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3. What is the profitable way of lending money? Do you know
any other ways banks make profits besides those described
in the text?
4. How does a checkable deposit increase the money supply?
5. Why does the bank have to keep sufficient cash on hand?
Exercises
Ex. 1. Read passage I.
a) Give the wider definition of the word “money”. b) Find
in the text word combinations with the word “value” and use
them in sentences of your own. c) Pick out the terms which
you would use speaking about money. d) Explain the following
terms: legal tender, a money order, substitute money, instruments
of credit, an authorized bank, purchasing power. e) Describe
the condition known as “inf lation”.
Read passage II.
a) Find in the text the terms which characterize the bank’s
activity. b) Name different ways which banks use to make profits.
c) Define the term “rate of interest”. d) Explain what is “liquidity”
and why cash is liquid. e) Think of terms for main participants
of the banking business.
Unit Five
Read passage III.
a) Explain what is the Master agreement and what terms it
usually contains. b) Name different kinds of accounts mentioned
in the text and give their definitions. c) Pick out the terms you
need when speaking on the renewal of a deposit. d) Enumerate
electronic banking services that you know.
Read passage IV.
a) Give sentences of your own with the words “to borrow”
and “to lend”. Don’t mix them up. b) Pick out the terms which
are used in the text for describing the usual procedure of the bank
when granting a loan. c) Explain the following terms: a checkable
deposit, a stipulated sum, to redeem checks. d) Illustrate with
your examples the difference between “to make money” and
“to create money”.
MONEY AND BANKING
Ex. 2. a) Make up English-Russian pairs choosing the suitable
equivalents.
1. a bearer of a check; 2. a draft; 3. to pledge; 4. a statement;
5. debit and credit; 6. to reckon; 7. the gold standard; 8. a store
of value; 9. a money order; 10. to issue checks; 11. to put into
circulation; 12. rapidity of business; 13. outf low of capital;
14. to allocate funds; 15. an interest-bearing account.
1. выписывать чеки; 2. пускать в обращение; 3. скорость
осуществления операций в бизнесе; 4. отток капитала;
5. размещать средства; 6. текущий сч¸т с выплатой процен
тов; 7. переводной вексель; 8. выписка из банковского сч¸та;
9. расход и приход; 10. подсчитывать, исчислять; 11. золотой
стандарт; 12. предъявитель чека; 13. средство сбережения;
14. плат¸жное поручение; 15. закладывать, сдавать в залог.
b) Make up Russian-English pairs.
1. активы; 2. распределять средства; 3. хранение (ценностей); 4. опекун; 5. посредник; 6. денежный поток; 7. выпускать деньги; 8. обусловленная сумма; 9. снятие денег со сч¸та;
10. ликвидность; 11. остаток на сч¸те; 12. поступать в совокупное обращение; 13. получать проценты на свои сбережения; 14. оплачивать, погашать чеки; 15. предоставлять за¸м.
1. to come into general circulation. 2. account balance.
3. a guardian. 4. to make interest on one’s savings. 5. to grant
a loan. 6. safe-keeping. 7. an intermediary. 8. a f low of money.
9. to redeem checks. 10. to issue money. 11. a stipulated amount.
12. withdrawal. 13. liquidity. 14. assets. 15. to allocate funds.
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Ex. 3. Give English equivalents of the following:
1. средство обмена; 2. процентная ставка; 3. отказаться от
золотого стандарта; 4. средство расч¸та; 5. обращение де
нег; 6. денежная масса; 7. выпускать деньги; 8. банковская
комиссия за оплату чеками; 9. банкомат; 10. предоставить
за¸м под 10 процентов; 11. вкладчик; 12. залог; 13. ссужае
мые деньги; 14. получать доход; 15. колебание (цен).
Ex. 4. Translate the following text into English in writing. Make use
of the Vocabulary List.
I. Все ценности в экономической системе измеряются день
гами. Товары и услуги продаются за деньги, а эти деньги
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обмениваются на другие товары и услуги. Термин «деньги»
в широком смысле этого слова означает вс¸, что использу
ется как средство обмена. Первоначально ценный металл
служил как постоянное средство накопления стоимости.
