Name Index
Alexander , 17 Guthrie , James, 26 Anderson, Allan H ., lOOn Aristotle . 7. 8 Hannibal , 17 Augustus, 17 Harrison , Jane E., 16n Axelson, KennethS ., 123 Hastings, Delbert C., 138n Hawtrey , R. G., 10, 41n, 95n Bagehot, ' Valter, 27 Homer , 14 Banks, Richard V., 89n Hepburn , Barton , 25n Baumol , ' Villiam J., 128 Herodotus , 12, 15 Bcckhart , Bcnjamin Haggott , 22 Hume , David , 21 Biddle , Nicholas, 27 Birnbaum , Eugene A., 134 Ibn Battuta, 12 Bloomingdale , Alfred , 58 Bracken bury , Charles A., 80 Jackson, President Andrew , 27 Burns, Arthur R., 18n Jones, \ Villiam , 27 Tohnson, President Lyndon B., 39 Canti Ilon , Richard , 21 Juster, F. Thomas, 72n Cantor , Carl '\V., 91n Carter . Duncan C.. 78n Kareken, john , 137n Cary, A. K., 112n Kent , Ra}'ffiond P., 9, 14 Chandler, Lester V., 8, 9, 10, 12, 51n Keynes, john Maynard , 127, 128 Charles I (King of England), 19 Cheves, Langdon, 27 Laum , Bernhard , 14, 15 Coch, Dr . Georg, 146 Lerner , E. M ., 19n Croesus, 16 Lowther , George E., 89n Cumont , Franz, 13n Ludtke , James B., 52n
Desmonde, William H., 13n, 14, 15, McKeon, Richard, 8n l6n Mathews, RichardS., 113n Dewey, D. R., 25n Meltzer, Allan H., 133 Dickson, Adam, 21 Minsky, Hyman P., 79n Diocletian, 18 Mints, Lloyd W., 21n Dionysus, 14 Mitchell, George' V., I O9n, III Douglas, SenatorPaul , 37n Murphy, H. C., Jr., 37n Due, Jean M., 72n Nero, 17 Ederer, Rupert J., 8n, 17n, 18 NewlvnI . ' \T. T .. I In Einzig, Paul, 11, 12n Nussbaum, Arthur , 15n
Flanel, Sam, 73n Phelps , Clyde W . , Il6n
FranzJosef ( Emperor of Austria), 146 Pigou , A . C . , 10 , 127 Friedman, Milton, 29n, 32n, 33n, 41n, Prather , Charles L . , 9 , 27n 136n
Rabn , Gary B . , 93n
Gurley, John C., 134 Reistad , Dale L . , 118n 168 NAMEINDEX Richard son, D. ' V., 56n, lIOn, 126n Robert son. RossM .. 138n Roosevelt, PresidentFranklinD ., 33, 34, 35 Roth, Arthur T., 120
Saxony, James, 83 Schlesinger, JamesR ., 136n Schneider, Ralph E., 58 Schwartz, Anna J., 29n, 32n, 33n, 41n Shapiro, Robert, 133n Shaw. EdwardS.. 134 Shelby, Donald, 134 Sitomer, Daniel, 48n Smith, Adam, 8, 21 Smith, G. Elliot, 16 Smith, WilliamD., 112n Solon, 17 Solow, RobertM ., 137n Steele, H. Ellsworth, 121 Thomson, F. P., 23n, 146n Thorn, RichardS., 134 Tilem, Joseph, 60 Tobin, James, 128 Towey, Richard E., 79 Trajan, 17 Truman, PresidentHarry S, 37n VandenBergh , StevenA ., 76n \ Varren, GeorgeE ., 35n \Vestrup, \Villiam H., 118n Wicksell, Knut, 10 \\Tilliam and Mary, 20 Williams, john P., 59 \Voodley, Annette Pike, 121
Yerkes, RoydenKeith , 14n General Index Electronic Funds- Transfer System is abbreviated to EFTS.
