The a B C of Banks And Banking
The a B C of Banks And Banking
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The bank had to pay a tax of 1 per cent, a year on the notes it issued, but it received interest on its bonds, which the Government held as security for the pay- ment of the notes in case the bank failed. This arrange- ment yielded a profit to the banks, and so accomplished the double purpose of selling the bonds to the banks and of in- creasing the volume of money in circulation, both of which ends the Government wished to accomplish.
About the time National banks were permitted to issue circu...lating notes, a United States law was passed, imposing a tax of ten (10) per cent, a year on such notes issued by any other bank, corporation or person. This law did not forbid the issue of notes, but the tax was so heavy as to destroy all possibility of profit, and in this way was pro- hibitory.
One theory as to issuing bank-notes is that by doing this a bank could increase its ability to lend money to its customers to the extent to which it could pay these notes out. Instead 64 THE A BC or BANKS AND BANKING.
What to read after The a B C of Banks And Banking?
You can find similar books in the "Read Also" column, or choose other free books by Coffin, Geo. M. (George Mathewes) to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The bank had to pay a tax of 1 per cent, a year on the notes it issued, but it received interest on its bonds, which the Government held as security for the pay- ment of the notes in case the bank failed. This arrange- ment yielded a profit to the banks, and so accomplished the double purpose of selling the bonds to the banks and of in- creasing the volume of money in circulation, both of which ends the Government wished to accomplish.
About the time National banks were permitted to issue circu...lating notes, a United States law was passed, imposing a tax of ten (10) per cent, a year on such notes issued by any other bank, corporation or person. This law did not forbid the issue of notes, but the tax was so heavy as to destroy all possibility of profit, and in this way was pro- hibitory.
One theory as to issuing bank-notes is that by doing this a bank could increase its ability to lend money to its customers to the extent to which it could pay these notes out. Instead 64 THE A BC or BANKS AND BANKING.
What to read after The a B C of Banks And Banking?
You can find similar books in the "Read Also" column, or choose other free books by Coffin, Geo. M. (George Mathewes) to read onlineMoreLess
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