities, 63.-Contractility of circulating credit un-

der federal reserve system, 64-65.

66-83

CHAPTER VIII

DOMESTIC AND FOREIGN EXCHANGE UNDER THE FEDERAL RE-

SERVE SYSTEM

Provisions of federal reserve law concerning domestic

exchange, 66-69.-Early experiments of the federal reserve

authorities as regards the clearing and collection of

checks, 69.-Present clearing and collection system,

70-75.-The gold settlement fund, 75-78.-Foreign ex-

change, foreign agencies and branches of American banks

organized for foreign business under the new banking

system, 79-83.

MARGINAL INDEX AND WITH CITATIONS OF AMENDATORY

ACTS

..98-180

APPENDIX C

PROVISIONS OF THE FARM LOAN ACT, APPROVED JULY 17, 1916,

WHICH AFFECT FEDERAL RESERVE BANKS AND MEMBER

BANKS OF THE FEDERAL RESERVE SYSTEM...

..181-183

APPENDIX D

SECTION 7 OF “AN ACT TO AUTHORIZE AN ISSUE OF BONDS TO

MEET EXPENDITURES FOR THE NATIONAL SECURITY AND

DEFENCE,

APPROVED APRIL 24, 1917, WHICH AF-

FECTS FEDERAL RESERVE BANKS AND MEMBER BANKS OF THE

FEDERAL RESERVE SYSTEM”

184-185

APPENDIX E

THE “PITTMAN ACT" OF APRIL 23, 1918, WHICH PROVIDES FOR

THE SUBSTITUTION OF FEDERAL RESERVE BANK NOTES FOR

SILVER CERTIFICATES

186-196

INDEX TO FEDERAL RESERVE ACT AND ITS AMENDMENTS. .191-203

INDEX TO TEXT OF BOOK

204-208

« AnteriorContinuar »