Account credit , demand for , 122 credit card exchange, 156 Account splitting , 122 merchandise offerings, 67 Accounts receivable , financing , 116, American Petrofina of Texas credit 117 card breakdown, 152 Accounts receivable position , net positive American Telephone and Telegraph / net negative, 132 Co., EFTSand , 105 Act of March 18, 1968 (gold standard Ashland credit card exchange, 154, ), 39- 40 156 Act of July 6, 1939 (silver purchase), Ashland Oil & Refining Co. credit 148 card tie-in , 152 Act of July 31, 1946 (silver purchase ) Asset demand, 128 148 Assets, financial , and monetary policy . Adjustment , of demand deposits, 42- 134- 136 50 Athens, coinage in , 17, 18 Advertising benefits , from credit Atlantic credit card exchange, 155. cards , 81 156 Agricultural Adjustment Act (1933), Atlantic Division credit card exchange Thomas Inflation Amendment , 34 , 154 38 , 148 Atlantic Richfield credit card Air travel charge card , 59 breakdown, 152 Albert Pick (hotels ) , credit card tie - exchange, 154, 155, 156 in , 157 inactive , 65 Aldrich - Vreeland Act (1908), 32 tie-in , 65 American Airlines Automated credit systems, 61 and Carte Blanche , 60 Automatic funds transfer, corporations charge plan , 59 / individuals , 117 American Bankers Association , 1 Automatic savings accounts, 89 on computerization , 198 Automatic payroll deposit programs, on consumer credit , 118 93 American credit card exchange , 153, Automation , increasing, with EFTS, 155 , 156 108- 109 American Express Automation systems, 108- 109 air travel plan , 59 Automobile paper, 51 credit card , 57 , 59 Avis Rent a Car credit tie-in , 157 honored , 154 , 155 American Humble credit card , exchange Balance of trade, 25 , 155 Bank of America. Seealso Bank Amer- American Mote Lodge credit card tie - icard. in , 158 preauthorized credit plans, 94 American Oil Co . credit card Bank Americard , 80- 83, 141, 142- 143 breakdown , 152 and Barclays Bank, 81 tie -in , 157 cash loans, 81 inactive , 65 credit card services, 82 lost / stolen , 68- 69 honored, 153, 154, 155, 156 American Petrofina merchant discount, 81 170 GENERALINDEX
Bank of Amsterdam credit transfers , demand for money , 128 - 132 19 monetary velocity , 128- 132 Bank of California credit card , 84 transfers among , 103 - 104 Bank credit Barclays Bank Ltd . (Great Britain ), extension of , 132 22 as money , 132 Bank Americard tie -in , 81 trade credit , compared , 145 credit card , 23 Bank credit cards , 76 - 86 , 140 - 141 . See Barcode system , 62 asia Credit card Barter system , 2 . 10- 13 advantages , 85 disadvantage, 95 Bank Americard , 80 - 83 money as alternative to , 95 cash advance feature , 129 purchasing power and , 13 commercial bank , 116 religion inspires , 11 current status , 86 public confidence , 18 demand for money , 129 unit of account , 13 extension of credit , 132 Behavior , money an influence on , 3 in Great Britain , 23 Best Eastern / Best Western credit - marketing advantages , 124 card tie - in . 157 monetary velocity and , 129 Best Eastern / Emmons Walker credit - pcrsonalloans , 132 card tie -in . 157 resistance to , 123 Best Western credit -card tie -in , 157 widespread issuance , 83 - 85 Bills of credit , in colonial America , 26 Bank credit card plans , establishments Billups \ Vcstcrn credit card exchange , participating , 133n 155 Bank credit card programs , aid to Bimetallism (1792- 1862), 26- 29 merchants , 122 Bland -Allison Act (1878), 30 Bank debts , transfer of , 98 , 99 Boron credit card exchange , 152 Bank of England BP credit card exchange, 154, 155, established , 20 156 organized , 21 Bretton \ Voods Agreement Act (1945) , restricts cash payments , 21 36 , 38 Banker , defined , 96 Bretton \ Voods Conference , 38 Bank of Ha \Vail credit cards , 83 British - American credit card exchange Banking Act ( 1933 ) , 35 , 36 , 152 , 155 , 156 bank credit cards , 83 British American Royalite credit card favorable interpretation of , 141 exchange , 153 Banking Act ( 1935 ) , 36 British currency , decimalization of , Banking system , 5 , 24 - 40 22 - 23 development of , 24 British Petroleum credit card exchange in England , coordination , 22 , 156 on -line , 100 Bullion Committee (England , 1810), reforms in , 35 21
structural simplification . 22 Bullionism , 3 Bank -issued representative money , 18- Business conditions , forecasting, 137- 23 138 Bank moneycards , 116 Business firms in EFTS , 105 tight moneyperiods , 133 Budget -Rent -A -Car System credit - Bank notes card tie - ins , 58 defined, 98 problemsin issuing, 28 California , bank credit card development Bank preauthorizedpayments , 86-94 , 78- 79 Bank of the United States, 27 California Bankcard Association , 84 - Banks. Seealso Commercialbanks , 85 Savingsbanks . Canadian Petrofina credit card exchange credit cards , 152 , 156 in California, 78-79 CAP charge card , honored , 154 issuanceof , 76-94 Card dialer (telephone ), 105 GENERALINDEX 171
Car - rental agencies , credit card tie - Christmas Club accounts , 87 , 88 , 89
ins , 157 - 158 Citgo credit card
Carte Blanche . 57 . 58 . 59 - 60 exchange , l52
control of , by national organizations , inactive , 65 60 Citibank
