Part III: Credit 



UNITED STATES. 



FEDERAL BANKS AND FINANCIAI, ORGANIZATION. 



OFFICIAI, SOURCES: 



An Act to provide for the establishment of Federal reserve banks, to furnish an 

 elastic currency, to afford me.\ns of rediscounting commercial paper, to estab- 

 lish a more effective supervision of banking in the united-states, and for other 

 PURPOSES. Approved 23 December 1913. Public, N° 43, 63 D Gongiess. 



The Federal FarmI^oan Act. Approved 17 July 1916. Senate, Document N°. 500, 64th. Con- 

 gress, ist session. 



An Act to amend certain sections of the Act entitled " Federal reserve Act " ap- 

 proved 23 December 1913. Approved 7 September 1916. Public, No. 270, H. R. 13391, 

 64th Congress. 



Davis (Andrew Mc Failand) : The Origin of the National Banking System. National Monetary 

 Commission. Washington. Government Printing Office. 1910. 



NOYES (Alexander Dana) : History of the National-Bank Cuirency, ibid. 1910. 



Holdsworth (John Thom) : The Fiist and Second Banks of the United States. National 

 Monetary Commission, ibid : 1910. 



National Monelvry Comihssion. Special Report from the Banks of the United States, ibid. 

 1909. 



OTHER SOURCES: 



Sprague (O. M. W.) The Fedeial Reser\-e Banking System in Operation, The Qtiarferly Jouy- 

 nal of Economics, Vol. XXX, N° 41, August 1916, Cambridge (Mass) U. S. A. 



MoiRE.\u (August e) : I<es nouvelles Banques federales aux Etats-Unis {The New Federal Bank^ 

 in the United States), R^vue de Paiis, 24th year, N" i., Paris, i January 1917. 



The Journal of Political Economy, Vol. XXIV, N° 10., Chicago, December 1916. 



Financial and banking organization in the United States, certain de- 

 fects of which were repeatedty pointed out b}^ financial experts and econo- 

 mists and were thrown into relief by the crisis of 1907, has undergone in 

 recent years a significant transformation. 



Recurrent and multiplied attempts, and also numerous failures, pro- 



