CHAPTER V. BANKS DRIVE SPECIE OUT OF THE COUNTRY

Chapters in this book

1. Frontmatter i
2. PREFACE ix
3. CONTENTS xi
4. INTRODUCTION 3
5. PART I. THE UTILITY OF BANKS AS A SOURCE OF MEDIA OF PAYMENT
6. CHAPTER I. THE FUNCTIONS OF BANKING 11
7. CHAPTER II. EARLY MINOR ARGUMENTS CONCERNING THE MERITS OF BANKS 19
8. CHAPTER III. BANKS INCREASE THE COUNTRY’S CAPITAL 26
9. CHAPTER IV. BANKS PROVIDE AN INEXPENSIVE SUBSTITUTE FOR METALLIC CURRENCY 39
10. CHAPTER V. BANKS DRIVE SPECIE OUT OF THE COUNTRY 48
11. CHAPTER VI. BANKS CAUSE DISTURBING FLUCTUATIONS IN PRICES 55
12. CHAPTER VII. BANKS RENDER THE CURRENCY ELASTIC IN RESPONSE TO THE NEEDS OF TRADE 70
13. PART II. THE UTILITY OF BANKS AS AGENCIES IN THE DISTRIBUTION OF LOANABLE FUNDS
14. CHAPTER VIII. BANKS SERVE AS INTERMEDIARIES BETWEEN BORROWERS AND LENDERS 79
15. CHAPTER IX. BANKS DIRECT CAPITAL INTO UNDESIRABLE CHANNELS 92
16. CHAPTER X. SUMMARY OF THE VIEWS ON THE NATURE AND UTILITY OF BANKS 98
17. PART III. BANK NOTES AND BANK DEPOSITS
18. CHAPTER XI. THE NATURE OF BANK DEPOSITS 109
19. CHAPTER XII. PRINCIPLES OF NOTE ISSUE— CONVERTIBILITY 125
20. CHAPTER XIII. PRINCIPLES OF NOTE ISSUE (Continued) 139
21. CHAPTER XIV. PRINCIPLES OF NOTE ISSUE (Continued.) 152
22. PART IV. BANKING POLICY AND THE BUSINESS CYCLE
23. CHAPTER XV. BANKING POLICY 171
24. CHAPTER XVI. THEORIES OF THE CAUSES OF CRISES AND CYCLES 187
25. CHAPTER XVII. SUGGESTIONS FOR MODERATING THE CYCLE 208
26. BIBLIOGRAPHY 223
27. INDEX 237