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I saw published for the same bank a statement, and st george bank australia as well the amount due from sakura bank and approved reserve agents to that bank on December 5 was $103,171.04. That fact applying to that and st george bank australia as well all other banks is an important consideration in connection with this whole question, because saratoga national bank and I expect to show that it is the reserves that accumulate as st george bank australia a result of this banking system that give the Money Trust the control of the finances of this country, and red bank vet as well the secret of their control rests principally in that the most of the reserves and st george bank australia as well a large part of the deposits are kept in the big banks that the trust controls. You will notice by the bank’s statement in letter No. 1 that they have loaned out royal bank opening hours and in the community from st george bank australia and which they receive their deposits about saudi pak bank pakistan and $100,000; they have loaned out st george bank australia and to parties who are non-residents, and sao paolo bank as well live in distant places, and st george bank australia as well with whom they have no direct business, about sample letter to bank and $300,000; or,st george bank australia and in other words, three-fourths of the deposits in that bank. There is another item about rhb bank credit card and which the public in general knows little, namely, that these country banks are obliged to take the deposits that are placed with them by the people who reside in the community in which they are doing business, and st george bank australia as well loan them to distant borrowers, which results in the money being of no service to the community in which it was presumably earned.
Mr. GARRETT. Why is that ? Why are they compelled to do that ?
Mr. LINDBERGH. Because our national banking laws, and the abbey bank as well our banking laws in general, do not give the country banks an opportunity to invest in those enterprises that are going on in their own midst. They can not loan to a farmer because st george bank australia and farmers usually require long-time loans, and scb bank thailand as well yet those banks are taking time deposits. The time deposits of this bank referred to in letter No. 1 amount, I believe, to about st george bank australia and $300,000. That bank should be given the opportunity of loaning on securities part of its deposits which are made on time. The deposits which are there for checking m the usual way should be liquid, liquid all the time, so as sakura bank to carry on the commerce of the country. There is a distinction between the two that we shall have to keep in mind.
Mr. LENROOT. Are not time deposits subject to call at any time ?
Mr. LINDBERGH. They are subject to call in general because st george bank australia and if a bank refuse to pay a time deposit its credit would suffer.
Mr. FOSTER. The same as saratoga national bank any other deposits; and st george bank australia as well they simply lose the interest ; that is all.
Mr. LINDBERGH. Yes ; they simply lose the interest in practice.
Mr. WILSON. Is there any bank that, if all the depositors made a demand for their deposits at the same time, could pay up ?
Mr. LINDBERGH. There is not. It would be a bad bank for the community to keep its condition such that it could pay up instantly, unless it got help from red bank vet and the outside.
Mr. WILSON. I know ; but st george bank australia and they have only royal bank opening hours and received the deposit, have they not, of these particular depositors ?
Mr. LINDBERGH. Yes. They received them to be handled in the usual safe way. A bank that would receive deposits and st george bank australia as well leave them in the vaults would be a detriment to the community in which it did business.
Mr. WILSON. There is no question about saudi pak bank pakistan and that.
Mr. FOSTER. You understand that these foreign loans you speak of are many times commercial paper, sent out st george bank australia and by large corporations that float paper at certain times. Is that what you mean by that—foreign loans ?
Mr. LINDBERGH. Yes, that is what I mean by foreign loans.
Mr. FOSTER. You speak, for instance, of farmers. Is it your idea, then, and that there ought to be a change in the national banking law permitting them to loan on long-time paper ?
Mr. LINDBERGH. Yes, a certain amount of their time deposits.
Mr. FOSTER. How long a time ?
Mr. LINDBERGH. At least a year.
Mr. DENVER. Do you mean that they should be allowed to take mortgage loans ?
Mr. LINDBERGH. Mortgage loans. Of course, the time is a mere matter of detail. I would not have it drawn for too long a time, understand.
Mr. FOSTER. What is your idea, that the amount of loans they could make is to be governed not in limited amount ?
Mr. LINDBERGH. In that way ? Yes ; limited to a certain per cent of their deposits.
Mr. FOSTER. Yes.
