Necessarily slow development of the system, 628. — Organization, number and location of banks, 630. — Opening of reserve banks and reduction of required reserve of member banks, 637. — Rediscounting operations, 641. — Open market operations, 645. — United States bonds and municipal notes, 646. — Trade and bank acceptances, 647. — The nation-wide check collection system, 653. — State banks and the reserve system, 662.

The War and the Financial Situation in the United States Get access O. M. W. Sprague O. M. W. Sprague Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 29, Issue 1, November 1914, Pages 181–186, https://doi.org/10.2307/1885302 Published: 01 November 1914

I. Spirit and obiects of the act, 213. — Advantages of the plan of regional banks, 216. — II. Organization of the system, 222. — Directors of the Federal Reserve Banks, 224. — Federal Reserve Board, 226. — III. Capital, earnings, deposits of the Federal Reserve Banks, 228. — New reserve requirements for national banks, 231. — IV. Clearing House functions of the Federal Reserve Banks, 234. — V. Federal reserve notes, 237. — National bank notes, 241. — VI. Lending operations of Federal Reserve Banks, 243. — How far operations with general public, 245. — VII. Additional powers granted to national banks, 249. — VIII. Supervisory functions of Federal Reserve Board, 251. — Probable relations of this Board to directors of Reserve Banks, 252.

The bond-secured notes have not been a serious element of weakness, 634. — The present practice of paying interest on bankers' deposits, the fundamental cause of inelasticity, 637. — And also of the lack of any reserve of lending power in our banking system, 638. — Regular redemption of notes alone would not ensure elasticity, 642. — Evils which may be attributed to the bond-secured notes, 645. — A plan for the substitution of an asset currency of limited volume, 646. — Proposal for the modification of the present method of paying interest on bankers' deposits, 650. — Summary of the proposals in this and the preceding article, 654.

A central bank with large lending power will not fit into our system, 71. — And it is not necessary, 74. — Its primary functions: (a) The settlement of clearing house balances, 77. — (b) To ensure the use by the other banks of their resources in emergencies, 79. — (c) Handling the domestic exchanges, 81. — The clearing of country checks, 84. — Method of selecting the directorate, 86. — Prohibition of collateral loans, 87. — The bank acceptance an unnecessary and hazardous device, 88. — Capital of the central bank, 89. — Note issue, 90. — Retirement of the gold certificate and the U. S. note, 91. — Statement of account of the proposed bank at the opening of business, 92.

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.

Introduction: the success of existing central banks, 363.—Minor obstacles in the United States, 365.—The functions of central banks, 369.—I. The activities of central banks in normal times, 373.—The absence of branch banking an insuperable obstacle in the case of government deposits and the issue of notes, 380.—Credit notes a dangerous instrument, when the use of deposit credit is general, 386.—II. The precautionary stage in the policy of central banks, 388.—The sliding scale of discount would be ineffective in the United States, 393. —The kind of central bank which has been proposed for the United States is unlike those in Europe, because it would not be able to restrain credit expansion, 396.—III. Activities of central banks during crises: a central bank not needed to handle the foreign exchange situation, 400; or to insure the continuance of loans, 403.—The suspension of payments can be remedied without revolutionary changes in our present system, 407.—Conclusion, 413.

Journal Article The Distribution of Money between the Banks and the People since 1893 Get access O. M. W. Sprague O. M. W. Sprague Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 18, Issue 4, August 1904, Pages 513–528, https://doi.org/10.2307/1882414 Published: 01 August 1904

Journal Article Branch Banking in the United States Get access O. M. W. Sprague O. M. W. Sprague Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 17, Issue 2, February 1903, Pages 242–260, https://doi.org/10.2307/1883664 Published: 01 February 1903

Journal Article The German Coinage Act of 1900 Get access O. M. W. Sprague O. M. W. Sprague Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 15, Issue 1, November 1900, Pages 147–149, https://doi.org/10.2307/1885866 Published: 01 November 1900