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Sinopsis
The Federal Reserve Act reorganized American banking to create a flexible, nationwide system of central banks.
This edition explains how the act connected existing banks into districts with a central authority to issue notes, hold reserves, and rediscount for member banks. It also describes the shift from an inelastic, fragmented system to a coordinated framework designed to prevent crises and support commerce.
The text traces the law’s aims to balance elastic currency with sound banking practices. It covers how reserves were deposited with Federal reserve banks, how the Federal Reserve Board supervised the system, and how the new structure evolved during and after the war. It also discusses features like foreign trade banking, the gold settlement fund, and the clearing and collection processes that modernized payments across the country.- Understand why the act created banking districts and a central reserve bank for each district.
- See how reserves and rediscounting help member banks manage crises and fluctuations in demand.
- Learn about the roles of the Federal Reserve Board, the clearing system, and the gold settlement fund.
- Explore changes in foreign trade banking, domestic acceptances, and the postwar credit environment.
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Reseña del editor
Excerpt from The Federal Reserve System
Under the Open market provisions of the law it had been provided that Federal reserve banks might buy from individuals, corporations, or banks whether or not members of the system, any paper that they might choose, provided that it complied with the requirements for discountable paper. The banks bought considerable quantities of Government bonds, municipal warrants and bankers' acceptances, and smaller amounts of trade acceptances. In this way their earning assets were increased until at the end Of the year 1916 they had about in vested. At the close Of 1916 a summary of the entire operation Of the system since its opening - about two years - showed that a net earning above organization expenses had been made of approximately per cent on the capital. During the period in question gross earnings had been approximately and net earnings approximately The bank which had paid the largest dividend was the Federal Reserve Bank Of Richmond, which had prac tically completed its whole 6 per cent dividend, ac tually declaring and paying it to November 1, 1916.
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This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Reseña del editor
THE FEDEEAL EESEKVE SYSTEM
By Henry Parker Willis, A.B., Ph.D.
The Federal Reserve Act, passed by Congress on December 23,1913, is the outcome of a discussion of banking conditions extending more or less sporadically over the years since the Civil "War, but assuming an increasing degree of urgency from and after the panic of 1893.
The JSTational Banking System had been established during the Civil War, partly as'the result of the Government's financial necessities of that period. It was, before the adoption of the new act, a system of independent and unrelated banks with capitals varying from $25,000' to $25,000,000, holding out, practically irrespective of any definite principles, to any group of five individuals the right to organize and incorporate under its terms. Its characteristic feature, apart from this competitive and independent aspect, lay in its provision for the issuance of currency protected by the bonds of the National Government which were required to be purcha
About the Publisher
Forgotten Books is a publisher of historical writings, such as: Philosophy, Classics, Science, Religion, History, Folklore and Mythology.
Forgotten Books' Classic Reprint Series utilizes the latest technology to regenerate facsimiles of historically important writings. Careful attention has been made to accurately preserve the original format of each page whilst digitally enhancing the difficult to read text. Read books online for free at www.forgottenbooks.org
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The Federal Reserve System (Classic Reprint)
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Paperback. Condición: New. Print on Demand. This book explores the genesis of the Federal Reserve System, a pivotal institution in contemporary economics. It traces the evolution of America's banking system from the Civil War era to the establishment of the Federal Reserve in 1913. The author, a leading expert in banking law, delves into the problems that plagued the National Banking System and how the Federal Reserve aimed to address them, offering a fresh perspective on banking history. The text analyzes the Federal Reserve's role in stabilizing the economy, particularly during the critical periods of war and economic downturns, shedding light on its strategies for managing monetary policy and controlling credit. This book's insights are not only historically valuable but also offer valuable lessons for understanding and shaping the future of banking and economic policy. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Nº de ref. del artículo: 9781440033025_0
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The Federal Reserve System Classic Reprint
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