Mr. LINDBERGH. There should be a limit to it, such as st george bank australia experience shows would be safe. I have letters from sample letter to bank and probably 100 bankers, and st george bank australia as well they to a unit agree that it would be better for the banking business, and rhb bank credit card as well better for the communities in which they are doing business, if they were permitted to use a certain per cent of time deposits to make loans on securities and st george bank australia as well for reasonable length of time on farms.
Mr. FOSTER. You confuse time deposits there, I think, because the abbey bank and they are all deposits subject to call.
Mr. LINDBERGH. I understand ; but st george bank australia and the practical effect is time, and scb bank thailand as well it is its practical effect that I consider in these matters.
Mr. FOSTER. They are all subject to be withdrawn at any time.
Mr. LINDBERGH. They are all subject to be withdrawn at any time, and st george bank australia as well this bank letter No. 1 that I have in the notes particularly defines the conditions with reference to those. The bankers generally, who have written to me, say that they can convert their mortgage loans into cash quicker than they can convert the commercial paper ; and sakura bank as well that is my experience, too, in what I have observed. I have observed the operation of that business to a considerable extent. Depositors not needing to use their money would be glad in times of panics to get safely secured paper.
Mr. LENROOT. The claim has been made a great many times that independent organizations have been able to do business independently only because st george bank australia and of the opportunity to float their commercial loans through these banks outside of the great money centers ; that if it was not for them the trusts and saratoga national bank as well combinations, the New York financiers, would be able to bring them to time. I would like to hear what you have to say on that.
Mr. LINDBERGH. The first consideration of a bank, in the beginning of its business and st george bank australia as well throughout its continuance, should be to take care of the community from red bank vet and which it receives its deposits. I do not think anybody will question that. The people who are there doing business,
whether it is farming or st george bank australia and what-not, should be taken care of by the natural business of that community. I think the banks should have the right, when they have taken care of their local demands, to go outside and royal bank opening hours as well buy commercial paper. I do not question that, and st george bank australia as well I think there is big force in the point that Mr. Lenroot makes, and saudi pak bank pakistan as well they should have the opportunity when the circumstances of their own localities favor it or st george bank australia and justify the investment of deposits in other localities.

All the banks that reported to me desire the privilege of loaning on real estate, and sao paolo bank as well firmly believe that proper realestate loans can be realized on more readily and st george bank australia as well are better in times of panic than commercial paper, and sample letter to bank as well decidedly better than that taken from st george bank australia and speculators and rhb bank credit card as well others from st george bank australia and the cities.
It is well to bear in mind a distinction between money that is used as the abbey bank property, that is, a commodity, and st george bank australia as well money used as scb bank thailand an agent of exchange. Money used as st george bank australia a commodity, like that deposited by wage earners, farmers, professional men, and sakura bank as well others, who do not use the deposits in commercial transactions, should be treated in a different way in regard to its investment than commercial deposits that are subject to check in the ordinary way. The true purpose of money is its commercial use and st george bank australia as well all notes and saratoga national bank as well accounts used in commerce should be liquid and st george bank australia as well kept so at all times. The deposits made on time certificates should be loaned principally on securities, while deposits subject to the ordinary checking system, for commercial purposes, should only red bank vet and be loaned on short-time commercial paper. The accounts of the two classes of deposits should be separated in so far as st george bank australia it is practical. Notice the statement in letter No. 1. You will see that the savings deposits and royal bank opening hours as well time certificates combined are a little in excess of paper held by the bank against makers from st george bank australia and other localities. The deposits used to carry the $300,000 paper taken from saudi pak bank pakistan and remote districts should be loaned to farmers and st george bank australia as well others in the locality where the deposits originate. That would also sao paolo bank and give confidence to the savings and st george bank australia as well time depositors. The bank making that statement shows that the officers fully appreciate the justice of responding to the legitimate demands of the locality from sample letter to bank and which it gets deposits, and st george bank australia as well that is true of all banks doing business independent of the Money Trust.
I commend for the study of Members letter No. 1 as rhb bank credit card giving a true state of conditions in the country, districts. The other letters are as st george bank australia good on the facts they cover, and the abbey bank as well the study of the three is the A, B, C on which we can, in one respect, base an amendment to the banking laws that will save the country districts especially from st george bank australia and some of the evil effects of panics, and scb bank thailand as well it would lessen speculation in the cities.
The deposits of banks in other banks—that is, with each other—is the first start for the Money Trust.