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118

BANKING

and increases the share which the Government will obtain. The untaxed limit of issue (note reserve, as termed in Germany) is increased, as mentioned above, from M.293,400,000 (£14,670,000) to M.450,000,000 (£22,500,000). The arrangement with the six noteissuing banks is designed to cause them to work in harmony with the Eeichsbank, when the Reichsbank has to raise its rate in order to protect its gold reserve. The official published rate of discount of the Reichsbank is to be binding on the private note-issuing banks after it has reached or when it exceeds 4 per cent. At other times they are not to discount at more than a quarter per cent, below the official rate of the Reichsbank, or in case the Reichsbank itself discounts at a lower rate than the official rate, at more than one-eighth per cent, below that rate. If the Reichsbank discounts below the official rate, it is to announce that fact in the Gazette. The subject being important, we quote from the amending Act the sections governing the discount rate:—Gesetz, betreffend die Abanderung des bank-gesetzes vom 14 Miirz 1875 ; vom 7 Juni 1899, Artikel 7, § 1. The private note-issuing banks are bound by artikel 7, § 2, after the 1st January 1901—“(1) Not to discount below the rate published in § 15 of the bank law, so long as this rate attains or exceeds 4 per cent. ; and (2) moreover, not to discount at more than a quarter per cent, below the Reichsbank rate, published in § 15 of the bank law, or in case the Reichsbank itself discounts at a lower rate, not to discount at more than one-eighth per cent, below that rate.” It remains to be seen whether the note-issuing banks will find these conditions too onerous, and will give up their right of issuing notes rather than be bound by them. The object of the enactment is apparently to protect the specie reserve of the Reichsbank, but it may be doubted whether, considering the importance of the other banks of Germany—none of which are bound by similar conditions —relatively to the note-issuing banks, the restrictions put on the note-issuing banks will have any practical effect. Since 1870 banking has made immense progress in Germany, but it will probably be some time before the system of making payments by cheque instead of specie or notes becomes general. Authoiutiks.—Parliamentary Papers : Report, together with Minutes of Evidence and Accounts, from the Select Committee on the High Price of Gold Btdlion, House of Commons, 8th June 1810.— Reports, Committee of Secrecy on Bank of England Charter, House of Commons, 1832.—Select Committee on Banks of Issue, House ot Commons, 1840.—First and Second Reports, Select Committee on Banks of Issue, House of Commons, 1841.—First and Second Reports, Secret Committee on Commercial Distress, House of Commons, 1848.—Report, Select Committee on Bank Acts, House of Commons, 1857.—Report, Select Committee on Bank Acts, House of Commons’ 1858.—Report, Select Committee on Banks of Issue, House of Commons, 1875.—Report from Secret Committee of the House of Lords on the Causes of the Distress which has for some time prevailed among the Commercial Classes, and how far it had been affected by the Laws for regulating the Issue of Bank Notes payable on demand, session 1847-48.—History and General Information: A.rticles on “ Banking,” &c.—Dictionary of Political Economy. Edited by R. H. Inglis Palgrave. Macmillan, 1894-99. —IIandwbrterbuch der Staatswissenschaften, edited by Conrad, Elster, Lexis and Loening, 1890, 2nd edit. 1899.—Didionnaire des finances, edited by Leon Say, 1889.—Dictionnaire de VEconomic politique, edited by Coquelin and’Guillaumin, 1864.—Nouveau Dictionnaire d'Economiepolitique, edited by L4on Say. 1891.—Cyclopaedia of Political Science. Edited by Lalor. New York, 1888.— Worterbuch der Volkswirtschaften, 2 vols., Elster, 1898.—Dictionnaire du Commerce, de VIndustrie et "fa la Banque, edited by A. Raffalovich and Yves Guy ot.—Bankers' Magazine, commenced 1844, to present time—Journal of the Institute of Bankers, commenced 1879, to present timo.—Bankers’ Magazine, New York. —Economist newspaper, commenced 1843, to present time.—Banking Almanac, commenced 1845, to present time.—Aborts o/ the Comptroller of the Currency, New York.— Practical Treatise on Banking—Logic of Banking, J. W. Gilbart. —History and Principles of Banking, J. W. Gilbart, 1866.—-TAe Country Banker, George Rae, 1886, and several editions later (many sound hints on practice).—Azotes on Banking, R. H. Inglis Palgrave.—Notes 07i ihc Rote of Discouyit in London, 3 vols., 1822-56, 1856-66, 1866-73. Privately printed. W. Y. Duncan.

