History of the National-Bank Currency
History of the National-Bank Currency
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In our eReader you can find the full English version of the book. Read History of the National-Bank Currency Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book History of the National-Bank Currency
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The use of government bonds as collateral for this greatly increased trust fund restrained the tendency toward unnecessary expansion in bank-note circulation; but it none the less continued the artificial situation. So long as government bonds alone were accepted as collateral against public deposits, and in large measure after other collateral had been declared lawful, the available supply of such bonds for bank-circulation purposes was restricted almost as severely as when the Government boug...ht up its own bonds in 1888. On the other hand, whenever the government bank deposit fund was reduced — as it would be, necessarily, in case of deficit in public revenue, and as it was to the extent of $100,000,000 between De- cember, 1903, and July, 1905 — the necessary result was to set free a proportionate amount of the bond collateral for which virtually no market would exist at the prevalent artificial prices, except among banks which could be in- duced to add to their circulation. The resultant increase 15 Digitized by Google / National Monetary Commission in bank-note issues might occur at a time when additional currency was required for an expanding trade; but there was not the least assurance that this would be the case.
What to read after History of the National-Bank Currency?
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:
The use of government bonds as collateral for this greatly increased trust fund restrained the tendency toward unnecessary expansion in bank-note circulation; but it none the less continued the artificial situation. So long as government bonds alone were accepted as collateral against public deposits, and in large measure after other collateral had been declared lawful, the available supply of such bonds for bank-circulation purposes was restricted almost as severely as when the Government boug...ht up its own bonds in 1888. On the other hand, whenever the government bank deposit fund was reduced — as it would be, necessarily, in case of deficit in public revenue, and as it was to the extent of $100,000,000 between De- cember, 1903, and July, 1905 — the necessary result was to set free a proportionate amount of the bond collateral for which virtually no market would exist at the prevalent artificial prices, except among banks which could be in- duced to add to their circulation. The resultant increase 15 Digitized by Google / National Monetary Commission in bank-note issues might occur at a time when additional currency was required for an expanding trade; but there was not the least assurance that this would be the case.
What to read after History of the National-Bank Currency?
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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