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C

PRINCIPLES AND PRACTICE

OF FINANCE

A PRACTICAL GUIDE FOR BANKERS, MERCHANTS, AND
LAWYERS. TOGETHER WITH A SUMMARY OF THE
NATIONAL AND STATE BANKING LAWS, AND THE
LEGAL RATES OF INTEREST, TABLES OF FOREIGN
COINS, AND A GLOSSARY OF COMMERCIAL AND
FINANCIAL TERMS.

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PREFACE.

WHILE there are many books treating of the principles of money and some which discuss the operations of finance, to the writer's knowledge there is no one work combining both a treatment of principles and a discussion of practices. This apparent want the writer has sought to supply in the present work, and he hopes that the practical information contained herein will be sufficient reason for its issue. This book is intended to be a practical one, from which a person can obtain data on the subjects treated, rather than an exhaustive exposition of the theory of money. The Principles of Finance are discussed only to that extent deemed necessary to enable the reader, uneducated in the principles of money, to clearly understand the Practice of Finance.

The book is divided into two parts. The first which deals only with the Principles of Finance, and the second which is confined to the practical application of those principles through the machinery of finance and com

merce.

The principles of finance are discussed in the first two chapters in as short space as is compatible with a sufficiently comprehensive treatment to make them clear.

The remainder of the book is devoted to the Practice of Finance, and, while it is necessarily not exhaustive, it has been sought to discuss those parts of finance, a knowledge of which is most necessary.

The writer, fully realizing the practical impossibility of any one individual possessing sufficient information of the various subjects discussed to treat of them authoritatively, has freely availed himself of information obtainable by him, and desires here to acknowledge his indebtedness to many bankers and business men for their kind interest in his work and the valuable data afforded him.

The entire manuscript, involving as it necessarily does many legal questions, has been submitted to Messrs. Redfield & Redfield, whom the writer desires especially to thank for their painstaking work. The author's thanks are also due to Mr. D. D. Sherman for his able advice as to many legal questions; to Mr. Frank H. Edmunds for information in regard to the presentation and protest of negotiable paper; to Mr. I. L. Carroll for valuable data in relation to stocks and bonds; and particularly to Mr. Maurice L. Muhleman, of the United States Sub-Treasury at New York, for his uniform courtesy in supplying the writer with statistical information, and especially in regard to the United States Sub-Treasury; and to Mr. William Sherer, the present manager of the New York Clearing House, for information in relation to that institution.

No one realizes more fully than the writer the liability to error in a work covering so large a field, the information for which must be drawn from many sources; and while he cannot even hope, despite his efforts to render his work as free from error as possible, a complete immunity therefrom, he asks for a fair consideration of the work in its entirety.

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