Forty Years of American Finance; a Short Financial History of the Government And People of the United States Since the Civil War, 1865-1907
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He took in settlement the checks of the importers, deposited the checks at his own bank, and asked for gold against them.
This is the normal modus operandi of international exchange. Few banks, even then, carried an indi- vidual gold balance large enough to meet more than one or two large export orders; but with a normal currency, the matter was automatically adjusted. The checks of the merchandise impor- ters went through the Clearing-House next day, the banks on which the checks were drawn se...ttled their balances in gold, and the resultant credit bal- ance passed into the gold-exporter's bank in that form of money. The sterling banker had in effect drawn on the aggregate gold reserve of the New York associated banks, and these banks, up to the middle of 1892, had provided all gold required for export.
But we have seen already how this situation had been altered through the Law of 1890. On June 30, 1892, with foreign exchange at the normal ship- ping point, $3,200,000 was ordered at New York for export.' The checks passed duly through the Clear- ing-House, but the credit balance thus created to the gold-exporter's bank was met in legal-tender ■ U.
What to read after Forty Years of American Finance; a Short Financial History of the Government And People of the United States Since the Civil War, 1865-1907?
You can find similar books in the "Read Also" column, or choose other free books by Noyes, Alexander Dana, 1862-1945 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
He took in settlement the checks of the importers, deposited the checks at his own bank, and asked for gold against them.
This is the normal modus operandi of international exchange. Few banks, even then, carried an indi- vidual gold balance large enough to meet more than one or two large export orders; but with a normal currency, the matter was automatically adjusted. The checks of the merchandise impor- ters went through the Clearing-House next day, the banks on which the checks were drawn se...ttled their balances in gold, and the resultant credit bal- ance passed into the gold-exporter's bank in that form of money. The sterling banker had in effect drawn on the aggregate gold reserve of the New York associated banks, and these banks, up to the middle of 1892, had provided all gold required for export.
But we have seen already how this situation had been altered through the Law of 1890. On June 30, 1892, with foreign exchange at the normal ship- ping point, $3,200,000 was ordered at New York for export.' The checks passed duly through the Clear- ing-House, but the credit balance thus created to the gold-exporter's bank was met in legal-tender ■ U.
What to read after Forty Years of American Finance; a Short Financial History of the Government And People of the United States Since the Civil War, 1865-1907?
You can find similar books in the "Read Also" column, or choose other free books by Noyes, Alexander Dana, 1862-1945 to read onlineMoreLess
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