Aphra Behn - "The Works of Aphra Behn, Vol. II"

Albert Mathiez - "Les grandes journees de la Constituante"

Various - "Scientific American Supplement, No. 286"

Ellis Towne; Sophie May and Ella Farman - "Lill's Travels in Santa Claus Land"

Annual Bibliography of Commonwealth Literature 2007
This paper argues that discourses of love in Ghanaian market literature for youth offer a view into complex negotiations of agency and empowerment. Drawing on Deborah Durham's notion of youth as "social `shifters'" and Francis Nyamnjoh's conception of the "interconnectedness" of agency, I take Ghanaian market literature as one specific case of how African literature for youth foregrounds questions of continuity and change as African societies enter into increasingly complex global relations. In this literature for youth, received notions of love, often constructed out of impressions from American pop and hip hop music, carry new notions of agency that compete with existing "domesticated" forms. Authors like Ike Tandoh and Evelyn Tay employ discourses of love to offer youth alternative avenues for empowerment in a context of socio-economic disenfranchizement. In a creative process of "straddling", this writing both reveals and reproduces the contradictions that obtain in youth configurations of agency.

Up To Date Business

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7. Every bank in certain designated cities, called reserve cities,
must keep a reserve of lawful money equal to twenty five per
cent. of its deposits. All other banks must keep a like reserve
of fifteen per cent., but three fifths of the said fifteen per
cent. may consist of balances on deposit in banks approved by the
comptroller in the reserve cities.

8. Each bank must keep on deposit in the treasury of the United States
lawful money equal to five per cent. of its circulation as a fund
for redeeming the same. This five per cent. may be counted as
part of its lawful reserve. This does not relieve banks from the
duty of redeeming their notes at their own counters on demand.

9. One tenth of the net profits must be carried to the surplus fund
until it is equal to twenty per cent. of the capital.

10. A bank must not lend more than one tenth of its capital to one
person, corporation or firm, directly or indirectly, nor lend
money on the security of its own shares, nor be the purchaser or
holder of its own shares unless taken as security for a debt
previously contracted in good faith, and if so taken they must
be sold within six months under penalty of being put in
liquidation.

11. Each bank must make to the comptroller not less than five reports
each year, showing its condition at times to be designated by
him, and he may call for special reports from any particular
bank whenever he chooses to do so.

12. Each bank must pay to the treasurer of the United States a tax
equal to one per cent. per annum on the average amount of its
notes in circulation. The shares are liable to taxation by the
States in which they are situated at the same rate as other
moneyed capital owned by the citizens of such States.

13. Any gain arising from lost and destroyed notes inures to the
benefit of the United States.

14. The comptroller has the absolute appointment of all receivers and
fixes their compensation. All moneys realised from the assets
are paid into the treasury to the credit of the comptroller, and
all dividends are paid out by him.

15. Over-certification of cheques is strictly prohibited, rendering
officers or clerks liable to imprisonment.

16. National bank directors are by law individually liable for the
full amount of losses resulting from violations of the national
banking laws.

STATE BANKS

Upon the establishment of the national banking system the greater
number of the banks incorporated under the laws of the several States
were organised as national banks. With others, however, the rights of
issue did not outweigh some inconveniences of the national system, and
as a result there is now an important class of banks, and loan and
trust companies, organised under State legislation and carrying on a
deposit and loan business. The regulations under which they work are
necessarily diverse, and the amount of public supervision over them
varies in different states. The State banks in existence when the
national banking system was organised were obliged to retire their
note circulation, owing to the fact that the government imposed a tax
of ten per cent. on their circulation. The object of the tax was to
secure the retirement of the State bank-notes to make room for the
circulation of the national banks. The internal mechanism of State
banks differs but slightly from that of national banks.


II. SAVINGS BANKS AND TRUST COMPANIES

SAVINGS BANKS

Nearly $2,000,000,000 is deposited in the savings banks of the United
States. This large sum represents the savings of about 5,000,000
people. The primary idea of a savings bank and of the post-office and
other forms of saving institutions in foreign countries is to
encourage thrift among the masses of the people.