Многие годы национальные валюты оценивались с точки
зрения «золотого стандарта». Даже сегодня некоторые ва
люты поддерживаются запасом золота, которое имеется в
стране.
В настоящее время драгоценный металл заменяют бу
мажные деньги, и сила национальных валют оценивается
силой национальной экономики, которая поддерживает их.
Бумажные деньги, выпускаемые эмиссионными банками,
являются законным плат¸жным средством. Чеки и плат¸жные поручения не являются государственным плат¸жным
средством. Они выполняют функцию представителя пла
т¸жных средств и известны как кредитные обязательства.
Кредит предоставляется только тогда, когда кредиторы уверены, что они смогут вернуть свои деньги и только тем
клиентам, которые имеют значительные активы.
Стоимость денег определяется их стоимостью как средства обмена или их покупательной способностью. Эта покупательная способность зависит от соотношения спроса и
предложения. Если в обращении слишком много денег, их
стоимость снижается и их покупательная способность падает.
Эта ситуация известна как инфляция.
Unit Five
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II. Банки связаны с потоком денег, поступающих в экономику и изымаемых из не¸. Банки получают деньги от своих
вкладчиков в двух формах — на текущие и депозитные
счета. Имея текущий сч¸т, клиент может выписывать чеки,
но проценты по этому сч¸ту банк не выплачивает. Банк вы
плачивает проценты только по депозитным счетам, когда
клиент оставляет свои деньги в банке на определ¸нный пе
риод времени. Банк использует эти деньги для предостав
ления ссуд другим клиентам под определ¸нный процент.
Процентная ставка за предоставление ссуды всегда выше,
чем та, которую банк платит своим вкладчикам. Разни
ца между процентными ставками составляет доход банка.
Таким образом банк зарабатывает деньги и получает свои
основные прибыли на разнице процентных ставок.
Сегодня главной функцией банка является посредниче
ство между вкладчиками и за¸мщиками. Банк служит ре
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MONEY AND BANKING
зервуаром ссудных денег с входящими и выходящими из
него денежными потоками. По этой причине говорят о том,
что деньги «ликвидны», или о ликвидности» денег. Многие
мелкие денежные вклады банк аккумулирует и затем ис
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пользует для предоставления крупных ссуд.
Банковская система основывается на доверительных иму
щественных отношениях. Многочисленные трастовые акты
создают систему, частью которой являются банкиры, вклад
чики и за¸мщики, которые действуют предопредел¸нным
образом как в отношении друг друга, такивотношении
своего бизнеса.
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III. Открывая депозитный сч¸т в банке, вы должны подпи
сать договор об условиях хранения вашего вклада. В н¸м,
как правило, указывается сумма вклада, срок, на который
вы оставляете вклад в банке, годовой процент, который будет начисляться на ваш вклад, а также имеется образец вашей подписи. Вы получаете банковскую карточку, которую
можете использовать не только в филиалах банка, но и в
банкоматах, если у вас есть личный идентификационный
номер.
Существуют разные чековые депозиты. Одни из них позволяют вам выписывать чеки в неограниченном количестве и даже бесплатно, но не дают процентного дохода.
По другим чековым депозитам вам прид¸тся платить банковскую комиссию за каждый выписанный чек, но на ваш
депозит начисляются проценты, и так далее. Банки часто
меняют процентную ставку, делая е¸ время от времени бо
лее высокой с целью привлечения вкладчиков. Если вы не
востребуете свой вклад по истечении срока, банк может
пролонгировать договор на такой же срок, но на новых усло
виях, исходя из действующей на момент пролонгации ставки
процента.
IV. Если вы хотите получить банковскую ссуду, то вы долж
ны обеспечить залог — собственность, которая закладыва
ется за¸мщиком, чтобы обеспечить инвестиции кредитора.
