Bank credit and agriculture, under the national and federal reserve banking systems online

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BANK CREDIT

AND
AGRICULTURE



VMeQraW'T/ill Book (a 7m

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BANK CREDIT AND
AGRICULTURE



UNDER THE

NATIONAL AND FEDERAL RESERVE BANKING SYSTEMS



BY

IVAN WRIGHT

ASSISTANT PROFESSOR OF ECONOMICS

IX CHARGE OF AGRICULTURAL ECONOMICS

COLLEGE OF COMMERCE AND BUSINESS ADMINISTRATION

UNIVERSITY OF ILLINOIS



Fibst Edition



McGRAW-IIILL BOOK COMPANY, Inc.
NEW YORK: 370 SEVENTH AVENUE

LONDON: 6 & 8 BOUVERIB ST., B. C. 4

1922



78107



Copyright, 1922, by the
McGraw-Hill Book Company, Inc.



PRINTED IN THE UNITED STATES OF AMERICA



2. OS

UvSW



TO

THE AMERICAN BANKER AND FARMER



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£



PREFACE

The object of this book is to outline the conditions of the
bank credit situation in relation to American agriculture under
the National and Federal Reserve banking systems. It seems
necessary to set forth briefly in Part I some of the short-term
credit needs of agriculture, without special regard to any par-
ticular banking system or institution, except for the purposes of
explanation and illustration. Part II will consist of a brief
history and analysis of the short-term agricultural credit con-
ditions under the national banking system with special consid-
eration of the legal and economic restrictions, and the seasonal
movements of currency. Part III will take up an investigation
of the Federal Reserve System in relation to short-term agri-
cultural credit. Consideration Avill be given to the provisions
for short-term agricultural credit, and the ways in which the
system has functioned in relation to agriculture, and the live-
stock industry.

It is not the purpose of this book to argue the case either
for or against agriculture, but rather to analj-ze the needs for
and conditions of short-term agricultural credit under the exist-
ing banking systems.

This volume is a simplified and condensed presentation of
the bank credit section of research investigations conducted by
the author into the problems of agricultural finance.

It is hoped that this book will meet a long-felt need for a
thorough understanding of the relation between agriculture and
the existing banking facilities. A large number of colleges and
universities offer courses dealing with the problems of credit,
banking and investments in relation to agriculture. These
courses are variously named as "Rural credits," "Financing
agriculture," and the like. This book' covers the fundamentals
and practices in financing agriculture in the United States and
is intended to mee1 the urgenl need of teachers and students