FOOTNOTES:
[249] Conway and Patterson, The Operation of the New Bank Act, pp. 1, 2. J. B. Lippincott Company, Philadelphia, 1914.
[250] John Skelton Williams, Comptroller of the Currency, Democracy in Banking, Address delivered before the annual convention of the North Carolina Bankers' Association, Raleigh, May 13, 1914. Printed in Congressional Record, 63d Congress, 2d Session, Vol. 51, pp. 10150-53.
[251] A. Piatt Andrew, The Essential and the Unessential in Currency Legislation, in Questions of Public Policy, Addresses delivered in the Page Lecture Series, 1913, before the Senior Class of the Sheffield Scientific School, Yale University, pp. 62-70. Yale University Press, New Haven, Connecticut, 1913.
[252] Adapted from John Perrin, What is Wrong with Our Banking and Currency System?, The Journal of Political Economy, Vol. 19, No. 10, December, 1911, pp. 856-865.
[253] Paul M. Warburg. The Discount System in Europe, Publications of the National Monetary Commission, Senate Document, No. 402, 61st Congress, 2nd Session, pp. 33, 34.
[254] Conway and Patterson, The Operation of the New Bank Act, pp. 203-207. J. B. Lippincott Company. Philadelphia. 1914.
[255] Fred Rogers Fairchild, Bond-Secured Bank Notes and Elasticity, The Outlook, Vol. 88, No. 11, March 14, 1908, pp. 590-93.
[256] [As was pointed out in an earlier chapter, the autumnal demand for currency in the agricultural sections of the country has fallen off appreciably since 1907.]
[257] Fred Rogers Fairchild. Fundamental Defects of the Bond-Secured Bank Notes, Bankers Magazine, Vol. LXXVI, No. 4, April, 1908, pp. 487-90.
[258] We are not considering the third alternative of issuing bonds at a heavy discount.
[259] Adapted from W. H. Lyon, A Gamble in Governments, Moody's Magazine, Vol. XI, No. 1, January, 1911, pp. 181-186.
[260] [In this extract the explanation of the so-called perverse elasticity of our national bank notes is given incidentally but very clearly.]
[261] Adapted from John Perrin, What is Wrong with Our Banking and Currency System?, The Journal of Political Economy, Vol. 19, No. 10 December, 1911, pp. 856-865.
[262] Eugene E. Agger. The Commercial Paper Debate. The Journal of Political Economy, Vol. 22, No. 7, July, 1914, pp. 663-667.
[263] Annalist, March 9, 1914, p. 293.
[264] Annalist, March 9, 1914, p. 294.
[265] J. J. Klein, Annalist, March 23, 1914, p. 361.
[266] Ibid.
[267] During 1912 over $1,700,000,000 in notes were sold by reputable brokers, and they represented in these transactions from 2,500 to 3,000 concerns. In one large eastern state over two-thirds of the state banks and trust companies regularly invest a portion of their funds in this class of paper (J. A. Broderick, Finance, October 4, 1913, p. 328). On August 9, 1913, according to the report of the Comptroller of the Currency, the national banks held over six billions of dollars of commercial paper, most of which was single-name.
[268] Financier, June 22, 1912.
[269] J. G. Cannon, Financial Age, October 19, 1908.
[270] P. M. Warburg, The Discount System in Europe, in Report of the National Monetary Commission.
[271] Ibid.: see also William Jacobs, Bank Acceptances, in Report of the National Monetary Commission.
[272] Warburg, loc. cit.
[273] E. D. Page, Annalist, March 16, 1914, p. 324.
[274] Lawrence Merton Jacobs, Bank Acceptances, Publications of the National Monetary Commission, Senate Document No. 569, 61st Congress, 2d Session, pp. 9-19.
[275] Paul M. Warburg, The Discount System in Europe, Publications of the National Monetary Commission, Senate Document, No. 402, 61st Congress, 2nd Session, pp. 23-25.
[276] Adapted from James H. Simpson, General Manager, Bank of Liverpool, Ltd., Some Leading Features of the London Money and Discount Markets, an address delivered at the annual banquet of the bankers of the city of New York, January 19, 1914.
[277] Paul M. Warburg, op. cit., pp. 28-30.
[278] O. W. M. Sprague, Banking Reform in the United States, pp. 72-75, Harvard University, 1911.
[279] The importance of real estate to the state banking institutions is shown in the Special Report from the Banks of the United States on April 28, 1909, recently published by the National Monetary Commission. For state banks real estate loans and mortgages amounted to $414,000,000 or 12-1/2 per cent. of total resources and for the trust companies to $377,000,000, more than 9 per cent. of their resources.
[280] Conway and Patterson, The Operation of the New Bank Act, pp. 184-192. J. B. Lippincott Company. Philadelphia, 1914.
[281] Victor Morawetz, The Banking and Currency Problem in the United States, pp. 47-50. North American Review Publishing Company. 1909.
[282] From an address by Mr. James B. Forgan to the Texas Bankers' Association.
[283] Report of the Comptroller of the Currency, 1914, pp. 20, 21.
[284] Ibid., pp. 16, 17.
[285] John Skelton Williams, Address before the Kentucky Bankers' Association, October 6, 1915. The Commercial and Financial Chronicle, Vol. 101, No. 2624, October 9, 1915, pp. 1137, 1138.
[286] Journal of the American Bankers' Association, Vol. VIII, No. 9, March, 1916, pp. 755-6.