Questions of Public Policy: Addresses Delivered in the Page Lecture Series, 1913, Before the Senior Class of the Sheffield Scientific School, Yale UniversityYale University. Sheffield Scientific School, Jeremiah Whipple Jenks, Abram Piatt Andrew, Emory Richard Johnson, Willard Vinton King Yale University Press, 1913 - 134 страница |
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American assets assimilation Austria-Hungary bank reserves banking and currency bonds broker cent characteristics coming commerce commercial paper cost currency legislation currency system customers decade demand for labor deposit guarantee discussion Doubtless economic effect especially Europe evil expense fact flexible in amount foreign gold greenbacks Hay-Pauncefote Treaty immi Immigration Commission important increase individual banks industries influence institutions investment investors issues of notes large numbers ledger balances less loss manufacturing ment millions National Monetary Commission note issue Oklahoma Pacific countries Panama Canal panic permanent home persons PIATT ANDREW political possible present President Taft probably question races railroads rates regard remedy reserve requirements result seaboards securities Sheffield Scientific School shippers ships short selling standard of living steamship lines Stock Exchange Suez Suez Canal temporary bankers tion to-day tolls tonnage tons trade traffic transcontinental railroads treasury uncon United vessels wages waterway
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Страница 85 - The canal shall be free and open to the vessels of commerce and of war of all nations observing these Rules, on terms of entire equality, so that there shall be no discrimination against any such nation, or its citizens or subjects, in respect of the conditions or charges of traffic, or otherwise.
Страница 41 - The improvement of our banking and currency system can never be a popular issue. It is abstruse. We are only intermittently conscious of its necessity. It makes no appeal to the emotions. Whatever advocacy or support it may have must come not from the many, but from the few, not from the marching clubs and cheering throngs which give color and excitement to political campaigns, but from the quiet thinking men who are moved by the dry white light of reason.
Страница 69 - ... with a large surplus reserve of lending power, which in turn is an invaluable source of flexibility to the individual banks. By its means they can, if need be, rediscount their commercial paper, exchange their unmatured assets for actual cash, and secure its still better known credit in place of their own. By its means their reserves can be replenished and their lending power made responsive to the needs of their communities. A bankers...
Страница 82 - BY EMORY R. JOHNSON Professor of Transportation and Commerce, University of Pennsylvania...
Страница 97 - ... will be required annually to make the canal commercially self-supporting. This total is made up of $3,500,000 for operating and maintenance expenses, $500,000 for sanitation and Zone government, $250,000 which is the annuity payable to Panama under the treaty of 1903, $11,250,000 to pay 3 per cent on the $375,000,000 invested in the canal, and $3,750,000 for an amortization fund of 1 per cent per annum upon the cost of the canal.
Страница 64 - One universally recognized essential . . . of a proper banking and currency plan is provision for a more flexible and responsive note issue. INFLEXIBILITY OF LEDGER BALANCES When we turn to credit in the form of ledger balances or " deposits " and enquire as to the causes of their inflexibility, the explanation also rests in quite familiar facts. There are two peculiar features of our banking system which are practically without counterpart in other important countries, and which render ledger balances...
Страница 49 - Oklahoma in the very throes of the panic of 1907, after the shortest possible period of gestation. The panic, it will be remembered, began October 28, 1907; and it was not until three weeks later, on November 16, that Oklahoma became a State, and that its first legislature began its sessions. Nevertheless the panic was not yet over, currency was still at a premium, and clearing house certificates were still outstanding throughout the country when the Oklahoma legislature passed its famous law. This...
Страница 58 - With such an accumulation of reserves, it is incredible that the Treasury should ever again experience the perils of the Nineties on account of the greenbacks. The greenbacks are less menacing to-day for the further reason that they are being rapidly transformed into small denominations which are absorbed in the general circulation, and which could only with great difficulty be collected in sufficiently large amounts to cause a serious drain upon the Treasury through presentation for redemption....
Страница 67 - An individual bank makes the money of each and all of its customers flexible in amount by rendering it of mutual service and available to those who most need it when they most need it; and in order that the money of individual banks may be similarly flexible in amount, of mutual service to each other, and available to those institutions which most need it when they most need it, they require in their turn some agency which will do for them, severally and jointly, what they do for the general public....
Страница 93 - The prospect thus is that the Panama Canal will start with less than half the tonnage which will then be making use of the Suez Canal. Moreover, it will be a long time before the Panama Canal catches up...