The Operation of the New Bank Act
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The chief argument in support of the central bank as a possible solution of the reserve prob- lem is that the reserve in each of these fifteen stations is under the control of the central bank or reserve association, which has absolute power over its distribution and can ship money from one point to another as needed. So with fifteen stations, it would be possible, should a panic develop in three of them, to draw funds from the remaining twelve for the assistance of those in trouble. The contro...l of the central bank over its branches would be absolute. There would be no red tape, no necessity of consulting local interests, and no delay, such as would be involved in calling meetings of directors of regional banks and submitting plans for the transfer of part of their funds to some other reserve bank.
These arguments are very strong and have compelled great respect. Looked at from another stand-point, however, REDEPOSITIXG OF RESERVES 229 we must recognize the fact that agaiust these advantages are the drawbacks which have already been outlined as incident to the central bank plan.
What to read after The Operation of the New Bank Act?
You can find similar books in the "Read Also" column, or choose other free books by Thomas Conway to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The chief argument in support of the central bank as a possible solution of the reserve prob- lem is that the reserve in each of these fifteen stations is under the control of the central bank or reserve association, which has absolute power over its distribution and can ship money from one point to another as needed. So with fifteen stations, it would be possible, should a panic develop in three of them, to draw funds from the remaining twelve for the assistance of those in trouble. The contro...l of the central bank over its branches would be absolute. There would be no red tape, no necessity of consulting local interests, and no delay, such as would be involved in calling meetings of directors of regional banks and submitting plans for the transfer of part of their funds to some other reserve bank.
These arguments are very strong and have compelled great respect. Looked at from another stand-point, however, REDEPOSITIXG OF RESERVES 229 we must recognize the fact that agaiust these advantages are the drawbacks which have already been outlined as incident to the central bank plan.
What to read after The Operation of the New Bank Act?
You can find similar books in the "Read Also" column, or choose other free books by Thomas Conway to read onlineMoreLess
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