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nydus/The Legalized Crime of BankingPublic

Silas Walter Adams critiques the Federal Reserve Banking System, arguing that its monetary policies have significantly inflated the costs of war and national debt. The book examines the historical impact of private banking practices on the American economy and proposes a constitutional alternative for the management of the nation's money supply.

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Table of Contents

Chapter VII Simplified Mechanics of Reserve Banking

Obligations of any person, co-partnership, association or corporation, in the form of notes or drafts secured by shipping documents, warehouse receipts, or other such documents transferring or securing title covering readily marketable non-perishable staples when such property is fully covered by insurance, if it is customary to insure such staples, shall be subject under this section to a limitation of 15 percentum of such capital and surplus in addition to such 10 percentum of such capital and surplus when the market value of such staples securing such additional obligation is not at any time less than 115 percentum of the face amount of such obligation, and to an additional increase of limitation of five percentum of such capital and surplus in addition to such 25 percentum of such capital and surplus when the market value of such staples securing such additional obligations is not at any time less than 120 percentum of the face amount of such additional obligation, and to a further additional increase of limitation or five percentum of such capital and surplus in addition to such 30 percentum of such capital and surplus when the market value of such staples securing such additional obligation is not at any time less than 125 percentum of the face amount of such additional obligation, and to a further additional increase of limitation of five percentum of such capital and surplus in addition to such 35 percentum of such capital and surplus when 'the market value of such staples securing such additional obligation is not at any time less than 130 percentum of the face amount of such additional obligation, and to a further additional increase of limitation of five percentum of such capital and surplus in addition to such 40 percentum of such capital and surplus when the market value of such staples securing such additional obligation is not at any time less than 135 percentum of the face amount such additional obligation, and to a further additional increase of limitation of five percentum of such capital and surplus in addition to such 45 percentum of such capital and surplus when the market value of such staples securing such additional obligation is not at any time less than 140 percentum of the face amount

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