credit - card tie - ins , 58 control of Carte Blanche , 60
honored , 153 , 154 , 155 , 156 preauthorized draft plans , 90 Cities Service Oil Co . credit card Car " " ash operators , credit cards
acceptance by , 69n breakdown , 153
Cashless - checkless society , 1 exchange , 153 , 156
competition in , 108 tie - in , 157 Cash loans , Bank Americard , 81 Citizens and Southern National Bank
Champlin Petroleum Co . credit card ( Atlanta ) credit card , 83
breakdown , 152 Civil ' \ Tar , gold payments during , 29
honored , 154 Clearing house
Charge account banking , costs , 121 checks , 44
Charge account credit , 72 establishment of , 20
Charge accounts , 52 Closed circuit television , III
competition for , 120 Coast Oil Company ( San Jose ) , cost
Charge plans , profits in , 78 of credit card , 63
Charge - a - plate , 71 Coinage
Chase Manhattan Bank Charge Plan , in Athens , 17
59 in Lydia , 16
Chase Manhattan Bank of New York private , in U .S . , 26
Diners Club purchase proposed , 58 , in Rome , 17 59 silver as basis of , 17
individual use of checks , study , 48 spread of , 17
Chattel mortgage , 72 Coinage Act ( U . S . , 1792 ) , 26
Check ( s ) : Coinage Act ( U . S . , 1965 ) , subsidiary
annual cost of , 2 money , 42
clearing facilities , 44 Coincidence of wants , barter as , 12
defined , 48n , 98 Coins , 41 - 42
individual use of , study , 48 in current use , 15D - 151 introduction of , 4 , 43 first in use , 15
19th - century growth , 29 metallic content , 16
origin , 20 minor / subsidiary , 42
use of , 2 as token money , 42
volume of , reducing , 48 Collateral benefits , credit card accounts
Checkbook money , defined , 42n , 78
Check credit plans , development , 86n Colonial exchange system , 25 - 26
Check clearing procedure , 139 Commerce , Greek invention , 14
Check fees , under EFTS , 110 Commercial banking
Cilecking account balances , and automation , increasing , 108 - 109
money supply , 44 computer capabilities , 108
Checking economy , dollar volume , 2 EFTS and , 107 - 125 , 143 - 144
Checkless utility - payment services , 91 new revenue , sources of , 110
Check processing , reducing costs , 109 - personnel needs , changing , 108 - 109 110 reducing operating costs , 109 - 110
Check - writing , 47 Commercial banks
Cheque cards ( Great Britain ) , 23 credit cards issued by , 76 - 78n , 116 Chevron Oil Co . credit card expanding services , 110
breakdown , 152 - 153 future of , 1
exchange , 155 Commercial finance companies , and
Chez Bon credit - card tie - in , 157 , 158 EFTS , 115 - 117
Chicago Bank Plan credit card , honored Competition
, 153 bank credit card plans , 142
China , use of paper money in , 18 cashless checkless society , 108 172 GENERALINDEX
Competition (continued) Credit card . See also Bank credit card ,
new forms, ,vith EFTS, 111- 112 Nonbank credit cards .
post ' Vorld ' Var II , 120 annual fee for using , 57
Computers ), primary use, 79 banks issue , 76 - 94 , 140 - 141
Computer center: commercial banks issue , 76 - 78
on line , 106 costs of , 63 , 64
on-line banking system, 100 customer loyalty , 73
on-line retail merchants, 101 counterfeiting , 69 102- regional, transfers bet,veen, delinquents ' abuse of , 60 103 electronic , 105n
Computerized monetary system, 2 entertainment , 56 - 60
Computer net,vorks, banks' debit inactive , 64 , 65 , 68 , 140
transfers, 99 introduction of , 56
Computer technology, 4- 5 lost , 68
Congress major classifications , 56
bank chartering powers, 26 merchandise offerings , 65 - 67
coinage authority , 26 misuse of , preventing , 81
Conditional bill of sale. 72 nonbank , 56 - 75
Connecticut charge card, honored, petroleum company issuance , 6 - 7 ,
154 152 - 156
Conoco credit card exchange, 156 retail level , 140 Consumer credit . Seealso Credit . retailers issue , 71 - 75
bank credit cards, 76- 86 role of , 139 - 140
classification of, 51- 52 stolen , 68
contemporary growth , 52- 55 tie - ins , 157 - 158
costs of processing, 63 travel , 56 - 60 defined, 51 universal , promoting , 70
increase in , 139 unsolicited , 65
install mentjnon install ment, 55 Credit card plans , Corn petition
Consumer goods paper, 51 among , 121 , 142
Consumer ser\'ice, expanding , 120 Credit card programs , 123
Consumer Service Station credit card, Credit card system , market - research
breakdown, 153 information , 123 Continental Illinois National Bank Credit information file , 102
and Trust Co. credit card, 84 automating , 118
Continental charge card exchange, Credit information services , EFTS and ,
155 117 - 118
Continental Oil Co. credit card Credit limit , 81 breakdown, 153 Credit money , 16 - 18
inactive, 65 bank - issued , 18 - 23 tie-in , 157 Credit money systems , 16 - 23
merchandise offerings, 66 Credit plans , preauthorized , 92 - 94
Cooperation among credit card plans, Credit risk , evaluating , 117 123 Credit selling Counterfeit credit cards. 69 advantages , 72 Credit . Seealso Consumer credit customer loyalty , 73
creating, 97 sales volume and , 73 defined, 50 Credit system , automation in , 61
medium of exchange, 50- 55, 96 Credit transfers , initial use of , 19
monetary policy and, 132- 134 Credit transfer system , 146 - 147 .
