Money in Its Relations to Trade and Industry by Francis Amasa WalkerMoney in Its Relations to Trade and Industry by Francis Amasa Walker

Money in Its Relations to Trade and Industry

byFrancis Amasa Walker

Paperback | January 31, 2012

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1879. Excerpt: ... CHAPTER XII. BANK MONEY IN THE UNITED STATES. It has been said that in the American mind the idea of banking is intimately connected with that of the issue of paper money. To the masses of our people in the past, the bank was known through the bank note; and in their view the bank existed for the sake of the note. While this still remains in a great degree true, the other functions of banking are now much better understood in this country than formerly. This is partly due to the influence of discussion, partly to the rapid growth of the deposit and discount business which has forced upon the public mind something like a just apprehension of the importance-of that office of the bank in modern industrial society. As we go backward in our economical literature we find the issue function more and more magnified until we reach a point where almost the sole reason which was recognized for the existence of a bank was the manufacture of paper money. We get a strong impression of this disproportion between the several banking functions as they were viewed in the earlier times, when we read in the work of Mr. Condy Raguet, no warm friend of paper money, the following remark: l "In regard to a bank of discount, it would scarcely be worth while for a company to become incorporated, or pay the rent of a banking house and the salaries of a number of officers, to do that which the individuals themselves could do by the employment of brokers at a much lower expense.' If we try to imagine a writer of Mr. Raguet's candor and intelligence penning such a sentence in this day, we shall be struck with the advance which has taken place in the banking of the country within the past forty years. Undoubtedly the freedom with which the privilege of issue was formerly granted, and t...
Title:Money in Its Relations to Trade and IndustryFormat:PaperbackDimensions:90 pages, 9.69 × 7.44 × 0.19 inPublished:January 31, 2012Publisher:General Books LLCLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0217789498

ISBN - 13:9780217789493