Excerpt from The Reform of the Currency Hence the national banks were bound to exercise some con trol over the business and especially the' issues of the local banks. Both of them did exercise such control. The means employed by both banks were identical, consisting, as Gallatin says, in receiving the notes of all those which are solvent, and requiring payment from time to time without suffering the bal anecs due by any to become too large. To do this the banks of the United States had to be creditors of the state banks. ...
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Excerpt from The Reform of the Currency Hence the national banks were bound to exercise some con trol over the business and especially the' issues of the local banks. Both of them did exercise such control. The means employed by both banks were identical, consisting, as Gallatin says, in receiving the notes of all those which are solvent, and requiring payment from time to time without suffering the bal anecs due by any to become too large. To do this the banks of the United States had to be creditors of the state banks. This they were enabled to be, first, because they received the government revenues as the depositaries of the goverment, and second, because of their possession of branches. As deposit aries of the government they received immense quantities of state bank paper. These were then presented to the state banks for payment. In case control was exercised by a branch, it was done by issuing the notes of the branch in the neighborhood of a state bank, and receiving state bank notes on deposit for these issues. The branch then presented the state bank notes to the issuing bank for redemption. In both cases, the state bank pos sessed no means of obtaining branch bank notes to anything like the amount necessary to act as a set-off to its own issues. The state banks were not receivers of the revenue, and they could not get possession of any considerable quantity of branch bank notes because these served as an excellent means of re mittance for individuals who wished to forward funds to other parts of the country. Persons holding state bank notes were always willing to exchange them for paper of the bank of the United States, while nobody wished to exchange notes of the United States bank for state bank notes. Consequently, the branches always had the means of checking the state banks. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at ... This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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