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It explains that before 1914 the instrument was not used, citing legal limits on national banks, absence of a bill market, and structural features of U.S. banking and credit. It then traces how the Federal Reserve Act enabled national banks to accept drafts tied to import/export, domestic shipments with documents, storage backed by receipts, and related transactions, while state laws created uneven authority.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/the-development-of-the-bankers-acceptance-in-the-united-states-abstract-of-a-thesis/325447/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/the-development-of-the-bankers-acceptance-in-the-united-states-abstract-of-a-thesis/325447.png","ImageObject",300,407,{"name":92,"@type":93},"Maeve","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-12","2026-09-21",true,{"@type":102,"interactionType":103,"userInteractionCount":44},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"Why was the banker’s acceptance not used in the United States before 1914?","Question",{"text":112,"@type":113},"It was attributed to legal decisions restricting national banks from lending their credit, the lack of a market for bills, and the structure of the American banking and credit system.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How did the Federal Reserve Act change national banks’ ability to use banker’s acceptances?",{"text":117,"@type":113},"It granted national banks power to accept drafts or bills of exchange arising from transactions connected to the importation or exportation of goods, later extended through amendments to additional transaction classes.",{"name":119,"@type":110,"acceptedAnswer":120},"What caused differences in acceptance authority among states?",{"text":121,"@type":113},"State approaches varied: some had brief and liberal laws, others specified detailed conditions, and some banks relied on interpretations of general banking laws when no direct power was granted.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},325447,1790268193,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":44,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":139,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":145,"preview_page_count":4},5909877438554,"https://ap-avatar.wpscdn.com/avatar/5600025385ad2bf12a7?_k=1778553567797529272","97-84070-20Valentine,Roger Wendell  \nThe development of thebanker's acceptance...U.S.  \nUrbana,IⅢ.  \n1928  \nCOLUMBIA UNIVERSITY LIBRARIESPRESERVATION DIVISION  \n# BIBLIOGRAPHIC MICROFORM TARGET\n\nORIGINAL MATERIAL AS FILMED-EXISTING BIBLIOGRAPHIC RECORD  \nReproductions may no be made wthout permission trom Columbla UnversityLbrarios              \nRESTRICTIONS ON USE:  \nTECHNICAL MICROFORM DATA  \nFILM SIZE:            3mmREDUCTION RATIO:     11/  \nIMAGE PLACEMENT:IA  \nDATE FILMED:                  19  \nTBACKING\\#:                                                                                                      MsH23588  \nFILMED BY PRESERVATION RESOURCES,BETHLEHEM,PA.  \n# THE DEVELOPMENT OF THEBANKER'S ACCEPTANCE IN THEUNITED STATES\n\n308  \nZ  \nRe×214  \nBY  \nROGER WENDELL VALENTINE  \nA.B.,McKendree College,I916  \nA.M.,University of Illinois,I921  \nAN ABSTRACT OF A THESIS  \nSUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIRE-MENTS FOR THE DEGREE OF DOCTOR OF PHILOSOPHYIN ECONOMICS IN THE GRADUATE SCHOOL OFTHE UNIVERSITY OF ILLINOIS,1924  \nURBANA,ILLINOIS  \n# THE DEVELOPMENT OF THEBANKER’S ACCEPTANCE IN THEUNITED STATES\n\nBYROGER WENDELL VALENTINE  \nA.B,MeKendree College,1916  \nA.M,University of Illinois,1921  \nAN ABSTRACT OF A THESIS  \nSUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIRE-MENTS FOR THE DEGREE OF DOCTOR OF PHILOSOPHYIN ECONOMICS IN THE GRADUATE SCHOOL OFTHE UNIVERSITY OF ILLINOIS,1924  \nURBANA,ILLINOIS  \n192B  \n# THE DEVELOPMENT OF THE BANKER'S ACCEPT-ANCE IN THE UNITED STATES\n\nPrior to I914 the banker's acceptance was not used in theUnited States.Legal decisions to the effect that national bankscould not lend their credit;the lack of a market for bills;andthe structure of the American banking and credit system werelargely responsible for this fact.With the passage of the Fed-eral Reserve Act,however,national banks were granted thepower to accept drafts or bills of exchange growing out of trans-actions involving the importation or exportation of goods.Through a number of amendments,this power has been ex-tended so that national banks are now authorized to acceptdrafts,subject to the limitations of the law,in connection withthe following general classes of transactions:  \n1.The importation or exportation of goods,including ship-ments between foreign countries.  \n2.The domestic shipment of goods,provided shipping doc-uments are attached at the time of acceptance.  \n3.The domestic storage of readily marketable staples secured at the time of acceptance by warehouse receipts or otherdocuments conveying or securing title.  \n4.For the purpose of creating dollar exchangeSoon after the passage of the Federal Reserve Act attentionwas directed,in several of the states,to giving similar power tobanks organized under the state laws.In some of the states this hasbeen done by making direct provision in the law for the grantingof acceptance credits;in others it has been indirectly accom-plished through certain legislation;and in still others the author-ity has been forthcoming from an interpretation of existing bank-ing laws.The result has been a decided lack of uniformity inthe acceptance power possessed by institutions in different states.Some are subject to laws which are brief,general,and very lib-eral,while others are restricted by provisions designating quitespecifically the conditions under which acceptances may be cre-ated.In a few of the states,where no specific power to accepthas been granted by law,the banks rely upon an interpretation[3]  \nof the general banking laws for authority to engage in this typeof business.As a general rule,greater freedom has been allowedthese institutions in granting acceptance credits than has beenallowed those subject to national law.  \nKansas is the only state in which banks have been definitelyforbidden to grant acceptance credits.In December,I921,theState Supreme Court handed down a decision to the effect thatbanks organized under the laws of that state possessed no powerto loan their credit,or t","cbCaidNwXHxTpyIF","https://ap.wps.com/l/cbCaidNwXHxTpyIF","pdf",365448,11,"English","# BIBLIOGRAPHIC MICROFORM TARGET\n## ORIGINAL MATERIAL AS FILMED-EXISTING BIBLIOGRAPHIC RECORD\n## RESTRICTIONS ON USE: TECHNICAL MICROFORM DATA\n# THE DEVELOPMENT OF THE BANKER'S ACCEPTANCE IN THE UNITED STATES\n## Preconditions before 1914\n## Impact of the Federal Reserve Act\n## State-level variations in acceptance power","[{\"question\":\"Why was the banker’s acceptance not used in the United States before 1914?\",\"answer\":\"It was attributed to legal decisions restricting national banks from lending their credit, the lack of a market for bills, and the structure of the American banking and credit system.\"},{\"question\":\"How did the Federal Reserve Act change national banks’ ability to use banker’s acceptances?\",\"answer\":\"It granted national banks power to accept drafts or bills of exchange arising from transactions connected to the importation or exportation of goods, later extended through amendments to additional transaction classes.\"},{\"question\":\"What caused differences in acceptance authority among states?\",\"answer\":\"State approaches varied: some had brief and liberal laws, others specified detailed conditions, and some banks relied on interpretations of general banking laws when no direct power was granted.\"}]","THE DEVELOPMENT OF THE BANKER'S ACCEPTANCE IN THE UNITED STATES - Abstract of a thesis | PDF",1789970540,28]