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READINGS IN MONEY AND BANKING

THE MACMILLAN COMPANY

NEW YORK · BOSTON · CHICAGO · DALLAS

ATLANTA · SAN FRANCISCO

MACMILLAN & CO. Limited

LONDON · BOMBAY · CALCUTTA

MELBOURNE

THE MACMILLAN CO. OF CANADA. Ltd.

TORONTO


READINGS IN MONEY AND BANKING

SELECTED AND ADAPTED

BY

CHESTER ARTHUR PHILLIPS

Assistant Professor of Economics in Dartmouth College
and Assistant Professor of Banking in the Amos
Tuck School of Administration and Finance







New York

THE MACMILLAN COMPANY

1921

All rights reserved


PRINTED IN THE UNITED STATES OF AMERICA

Copyright 1916

By THE MACMILLAN COMPANY

Set up and electrotyped. Published September, 1916.

FERRIS

PRINTING COMPANY

NEW YORK CITY


PREFACE

Designed mainly for class room use in connection with one of theintroductory manuals on the subject of Money and Banking or of Money andCurrency, this volume, in itself, lays no claim to completeness. Whereits use is contemplated the problems of emphasis and proportion are,accordingly, to be solved by the selection of one or another of theavailable texts, or by the choice of supplementary lecture topics andmaterials. The contents of the introductory manuals are so divergent incharacter as to render possible combinations of text and readings thatwill include, it is hoped, matter of such range and variety as may bedesired.

Fullness of treatment has been attempted, however, in the chaptersdealing with the important recent developments in the "mechanism ofexchange," and my aim has been throughout to select and, in manyinstances, to adapt with a view to meeting the wants of those who areinterested chiefly in the modern phases of the subject.

For valuable suggestions in the preparation of the volume I am greatlyindebted to Professors F. H. Dixon and G. R. Wicker and Mr. J. M.Shortliffe of Dartmouth, Professor Hastings Lyon of Columbia, ProfessorE. E. Day of Harvard, and to my former teacher, Professor F. R.Fairchild of Yale. I desire also to mention my great obligation toauthors and publishers who alike have generously permitted thereproduction of copyrighted material.

Chester Arthur Phillips.

Dartmouth College,
Hanover, N. H., July, 1916.


TABLE OF CONTENTS

CHAPTER PAGE

I The Origin and Functions of

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