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The New York and London

The New York and London

33467146
1175 руб.
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Описание
Excerpt from The New York and London: Clearing House Systems With Valuable Statistics

There is a measure which, though belonging to the administration of banks, rather than to legal enact ments, is suggested on account of its great importance. Few regulations would be more useful in preventing dangerous expansions of discounts and issues on the part of the City banks, than a regular exchange of notes and checks, and an actual daily or semi-weekly payment of the balances. It must be recollected that it is by this process alone that a Bank of the Uni ted States has ever acted or been supposed to act as a regulator of the currency. Its action would not '11 that respect he wanted in any city, the banks of which would, by adopting the process, regulate themselves. It is one of the principal ingredients of the system of the banks of Scotland. The bankers of London, by the daily exchange of drafts at the Clearing House, reduce the ultimate balance to a very small sum, and that bal ance is immediately paid in notes of the Bank of Eng land. The want of a similar arrangement among the banks of this city, produces relaxation, favors improper expansion, and is attended with serious inconvenience. The principal difficulty in the way of an arrangement for that purpose, is the want of a common medium other than specie, for effecting the payment of balances. These are daily ?uctuating, and a perpetual drawing and redrawing of specie from and into the banks, is unpopular and inconvenient.

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