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RESERVE SYSTEM

BY

EDWIN WALTER KEMMERER, PH.D.

PROFESSOR OF ECONOMICS AND FINANCE

IN PRINCETON UNIVERSITY

With a Preface by
BENJAMIN STRONG, LL.D.

GOVERNOR OF THE FEDERAL RESERVE BANK OF NEW YORK

FOURTH EDITION

PRINCETON UNIVERSITY PRESS

PRINCETON, N. J.
LONDON: HUMPHREY MILFORD
OXFORD UNIVERSITY PRESS

COPYRIGHT, 1920.

PRINCETON UNIVERSITY PRESS

Princeton, N. J.

Published September, 1918
Revised December, 1918

Revised March, 1919
Second printing April, 1919
Third edition, November, 1919

Fourth Edition, April, 1920
Printed in the United States of America

217750

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