Background
WARBURG, Paul M. was born on August 10, 1868 in Hamburg, Germany. Son of Moritz and Charlotte (Oppenheim) Warburg.
(Unlike some other reproductions of classic texts (1) We h...)
Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.
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(By Paul M. Warburg. If banks were to keep, in cash, all t...)
By Paul M. Warburg. If banks were to keep, in cash, all the money deposited with them, business would come to a standstill and a crisis would ensue. If banks were to lend to those who apply for loans all the money on deposit with them, a general panic and collapse would follow a short period of overstimulation. Between these two extremes lies the middle course, the finding of which is the problem, and its practice the art of banking. No mathematical rule can state the correct proportion between reserves and demand obhgations. The proper solution of this question depends in each country on its varying political and economic conditions and on its financial system. This general principle, however, may be safely laid down: with the present system of immense deposits payable on demand, and, by right, payable in gold, at the option of the payee, only that structure is safe and efficient which provides for effective concentration of cash reserves and their freest use in case of need, and enables the banks, when necessary, to turn into cash a maximum of their assets with a minimum of disturbance to general conditions. (Typographical errors above are due to OCR software and don't occur in the book.) About the Publisher Forgotten Books is a publisher of historical writings, such as: Philosophy, Classics, Science, Religion, History, Folklore and Mythology. Forgotten Books' Classic Reprint Series utilizes the latest technology to regenerate facsimiles of historically important writings. Careful attention has been made to accurately preserve the original format of each page whilst digitally enhancing the aged text. Read books online for free at www.forgottenbooks.org
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(This scarce antiquarian book is a facsimile reprint of th...)
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WARBURG, Paul M. was born on August 10, 1868 in Hamburg, Germany. Son of Moritz and Charlotte (Oppenheim) Warburg.
(Unlike some other reproductions of classic texts (1) We h...)
( This work has been selected by scholars as being cultur...)
(This scarce antiquarian book is a facsimile reprint of th...)
(By Paul M. Warburg. If banks were to keep, in cash, all t...)
Clubs: Metropolitan, Cosmos, Chevy Chase, Midday, Recess, City (New York), Sleepy Hollow, Century Country.
Spouse Nina J. Loeb, 1894, N.