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Proposals for Strengthening the National Banking System. I

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  • O. M. W. Sprague

Abstract

I. Rapid growth of banking under state laws, 202. — The prohibition of real estate loans diminishes the profits of national banks and their power to serve the community, 204. — The large amount of funds employed away from home by the banks is a serious element of weakness in our credit system, 206. — The segregation of savings deposits with power to invest them in mortgage loans would reduce the congestion of credit in New York, 210. — II. The uselessness of reserves with agents in past crises, 217. — The strain on New York has been too severe, 219. — Proposal to substitute for the present system two classes of banks, local banks and reserve agents, 223. — The latter to be established anywhere but in all cases to hold a cash reserve of 25 per cent., 224. — The cash reserves of local banks to be increased to 10 per cent., the money released by the conversion of demand into savings deposits providing the means, 227. — III. Failure to use reserves in crises, 229. — Largely due to the use of clearing house loan certificates without their original complement of a provision for equalizing reserves, 231. — Summary account of the effects of their issue on successive occasions, 236. — Equalization not unfair to any bank and should be required by law when they are issued, 240.

Suggested Citation

  • O. M. W. Sprague, 1910. "Proposals for Strengthening the National Banking System. I," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 24(2), pages 201-242.
    • Handle: RePEc:oup:qjecon:v:24:y:1910:i:2:p:201-242.
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    File URL: http://hdl.handle.net/10.2307/1883557
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    Cited by:

    1. Rockoff, Hugh, 2015. "O.M.W. Sprague (the man who “wrote the book” on financial crises) and the founding of the Federal Reserve," Journal of Financial Stability, Elsevier, vol. 17(C), pages 35-45.
    2. Hanes, Christopher & Rhode, Paul W., 2013. "Harvests and Financial Crises in Gold Standard America," The Journal of Economic History, Cambridge University Press, vol. 73(1), pages 201-246, March.

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