Private money creation and the Suffolk Banking System

Electronic commerce ; Money

The cognitive organization of music knowledge: a clinical analysis

Despite much recent interest in the clinical neuroscience of music processing, the cognitive organization of music as a domain of non-verbal knowledge has been little studied. Here we addressed this issue systematically in two expert musicians with clinical diagnoses of semantic dementia and Alzheimer’s disease, in comparison with a control group of healthy expert musicians. In a series of neuropsychological experiments, we investigated associative knowledge of musical compositions (musical objects), musical emotions, musical instruments (musical sources) and music notation (musical symbols). These aspects of music knowledge were assessed in relation to musical perceptual abilities and extra-musical neuropsychological functions. The patient with semantic dementia showed relatively preserved recognition of musical compositions and musical symbols despite severely impaired recognition of musical emotions and musical instruments from sound. In contrast, the patient with Alzheimer’s disease showed impaired recognition of compositions, with somewhat better recognition of composer and musical era, and impaired comprehension of musical symbols, but normal recognition of musical emotions and musical instruments from sound. The findings suggest that music knowledge is fractionated, and superordinate musical knowledge is relatively more robust than knowledge of particular music. We propose that music constitutes a distinct domain of non-verbal knowledge but shares certain cognitive organizational features with other brain knowledge systems. Within the domain of music knowledge, dissociable cognitive mechanisms process knowledge derived from physical sources and the knowledge of abstract musical entities

Investigation of Noise Field and Velocity Profiles of an Afterburning Engine

Sound pressure levels, frequency spectrum, and jet velocity profiles are presented for an engine-afterburner combination at various values of afterburner fuel - air ratio. At the high fuel-air ratios, severe low-frequency resonance was encountered which represented more than half the total energy in the sound spectrum. At similar thrust conditions, lower sound pressure levels were obtained from a current fighter air craft with a different afterburner configuration. The lower sound pressure levels are attributed to resonance-free afterburner operation and thereby indicate the importance of acoustic considerations in afterburner design

Bostonia. Volume 1

Founded in 1900, Bostonia magazine is Boston University's main alumni publication, which covers alumni and student life, as well as university activities, events, and programs

Origin of spontaneous electric dipoles in homonuclear niobium clusters

Surprisingly large spontaneous electric dipole moments recently observed in homonuclear niobium clusters below 100 K (Moro el. al. Science 300, 1265 (2003)) are explained using first-principles electronic structure calculations. The calculated moments for Nb(n) (n <= 15) closely follow the experimental data in which large dipole moments are seen for n = 11-14. We establish that the dipoles are strongly correlated with the geometrical asymmetry of the clusters. The magnitude of the dipole moment is roughly proportional to the spread in the principal moments of inertia and its direction tends to align along the axis of the largest principal moment. Charge deformation densities reveal directional, partially covalent bonds that enhance the formation of asymmetric geometries. Classical simulations of the deflection of a cluster in a molecular beam reveal that the electronic dipole may persist at higher temperatures, but is masked by the rotational dynamics of the cluster

The Suffolk Bank and the Panic of 1837

The Suffolk Bank in Boston is well known as having been the clearinghouse for virtually all the banknotes that circulated in New England between 1836 and 1858. An examination of 19th century bank balance sheets shows that during and after the U.S. banking Panic of 1837, this private commercial bank also provided some services that today are provided by central banks. These include lending reserves to other banks (providing a discount window) and keeping the payments system operating. Because of Suffolk's activities, banks in New England fared better than banks elsewhere during the Panic of 1837. And after the panic, when much of the United States suffered a prolonged economic slowdown, New England fared better than the rest of the country, at least partly because of Suffolk’s central bank-like activities.Bank notes ; Banks and banking - History

Lessons from a laissez-faire payments system: the Suffolk Banking System (1825-58)

A classic example of a privately created interbank payments system was operated by the Suffolk Bank of New England (1825–58). Known as the Suffolk Banking System, it was the nation’s first regionwide net-clearing system for bank notes. While it operated, notes of all New England banks circulated at par throughout the region. Some have concluded from this experience that unfettered competition in the provision of payments services can produce an efficient payments system. But another look at the history of the Suffolk Banking System questions this conclusion. The Suffolk Bank earned extraordinary profits, and note-clearing may have been a natural monopoly. There is no consensus in the literature about whether unfettered operation of markets with natural monopolies produces an efficient allocation of resources. ; Reprinted in Quarterly Review, Fall 2002 (v. 26. no. 4)Suffolk Banking System ; Payment systems

In order to form a more perfect monetary union

Why did states agree to a U.S. Constitution that prohibits them from issuing their own money? This article argues that two common answers to this question—a fear of inflation and a desire to control what money qualifies as legal tender—do not fit the facts. The article proposes a better answer: a desire to form a viable monetary union that both eliminates the variability of exchange rates between various forms of money and avoids the seigniorage problem that otherwise occurs in a fixed exchange rate system. Supporting evidence is offered from three periods of U.S. history: the colonial period (1690–1776), the Revolutionary War (1776–83), and the Confederation period (1783–89). This article is adapted from a chapter prepared for a forthcoming book, Varieties of Monetary Reforms: Lessons and Experiences on the Road to Monetary Union, edited by Pierre Siklos, to be published by Kluwer Academic Publishers.Banks and banking - History ; Money theory

Lessons from a laissez-faire payments system: the Suffolk Banking System, 1825-58

Suffolk Banking System ; Banks and banking - History ; Payment systems ; Banks and banking - New England ; Clearinghouses (Banking)