Publisher's Synopsis
Excerpt from Money and Banking, Vol. 5: A Discussion of the Principles of Money and Credit, With Descriptions of the World's Leading Banking Systems
This volume discusses questions in which the American people have been forced by events to take a deep and personal interest. The rise of prices and resultant in crease ih the cost of living since 1897 have provoked uni versal discussion and even called forth proclamations of disapproval from mayors, governors and other public men. Canada has succeeded in avoiding many of the monetary evils common to other countries. The panic of 1907, while it affected Canada, was due to causes prevail ing in the United States. Similarly the tight money situation in 1913 was caused by conditions south of the border. The discussion of both Canadian and United States money problems will, therefore, be of special in terest to business men in Canada.
It goes without saying that no man is fit to plan the digging of a tunnel or the construction of a railroad, to mend a clock or repair an automobile, unless he has had a certain amount of scientific training. In mechanics the world recognizes the need and practical value of science. In finance the same need exists, but it is not yet generally acknowledged. Everybody thinks he un derstands the money question, or that it is not worth understanding, and the average man is inclined to think that the business of banking is so simple that if our banks have in any way fallen short of their duty, the men who manage them must either be very ignorant of their business or very selfish and speculative in their methods.
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