Защищая себя от риска, банк обычно требует залог боль
ший, чем величина займа. Если ссуда бер¸тся на один год,
за¸мщик выда¸т банку вексель, в котором указывает, что
обязуется выплатить к концу года всю сумму плюс процен
ты. Вместо предоставления ссуды в виде наличных денег
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банк открывает ему чековый депозит пут¸м кредитования
на сумму займа. Тогда за¸мщик имеет право расплачивать
ся чеками, выписанными на этот чековый сч¸т. Эти чеки
являются переводными на банк векселями и оплачивают
ся банком при их предъявлении. Предъявитель чека полу
чает в банке причитающуюся ему сумму. Чеки принимают
не везде, тем не менее они являются самым распростра
н¸нным средством платежа. Люди обычно с доверием при
нимают чеки в обмен на товары и услуги. Может создаться
ошибочное впечатление, что банк может предоставлять не
ограниченное количество займов пут¸м создания чековых
депозитов. Однако это не так. Банку необходимо держать
достаточное количество наличности, чтобы обеспечить ею
тех, кто хочет погасить свои чеки.
Ex. 5. Read and translate the following text. Pay attention to the
terms and make sure you understand them.
Most of us use money everyday. We see it, touch it, and
spend it. But how many of us can define it adequately? Usually
money is defined too narrowly. Some define it as the currency
of a nation; others think of it in terms of legal tender; still others
often refer to it as the medium of exchange. Such definitions,
however, automatically exclude large portions of our money.
To include all segments of our money supply, we must use a
broad definition. Thus, we can say that money is anything that is
commonly accepted in exchange for other goods and services.
Money has four functions. It serves as a standard of value,as
a medium of exchange,asastore of value, and as a standard
of deferred payment.
Commodity money refers to the use of some commodity as
money. Many commodities — such as stones, shells, various crops,
metal, and paper — have served as money in various countries
of the world. American history reveals that tobacco, corn, beads,
warehouse receipts, and bank notes, in addition to metal coin
and paper currency, have served as money. In fact, many of
these monies were given the status of legal tender, which means
that they were acceptable for the payment of debts, both public
and private.
There are two basic types of modern money, each of considerable
importance: token money and paper money. Token or metallic
money consists of coins — a special type of commodity money
Unit Five
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MONEY AND BANKING
in which a metal such as gold, silver, or copper is used. Paper
money takes the form of bills and notes. It may or may not be
backed by gold or silver. Although the United States has had
various types of commodity money in its history, all American
currency today is in the form of paper money and coins.
Money may also be classified according to its inherent value.
In full-bodied money, the intrinsic value of the money’s material
content has a value equal to its monetary value (face value). For
example, the inherent value of a $10 gold piece was originally
equal to its monetary value of $10. Not only could you use the
$10 gold Eagle to buy $10 worth of groceries, you could sell its
gold content (melted down) for $10 in cash on the gold market.
Today, however, since the price of gold has increased, the gold
in a $10 gold piece is worth much more than $10. In credit
money, the intrinsic value of the money’s material content is less
than its monetary value.
Representative money is money (usually paper money) that serves
in place of commodity money. It may represent either full-bodied
or credit money. The gold certificates that circulated in the United
States before 1933 are a good example of full-bodied money. But
the certificates are no longer used. An advantage of representative
money is that it is more portable than commodity money.
The government sometimes issues f iat money, which is backed
only by the promise of the government to redeem it or to
exchange it for other types of money. To help finance the Civil
War, Congress authorized the issue of paper money officially
known as United States notes and popularly called greenbacks.
This was fiat money; the notes were legal tender but were not
redeemable for gold or silver.
Today most of American currency is in the form of Federal
Reserve notes, which are issued by the Federal Reserve Banks with
the approval of the U.S. Treasury. At one time the gold reserve
required for these notes was 25 percent. The other 75 percent
of the backing was in the form of additional gold certificates,
government securities, or note assets of the bank. Today there is
no gold reserve behind these notes, so they are also fiat money
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.
