William Walter Phelps : His Life And Public Services
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In our eReader you can find the full English version of the book. Read William Walter Phelps : His Life And Public Services 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 William Walter Phelps : His Life And Public Services
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And small as this ratio is, as a more ad- vanced civilization forces new inventions to add to the many forms credit can assume, the future will probably see that that part of the currency which is money, will, as the years go by, bear a smaller and smaller ratio to the whole amount of com- mercial transactions.
Try to realize this — the extent to which our people carry on their transactions on mere promises to pay, their commerce, their manufactures, their trade, all their industries, with mone...y to pay for only fifteen one-hundredths of their business. And yet this vast system of credit stands the strain, this complicate industry goes on for years, until its delicate support is broken.
That support is trust: the trust my friend has that his bank will pay his check ; the trust I have that my friends debited in my ledger for money loaned will pay when I ask them.
This enables the bank-check and the book credit, or any cur- rency, to take the place of money.
When this support is broken, when citizens begin to doubt the solvency of banks and bankers, and neighbors the solvency of each other, THEN COMES A PANIC — the child of distrust — and all, refusing every form of credit, note, or draft, or bill, or check, demand money.
What to read after William Walter Phelps : His Life And Public Services?
You can find similar books in the "Read Also" column, or choose other free books by Herrick, Hugh M to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
And small as this ratio is, as a more ad- vanced civilization forces new inventions to add to the many forms credit can assume, the future will probably see that that part of the currency which is money, will, as the years go by, bear a smaller and smaller ratio to the whole amount of com- mercial transactions.
Try to realize this — the extent to which our people carry on their transactions on mere promises to pay, their commerce, their manufactures, their trade, all their industries, with mone...y to pay for only fifteen one-hundredths of their business. And yet this vast system of credit stands the strain, this complicate industry goes on for years, until its delicate support is broken.
That support is trust: the trust my friend has that his bank will pay his check ; the trust I have that my friends debited in my ledger for money loaned will pay when I ask them.
This enables the bank-check and the book credit, or any cur- rency, to take the place of money.
When this support is broken, when citizens begin to doubt the solvency of banks and bankers, and neighbors the solvency of each other, THEN COMES A PANIC — the child of distrust — and all, refusing every form of credit, note, or draft, or bill, or check, demand money.
What to read after William Walter Phelps : His Life And Public Services?
You can find similar books in the "Read Also" column, or choose other free books by Herrick, Hugh M to read onlineMoreLess
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