Foreign Exchange

Because of the World War I conditions, the American dollar is at a serious discount in all of the neutral countries of Europe and throughout the world, notwithstanding the fact that the United States had a favorable balance of trade of over three thousand million last year, and ten thousand millions since the war began. It is important that American businessmen, American bankers, American importers, and exporters should understand this problem and the remedy for it. The problem is not really a difficult one. It is the purpose of this little book to explain the problem; to show the factors entering into it; to show the remedy and point the path and mechanism by which to maintain the American dollar at par, and make it the medium of international exchange and of international contracts. The following book was written by Robert L. Owen, an Oklahoman senator especially remembered as the Senate sponsor of the Glass-Owen Federal Reserve Act of 1913, which created the Federal Reserve System.