Banking and Currency

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Excerpt from Banking and Currency: Hearings Before the Committee on Banking and Currency, United States Senate, Sixty-Third Congress First Session on S. 2639, A Bill to Provide for the Establishment of Federal Reserve Banks, for Furnishing an Elastic CurrencyMr. Vanderlip. I feel that there are two important things to be accomplished by any legislation - the mobilization of reserve and the creation of an elastic currency. I think this measure has gone a long way toward that, but has failed of accomplishing both of those things. I feel that the mobilization of the reserve has got to come about by what is practically a single reserve reservoir, and that the 12 reserve reservoirs which have been provided in the bill will not practically bring that about. I believe a single reservoir would be best, and any reduction from 12 will be an improvement. I think if you could reduce it to 4, it would probably work pretty nearly as well as 1, and would perhaps have some advantages over 1.The chairman. Is your reason for that because you think that if the regions were small the demands upon a particular region at seasonal periods would be too exacting on the local reserve bank?About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.