Money and Banking |
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Page 41
... charge , since , being only partially covered by a specie reserve , they are in part a loan to the government without interest . The advantages of convertible treasury notes , however , are more than counterbalanced by disadvantages ...
... charge , since , being only partially covered by a specie reserve , they are in part a loan to the government without interest . The advantages of convertible treasury notes , however , are more than counterbalanced by disadvantages ...
Page 42
... charges , which may exceed the profit accruing from the issue of the notes . 32. Inconvertible or fiat currency . - Inconvertible paper money consists of notes promising to pay money to the bearer , but not actually redeemable in specie ...
... charges , which may exceed the profit accruing from the issue of the notes . 32. Inconvertible or fiat currency . - Inconvertible paper money consists of notes promising to pay money to the bearer , but not actually redeemable in specie ...
Page 55
... charge , the coining value of an ounce of pure gold being $ 20.67 or of an ounce of standard gold $ 18.60 . Gold coin is legal tender in unlimited amounts for all debts public and private . Gold bullion consists mainly of bars made by ...
... charge , the coining value of an ounce of pure gold being $ 20.67 or of an ounce of standard gold $ 18.60 . Gold coin is legal tender in unlimited amounts for all debts public and private . Gold bullion consists mainly of bars made by ...
Page 59
... charge , called " seigniorage , " which is a certain amount deducted by the government either as bullion or coins . The word seigniorage comes down to us from medieval times when the " seigneur " or lord had a monopoly of coinage and ex ...
... charge , called " seigniorage , " which is a certain amount deducted by the government either as bullion or coins . The word seigniorage comes down to us from medieval times when the " seigneur " or lord had a monopoly of coinage and ex ...
Page 64
... charge . Any tendency for gold coin to become more valu- able than gold bullion is checked by the withdrawal of gold from industrial uses and an increase in the amount sent to the mints to be coined . On the other hand , gold coin is ...
... charge . Any tendency for gold coin to become more valu- able than gold bullion is checked by the withdrawal of gold from industrial uses and an increase in the amount sent to the mints to be coined . On the other hand , gold coin is ...
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Common terms and phrases
acceptances amount assets balance Bank of England bank's bankers banking system bill of lading bills of exchange borrower brokers bullion cash cashier cent charter checks clearing house clerk coinage collateral collection commercial bank commercial paper commodities Comptroller country banks currency customers debts demand depositors deposits directors discount district draft drawn established exports Federal Reserve Act Federal reserve banks Federal Reserve Board Federal reserve notes Federal reserve system foreign exchange funds gold reserve greenbacks guaranty increase index number indorsed investment keep ledger legal tender liabilities medium of exchange member banks ment Money and Banking mortgage national bank act national bank notes note issues paid payable payment practice profit receipts received redeem redemption rediscount reserve cities savings banks seigniorage sell silver dollars specie standard stockholders supply tion trade transactions Treasury trust companies United York
Popular passages
Page 458 - Federal reserve bank may discount notes, drafts, and bills of exchange arising out of actual commercial transactions; that is, notes, drafts, and bills of exchange issued or drawn for agricultural, industrial, or commercial purposes, or the proceeds of which have been used, or are to be used, for such purposes...
Page 173 - The shareholders of every national banking association shall be held individually responsible, equally and ratably, and not one for another, for all contracts, debts, and engagements of such association to the extent of the amount of their stock therein, at the par value thereof, in addition to the amount invested in such shares...
Page 460 - Third. Bills of exchange or drafts drawn against money actually on deposit to the credit of the association, or due thereto. Fourth. Liabilities to the stockholders of the association for dividends and reserve profits.
Page 476 - That if any clause, sentence, paragraph, or part of this Act shall for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder of this Act, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof directly involved in the controversy in which such judgment shall have been rendered.
Page 471 - Any bank officer, director, or employee violating this provision shall be deemed guilty of a misdemeanor and shall be imprisoned not exceeding one year or fined not more than $5,000, or both; and may be fined a further sum equal to the money so loaned or gratuity given.
Page 473 - State thereof, and principally engaged in international or foreign banking, or banking in a dependency or insular possession of the United States either directly or through the agency, ownership, or control of local institutions in foreign countries, or in such dependencies or insular possessions.
Page 503 - That if any person shall falsely make, forge, or counterfeit, or cause or procure to be falsely made, forged or counterfeited, or willingly aid or assist in falsely making, forging, or counterfeiting any note, in imitation of, or purporting to be...
Page 458 - ... bank may receive from any of its member banks, and from the United States, deposits of current funds in lawful money, national-bank notes, Federal reserve notes, or checks, and drafts, payable upon presentation, and also, for collection, maturing notes and bills; or, solely for purposes of exchange or of collection...
Page 450 - Federal reserve bank be dissolved or go into liquidation, any surplus remaining, after the payment of all debts, dividend requirements as hereinbefore provided, and the par value of the stock, shall be paid to and become the property of the United States and shall be similarly applied. Federal reserve banks, including the capital stock and surplus therein, and the income derived therefrom shall be exempt from Federal, State, and local taxation, except taxes upon real estate.
Page 466 - ... discretion of the Secretary for the purposes of this Act, and should the appropriations heretofore made be insufficient to meet the requirements of this Act in addition to circulating notes provided for by existing law, the Secretary is hereby authorized to use so much of any funds in the Treasury not otherwise appropriated for the purpose of furnishing the notes aforesaid: Provided, .however, That nothing in this section contained shall be construed as exempting national banks or Federal reserve...