money substitute , 41 giro , 23n , 146 - 147
role of, 139- 140 Crocker Citizens National Bank credit
types of, 51- 52 card , 84 Credit account, cost of, 68, 73 Crown credit card , exchange , 152
Credit aavilability , 133 Currency , 41 - 42 Credit bureaus, and EFTS, 117- 118 in current usage , 150 - 151 Credit buttons, 71 gold reserve for , 150 - 151 GENERALINDEX 173
Currency (continued) Electronic funds-transfer system, 95- silver reserve for , 105 - 151 106 Customer loyalty , 123 basic technologies, 107 credit cards and , 73 business conditions , forecasting , 137- 138 Data processing equipment , primary business firms in , 105 use , 39 check fees , 110 Debit pIans, preauthorized , 87- 92 commercial banking and , 107- 125, Debts , measurement of , 96 143 - 144 Deferred payment accounts , interest commercial finance companies , 115- charges , 77 117 Demand-deposit ba Iances, o\\'nership competition , new forms of, 111- 112 of , shifting , 135 competitive position of banks , 112 Demand-deposit bookkeeping, com- cost advantage , 107 pu terized , 79 credit bureaus , 117 - 118 Demand deposits , as money , 48 credit information services , 102 , 117 - Demand deposits adjusted , 42- 50 118 Demand for money deposits transfer , 1 bank innovations and , 128 - 132 emphasis on time and savings deposits concept of , 5 , 127 - 128 , III monetary velocity , 130- 131 fully implemented , 124- 125 Denarius , 17 future of , 142 - 143 Department store credit plans , 72 home users , 105 Deposit balances, automatic shifting insurance companies , 114- 115 of , 129 , 130 life insurance companies , 114 Deposits , EFTS, 1 monetary policy , 128- 138, 144- 145 Depression (1929). See Great Depression national network , 102 - 105 . nonbank financial institutions , 106 Derby Refining Co . credit -card tie -in , on -line banking system , 100 153 on -line computer centers , 106 Diners Club on -line retail merchants , 100 - 102 Chase Manhattan contemplates purchase overdraft privileges , 115 , 58- 59 participants in , 105- 108 credit card , 57 - 59 payroll processing , 105 honored , 153 , 155 , 156 personal cl'edit information services, Dink Ier Hotel credit -card tie -in , 157 117 - 118 Dividend deposit programs , 93 personal finance Cornpanies , 115 Dobbs House credit -card tie -in , 157 progression to ,vard , 120- 124 Dollar , 26n . See also Currency . recognition lag , 136- 137 conversion into gold (1968), 39- 40 retail merchants , 119 - 125 devaluated (1933), 35 savings banks , 112- 113 Douglas Oil Co . of California credit savings and loan associations , 113- card breakdown , 153 114 Drachma , 17 small loan companies , 115 Ducat , 18 Electronics technology , 4- 5 Emergency Banking Act (1933) , 34 England . See also Great Britain . East India Company, loss of confidence banking system , coordination of , 22 in , 19 country banking in , 21 Economic data , monetary policy and , decimalization of currency , 22 - 23 136 - 138 money and banking practices , 19 Economic forecasting techniques, 137 Entertainment credit cards , 56 - 60 Economic stabilization Exchange . See Media of exchange . effectiveness of , 136 Exchange Equalisation Account monetary policy and , 145 (Great Britain , 1931), 22 Economy , money and , 2- 3 Exchange rations , 12 Electronic credit card , 105n Exchange Stabilization Fund , 38 174 GENERALINDEX
Exchange systems First National City Bank of New York barter , 10- 13 Carte Blanche operations, 60 colonial , 25- 26 preauthorized insurance, 90 travel services. 110 Factoring , 116 First Wisconsin Charge Card, honored Family credit card service , 142 , 154 Farmer Oil credit card exchange , 154 Fleetwing credit card exchange, 152 Federal Charter Bill (HR 13718), 113, "Float ," in check clearing, 46, 47 114 , 144 Florence (Italy ), monetary usage , 18 Federal Deposit Insurance Corp., Florin , 18 established (1933), 28, 35 Franklin National Bank credit card , regulating powers , 37 120 Federal Reserve Act (1913), 32 Franklin National Bank of New York , Federal Reserve Bank , charge -account bank credit card , 76 - 78 , 141 banking study , 121 Free banking legislation (U .S., 1837), of Boston , operating expenses -payments 28 function , 79 Free reserve credit , 47 of New York , on automation , 110 Free silver, 148 Federal Reserve Bank notes Friendship credit card tie-in , 157 current use , 150 Frontier Refining Co. credit card issuance revoked , 38 breakdown , 153 Federal Reserve Notes Full -bodied money, 2 current use , 150 Full -bodied money systems, 13- 16 gold cover reduced , 39- 40 Fundamental credit limit , 81 issuance of , 32n , 42 The Fund at Boston in New England, Federal Reserve Open Market Committee 43 , '35, 37, 137 Funds transfer system. See Electronic Federal Reserve System funds-transfer system. clearing system , 44- 47 computerized transfer system , 50 Gasoline , cost of credit card per gallon
