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. 1905 edition. Excerpt: ...economy in keeping metallic money, and whether the statistics of receipts by banks do or do not correctly represent all transactions expressed in money. Before taking up these questions, it will be well to present some of the results of general inquiries on the subject. An inquiry was made in England by Sir ...
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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. 1905 edition. Excerpt: ...economy in keeping metallic money, and whether the statistics of receipts by banks do or do not correctly represent all transactions expressed in money. Before taking up these questions, it will be well to present some of the results of general inquiries on the subject. An inquiry was made in England by Sir John Lubbock based upon the receipts of his own bank in the closing days of 1864. He found that even at that time, after eliminating Bank of England notes drawn by the bank to replenish its till money, and making other corrections, the receipts of the bank for several days showed coin to the amount of 0.6 per cent.; bank-notes, 2.6 per cent.; ' The Work of Wall Street, p. 118. and checks and bills, 96.8 per cent. Other inquiries did not show so large a proportion of checks and bills, probably because the transactions of Sir John Lubbock's bank were chiefly in large amounts.1 An inquiry made by Pownall in 1881 brought together later English statistics showing the following percentages in bank receipts: BANK RECEIPTS IN GREAT BRITAIN, 188l Place Coin Notes Checks (Percentage) London 0.73 2.04 97.23 Edinburgh 0.55 12.67 86.78 Dublin 1.57 8.33 89.90 Country banks in 261 places 15.20 11.94 72.86 Several investigations by the Comptroller of the Currency of the United States have shown that in the transactions through the national banks of the United States between ninety and ninety-five per cent. are conducted by means of checks and drafts. The first systematic inquiry of this sort, made in 1881, showed that the receipts of the banks of the United States on June 30, 1881, were $284, -714,016, of which 95.1 per cent. was in checks and drafts. A similar inquiry for July 1, 1890, showed the proportion of checks and drafts to be 92.5 per cent.; on...
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