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Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: Ill MOST UNPOPULAR MUST BE ITS TRUE GOVERNORS. The function of a reserve bank is to hold reserves for future emergency. To hold reserves the discount rate thereat must he higher than the outside or open market rate. Then when the open market rate advances and the demand closes … More >>
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