This book grew out of a part of a course on the subject of money and banking given by the author at Columbia University. It was written under stress of numerous other duties, hence the author himself feels called upon to Qonfess that in several directions the book leaves something to be desired. But it is hoped that it will be helpful to the student and to the general reader in obtaining a little more comprehensive and more closely coordinated knowledge of the broader relations of modern banking. For use in the classroom it is recommended that a good book of readings like W. Hamilton’s Readings in Money and Banking, or H. G. Moulton’s Principles of Money and Banking be used to supply illustrative, concrete material as a basis for further discussion.