Money - 1899 Author:Unknown Author Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: the capital, and thus be entitled to a corresponding representation in the board of directors; and the power of appointing the chief officers should be reserved,... more » as in France. The power of examination at any and all times should likewise be reserved. By fixing the terms of the Government directors for long periods the danger of political trouble would be partially avoided. The responsibility involved in selecting capable men would operate to bring the fittest into the places to be filled. V. A large capital is absolutely necessary—not less than $40,000,000; and should the Government not take all of it, the banks of the country should have the first opportunity to subscribe therefor, in such manner as would enable each incorporated institution to take at least one share. Thus the entire banking power of the country would be enlisted, and the resulting co-operation would enormously increase the facilities of the financial, for the benefit of the commercial, interests. VI. The bank would take over all of the currency functions of the Treasury; would receive, hold and disburse the public moneys, thus avoiding the constant danger of depriving trade of currency by locking it up in the sub-treasuries. It would be able to maintain specie payments in the same manner in which the banks of England, France and Germany do now; and the people would no longer be taxed to pay for bonds and interest for this purpose. Every bank in the country should be permitted to issue notes after placing the required security with the central bank (or one of its branches, of which there should be at least one in each State) and providing for the prompt redemption. Thus every town would have its local circulation as now, guaranteed by the central bank, making it good everywhere. Details for the carrying ou...« less