THE A B C OF THE FEDERAL 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 LONDON: HUMPHREY MILFORD OXFORD UNIVERSITY PRESS 1920 Lack of familiarity with federal reserve system on part DECENTRALIZATION OF AMERICAN BANKING PRIOR TO FEDERAL Banks lacked organization and effective leadership_in INELASTICITY OF AMERICAN BANK CREDIT PRIOR TO FEDERAL Extent to which bank credit is used as a medium of exchange, 8-10.-Why circulating bank credit should be elastic, 10-11.-Bank-note inelasticity over long periods under old banking system, 11-13.-Seasonal inelasticity of bank notes, 13-15.-Bank-note inelasticity in times of |