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Banking   By: (1862-1944)

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William A. Scott, Ph.D., LL.D.

Director of the Course in Commerce and Professor of Political Economy in the University of Wisconsin


Copyright A. C. McCLURG & CO. 1914

Published April, 1914

Copyrighted in Great Britain



In Europe the average man looks upon the bank as a benefactor. Through its agency he secures capital at low rates for his business. In America the bank is too often regarded as a necessary evil, certainly not with affection. Yet it plays a most important rĂ´le in the nation's economy. Our banking laws are obsolete, unsatisfactory, and actually in some instances detrimental to the best and widest use of the nation's resources. Europe has many lessons for us in the problem of how best to use our accumulations. With agriculture demanding and the railroads calling for more capital, the question of scientific banking assumes new proportions. This book, with its chapters on commercial and investment banking, will help to a better knowledge.

F. L. M.


The purpose of this book is to supply the general reader with a simple statement of the principles and problems of banking. Since it is designed primarily for American readers, special attention has been given to conditions in this country. An effort has been made clearly to draw the line between commercial and investment banking and to indicate the problems peculiar to each. That it may assist the average person in understanding present day banking problems and thus contribute towards the formation of a sound public opinion regarding them, is the author's hope and desire.


University of Wisconsin.



Chapter I. The Nature, Functions, and Classification of Banking Institutions, 1

1. Services Performed by Banking Institutions, 1 2. The Economic Functions of Banks, 4 3. Classification of Banking Institutions, 6

Chapter II. The Nature and Operations of Commercial Banking, 11

1. Commercial Paper, 11 2. The Operation of Discount, 13 3. The Conduct of Checking Accounts, 15 4. The Issue of Notes, 19 5. Collections, 22 6. Domestic Exchange, 25 7. Foreign Exchange, 31

Chapter III. The Problems of Commercial Banking, 35

1. The Supply of Cash, 35 2. The Selection of Loans and Discounts, 40 3. Rates, 44 4. Protection against Unsound Practices, 46 (a) Capital and Surplus Requirements and Double Liability of Stockholders, 46 (b) Inflation and Means of Protecting the Public against It, 49 (c) Other Means of Safeguarding the Interests of the Public, 59 5... Continue reading book >>

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