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Banking and Currency; Hearings Before the Committee on Banking and Currency, United States Senate, Sixty-Third Congress, First Session, on H.R. 7837 (S. 2639) in Three Volumes Volume 3

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1913 edition. Excerpt: ...which will make it all absolutely safe? Then you have got it adjusted to the demand of business, whatever it may be. Senator Hitchcock. One o'clock has come, shall we take a recess? Senator Shafroth. I suggest, Mr. Chairman, that we meet again at half past 2. Senator Hitchcock. All right. We will take a recess until half past 2. (Thereupon, at 1.05 o'clock p. m., the committee took a recess until half past 2 o'clock.) After Recess. Senator Hitchcock. Prof. Jenks, will you resume your statement? Senator Nelson. I would like, Mr. Chairman, to get back to a question that is not clear to me at all; and I am going to put the question in a little different form from that in which I put it this morning. Prof. Jenks, this currency issued by the regional banks is nothing but the promissory notes of the regional banks which are guaranteed by the Government? Prof. Jenks. Substantially that. Senator Nelson. A promissory note to obtain money. Prof. Jenks. Yes. Senator Nelson. Well, we will say that you are a member bank and I am a regional bank. You deposit with me $100,000 in notes--90-day commercial paper--and you get $100,000 of that currency from me. You put that currency in circulation, it goes around, and ultimately it comes back to me? Prof. Jenks. Yes. Senator Nelson. I redeem it as the regional bank. Now, it may not come back until after all that commercial paper has been paid and collected. Prof. Jenks. Yes. Senator Nelson. We will suppose that you did not want to renew those notes or put in new notes. You allowed the notes to be paid, they were collected, and the money went to the regional bank, and the reserve notes that were issued upon it came back to the regional bank. Now, in that case are not the notes paid? Prof. Jenks. The notes are paid.... Hide synopsis

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