credit cards , concern over , 84 , 63 established , 32 Gaslight Clubs credit - card tie - in , 58 " float ," 46 , 47 General Theory ( Keynes ) , 127 forecasting businessconditions , 137 Genoa ( Italy ) , monetary system , 18
national transfer of funds center , 102 Genoviva . 18 post -' Vorld ' Var I bank credit , 33 Giro credit transfer system , 23n ,
transfers under , 104 - 105 146 - 147
Fees, for deposit transfers , 135 defined , 98 FHA loans , 51 Giro payments , 17th - century England , Fiat money 19
in colonial exchange, 25 Giro system , 1 ( 1862 - 1870 ) . 29 - 30 . postal , in Great Britain , 23
March 18 , 19G8-present , 39 - 40 Glass - Steagall Act ( 1932 ) , 33n
Fina credit card exchange , 152, 156 Gold Finance companies , 115 - 117 dollar - devaluated ( 1933 ) , 35
Financial assets, monetary policy and , foreign demand for ( 1937 ) , 33 134 - 136 medium of exchange , 16 Financial service center , bank as , 113 price raised ( 1933 ) , 35 First Bank of the United States , 27 17th - century England , 19
First National Bank of Canton Gold certificates
(Ohio), utility payment services, current use , 150 - 151 91 issuance of , 41 - 42
First National Bank of Chicago reserve requirements reduced , 37 credit card , 84 Gold clause , abrogated , 34 First National Bank and Trust Co . Gold coins , minting of , 17 (Kalamazoo, Michigan ) credit Gold coin standard ( 1879 - 1933 ) , 30 -
card , 77 33 GENERALINDEX 175
Gold payments , suspended , 29 Humble Oil and Refining Company , Gold redemption (1890s), 30 barcode system , 62 Gold Reserve Act (1934), 36, 38 Husky Oil Co . credit card Gold reserves breakdown , 153 for currency , 150 - 151 exchange , 152 U .S. (1949), 39 tie -in , 157 Goldsmith notes (England ) , 19 Gold standard , 33 - 39 Identifier , personal, 99- 100 congressional emphasis on , 38 Imperial credit card exchange , 152, England leaves (1931), 22 153 , 154 , 155 , 156 Gold Standard Act (1890), 31 Inactive credit cards , 64 , 65 , 68 , 140 Goodwill program , 123 Industry Great Britain in cashless-checkless society , 143- 144 decimal coinage , 22- 23 EFTS and , 107 - 125 financial disturbances (19th century ), Inflation , and expansion of near - 21 money assets , 135 Great Depression, effect of, 22 Installment credit , 71 money and banking practices , 19 Installment consumer credit , 55 pound sterling devaluated , 39 Insurance companies World ' Var II , effect of , 22 and EFTS , 114 - 115 Great Depression (1929) on -line computer center , 106 developments growing out of , 33- 37 Insurance payments, preauthorized , gold , foreign demand for , 33 89 in Great Britain , effect of , 22 Interbank card cl earing house , 84 monetary systems , effect of , 22 Interest charges , deferred payment accounts in United States , effect of , 22 , 77 Greco-Roman society, standard of Interest deposit programs, 93 value in , 15 Interest -free funds , reducing , 111 Greece , coinage in , 17 Interest rates , changes in , 133 Gulf credit card exchange , 155 International Bank for Reconstruction Gulf Oil Corp . and Finance , 38 barcode system , 62 International Monetary Fund , 38 credit card Irish Exchange , 21 breakdown , 153 Irving credit card exchange , 152, 153, inactive , 64 , 65 154 , 155 , 156 tie -in , 157 credit check costs , 68 Jack Tar Hotel -Motel credit card tie- in , 58 J . C. Penney Company credit card , Hand -to -hand money , 41 123 Harris Trust and Savings Bank credit card , 84 Kerr -McGee Corp Harvey House credit -card tie -in , 157 credit card breakdown , 154 Hertz Rent -A -Car credit -card tie -in , merchandise offerings , 66 157 High risk loans , 114 Lawful money , as reserve , 38 Hilton Credit Corporation . See Carte Legal tender Blanche defined , 42n Holiday Inns credit card tie -in , 157 silver certificates as , 30 Home credit card exchange , 156 Leonard Refiners Inc . credit card Home users , of EFTS , 105 breakdown , 154 Horne 's credit -card tie -in , 157 Liabilities , bankers ', defined as money , Howard Johnson credit card tie -in , 97n 158 Liberty card , honored , 154 Humble Oil Co . credit card Life insurance companies, and EFfS, breakdown , 153 114 exchange , 152, 153, 154, 155, 156 Limping standard , 30n 176 GENERALINDEX