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Edinburgh, 1856, 1867, and INT.—British Banking Statistics, John Dun, 1876.—Capital, Currency and Banking, James Wilson, 1847.—Investigations in Currency and Finance, W. S. Jevons, 1884.—Money and the Mechanism of Exchange, W. S. Jevons, 1875. — Coins, Currency and Banking, Part II., Sealy, 1867.—Studies in Currency, Lord Fa leer, 1898. —Currency and Banking, Bonamy Price, 1876.—Lombard Street, Walter Bagehot, 1873 (a brilliant picture of the City at that date).—Universal Money, Bagehot, 1889.—Depreciation of Silver, Bagehot, 1877.—Money, F. A. Walker, DAS.—Money, Trade and Industry, F. A. Walker, 1880.—Money and Value, R, Hamilton, 1878.— The Law of Money Securities, Cavanagh, 1879.—The Silver Pound, S. Dana Horton, 1887.—Finance and Taxation. John Sherman. New York, 1879.—Tracts, by Lord Overstone, 1837-57. — Select Trads on Money, &c., reprinted privately by Lord Overstone, 1856-59 (containing much valuable and interesting information).—Money ami Monetary Problems, J. S. Nicholson, 1888.—Theory of Money. London, 1811.—Monetary Systems of the World, Muhleman, 1893.—Money ami its Relations to Prices, L. L. Price, 1896.—Money, Silver and Finance. Cowperthwait. New York, 1892.—Money's Worth, J. H. Norman, 1899. —Essays on Finance, Heathfield, 1853.—Handbook on Gold and Silver, by an Indian Ofiicial, 1878.—History of Monetary Systems, Del Mar, 1895. — Essay on Money and Paper Currency, R. Torrens, 1812.—Catechisms of the Currency and Exchanges, J. Taylor, 1836.—Banking and Negotiable Instruments, Tillyard, 1891.—Bullion ami the Foreign Exchanges, Seyd, 1868.—The ABC of the Foreign Exchanges, Clare, 1893, 2nd ed. 1895.—Money Market Primer, Clare, 2nd edit. 1893.—The World’s Foreign and Colonial Exchanges, J. H. Norman, 1893.— Tate’s Modern Cambist, 7th edit., H. Schmidt, 1880.—Foreign Exchanges, G. J. Goschen, 2nd edit. 1863 (many later).—History of the Bank of England, John Francis, 1847.—The First Nine Years of the Bank of England, J. E. Thorold Rogers, 1887.—Chronicles of the Bank of England, B. B. Turner, 1897.—Bibliography of the Bank of England, T. A. Stephens, 1897. History of Banking Houses : The Grasshopper in Lombard Street, J. B. Martin, 1892.—Banks, Bankers and Banking in Northumberland, Durham, and North Yorkshire, M. Phillips, 1894.—History of Banking in Bristol, C. H. Cave, 1899. —Annals of an East Anglian Bank, Bidwell, 1900.—CWfe A Co., Bankers, Edinburgh and London. Richardson. Scotland.—The Scotch Banks and System of Issue, Robert Somers, History of Scotch Banking, A. W. Kerr, 1884.—Scottish Banking, 1865-96, A. W. Kerr, 1898.—On Circulating Credit by a Scottish Banker, 1832.—A Century of Banlcing in Dundee. Boase, 1867. Ireland.— History and Development, of Banking in Ireland, Malcolm Dillon, 1889. United States.—History of Banking, United States, J. J. Knox, 1900.—History of Modern Banks of Issue. Conant, New York, 1896.—History of Banking in all Leading Nations, 4 vols. New York, 1896.—English Manual of Banking, A. Crump, 1877. Principles of Banking, Thomson Hankey, 1867.—Practical Banking, A. S. Bolles, 1884.—Credit and Banking, H. D. Macleod, 1882.—The Work of a Bank, Easton, 1898.—Banks and Banking, Easton, —History, Law and Practice of Banking. C. M. Collins. London, 1887.—Law of Banks and Bankers, Herbert, 1897.— Thoughts on Bank Restrictions, Lord King, 1804.—Bank Restriction, W. Leckie, 1841.—The Practice of Banking, John Hutchison, 4 vols. 1883.—English Practical Banking. T. B. Moxon, 10th ed. 1%^.—Chapters on the Theory and History of Banking, C. F. Dunbar, 1891.—Open Mints and Free Banking, Brough, 1898.—TVie Great Power, M. de P. Webb, 1897.—Y/ie Banks and the Public, by a Bank Manager. — On the Banks Threshold, Miller, %W.—Bimetallism. L. Darwin, ^T.—Bookkeepring, G. van de Linde, 1891. — Bank Rate, England, France, and Germany, R. H. Inglis Palgrave, 1880. (r. h. L P.) United States. The “National Bank Act” of 1864, as amended, has been modified by the Act of March 1900. Originally designed to force a market for U.S. bonds during fjjst0ry. a time of civil strife and to provide for the issue of national currency, the Act of 1864 has created a great commercial institution, whose distinctive features are : implied responsibility of the U.S. Government for the safety of the notes of the banks; reports made five times each year to the Comptroller of the Currency as to condition on days previous to the date of his call therefor, verification of each bank’s assets and liabilities by experienced Government examiners; and a compulsory cash reserve for each national bank, in large cities equal to 25 per cent, of the amount of its deposits. In the smaller cities this reserve is 15 per cent, of that liability, three-