PREFACE To issue a book which endeavors to analyze the effects of a monumental piece of legislation, marking a distinct change of policy in one of the most important lines of business in the country within a few weeks of its passage, is unusual. The writers would naturally prefer, under ordinary circumstances, to delay publication until the experience of several years had demonstrated the law's advantages and defects. If this volume were intended as a complete estimate of the effects of the Federal Reserve Act, such a course would be necessary. The purpose, however, is to give whatever assistance may be within the authors' power to the formulation of public opinion through the dissemination of such information as is now available. The period of organization is a critical stage in the life of the law. Its success or failure will depend primarily upon the degree to which bankers and the public at large give intelligent coöperation in the inauguration and operation of the new system. The Federal Reserve Act marks such a pronounced departure in American banking methods that every bit of light shed upon the new conditions will be helpful. If this book aids the banker to understand more clearly the change which has been effected in his business and informs the public at large concerning the nature of this Act, the authors will be well satisfied. The authors desire to express their indebtedness to their associate, Mr. Gordon B. Anderson, for valuable assistance rendered in the calculations concerning the shifting of reserves. Valuable help has also been received from Miss Marion Conway and Mr. Earle H. Raudnitz, in verification and proofreading. T. C., JR. E. M. P. PHILADELPHIA, January 14, 1914. |