The Project Gutenberg eBook, Readings in Money and Banking, by Chester Arthur Phillips

Title: Readings in Money and Banking

Selected and Adapted

Author: Chester Arthur Phillips

Release Date: January 30, 2011 [eBook #35120]

Language: English

Character set encoding: ISO-8859-1

***START OF THE PROJECT GUTENBERG EBOOK READINGS IN MONEY AND BANKING***

E-text prepared by Jonathan Ingram, Josephine Paolucci,
and the Online Distributed Proofreading Team
(http://www.pgdp.net)
from page images generously made available by
Internet Archive/Canadian Libraries
(http://www.archive.org/details/toronto)

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 the introductory manuals on the subject of Money and Banking or of Money and Currency, this volume, in itself, lays no claim to completeness. Where its use is contemplated the problems of emphasis and proportion are, accordingly, to be solved by the selection of one or another of the available texts, or by the choice of supplementary lecture topics and materials. The contents of the introductory manuals are so divergent in character as to render possible combinations of text and readings that will include, it is hoped, matter of such range and variety as may be desired.

Fullness of treatment has been attempted, however, in the chapters dealing with the important recent developments in the "mechanism of exchange," and my aim has been throughout to select and, in many instances, to adapt with a view to meeting the wants of those who are interested chiefly in the modern phases of the subject.

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

Chester Arthur Phillips.

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

TABLE OF CONTENTS

CHAPTER PAGE

I The Origin and Functions of Money 1

II The Early History of Money 10

III Qualities of the Material of Money 18

IV Legal Tender 26

V The Greenback Issues 33

VI International Bimetallism 71

VII The Silver Question in the United States 82

VIII Index Numbers 115

IX Banking Operations and Accounts 121

X The Use of Credit Instruments in Payments in the United States 150

XI A Symposium on the Relation Between Money and General Prices 159

XII The Gold Exchange Standard 213

XIII A Plan for a Compensated Dollar 229

XIV Monetary Systems of Foreign Countries 246

XV The Nature and Functions of Trust Companies 256

XVI Savings Banks public@vhost@g@gutenberg@html@files@35120@[email protected]#Page_270"