An Address By Senator Nelson W Aldrich Before the Economic Club of New York No
An Address By Senator Nelson W Aldrich Before the Economic Club of New York No
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5 per cent of its outstanding note issues. Against an uncovered issue of, say, $100, 000, 000, the Bank of France held in round numbers one hundred and forty millions of bankable bills. The Reichsbank is authorized to issue untaxed notes, first to the amount of specie and government notes and notes of other banks which it holds ; second to the amount of an arbitrary sum, known as the "contingent, '' which now is fixed at about $130, 000, 000. This contingent has been recently increased upon the... recommendation of the bank inquiry commission from $118, 000, 000 to $130, 000, 000, with a further increase on settlement days at the end of the quarters to $178, 500, 000. The amount of this contingent, you will notice, is at most only about $3 per capita for Germany, a rather incon- siderable sum when you think of the $35 per capita which we have in the United States. Any notes issued in excess of the aggregate of these amounts are taxed by the Government at the rate of 5 per cent. All notes issued by the Reichsbank, taxed or untaxed, must be covered by one-third of the amount in specie or government notes and two-thirds in bills of exchange of the character I have described.
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You can find similar books in the "Read Also" column, or choose other free books by Nelson W Nelson Wilmarth Aldrich to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
5 per cent of its outstanding note issues. Against an uncovered issue of, say, $100, 000, 000, the Bank of France held in round numbers one hundred and forty millions of bankable bills. The Reichsbank is authorized to issue untaxed notes, first to the amount of specie and government notes and notes of other banks which it holds ; second to the amount of an arbitrary sum, known as the "contingent, '' which now is fixed at about $130, 000, 000. This contingent has been recently increased upon the... recommendation of the bank inquiry commission from $118, 000, 000 to $130, 000, 000, with a further increase on settlement days at the end of the quarters to $178, 500, 000. The amount of this contingent, you will notice, is at most only about $3 per capita for Germany, a rather incon- siderable sum when you think of the $35 per capita which we have in the United States. Any notes issued in excess of the aggregate of these amounts are taxed by the Government at the rate of 5 per cent. All notes issued by the Reichsbank, taxed or untaxed, must be covered by one-third of the amount in specie or government notes and two-thirds in bills of exchange of the character I have described.
What to read after An Address By Senator Nelson W Aldrich Before the Economic Club of New York No?
You can find similar books in the "Read Also" column, or choose other free books by Nelson W Nelson Wilmarth Aldrich to read onlineMoreLess
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