Mutual savings banking

The Commission on Money and Credit was established in 1957 as an independent organization by the unanimous vote of the Board Trustees of the Committee for Economic Development. The bylaws governing the Commission on Money and Credit state that "It shall be the re sponsibility of the Commission to initiate studies into the United States monetary and financial system."

This volume was especially prepared for the Commission on Money and Credit as part of its research program leading to the publication in June 1961 of its final report: Money and Credit: Their Influence on Jobs, Prices, and Growth. It is published by direction of the Commission ac cording to its bylaws, as a contribution to the understanding of the monetary and financial system of the United States. It is one of more than 100 research studies prepared for the Commission by trade organiza tions, individual scholars, the Federal Reserve System, and the Treas ury of the United States.

A selected group of such papers will be published for the Commission by the Information Division of the Committee for Economic Develop ment in accordance with commitments to The Ford Foundation and the Merrill Foundation which provided main financial support for the Com mission.

Publication of this volume does not necessarily constitute endorse ment of such study the Commission, its Advisory Board, its Research Staff, or any member of any board or committee, or any officer of the Committee for Economic Development, The Ford Foundation, the Merrill Foundation, or any other organization participating in the work of the Commission.