Excerpt from Banking Progress Inasmuch as active charge of the educative campaign leading up to the enactment of the Federal Reserve sys tem was laid upon me, I have been repeatedly urged to set down the inside history of the movement. It is too soon, however, to publish any such account. But it has seemed justifiable to give to the public the exact bill with its commentary (chapter IX) which was in 1912 - 1913 offered by me to the framers of the bill. That it was mis represented at the time goes without saying. Its perusal will show that its recommendations regarding the note issues were not followed. One reason, to my mind, why its appearance now may be timely is the acute condition to-day of the note-issues and reserves, resulting from our war financing, which suggests that important changes may be ahead of us in order better to protect our note issues from undue expansion, and better to separate our issue from our discount and deposit functions of bank ing. It seems strange that in the most important bank ing enactment of our history we should have gone back in effect to the practice of the old United States Bank wherein one cash reserve was kept for both demand liabilities, notes and deposits. The account of the work ing of the Federal Reserve Act for the five years since its enactment (chapter XI) shows some shortcomings both in policy and structure which demand attention, especially in View of the responsible position that we have assumed in the world of credit. 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.