1．HISTORICAL FOUNDATIONS OF MODERN MONEY 1
2．THE MONETARY SYSTEM OF THE UNITED STATES 16
3．CREDIT INSTRUMENTS USED IN COMMERCIAL BANKING 36
4．FINANCIAL INSTITUTIONS RELATED TO MONEY AND BANKING 55
5．THEORIES RELATING TO THE VALUE OF MONEY 81
6．PRINCIPLES OF COMMERCIAL BANKING 100
7．BANK RESERVES AND THE LIMITATION OF DEPOSIT CREATION 116
8．THE BASES OF BANKING OPERATIONS 134
9．GENERAL PRINCIPLES OF CREDIT IN RELATION TO ECONOMIC ACTIVITY 158
10．TOTAL SPENDING AND THE LEVEL OF BUSINESS ACTIVITY AND PRICES 177
11．MONETARY PRINCIPLES IN OPERATION：CURRENCY HISTORY TO 1900 194
12．HISTORICAL BACKGROUND OF THE AMERICAN BANKING SYSTEM 214
13．STRUCTURE AND FUNCTIONS OF THE FEDERAL RESERVE SYSTEM 233
14．INSTRUMENTS OF FEDERAL RESERVE POLICY 254
15．BASIC PRINCIPLES OF FEDERAL RESERVE POLICY 277
16．PROBLEMS OF FEDERAL RESERVE POLICY：IMPAIRMENT OF POWERS 296
17．GOVERNMENT AND BANKING：PROBLEMS OF SUPERVISION AND CONTROL 317
18．FINANCIAL POLICIES IN WARTIME 334
19．MONEY AND BANKING IN BOOM AND DEPRESSION 358
20．FINANCIAL DEVELOPMENTS AFTER WORLD WAR Ⅱ 377
21．SUGGESTIONS FOR MODIFICATION OF THE FEDERAL RESERVE SYSTEM 397
22．PROPOSALS FOR BANKING AND MONETARY REFORM 417
23．FISCAL POLICIES FOR FULL EMPLOYMENT 436
24．INFLATION，DEFLATION，AND THE BANKS 455
25．MONETARY IMPLICATIONS OF THE NATIONAL DEBT 480
26．PRINCIPLES OF FOREIGN EXCHANGE AND INTERNATIONAL PRICES 503
27．POLICIES AND PRACTICES IN INTERNATIONAL FINANCE 527
28．ECONOMIC CHANGE AND FINANCIAL POLICIES 543
INDEX 565