The older savings banks, especially those in the eastern States, have
no capital stock. That is to say, they are mutual in their form of
organisation. Their capital is the accumulated deposits of a large
number of people. The depositors are the owners. When taxes and other
expenses are paid and a proper reserve set aside, the remaining
profits go in the form of interest to the depositors. Many of the
savings banks in the western States are capitalised as are other
financial institutions, and on the Pacific coast they have capital
stock or its equivalent in the form of a reserve fund in which the
majority of the depositors are not interested otherwise than so far as
it affords security for their deposits.

As these banks are the custodians of the surplus savings of large
numbers of people the laws of the several States have hedged them
about with many safeguards, not only for the protection of the
depositors but of the institutions themselves. It is eminently right
and proper that the State, through its bank commissioners or
otherwise, should so far supervise the operations of savings banks as
to see that they perform their part of their contract with depositors.

Safety, at best, is relative only; there is no absolute safety
for the twenty-dollar piece a man has in his pocket, whether he
is on the street, at his office, or by his own fireside. We are
reminded that 'riches take to themselves wings' and that
'thieves break through and steal.' No savings bank can keep
money on hand or deposit it or loan it with absolute safety. All
is comparative. It is a peculiarity of money that each dollar
requires watching; general supervision is insufficient; hence it
is that the safety of moneyed institutions depends upon the
capacity and honesty of those in control, and not upon adherence
to arbitrary rules. No set of rules can be adopted that will
bind dishonest men nor that will compensate for want of
experience and ability of honest ones.

There is really no conflict between commercial and savings banks. In
fact, a large number of the commercial banks of a country allow
interest upon average balances and standing deposits in the same
manner as savings banks. Primarily the savings bank creates wealth,
while the commercial bank handles it; the savings banks are creative,
while the commercial banks are administrative. The aim of the savings
bank is to gather money and invest it safely and thus bring profit to
the depositor; the aim of the commercial bank is to lend money at
fixed charges and thus bring profit to the institution. The former
opens its doors to savers, the latter to borrowers. One serves by
receiving and keeping and the other by lending. The savings bank aims
at making men savers as well as producers. It offers the aid of the
strong, who can manage well, to the weak and inexperienced. If the
5,000,000 depositors of savings in the United States were to hide
away their own savings nearly $2,000,000,000 would be withdrawn from
circulation. The savings bank invests its money. Its managers are as a
rule intelligent men, competent to make safe investments in solid
securities. The best savings banks are conservative and do not
encourage speculation.

The rules and regulations of savings banks differ largely. In some
institutions deposits of a dime at a time are accepted; in others a
dollar is the limit. Deposits usually begin to draw interest on the
first day of each quarter, but they are entitled to it only if they
remain until the end of the half-year. Thus money deposited on the 1st
of January is entitled to six months' interest on the 1st of July,
though it is not entitled to any interest if withdrawn in June. Some
few banks allow interest to begin on the 1st of each month. Most
savings banks do not permit money to be withdrawn short of thirty
days' notice. Students of this course who are interested in securing
definite information upon this subject regarding any particular bank
should apply to that bank for a set of its rules and regulations for
the information of depositors.

TRUST COMPANIES

There has grown up in this country a class of financial institutions
which take a sort of middle ground between the commercial bank and the
savings bank, so far as their service to the public is concerned.
These are what are known as trust companies. National banks are
prohibited by law from making loans on real estate, and though State
banks are not hedged in this way, as a matter of good banking they
usually avoid loans of this character. The policy of commercial banks
is to make a great many comparatively small loans on short-time paper,
while that of the trust company is to make large loans on long-time
securities. The deposits of trust companies consist largely of
undisturbed sums such as might be set aside by administrators,
executors, trustees, committees, societies, or from private estates.
They are such as are not likely to fluctuate greatly in amount. From
the very nature of their deposits trust companies find it convenient
and profitable to make larger loans and at longer periods than do
ordinary banks. Trust companies not only receive moneys upon deposit
subject to cheque and for savings, and loan money on commercial paper
and other securities, as do commercial banks; but they also act as
agents, trustees, executors, administrators, assignees, receivers for
individual properties, and corporations. They frequently assist as
promoters or reorganisers of corporations and in the sale of stocks,
bonds, and securities. They act also as agents for the payment of
obligations maturing at future dates, such as the premiums on
insurance, interest on mortgages and bonds, etc. Trust companies are
organised under the laws of the State in which they exist and are
usually subject to all the supervision required in the case of State
banks.


