Publisher's Synopsis
Excerpt from The Discount System in Europe
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.
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