Proceedings of the annual convention Volume 27 - Tapa blanda

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. 1917 Excerpt: ... The savings of the American people amount to over three billions of dollars per annum, and it would seem therefore that we are splendidly equipped to face the future war financing. I believe there is nothing more important to which the bankers of this country can give their attention at this time than the proper distribution of the two billions Liberty Loan. The Secretary of the Treasury has just announced that the denominations would be as small as $50, and the payments would run from June 28th to August 30th, and the proceeds from the purchase of war bonds would be held by the banks free from their legal reserve requirements until needed by the Government. This obviates effectively all danger that might arise from the holding of large sums of money inactive. It is of paramount importance that this loan should be promptly taken by our people, not only for the purpose of demonstrating our financial strength at home, but for the influence it would have upon our enemies. The loan will not fail if the bankers do their part in explaining its importance to their customers. It is estimated that the total resources of all the banks of the country is approximately thirty billions of dollars. This means that if the bonds were distributed equally among the depositors each bank would be called upon to pay out 6% of its resources, and while, of course, there will be no such fixed assessment, I believe that basis is a fair one for each banker to make his calculations upon. That there will be a reduction in deposits in certain sections when this bond money is used, there is no question, and it will be some time before it drifts back into the banks from which it came. It will largely be concentrated through the channels of trade, in my opinion, in the banks of New Englan...