On banks and banking in Canada: a study of the bank returns with reference to proposed changes in the Bank Act. Treatise.
Bibliographic record
Abstract
promise to pay' which he classes among his liabilities as ' Deposits.' The result is the exchange of one credit payable in the future for another payable on demand.This ' promise to pay ' or credit, or deposit, when put into negotiable form so as to pass by delivery without endorsement, is called bank Circulation.It requires no argument to show, for it is apparent in the mere assertion, that Circulation being one form of credit, and bank Deposits another, the demand for the negotiable form, Circulation, will increase pro rata with the amount in the form of Deposits Bank credits put into the shape of checks and drafts constitute the great bulk of the circulating medium of the country, but the minor operations of trade must necessarily be done with money or bank credits in the form of money (Circulation), and these miaor operations keep pro rata pace with the larger transactions.So that to the extent that Deposits in banks increase, to the same extent is there a corresponding demand for Circulation."*While a bank may have a Circulation in due proportion to its Deposits, and only adequate to the currency needs of its customers, the amount may yet far exceed what is allowed by the Bank Act.If the Deposits in the Cana- dian banks were as large in proportion to the Capital as are the Deposits in the English and Australian banks (to be referred to later), a limitation of the amount of bank Circulation to the amount of paid-up Capital would be altogether inadequate to the currency needs of the country, in default of gold and silver coin : as Deposits grow with the development of the resources of the country, Circulation will grow pari passu.And from this it would appear that Capital alone may not be the proper standard to regu- late Circulation by ; it might be better, as it would be according to a truer principle, that the legal limit of Circulation should bear a certain proportion also to the amount of Deposits.Under equally good management and in like circumstances, all banks show a pretty uniform proportion of Deposits to Capital, and the Circulation being naturally in pro rata proportion to Deposits, it follows ultimately that Circulation also bears a regular proportion to Capital ; and so an objection to the present preferential lien of note- holders, that in case of failure it may absorb an altogether undue proportion of the assets, is obviated.An indispensable condition should be that adequate Reserves be kept against Circulation as well as Deposits.That would lend support to both, and on such a basis a bank might safely hold any reasonable amount of Deposits with a corresponding Circulation, while restraint would be put on inflation generally, and especially would inflation of Circulation by the discount of bills in order to increase the Deposit account be prevented.With legitimate business methods, the resources of a bank in specie and marketable securities ought to keep pace with the growth of Deposits, and * The bank bills maintained in Circulation in Canada are mainly in the hands of (i) Farmers and lum- bermen, and dealers in agricultural and other natural products; (2) Employers of labor on manufactures, and industrial employers generally ; (3) Shopkeepers ; and (4) The well-to-do classes.All these except the last two clashes get the bank bills directly or indirectly from the banks, generally by way of advances or discounts, sometimes as drafts on actual deposits ; the well-to-do classes get them as drafts on similar deposits, or if in business, also by way of discounts ; city shopkeepers, who hold a very large sum in the aggregate (this in the main is the Circulation created by manufacturers and importers), get them from workpeople and from the well-to-do classes ; country shopkeepers get them from farmers.It is the aggregate of these sums, kept floating at an average amount by the activities of business, operating through the Deposit account of the banks, that constitutes the bank Circulation.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.000 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.001 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".