III. CORPORATIONS AND STOCK COMPANIES[9]

CORPORATIONS

Stock companies are usually referred to as corporations, though all
corporations are not stock companies. A corporation is a body
consisting usually of several persons empowered by law to act as one
individual. There are two principal classes--(1) public corporations
and (2) private corporations. Public corporations are not stock
companies; private corporations usually are. Public corporations are
created for the public interest, such as cities, towns, universities,
hospitals, etc.; private corporations, such as railways, banks,
manufacturing companies, etc., are created usually for the profit of
the members. Corporate bodies whose members at discretion fill by
appointment all vacancies occurring in their membership are sometimes
called close corporations.

POWER TO BE A CORPORATION IS A FRANCHISE

In the United States the power to be a corporation is a franchise
which can only exist through the legislature. There are two distinct
methods in which corporations may be called into being: First, by a
specific grant of the franchise to the members, and, second, by a
general grant which becomes operative in favour of particular persons
when they organise for the purpose of availing themselves of its
provisions. When the specific grant is made it is called a charter. In
the case of private corporations the charter must be accepted by the
members, since corporate powers cannot be forced upon them against
their will; but the charter is sufficiently accepted by their acting
under it. When special charters are not granted individuals may
voluntarily associate, and by complying with the provisions of certain
State laws may take to themselves corporate powers. In some of the
States private corporations are not suffered to be created otherwise
than under general laws, and in others public corporations are created
in the same way.

FOOTNOTE:

[9] For a preliminary treatment of the subject of this lesson the
student is referred to Part I. of this book, entitled "General
Business Information," especially Lessons XII. and XV.

A CORPORATION MUST HAVE A NAME

A corporation must have a name by which it shall be known in law and
in the transaction of its business. The name is given to it in its
charter or articles of association and must be adhered to. The
necessity for the use of the corporate name in the transaction of
business follows from the fact that in corporate affairs the law knows
the corporation as an individual and takes no notice of the
constituent members.

CORPORATE INTERESTS

In municipal corporations in the United States the members are the
citizens; the number is indefinite; one ceases to be a member when he
moves from the town or city, while every new resident becomes a member
when by law he becomes entitled to the privileges of local
citizenship. In corporations created for the emolument of their
members interests are represented by shares, which may be transferred
by their owners, and the assignee becomes entitled to the rights of
membership when the transfer is recorded; and if the owner dies his
personal representative becomes a member for the time being. In such
corporations also shares may be sold in satisfaction of debts against
their owners.

ADVANTAGES OF CORPORATIONS AND JOINT-STOCK COMPANIES OVER PARTNERSHIPS

The following are given as a few of the advantages which are claimed
for corporations and joint-stock companies over partnerships:

1. Union of capital without the active service of the investors.

2. Better facilities for borrowing. It is a common thing for a
partnership to be changed to a stock company for the express purpose
of raising money by the issue of bonds or stock.

3. Limited agency of directors. A partner may pledge and sell the
partnership property, may buy goods on account of the partnership,
may borrow money and contract debts in the name and on the account
of the partnership. Directors of a joint-stock company must act in
accordance with the provisions of the by-laws of the company.

4. The continuous existence of a company.

5. New shareholders are admitted more easily than new partners.

6. A retiring partner is still liable for existing debts. A
shareholder may retire absolutely by selling his stock and
having it legally transferred.


