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Proposals for Strengthening the National Banking System. I

O. M. W. Sprague

The Quarterly Journal of Economics, 1910, vol. 24, issue 2, 201-242

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.

Date: 1910
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The Quarterly Journal of Economics is currently edited by Robert J. Barro, Lawrence F. Katz, Nathan Nunn, Andrei Shleifer and Stefanie Stantcheva

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