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8 Antitrust Bull. 597 (1963)
Bank Expansion and Economic Growth: A New Perspective

handle is hein.journals/antibull8 and id is 608 raw text is: BANK EXPANSION AND ECONOMIC GROWTH: A NEW PERSPECTIVE* by JAMIES J. SAX oN * Next month will mark the 100th Anniversary of the forma- tion of the National Banking System. At the time the Con- gress provided for the chartering of National Banks, one prime need was for an effective payments medium to sup- plant the unsatisfactory system of notes issued by State- chartered banks. In the intervening years, the National Banks lost their note-issuing power, and primary attention in bank regulation shifted to the protection of depositors with all that this implies in the way of continuous supervision. Throughout the course of evolution of the National Banking System, changes of policy have taken place chiefly in response to banking crises which generated demands for more rigorous limitations over banking operations. This crisis orientation has survived to the present day. The basic need for bank regulation and supervision is as essential today as it was at the time the National Banking System was founded. We now have a clearer conception, how- ever, of the essential role of banks in the economy. What is lacking is the full application of these concepts to the struc- ture of public control in the field of banking. As our economy has grown, it has become increasingly evident that the commercial banking system occupies a central role in its progress. It is upon the commercial banking sys- tem that we significantly rely for the marshaling and disposi- tion of our capital resources, and the provision of our pay- ments mechanism. A deficiency in that financial mechanism will critically affect the rate of our economic growth. - Remarks before the National Credit Conference of the American Bankers Association, Chicago, Illinois, January 22, 1963. ** Comptroller of the Currency.

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