IV. BORROWING AND LOANING MONEY[10]

THE MONEY MARKET

Money, like other articles of commerce, has for hundreds of years had
its fields for the production of the raw products, its manufacturing
establishments, its markets and exchange centres, its sellers and
buyers, its wholesale and retail dealers, and its brokers and
commission merchants. Out of this trade in actual coin has grown a
trade in paper notes, which are really only promises to pay coin, and
out of this latter trade has grown up during recent years a still
further enormous trade in securities representing all kinds of
property. Very often these securities are based solely upon the credit
of the names attached to them, so that our modern system of borrowing
and loaning money is really a system of borrowing and loaning credit.
When our government borrows $100,000,000, as it did a few years ago,
it gives "its bond" that the money will be paid. When States, or
cities, or railroads, or other corporations borrow money they issue
bonds guaranteeing payment at a particular time. When an individual
borrows money he gives his "bond" in the form of a promissory note.
These bonds pass from hand to hand and have a fairly constant value
in the money market. They really represent the money trade to a much
larger extent than does actual coin, so that the borrowing or loaning
of money really means, to a very large extent, simply the borrowing or
loaning of credit. If we borrow a $10 gold piece we borrow money; if
we borrow a $10 bill or an indorser's name for the back of our note we
simply borrow credit--in the one instance the credit of the United
States and in the other the credit of the man who indorses our paper.

FOOTNOTE:

[10] The student is also referred to Part I. ("General Business
Information"), Lesson IX.

BORROWING FROM BANKS

It is the business of a bank to loan money to responsible persons
within reasonable limits. The regular customer of the bank is entitled
to and will receive the first consideration if the demand is larger
than the bank can safely meet. A business man should not hesitate,
when occasion requires, to offer his bank any paper he may want
discounted, if in his opinion it is good, nor should he be offended if
his banker refuses to take it even without giving reasons. A portion
of the loans of many banks consists of investments in solid bonds, but
the bulk of the loans of banks is made on commercial paper. Time and
demand loans are made upon collaterals of many descriptions. The
larger banks loan on an average from $50,000 to $100,000 a day. Banks
_discount_ paper for their depositors--and simply term the operation
discounting; but when they go outside of their line of depositors in
making investments in time paper they call it _buying_ paper. They
generally buy from private bankers and note brokers. National banks
are prohibited from loaning over ten per cent. of their capital to any
one individual or corporation except upon paper representing actually
existing merchandise.

WHAT ARE COLLATERALS?

If a business man borrow $1000 from a bank on his note and give ten
shares of stock to the bank, to be held by it simply as security, the
stock thus given would be termed collateral. These collaterals are not
the bank's property and the bank is responsible for their safe
keeping. If coupons mature while bonds are being held as collateral,
the owners are usually allowed to collect the amount for which they
sell. Sometimes one note is given as collateral security for another
which is discounted.

ACCOMMODATION PAPER

Notes and acceptances that are made in settlement of genuine business
transactions come under the head of regular, legitimate business
paper. An accommodation note or acceptance is one which is signed or
indorsed or accepted simply as an accommodation and not in settlement
of an account or in payment of an indebtedness. With banks
accommodation paper has a deservedly hard reputation. However, there
are all grades and shades of accommodation paper, though it represents
no actual business transaction between the parties to it and rests
upon no other foundation than that of mutual agreement. No contract is
good without a consideration, but this is only true between the
original parties to a note. The third party, or innocent receiver or
holder of a note, has a good title and can recover its value even
though it was originally given without a valuable consideration. An
innocent holder of a note which had been originally lost or stolen has
a good title to it if he received it for value, the law justly
protecting such a holder against the fault or carelessness of others.

NOTE BROKERS

Merchants sell a great many of their notes in the open market--that
is, to note brokers. The banks buy these notes from the note brokers.
The assistance of the broker who handles commercial paper is a
necessary and valuable aid to the purchasing bank. Fully three fourths
of all the paper purchased by banks in large cities is purchased upon
the simple recommendation of the note brokers. As a rule these brokers
simply transfer the paper without guaranteeing by indorsement its
payment. Notes bought by banks from note brokers without their
indorsement are held to be guaranteed by them to be all right in all
points except that which covers the question of whether they will be
paid or not. The bank uses its best judgment in taking the risk. If
the note dealer in selling notes to a bank makes what he believes to
be fair and honest representations regarding any particular
paper--statements of such a straightforward type that upon them no
charge of false pretenses can be made to rest--he simply guarantees
the note genuine as to names, date, amount, etc., and that in selling
it he conveys a good title to the paper. As business men, however,
they are very cautious and are exceedingly anxious that the paper they
sell shall be paid, and as a rule they make good any losses which grow
out of apparent misrepresentations on their part.

