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The modern bank; a description of its functions and methods and a brief account of the development and present systems of banking

The modern bank; a description of its functions and methods and a brief account of the development and present systems of banking

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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. 1919 Excerpt: ...be sent to it. A bank that has discounted or purchased a note that is dishonored may bring suit for recovery against either the maker or indorser, or both, and it is customary, for the sake of the notary's evidence, to make protest even when there is no indorsement or the maker and indorser are the same. Care is exercised in protesting lest non-payment be due to accident or inadvertence, and every reasonable effort is made to secure payment before resorting to what is regarded as an extreme measure. Usually a record is kept of all cases of protesting. A matter requiring mention is the fact that in some States the law still allows three days' grace for the payment of notes after they fall due, and notice must be taken of that fact in collecting notes in such a State. XXII THE CIRCULATION OF NATIONAL BANKS In a subsequent chapter dealing with the national bank system, and in a previous one describing the organization of a bank under the law, the requirements for taking out notes and for increasing or reducing circulation are sufficiently explained, but there are matters connected with the part circulation plays in the business of the bank that need special reference. Notes are put in circulation by the simple process of paying them out like any other "cash " in the bank's transactions, and when they are once out no distinction is made between them and the notes of other banks. In the handling of money and the keeping of the teller's accounts bank-notes are kept distinct from legal-tender and coin certificates, for the reason that the latter are available for reserves, while in national banks the former are not. As all banks are required to receive the notes of other banks, and as they pay them out without reference to their origin, they all circulat...