a standard of value мера стоимости; a standard of deferred payment сред
ство отсроченного платежа или погашения долга; commodity money
товарные деньги; token money, token coins разменная монета; paper
money бумажные деньги; representative money представительные день
ги, полноценные деньги (полностью обеспеченные драгоценными ме
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Unit Five
таллами); fiat [!fait] money бумажные деньги, не обеспеченные золо
том (не имеющие собственной стоимости, неразменные на золото,
любые современные бумажные деньги); full-bodied money полноцен
ные деньги (стоимость которых определяется стоимостью материала);
credit money кредитные деньги; greenbacks доллары США (бумажные
деньги, не обеспеченные золотом); beads бисер, бусинки; warehouse
receipt [ri!si:t] товарная квитанция на груз, принятый на хранение;
a bill 1. вексель 2. àì. банкнота; inherent value of money внутренняя
стоимость денег; intrinsic value of the money’s material content реальная,
действительная стоимость материального содержания денег; monetary
value денежная стоимость (золота или серебра); face value номиналь
ная стоимость; gold Eagle àì. «ор¸л», старинная золотая монета
в 10 долларов; gold certificate золотой сертификат (удостоверяющий
право на золото, депонированное в банке); not redeemable for gold
не обеспеченный золотом; government securities правительственные цен
ные бумаги (облигации, векселя, долговые обязательства с правитель
ственной гарантией); note assets of the bank денежные активы банка.
Ex. 6. Read the following text and describe various kinds of money
that circulated in North America in colonial days (potlatch, wampum,
cash crops, playing cards, “tobacco notes”, paper money).
Money is often, mistakenly, thought to have been invented simply
because of the inconvenience of barter. In fact the development
of money was due to many causes and even barter itself often
had important social functions in addition to its purely economic
purposes.
The potlatch ceremonies of Native Americans were a form of
barter that had social and ceremonial functions that were at least
as important as its economic functions. Consequently when
the potlatch was outlawed in Canada (by an act that was later
repealed) some of the most powerful work incentives were
removed — to the detriment of the younger sections of the
Indian communities. This form of barter was not unique to
North America. The examples of competitive gift exchange and
the attempt to outdo each other in the splendour of the exchange
were just as typical there as in other parts of the world.
The use of primitive forms of money in North America is more
recent and better documented than in Europe. The best known
form of money among the native Americans north of Mexico
was wampum, made out of the shells of a type of clam. However
its use was not confined to the coastal states but spread far
inland. Wampum’s use as money undoubtedly came about as an
extension of its desirability for ornamentation. Beads of it were
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MONEY AND BANKING
strung together in short lengths of about 18 inches or much
longer ones of about 6 feet.
Wampum came to be used extensively for trade by the colonists
as well as the natives. Like more modern forms of money,
wampum could be affected by inf lation. Some tribes specialized
in manufacturing wampum (by drilling holes in the shells so
that the beads could be strung together) but their original craft
skills were made redundant when the spread of steel drills enabled
unskilled workers, including the colonists themselves, to increase
the supply of wampum a hundredfold thus causing a massive
decrease in its value. A factory for drilling and assembling wampum
was started in 1760 and remained in production for a hundred
years.
The British colonies in North America suffered a chronic
shortage of official coins with which to carry out their normal,
everyday commercial activities. An indication of the severity of
this shortage and of the resultant wide variety of substitutes
is given by the fact that during 1775 in North Carolina alone as
many as seventeen different forms of money were declared to be
legal tender. However, it should be remembered that all these
numerous forms of means of payment had a common accounting
basis in the pounds, shillings and pence of the imperial system.
The main sources which provided the colonists with their
essential money supplies fall into five groups.
Traditional native currencies such as furs and wampum which
were essential for frontier trading with the indigenous population
but thereafter were widely adopted by the colonists themselves.
In 1637 Massachusetts declared white wampum legal tender for
sums up to one shilling, a limit raised substantially in 1643.
The so called “country pay” or “country money” such as
tobacco, rice, wheat, maize, etc. — cash crops, like the traditional
Indian currencies, were mostly natural commodities. Tobacco was
used as money in and around Virginia for nearly 200 years, so
lasting about twice as long as the US gold standard.
Unofficial coinages, mostly foreign, and especially Spanish
and Portuguese coins played an important role in distant as well
as local trade. Not all the unofficial coins were foreign. In 1652
a private mint was set up in Massachusetts and its popular
“pine-tree” shillings and other coins circulated widely until the
mint was forced to close down in 1684.
