Practical banking

Practical banking

by Albert Sidney Bolles
     
 

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This is an EXACT reproduction of a book published before 1923. This IS NOT an OCR'd book with strange characters, introduced typographical errors, and jumbled words. This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning

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Overview

This is an EXACT reproduction of a book published before 1923. This IS NOT an OCR'd book with strange characters, introduced typographical errors, and jumbled words. This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continuing commitment to the preservation of printed works worldwide. We appreciate your understanding of the imperfections in the preservation process, and hope you enjoy this valuable book.

Product Details

ISBN-13:
2940023153254
Publisher:
Indianapolis, Levey
Sold by:
Barnes & Noble
Format:
NOOK Book
File size:
1 MB

Read an Excerpt


CHAPTER III. THE NATIONAL BANKING SYSTEM. As we have seen, the business of banking consists in getting a common fund of money, and in lending a part of it. With this general conception is associated the discounting of bills of exchange, the collection of notes and drafts and the issuing of circulating notes. The business may be conducted by one person, who is called a banker; or by partners, as in any ordinary business, who also are called bankers. Again, a number of men may join their capital under a State law, and organize a State bank or association, the capital of which is divided into shares. Capitalists may also unite under the laws of the United States, and form a National banking association. Under these varying forms a banking business is done. We may look at the reasons why men prefer one form to another. If a man has considerable means and enjoys the confidence of the community, he may prefer to engage in banking alone, unfettered by State or National laws. He may conduct his business in his own -way; and if the people do not like it they need not patronize him. A firm may do the same thing. They may be a law unto themselves. But when men organize under a State law, they are bound by the law. They are subject to inspection. They must pay a tax on the amount of money used in their business. If! they issue promises to pay, a coin reserve must be kept to pay them. By a National bank is meant not that the Government owns or runs it, but authorizes its creation and prescribes its, mode of doing business. Every association under this law, whethex I in Maine or in Texas, is governed by the same principles, is subject to the same inspection, uses the same blanks in makingreturns to the Treasury Department at Washington, and is under the same penalties for the violation ...

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