当美国经济在忍受1927的紧缩时，联邦储备当局印制了更多的票据储备以期预防任何有可能出现的银行储备短缺问题。
When business in the United States underwent a mild contraction in 1927, the Federal Reserve created more paper reserves in the hope of forestalling any possible bank reserve shortage.
发售债券的公司必须在使用该计划前两天签署协议，且必须通过纽约联邦储备银行的一级交易商出售这些票据。
Issuers must sign up at least two days before using the facility, and can only sell commercial paper to it through primary dealers of the New York Fed.
且既然整个部分准备金银行制度的意义就在于银行不需要有足够的储备金去兑现它的票据，因而罗斯巴德银行会很快破产倒闭。
And since the whole point of fractional-reserve banking is not to have sufficient money to redeem the receipts, the Rothbard bank would quickly go under.
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