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Excerpt from Acceptances: Their Importance as a Means of Increasing and Simplifying Domestic and Foreign Trade In presenting the subject of Acceptances for the consideration of the business men of the United States, we do so with a feeling of pride in the part that this bank has played in the commercial development of our country. The American Exchange Bank was organized in 1838, ante dating by many years the National Banking System. In 1865 it was converted into a National Bank, and it was one of the first banks to enter the Federal Reserve System. George S. Coe, who served as president of this bank from 1860 to 1894, clearly foresaw the time when material changes in our banking system would be needed. In 1881 Mr. Coe predicted the change from bond-secured currency to currency secured by com mercial assets and then declared that, after all, the latter was the most natural, useful and reliable basis. He also said. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1921 edition. Excerpt: ... a certificate on or accompanying the acceptance, to the following effect: 'The obligation of the acceptor of this bill arises out of the purchase of goods from the drawer.' Such certificate may be accepted by the Federal reserve bank as sufficient evidence; provided, however, that the Federal reserve bank, in its discretion, may inquire into the exact nature of the transaction underlying the acceptance." Open-Market Purchase of Bankers' Acceptances Regulation S, Series of 1915 Superseding Regulation R of 1915 In Regulation R, Series of 1915, relating to the discount of bankers' acceptances, the Federal Reserve Board provided for the purchase in the open market of bankers' acceptances based on the importation or exportation of goods. The Board further stated that it had not felt justified, when admitting State banks and trust companies into the Federal Reserve System, in stipulating that such domestic acceptances should not be continued under reasonable limitations as a part of their business. Inasmuch as the making of these acceptances has been recognized by the Board as the exercise of a legitimate banking function when authorized by law, it is thought that they are of the character to make desirable investments for Federal reserve banks. The Board therefore issued a new regulation (Regulation S, Series of 1915), not only embodying the authority given in Regulation R, Series of 1915, to purchase bankers' acceptances based on the importation or exportation of goods, but also authorizing the purchase of bankers' domestic acceptances within the limits prescribed in the regulation, which provides: "The Federal Reserve Board has determined that, until further notice, to be eligible for purchase under Section 14 at the rates to be...
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