Publisher's Synopsis
Excerpt from State Banking in the United States Since the Passage of the National Bank Act
Not every incorporated bank, however, is a state bank in the sense in which the term will be used here after. Stock savings banks and loan and trust companies are capitalized corporations erected by state law, but it is only with banks of discount and deposit that this essay deals.' It is to be admitted that in many states, savings banks with a capital stock as well as trust companies are included in state banks in popular and even, in some cases, in official language, but there seems a growing dis position to classify these separately and to restrict the term state bank to banks of discount and deposit. Further justification of this use may be found in the fact that four-fifths of the capitalized banks incorporated under state laws are of this character, and it seems permissible to use the term without qualification to express the most numerous class. State banks then as the expression is used in the following pages, are banks of discount and de posit (as distinguished from savings banks and trust com panics) incorporated under state sovereignty (in contrast with private banks which are unincorporated and with national banks, which are formed under the national law).
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