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CHAPTER IV
ELASTICITY OF BANK CREDIT: MOBILITY AND EXPANSION
Circumstances controlling form of bank credit-The demand
socially not individually controlled-Some of the social
factors involved Illustration from European history-
Variability in the demand for bank credit-Factors stimu-
lating change Stringency-Impediments in the way of
note issue and effect on reserves-Consequences of
stringency
PAGE
76
CHAPTER V
ELASTICITY OF BANK CREDIT: OVEREXPANSION AND
CONTRACTION
Guarding against overexpansion-Reserves and assets in rela-
tion to overexpansion-Overexpansion and inflation of
prices-Lack of uniformity in price changes-Other dan-
gers of inflation-Necessity for control-Consequences of
inadequate redemption-Gold exports and the domestic
reserves-The check and redemption-The effect of organ-
ized clearings in restraining expansion-Control necessary
in international relations-The bank note and redemption
-The necessity for pressure on bank notes .
CHAPTER VI
DOMESTIC CLEARINGS AND EXCHANGE
The nature of clearing-Character of bank clearing-Local
clearings-Intercommunity clearings-Clearings and the
reserve system-Domestic exchange-Rates of domestic ex-
change Domestic currency movements .
CHAPTER VII
INTERNATIONAL CLEARING AND EXCHANGE
The basis of international clearings-Money in international
trade-Different possibilities in making foreign payments
-Bankers' and commercial bills The part of the inter-
national banker-Foreign "exchange Selection of type
to be employed-The predominance of "sterling "-Influ-
ence of the war-Possibilities of dollar exchange-Rate of
foreign exchange-Gold points-Fluctuations in exchange
rate in relation to money-purchasing power of bullion-
Items of cost involved in shipping bullion-The effect of
bullion movements on domestic banking reserves
91
105
124
CHAPTER VIII
RESERVE ORGANIZATION AND UTILIZATION
Elasticity and reserves-Importance of mobile reserves-Nor-
mal variations in demand for credit-Abnormal variations
in demand-Mobilizing reserves to meet demand-Possi-
bilities under the different systems of reserves-Loans
and discounts-Importance of rediscounting-Rediscount-
ing and reserve organization-Advantages and needs of an
open discount market-Necessity for intertransformability
of notes and deposits .
CHAPTER IX
THE PROTECTION OF THE RESERVES
National and international aspects of subject-Elements under-
lying national aspects-Necessity for arbitrary control of
credit-Control of gold movements in the international
aspects of the question-Limiting gold exports and stimu-
lating imports-Methods relied upon-Importance of dis-
count method-Usefulness of foreign credits-Limitations
of discount method of control
CHAPTER X
REQUIREMENTS OF A GOOD BANKING SYSTEM
National organization of banking desirable-Funds available
for reserves-Diffusion of credit facilities-Elasticity the
end aimed at-Mobilizing reserves- -Making reserves acces-
sible-Intertransformability of deposits and notes-Guard-
ing against overexpansion-Criteria of overexpansion-
Control of the discount rate-Importance of rapid redemp-
tion-Pressure on notes-Variations under different sys-
tems of note issue-Organization of domestic clearings-
Protection of reserves-Importance of reserve centralization
-Relation of banking to international trade
CHAPTER XI
BANKING IN ENGLAND, FRANCE, AND GERMANY
General structure of systems-The central banks-Their organ-
ization and management-The nature of their business-
The incorporated or joint stock banks-Their organization
-Character of their business-Private bankers-Other
agencies Elasticity of credit-System of discounts-Loans
Control of credit expansion-Reserves maintained—
Rates charged-Note issue-Rediscounting and strengthen-
ing reserves-Clearings and transfers-International clear-
