NOTES AND GOLD

Evening Post, Issue 88, 12 April 1924, Page 17

NOTES AND GOLD

"Federal Reserve Notes." ■ By Henry Rawie. Published in New York by .'■.: the.Author. • ',H ' ■ , : ■• Mr. Rawie is by no means enamoured of the American Federal Reserve System. It is not (hefsays^-'succfissfulVfrom any banking standpoint; and "mainly a parasite consuming.'profitsj;':. confusing the flow of currency^ 'doirig'rio fienefit to bankingin general;*tit;-is:a\special benefit _ only to'a fe\v.'ricn'sba'nks'in great cities." : Mr.. Rawie' is"-.&' lucid and arresting writer. He wastes no words, and I' Le states , his arguments , against' ■. 'the | Federal Reserve System 'with force and | obvious sincerity.- He maintains in this his revised edition of.'VFederal Reserve Notes," . that i the1. system should cover the banks of the whole of the United States, but exclude all banks, with capital of less .than; 1,000,000/ dollars; making the rules more stringent than they are at present; and providing'connections for, small banks with close neighbouring members of the Federal Reserve System? His. remarks upon.;the.nature and functions . ;rf. ■ money,:., apart ..altogether from his opinionsl on the, Federal Reserve, will ensure for his- little ibook a warm welcome from all interested in economical questions, scientifically considered.