The plan in Part I of the book is to review, first, the simple procedure in banking and credits; their development; their relation to the subject of money, and to give an analysis of the meaning and utility of credit. A treatise on the banking system of the United States before the adoption of the Federal Reserve System is given for the purpose of drawing a comparison with the Federal Reserve System following. The principles and operation of the Federal Reserve are briefly but interestingly outlined in their particular relation to commercial banking practice and to the rapidly growing American discount market.

The banking and credit systems of England, France and Germany should be found very helpful and of interest to the study and to the application of the acceptance method in commercial banking and credit practice.

Part II treats of the trade and bank acceptance and their importance to modern day commerce and finance. Therein are reviewed many important topics comparatively new to American banking and business. The history of the acceptance, its re-introduction into the system of American credit and finance, its practical utility in the conduct of American business, its advantages to the buyer, seller, retailer, banker, investor and to the national interest, the American discount market, discount corporations, expressions and opinions by specialists on the acceptance method, and general conclusions as to the need for co-operation by all interests concerned, are the main features of Part the Second. The operation of bank acceptances, dollar credits, investments and other topics, as for instance, "Procedure in the Use of Acceptances, Plans, Publicity, etc.," should prove of interest.

By far the most important improvement in commercial banking practice has been the equal development of standardized commercial paper, principally the trade and bank acceptance as important elements of the American credit system. The Federal Reserve Board, through its few years of operation, has broadened the scope of banking activity by the admission and standardization of commercial paper. For this reason, there is given practically all there is to the subject of Acceptances, and Commercial Ranking Practice under the Federal Reserve. The Amendments to the Federal Reserve Act, the Rulings and Regulations of the Board, Opinions of Counsel, General Statutory Provisions, to 1920, covering Bank and Trade Acceptances, Discounts and Re-discounts, Advances, Open Market Transactions and Investments are of great importance as a reference work.

Part IV is an embodiment of the most approved forms and agreements on bank and trade acceptances and commercial banking practice. Each form is explained to the best detail, and having the stamp of approval of the leading commercial and financial bodies of the country, is available for use by commercial and banking establishments.

Part V contains a collection of laws relating to acceptances and commercial banking. The Negotiable Instruments Law should be of particular importance as a legal reference on the subject. The United States Warehouse Act, with headings, is given, as an aid to the subject of bank and trade acceptances. A Digest of the Federal Bill of Lading Act is also given for purposes of reference. The chapter on the Taxation of Negotiable Instruments is most complete as an analysis in the fullest detail. It will serve to clear up many doubtful questions that have arisen or may arise in connection with the taxation under the present Federal Revenue Laws of negotiable commercial paper. Lastly, there is reviewed the Edge Act for Foreign Financing making possible a more extensive credit and banking programme abroad. It is hoped that this important amendment to the Federal Reserve Act will prove of great benefit to the Nation and to the further development and extension of its foreign commerce.

In presenting the subjects of "Modern Banking and Credit Practice," "Bank and Trade Acceptances," and "Commercial Banking and Credits,'" under the present banking system, the author feels that it will meet the needs of the practical business man and the banker of| the country by giving additional light upon these important subjects and by outlining their usefulness and importance to the manufacturer, producer, the merchants, both buyer and seller, the exporter, the importer, the banker, the investor and the public in general.

In preparing this work, the author has not had the advantages of others writing on different topics of banking and credits, the fields of which are much more developed, and upon which a good deal has already been written. The available matter on Acceptances and the newer banking and credit subjects is very limited even to date, and, with the exception of a few phamplets issued by the larger banks, the discussions contained in which are very helpful to a study of the relative subjects nothing of note has been availed of. In the majority of cases, research has been found necessary by a study of actual methods as at present practiced.

It is hoped that this work will prove a useful addition to the bank and commercial library, as well as to the banker, the business man and student of commercial and financial methods.

New York, 1920. Frederick Silver.

Digest Of The Federal Bill Of Lading Act

With a Preface as to its Importance to Commerce and Finance

The United States Warehouse Act Its Importance to the Acceptance and Commercial Banking