The Abc of the Federal Reserve System;
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The making of such loans to member banks is one of the chief functions of federal reserve banks. Broadly speaking the loans are of two kinds, rediscounts, and loans on collateral. Let us consider briefly each of these types of loans.
Rediscount Federal reserve banks always stand ready to rediscount in time of need eligible paper for mem- ber banks.
8 A member bank, say a. country bank, whose reserve is in danger of running below the 7 per cent of demand deposits, and 3 per cent of time deposits..., required by law, or which is in need of more cash for till money, may take, say $10,000 of its eligible commercial paper to its federal reserve bank and have it re- discounted for, say, 60 days at 4% per cent. The proceeds would be $9,925, which at 7 per cent would represent a legal reserve sufficient for $141,714 of demand deposits, and would therefore greatly increase the bank's lending power. Any part of the pro- ceeds of the rediscount in excess of that needed to maintain the bank's 7 per cent legal reserve with the federal reserve bank could be checked against and taken in cash, presumably in fed- eral reserve notes, for the bank's till money.
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To quickly assess the difficulty of the text, read a short excerpt:
The making of such loans to member banks is one of the chief functions of federal reserve banks. Broadly speaking the loans are of two kinds, rediscounts, and loans on collateral. Let us consider briefly each of these types of loans.
Rediscount Federal reserve banks always stand ready to rediscount in time of need eligible paper for mem- ber banks.
8 A member bank, say a. country bank, whose reserve is in danger of running below the 7 per cent of demand deposits, and 3 per cent of time deposits..., required by law, or which is in need of more cash for till money, may take, say $10,000 of its eligible commercial paper to its federal reserve bank and have it re- discounted for, say, 60 days at 4% per cent. The proceeds would be $9,925, which at 7 per cent would represent a legal reserve sufficient for $141,714 of demand deposits, and would therefore greatly increase the bank's lending power. Any part of the pro- ceeds of the rediscount in excess of that needed to maintain the bank's 7 per cent legal reserve with the federal reserve bank could be checked against and taken in cash, presumably in fed- eral reserve notes, for the bank's till money.
What to read after The Abc of the Federal Reserve System;?
You can find similar books in the "Read Also" column, or choose other free books by Edwin Walter Kemmerer to read onlineMoreLess
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