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The Currency Problem and the Present Financial Situation (Volume 3); A Series of Addresses Delivered at Columbia University, 1907-1908

The Currency Problem and the Present Financial Situation (Volume 3); A Series of Addresses Delivered at Columbia University, 1907-1908


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About the Book

This historic book may have numerous typos, missing text or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1908. Not illustrated. Excerpt: ... AMERICAN AND EUROPEAN BANKING METHODS AND BANK LEGISLATION COMPARED BY PAUL M. WARBURG AMERICAN AND EUROPEAN BANKING METHODS AND BANK LEGISLATION COMPARED I A Comparison of European and American banking methods and legislation is so broad a subject that it cannot be fully dealt with in a single address. It will, therefore, be necessary to limit ourselves to the broad outlines of the subject. We shall endeavor to state the general basis of the banking business in Europe and to compare it with our own, and where European methods differ from each other in detail, we shall single out for the purpose of comparison that system which is generally acknowledged to be the most efficient. Furthermore, in speaking of Europe, we shall understand the term to mean primarily the three prominent financial powers, -- England, France, and Germany. Let us begin by establishing the line on which modern banking has developed. From the primitive method of bartering goods for goods, exchange gradually develops to the acceptance of an acknowledged standard or measure, be it the accepted value of an ox, a slave, a woman, a measure of grain, or a certain weight of metal. Those means of exchange which prove the most durable and, at the same time, are the handiest because, being the most precious, they absorb the least space, are finally evolved as the best measures of value. Thus gold and silver of officially certified weight and fineness have developed as the coin and currency of nations. The next evolution is that, instead of accepting and carrying about clumsy masses of metal coins, the owner is satisfied to accept a certificate of ownership of metal--the note. Here we see the first appearance of credit. Credit means, literally, faith; it is faith in the bank or government issuing the p...


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Product Details
  • ISBN-13: 9781235304064
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 56
  • Spine Width: 3 mm
  • Width: 189 mm
  • ISBN-10: 123530406X
  • Publisher Date: 13 Jan 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 118 gr

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The Currency Problem and the Present Financial Situation (Volume 3); A Series of Addresses Delivered at Columbia University, 1907-1908
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