BANKERS' RATES FOR LOANS

In loaning money on demand, when it is strictly understood between
bank and borrower that the money so advanced is positively minute
money--money returnable at any minute when the bank calls for
it--banks usually charge low rates of interest. When interest rates
are high bankers prefer to deal in long-time paper. This general rule
is reversed when the situation is reversed. Bankers aim also to
scatter and locate their maturities so that as the seasons roll around
they will not have very large amounts maturing at one time and very
small amounts at another. They plan also to be "in funds" at those
seasons when there is always a large and profitable demand for money.
For instance, in the centres of the cotton-manufacturing interest the
banks count on a large demand for money between October and January,
when the bulk of the purchases to supply the mills are made. Again,
among those who operate and deal in wool there is an active demand for
money in the wool-clip in the spring months. The wheat and corn crops
are autumn consumers of money. Midwinter and midsummer in the north
are usually periods of comparative stagnation in the money market. All
these things affect rates, and the successful banker is he who from
observation and large experience shows the most skill in timing his
money supply.


V. COLLATERALS AND SECURITIES

TWO DISTINCT CLASSES OF SECURITIES

There are two distinct classes of mortgage securities--one class based
upon the actual value and the other upon the earning value of the
property. When a man lends money upon a dwelling-house he bases his
estimate of security upon (1) the cost of the property, (2) its
location, (3) the average value of adjoining properties, and (4) the
general character of the locality; that is to say, the value of the
property is the basis of the security. On the other hand, the lender
of money upon railway mortgages, for instance (that is, the buyer of
securities known as railway mortgages), considers the general earnings
of the road rather than the cost of building and equipping the road as
the correct basis upon which to estimate the value of the security.
These two classes of securities differ in other particulars. The value
of the mortgage upon ordinary real estate is constant and the security
itself is not so likely to change ownership, while the value of the
railway mortgage may vary with the success or failure of the road, and
the security itself is in the market constantly as a speculative
property. The whole property of a railroad company, considered simply
as real estate and equipment, is usually worth but a small fraction
of the amount for which it is mortgaged. The creditors, as a rule,
depend for the security of their money upon the business of the
company.

We have already learned that collaterals are mortgages, stocks, bonds,
etc., placed temporarily in the hands of lenders as additional
security for money borrowed. The student will note, further, that the
borrowing value of such securities depends very largely upon the
character of the property represented.

MORTGAGES AS SECURITIES

A MORTGAGE is a conveyance of property for the purpose of securing
debt, with the condition that if the debt is paid the conveyance is to
become void. A mortgage in form is really a deed of the land, with a
special clause stating that the grant is not absolute but only for the
security of the debt. It is usual for the debtor at the time of
executing the mortgage to execute also a bond or promissory note in
favour of the creditor for the amount of the debt. This is called a
MORTGAGE NOTE. Mortgages are frequently given in cases where there is
a debt existing to secure or indemnify the mortgagee against some
liability which he may possibly incur on behalf or for the benefit of
the mortgagor. For instance, when a man has indorsed another's note
for the latter's accommodation or gone on his bond as surety the
latter may execute to the former a mortgage of indemnity. The power of
a corporation to mortgage its property is usually regulated by its
character or by the general law under which it is organised. All
mortgages must be recorded in the office of the register of deeds for
the county in which the property is located. The object of recording
is to give notice of the existence of the mortgage to any one who
might wish to purchase the land or to take a mortgage upon it. There
may be several mortgages upon the same property. The first mortgagee
is entitled to be paid in full first, then the second, and so on. The
mortgagee may use his mortgage as security for loans or he may assign
it as he pleases. When the requirements of a mortgage are not met the
holder has under certain conditions the right to FORECLOSE--that is,
to advertise the property for sale and, within a time fixed by law, to
sell it to satisfy the mortgage. It is usual for the mortgagor to
insure the property for the benefit of the mortgagee.

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