Lion Oil Co. credit card Midwest Bank Card System, 84 breakdown, 154 Midwest Bank charge credit card, honored exchange, 156 , 154 Lion supertest credit card exchange, Minor coins, 52, 151 152 , 154 Minting , of coins, 17 Liquidity preference, 127 Mobil credit card exchange, 155 Uoyds Bank (Great Britain ), 22 Mobil Oil Co. Loan Bills , in colonial America , 26 credit card Loan credit , 51 breakdown, 154 Loans , credit created by , 97 tie-in , 157 Louisiana Bank Act (1842), 28 credit check costs, 68 London (England ), banks in , 20 merchandise offerings, 66 Lydia , coinage system , 16 Modernization loans, 51 Monetary control , post-World War Managed gold standard (1933- 1938), II , 136 33 - 39 Monetary cybernetics, 137, 145 Management , aggressive spirit , 2 Monetary policy Marathon credit card exchange, 152, credit extension and, 132- 134 153 , 154 , 156 economic data, availability of, 136- Marathon Oil Co . 138 credit card , breakdown , 154 economic stabilization , 145 inactive . 65 EFTSand , 126- 138, 144- 145 credit card system , automated , 62 - financial assets, 134- 136 63 major constitutional constraints, 136 Marketing advantages, of credit card, Monetary standards, 24 124 Monetary system, Marketing benefits, credit card program Athens, 17 , 123 computerized, 2 Marine Midland Trust of Western contemporary, 1 New York credit card , 83 development, 5, 24- 40 Market -research information , 123 Great Depression, effect of, 22 Master Hosts credit -card tie -in , 157 , public confidence, 18 158 in U.S., deficiencies, 31 Media of exchange Monetary unit , maintenance of, 29 basic necessities , 25 Monetary velocity complexity , 41 bank innovations and, 128- 132 credit as , 50 - 55 concept, 5, 127- 128 money as , 41 - 50 , 96 , 128 demand for money, 130- 131 need for . 95 increasing, 130, 144 trade development and, 25 transactions demand and, 130- 131 types of , 16 Money Mellon bank card , honored , 154 bank credit as, 132 Mellon National (Pittsburgh ), clear- bankers' liabilities defined as, 97n inghouse affiliation , 84 barter , alternative to, 95 Mellon National Bank and Trust current concept of, 5, 7- 10, 139 Company credit card, 83 and credit , 16- 18 Merchandise offerings, 65- 67 credit a substitute for , 41 Merchants discount , 57 , 77 definition of, 8- 9 Bank Americard , 81 demand deposits as, 48 Metallurgy , principles of, 13 demand for , concept, 127- 128 Michigan Bankard credit card honored and the economy, 2- 3 , 154 elimination of, 1 Midland Bank (Great Britain ), 22 functions of , 7, 9- 10, 128 credit card , 23 fundamental purpose, 10 Midland Charge Plan honored , 154 material form of, elimination , 95 Midland Marine Bank (Buffalo), clear- as medium of exchange, 41- 50 inghouse affiliation , 84 origin of, 13 GENERALINDEX 177
Money (continued ) Nonbank credit card , 56 - 75 . See also religion and , 13- 15 Credit card
state issued , 16 - 18 American Ex press , 59 store of value , 128 Carte Blanche , 59 - 60 \ \' ire transfers , 50 Diners Club , 57 - 59
Money of account , 96 petroleum companies , 60 - 71 Money balances Nonbank financial institutions , in holding of , 127 EFTS , 100 precautionary motive , 129 Noninstal Iment consumer credit , 55 speculative motive , 128 transactions motive , 127 On - line banking system , 100
Money card , telephone and , 105 On - line computer centers , 106 Money systems On - line retail merchants , 100 - 102
credit , 16- 23 Oskey Brothers Petroleum Co . credit full - bodied , 13 - 16 card breakdown , 154 represen ta ti ve , 16- 23 Overdraft , 20 Money supply , efficiency of , 130 and EFTS , 115 Money transfers consummation of , on loans , 145 44
Money velocity . See Monetary velocity Pacific Petroleum charge - card ex -
change , 155
Moneyless society , 141- 142 Panic ( 1837 ) , 28 Motels , credit card tie -ins , 157 - 158 Panic ( 1903 ) , 31n Murphy Oil Corp . credit card breakdown Panic ( 1907 ) , 31n , 154 Paper money , 2 Mutual funds , banks ' interest in , 134 evolution of , 18 Mutual savings banks, competition Revolutionary War , 26 by , 112 silver as basis for , 30 - 31
Payment media systems , 139
National Association of Bank Auditors contemporary development , 37 - 39
and Controllers , automation current , 41 - 55 survey , 108 evolution of , 7 - 23 , 95
