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Excerpt from La Réforme Bancaire aux États-Unis d'Amérique de 1913 à 1921: Le Système de la Réserve Fédérale
Since the war the American banking system has become doubly difficult for the European to understand, because, upon our complex and peculiar pre-war system of banking there has been superimposed in the form of the federal reserve banks another type of banking insti tution unknown in many of its characteristics to Europe. Instead of one central bank, the United States has 12 central banks; but these banks do practically no business with the public. They are pre-eminently ban kers' banks, owned by other banks and functioning to and for their member banks. These 12 central reserve banks, however, are federated together and controlled in matters of broad policy by a central governing board which itself conducts no banking business. The five kinds of paper money, which the United States had before the war, have been continued and the federal reserve act has added two more kinds, both of wich are bank notes although nominally issued by the government and actually guaranteed by the government.
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