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The first State issue of notes in North America was made in
1690 by the Massachusetts Bay Colony. These notes, or “bills of
credit”, were issued to pay soldiers returning from an expedition
to Quebec. The notes promised eventual redemption in gold or
silver and could be used immediately to pay taxes and were accepted
as legal tender. The example of Massachusetts was followed by
other colonies who thought that by printing money they could
avoid the necessity to raise taxes.
Paper currency of various kinds, particularly in the colonies’
later years, circulated in North America.
The Quebec model was the playing card. The French, as all
know, were casual about their North American colonies. Ships
and money often failed to arrive. The most available and durable
paper stock was playing cards. These became the promises by
virtue of having the official government signature attached. When
the ships came, the cards were redeemed in gold and silver.
The innovation shocked Versailles but, eventually, there being no
better alternative, it was accepted. In a 1711 issue, spades and
clubs were the currency of highest denomination; hearts and
diamonds had only half their value.
Another form of paper money used in North America was
“tobacco notes”. These were certificates attesting to the quality
and quantity of tobacco deposited in public warehouses. These
certificates circulated much more conveniently than the actual
leaf and were authorized as legal tender in Virginia in 1727 and
regularly accepted as such throughout most of the eighteenth
century.
In addition to the State issues, a number of public banks
began issuing loans in the form of paper money secured by
mortgages on the property of the borrowers. In these early
cases the term “bank” meant simply the collection or batch of
bills of credit issued for a temporary period. If successful,
reissues would lead to a permanent institution or bank in the
modern sense of the term. One of the best examples was the
Pennsylvania Land Bank which authorized three series of note
issues between 1723 and 1729. This bank received the enthusiastic
support of Benjamin Franklin and awarded him the contract for
printing its third issue of notes.
Gradually the British government began to restrict the rights
of the colonies to issue paper money. Restrictions were subsequently
Unit Five
MONEY AND BANKING
tightened because some colonies issued excessive quantities of
paper money thus causing inf lation. Finally, in 1764 a complete
ban on paper money was extended to all the colonies.
The constitutional struggle between Britain and the colonies
over the right to issue paper money was a significant factor in
provoking the War of Independence (1775—1783). When the war
broke out the monetary brakes were released and the country was
flooded with great amounts of paper money causing hyperinf lation.
By the end of the war the Continentals had fallen to one-thousandth
of their nominal value. The financial chaos of the aftermath
of the war and outbreaks of violent conf lict between debtors
and creditors led to the establishment of the dollar as the new
national currency replacing those of individual states
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169
potlatch церемония обмена подарками; to repeal a law отменять за
кон; work incentives стимулы к труду; to the detriment of в ущерб,
во вред; to be unique to ограничиваться, быть типичным для; wampum
[!w
ɔmpəm] вампум: 1. деньги из раковин 2. ожерелье из раковин; clam
моллюск; redundant излишний; severity опасность; an accounting basis
основа уч¸та; the imperial [im!pi
система; cash crops товарные культуры; mint монетный двор; bill of
credit вексель; by virtue of благодаря (чему-либо); Versailles [v
Версаль; spades êàðò. ïèêè; clubs трефы; hearts червы; diamonds áóáíû; mortgage [!m
continentals бумажные деньги (эпохи войны за независимость); chaos
[kei
əs] õàîñ.
ɔ:gid‚] залог; a batch of bills of credit пачка векселей;
əriəl] system çä. британская денежная
εə!sai]
Ex. 7. Read a short history of banking in Europe and answer the
questions that follow each passage.
For a full view of banks and money the city to visit is
Amsterdam. It is associated with not one but two of the great
developments in their history.
In 1609, money — hard, coined money — was abundant in
Amsterdam. Everywhere in Europe men were taking the coins and
sweating and clipping them, thereby getting metal to make more
of them. It was to the problem of quality that the merchants of
Amsterdam now addressed themselves. They created a bank owned
by the city; the bank solved the problem of the quality of the
coins by going back to the system that antedated the invention
of coinage. That was weighing. A merchant brought his gold and
wretched coins to the bank, the bank weighed them, and the
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