National Association of Mutual Savings history of , 24 - 40 Banks, on competition , 113 innovations in , 2 - 4
National Bank in Chicago credit card , Payment systems , prcauthorizcd , 76 - 84 94
National Bank notes , current use , Payroll deposit programs , 93
150 Payrolls , with EFTS , 105 !\' ational banks , branch es authorized , Personal credit information service ,
35 EFTS and , 117 - 118
National Congress of Petroleum Dealers Personal finance companies , and , universal credit cards , 70 EFTS , 115 National Currency Act ( 1863), 4, 29 Personal identifier , 99 - 100 National Monetary Commission Personal loans , 51 (1908) , 32 bank credit card implements , 132 National Provincial Bank (Great Britain Pcnnzoil Co . credit card ), 22 breakdown , 154
National Retail Merchants Association exchange , 154
, bank credit cards , resistance Pension deposit programs , 93
to , 123 Personnel , and automation systems , Near -money assets , 134 - 135 109 Negative net accounts receivable positionPersonnel needs , and EFTS , 108 - 109 , 132 Personnel problems , bank , 79
New York Cl earing house, organized , Petroleum companies ' credit cards , 29 56 , 60 - 71 , 152 - 156
New York State , Safety Fund System , costs of added to product , 63
28 problems of , 63 - 71 178 GENERALINDEX
Petroleum companies credit cards Religion (continued ) and barter motive , 11 tie-ins, 157- 158 money and, 13- 15 widening use of, 140 Repair and modernization loans, 51 Phillips credit card exchange, 156 Representative money system, 16-23 Phillips Petroleum Co. credit card Reserve principle , 20 breakdown, 155 Restaurants, credit -card tie-ins, 157- inactive , 65 158 tie-in . 157 Retail merchant Phillips 66 Service Stations, and Carte Bank Americard usage, 80 Blanche. 60 bank credit card programs, 122 Positive net accounts receivable charge plans, benefits from , 121 position , 132 credit cards, 56 Postal giro system, 23 issuance of, 71- 75 Pound sterling , devaluated, 39- 40 EFTSand , 119- 125 Piggyback instant credit account, 77 on-line , 100- 102 Pine tree shilling, 25 participants in bank credit card Pittman Act (1918). 32n plans, 133n Pittsburgh National Bank credit card, Revenue, ne'v sources of, and EFTS, 83 110 Pittsburgh National Charge Card, Revolutionary War , and paper honored , 154 money, 26 Preauthorized Revolving charge account, 71 credit plans, 92- 94 costsof . 75 debit plans, 87- 92 Richfield credit card exchange, 155 insurance payments, 89 Richfield Division credit card exchange payment, defined, 98 , 154 payment systems, 76- 94 Richfield Oil (California ) Precautionary motive , 128 credit card breakdown, 152 Precious metals, as medium of exchange merchandise offerings, 67 , 16 Rome, coinage in , 17 Precious stones, as medium of exchange Royalite credit card exchange, 155, , 16 156 Premier Petroleum Co. credit card breakdown, 155 Safety Fund System (N.Y., 1829), 28 Price stability , retaining , 130 Sales credit , 51 Private financial institutions , transfers Sales volume, and credit cards, 73 among, 103- 104 San Francisco Federal Reserve District Profits, and service charges, 143 , bank credit plans, 78 Pullman Bank and Trust Co. credit Savings accounts card. 84 automatic , 89 Purchasing power, barter and, 13 levels of , rising , 143 Pure credit card exchange, 152, 153, Savings banks 154. 155. 1,'56 and EFTS, 112- 113 Pure Oil , merchandise offerings, 65 serviceslimited , 112 Savings deposits, EFTSand , III Quality Courts credit -card tie-in , 157 Savings and loan associations EFTSand , 113- 114 Ramada Inns on-line computer centers, 106 charge card honored, 155 Sav-O-Magic accounts, 87 credit card tie-ins, 157, 158 Second Bank of the United States, Real bills doctrine , 31n chartered, 27 Recognition lag, in EFTS, 136- 137 Second Continental Congress, and Reconstruction Finance Corporation , pa per money, 26 established, 33n Seigniorage, 16 Regional computer system, 1 Scrvice charges transfers within , 102- 103 and banks' profits , 143 Shell Sherman Shell Shears Shamrock Service Service Sheraton Shell Service Silver Signal Short Service Silver Silent Services Sign Signal Silver Silver Silver Silver Sixth Single Sinclair Sinclair Silver Skelly Small credit offering revenues merchandise expansion coinage credit merchandise as government basis current Treasury redeeming current legal exchange breakdown tie breakdown breakdo tie breakdown 30 153 155 account legal - in - & -