ings and exchange-Protecting reserves
140
157
176
191
CHAPTER XII
BANKING IN THE UNITED STATES BEFORE THE ADOPTION
OF THE FEDERAL RESERVE SYSTEM
Lack of national system-The "national banks "-Powers and
organization-Control-Methods of business-Reserves—
Notes-Government supervision-Issue of Emergency Cur-
rency-State banks and trust companies-Organization—
Capital-Nature of business-Reserves-Government su-
pervision-Private bankers and other agencies-Criticisms
of American banking by the National Monetary Com-
mission
215
CHAPTER XIII
THE PRINCIPLES OF THE FEDERAL RESERVE SYSTEM
1. Centralization of reserves and the organization of system:
Federal reserve banks-Membership-Management of re-
serve banks-Federal Reserve Board-Federal Advisory
Council-Reserve mobilization in reserve banks-Sources of
funds-II. Elasticity of Deposits: Member banks-reserve
banks-III. Elasticity of Notes: Expansion-Federal re-
serve bank notes-Federal reserve notes-Control of ex-
pansion-Contraction-IV. Strengthening Reserves and Re-
discounting: Member-bank reserve balances-Rediscount-
ing paper eligible-Interdistrict flow of funds-Basis of an
open discount market-V. Domestic Clearings: Reserve
banks as clearing agents for member banks-Interdistrict
clearings VI. Foreign Operations and Protection of the
Gold Reserve: Financing foreign trade—Dollar exchange
-Foreign agencies and connections-Foreign exchange and
gold movements-Control of discount rate-Guarantee of
gold standard-VII. Examinations and Publicity: Sys-
tem of examinations-Reports
CHAPTER XIV
THE OPERATION OF THE FEDERAL RESERVE SYSTEM
I. Organization of System:-Organization Committee-Reserve
districts Membership-Date of opening-Federal Reserve
Board-II. Reserve Bank Deposits:-Bank_deposits—Gov-
ernment deposits-III. Federal Reserve Bank Notes:-
Conversion of bonds and note issue-IV. Federal Reserve
Notes:-Issue and elasticity-V. Rediscounting and Open
Market Operations:-Rediscounting under Section 13-
Definition of eligible paper-Different types of paper-Open
market operations-Paper eligible-Development of Com-
mercial Paper-VI. Official Rates:-Fixing rates-Trend in
1914, 1915, and 1916-Unusual character of credit situa-
tion-VII. Volume and Character of Paper Dealings:-
Paper rediscounted-Collateral loans-Trade acceptances
241
-Commodity paper-Open market purchases-Bankers'
and trade acceptances-VIII. Distribution of Discounts
and Paper Purchases-IX. The Organization of Domestic
Clearings-X. Reserve Bank Clearings:-Gold settlement
fund-Process-Practical results-Transfers through fund
-Reserve agents' account-XI. Member Bank Clearings
and Collections:-Early difficulties-Voluntary system-
Country-wide clearing and collection-Results-Costs and
volume of transactions-XII. Foreign Operations:-Mem-
ber bank branches-Reserve bank foreign operations-XIII.
Acceptances and Dollar Exchange:-Development of the
bankers' acceptance-Dollar exchange-XIV. Gold Move-
ments:-Change in the position of the United States-Gold
exports in 1915-1916-Prevention of inflation-XV. Exam-
inations and Publicity:-Report of Preliminary Committee
on Organization-Examination of reserve banks-Of mem-
ber banks-Reports and statements-Cost of examination
-Publicity-Federal Reserve Bulletin
APPENDIX A
COMPLETE TEXT OF FEDERAL RESERVE ACT, with Amendments to
June 21, 1917
265
309
APPENDIX B
REGULATIONS OF THE FEDERAL RESERVE BOARD:
Regulation A. Rediscounts under Section 13
Regulation B. Open Market, Purchases of Bills of Ex-
change, Trade Acceptances, and Bankers' Acceptances
under Section 14 .
353
357
Regulation C. Acceptance by Member Banks of Drafts and
Bills of Exchange
360
Regulation D.
Regulation E.
Regulation F.
Time Deposits and Savings Accounts.
Purchase of Warrants .
363
364
Trust Powers of National Banks
368
Regulation G.
Loans on Farm Land and Other Real