A Central Bank
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A. Barton Hepburn, delivered in March, 1902, the writer abstracts the following outline of Mr. Gage's plan: "The scheme of Secretary Gage, as elucidated by subse- quent utterances, is substantially as follows: He suggested a federated bank, and used the Federal Government in its rela- tions to the State and local governments to illustrate his banking 92 PLANS FOR A CENTRAL BANK idea. He would take, for instance, the four thousand-odd national banks of the country, with their capital exceeding o...ne billion dollars, and let each bank subscribe to the stock of the central or federated bank in proportion to its capital, say 5 per cent. That would create a central bank with a capital of $50, 000, 000. Let this bank be controlled by a board of directors elected by the stockholding banks, each $1, 000 being entitled to one vote — the central bank to keep accounts and do busi- ness with the stockholding banks only; that is, to be a bank of banks. It might perhaps be allowed to loan its funds on demand upon collateral in order to increase its profits when there was no demand for funds on the part of any of its con- stituent banks ; but it should not receive the accounts of cor- porations or individuals.
What to read after A Central Bank?
You can find similar books in the "Read Also" column, or choose other free books by Robert Emmett Ireton to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
A. Barton Hepburn, delivered in March, 1902, the writer abstracts the following outline of Mr. Gage's plan: "The scheme of Secretary Gage, as elucidated by subse- quent utterances, is substantially as follows: He suggested a federated bank, and used the Federal Government in its rela- tions to the State and local governments to illustrate his banking 92 PLANS FOR A CENTRAL BANK idea. He would take, for instance, the four thousand-odd national banks of the country, with their capital exceeding o...ne billion dollars, and let each bank subscribe to the stock of the central or federated bank in proportion to its capital, say 5 per cent. That would create a central bank with a capital of $50, 000, 000. Let this bank be controlled by a board of directors elected by the stockholding banks, each $1, 000 being entitled to one vote — the central bank to keep accounts and do busi- ness with the stockholding banks only; that is, to be a bank of banks. It might perhaps be allowed to loan its funds on demand upon collateral in order to increase its profits when there was no demand for funds on the part of any of its con- stituent banks ; but it should not receive the accounts of cor- porations or individuals.
What to read after A Central Bank?
You can find similar books in the "Read Also" column, or choose other free books by Robert Emmett Ireton to read onlineMoreLess
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