in credit Oil term Federal Canada on certificates coins dollars trade reserve loan Purchase , for position , policies Oil credit payment Oil card Fly credit center card , packages . charges 155 157 ) credit Refining - ] use based use tender of Co Hammill Silver 57 Inns , paper from , Co vn Oil Notes & , credit , companies , service , 152 study card of . , , , , breakdown current 112 11 148 , , , Gas . card purchase , 155 155 150 151 , offerings , , 52 offerings 155 Reserve for credit , bank card & , credit , on 155 and credit , 148 31 ( Act loans , , 153 Purchase III currency continued , 30 exchange of , under , 149 Gas 72 Co Co currency , , extension 121 exchange - Company 17 59 , exchange EFTS 1890 149 ( as . use . 156 card 1934 - , credit , card Co card , 51 , District , of and , 113 , 66 EFTS , , 67 155 . 151 , , ) 30n 110 , , 30 ) 148 Act credit , 148 EFTS 153 tie , card 150 exchange , of - , , 110 152 31 59 - , 152 , in - ( charge , 144 1890 151 , , 115 card 154 157 ) , , ,
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~ ( ~~ 8 ; ~ Po 0 b . ~ rb - ~ . ~ ~ < '" ~ ~ ~ 0 ~ ~" ~ . " . . . " oo ~ ~ ~ - ~ . " . . " J; . . Q t ~ " ' ~ 0 Po ~ ~ ( ~oo ) ; ' " b . ~ . ~ . " Po( q - g ' . n . - 0 0 0 ~ ~ . - . ' b 9 0 0 . ~ ~ ~ . . . . - : . . . . . oo ~ ~ : " ~ _. . : ' . J; 3 . . . aq 0 t ! t ~ ~- ~ ~ . [ ~ ~ ~ t >( ' ; J; ; . ; "
~ ' - ~ v . z- F ~ M ~ 'C " . ) 180 GENERALINDEX
Sunray D .X . Oil Co . Travelers ' checks, 110 credit card Trave Lodge, credit -card tie-in , 156 breakdown , 156 Tread ,\'ay Inn credit -card tie-in , 157 exchange , 152, 153, 155, 156 Treasury Notes of 1890, 30n inactive , 65 current use, 150 tie - in , 158 merchandise offerings , 66 Uniform Commercial Code, adoption Superior l\fotels credit card tie -in , 157 of, 42n Supertcst credit card exchange , 152, Uniform Small Loan La,v, 115 154 , 155 , 156 Uniform Negotiable Instruments Act , 42n Tclcchek system , 69 Union credit card exchange, 153, 154, Telephone , tie -in , in EFTS, 105 155 Telephone authorization procedure, Union Oil Co. of California bank credit cards. 77 credit card Tellers , replacement of, III breakdown, 156 Tenneco Oil Co. credit card tie-in , 158 brcakdo\..'n, 156 merchandise offerings, 67 exchange, 152 Uni -Serv Corporation , 59 Texaco, Inc. credit-card tie-in, 158 Unit of account, in bartering , 13 Thirty -day chargeaccount , 71 United California Bank credit card, costsof . 75 84 Thomas Inflation Amendment (AAA , United States 1933), 34, 38, 148 banking and money practices, 19 Tidewater Oil Co. rrenit r~rcl banking system, development of, 24 brcakdo,,'n, 156 colonial exchange system, 25- 26 exchange , 152 , 153 , 154 , 155 , 156 first paper money issued, 26 Tie -ins , credit card . See listin-,f!,s for Great Depression, effect of, 22 individual credit cards monetary standards, 24 Tight money periods , bank money 17th-century banking , 21 card and , 133 United States notes Time deposits , and EFTS , III current use, 150 Time lag , 127 , 129 , 136 - 137 during Civil ' Var, 29 Titan credit - card tie - in , 157 issuanceof , 42 Token mone } ' , coins as , 42 Universal credit cards Totemism , 11 honored, 153, 154, 155, 156 l "ouch - tone telephone , and EFTS , 105 promotion of, 70 Trade , balance of , 25 Unsolicited credit cards, 65 Trade credit , 133 Utility payment services, 91 and bank credit , compared , 145 Trade development , 25 Valley National Bank of Arizona Transactions demand , 128 credit cards , 83
monetary volocity , 130 - 131 Valley National Bank ( Phoenix ) , Transactions motive , 127 cl earing house system , 84 Transfers \ ' oice print , 100 , 102 bank debits , 98 , 99 \ ' oice spectograph , 100 , 102 defined , 44
EFTS , 1 \ Var of 1812 , effect of , 27
through Federal Reserve System , ' Var paper , 33 104 - 105 ' Yells Fargo Bank credit card , 84 \ ,' ire , 50 ' Yestern Motels , Inc . credit - card tie - Transfer systems . S'ee also EFTS , Giro in , 157
computer centers , 102 - 103 \ \ Test minster Bank ( Great Britain ) , 22 national net \ ,'ork , 102 - 105 White Rose ( Canada ) credit card exprivate financial institutions , 103 - change , 153
104 White Rose charge card exchange , Travel credit cards , 56 - 60 155 GENERALINDEX 181 Wildcatbanking , 27 \Viretransfers , 50 WorldBank . 38n World War I, effectof , 32 World War II consumercredit following, 52 effectof , in Great Britain, 22 financing, 37 retailing, postwar, 120