GUIDE TO LEGISLATIVE HISTORY O F THE ORIGINAL FEDER4L RESERVE ACT
COMPILED I N THE LEGAL D I V I S I O N OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM NOVEMBER
1963
EXPLANATORY FOREWORD
This compilation is intended for use as a tool that may
expedite research with respect to the intent and meaning of provisions
of the original Federal Reserve Act of 1913, as reflected by state
ments in the Committee Reports and Congressional debates relating to
the original Act.
The compilation consists principally of references to
pages of the Committee Reports and the Congressional Record at which particular topics covered by the original Act are mentioned or dis cussed.
The topics are listed according to the sections of the present
Federal Reserve Act and, to the extent possible, according to the order in which they are covered in each section of the Act.
In this
connection, it should be noted that the numbering of sections in the present Act (and in the Act as originally passed) do not always coincide with the numbering of corresponding sections in the bills that were before Congress in 1913.
For example, section 14 of the
bills became section 13 of the Act as finally passed.
Following the
section-by-section references, the "Subject Guides" to both the Committee Reports and the debates in Congress contain alphabetical references as
to
topics not covered by particular sections of the Act,
well as topics of a general or miscellaneous nature.
- 1-
Use of the compilation should conserve time and effort in seeking to determine the intent and meaning of any particular provision of the original Act.
To illustrate, if one is interested
in the provision of section 7 exempting the Federal Reserve Banks from taxation, the compilation will enable him to limit his reading to
one page
of the Committee Reports and twelve pages of the Congressional
Record; he will not be compelled to skim through the 300 pages of the Committee Reports and the 1300 pages of the Congressional Record. As a matter of possible interest, the compilation also includes a chronological history of the progress of the bill through Congress, a list of the members of the Banking and Currency Committees at that time, references to the principal speeches in Congress regard ing the Federal Reserve bill, and references to "Extensions of Remarks" printed in the Appendix to the Congressional Record.
It should be emphasized that the compilation is intended only as a
&.
It does not purport to be a detailed index to the
Reports and debates on the original Federal Reserve Act.
November 1963
- 2-
TABLE OF CONTENTS
I
.
HISTORY: A B
I1
.
. .
. .
............ .........
H i s t o r y of t h e B i l l H R 7837 T e x t s of P r i n c i p a l D r a f t s of B i l l
4
4
COMMITTEE REPORTS: A B C
. . .
..................... .... ........... ............
Members of Committees I d e n t i f i c a t i o n and C o n t e n t s of R e p o r t s S u b j e c t Guide: By S e c t i o n s of P r e s e n t Act G e n e r a l and M i s c e l l a n e o u s
5
6
7-17
17-18
111 . DEBATES I N CONGRESS: A B C D E
. . . .
.
........................... ..... ........................ ....... ........... ............
Volumes Covered L i s t of Pages i n C o n g r e s s i o n a l Record P r i n c i p a l Speeches " E x t e n s i o n s of Remarks" i n Appendix S u b j e c t Guide:
By S e c t i o n s of P r e s e n t A c t G e n e r a l and M i s c e l l a n e o u s
-3-
19 20 22 25
27-67
67-75
I. A.
HISTORY
HISTORY OF THE BILL H. R. 7837
Various b i l l s were i n t r o d u c e d i n t h e F i r s t S e s s i o n o f t h e 63rd Congress f o r t h e e s t a b l i s h m e n t o f a F e d e r a l Reserve System, i n c l u d i n g s. 2639 by S e n a t o r Owen and H. R. 6454 by M r . Glass on J u n e 26, 1913; and H. R. 6578 by M r . Lindbergh on J u l y 2 , 1913. T h e b i l l e v e n t u a l l y e n a c t e d , however, w a s H. R. 7837; and t h e c h r o n o l o g i c a l h i s t o r y of t h a t b i l l follows: Vol. and Page o f C o n g r e s s i o n a l Record
Date I n t r o d u c e d i n House b y M r . G l a s s . . Reported back i n House Passed House Referred t o Senate Reported back i n S e n a t e Sen. Owen's s u b s t i t u t e b i l l offered i n Senate Passed S e n a t e Conference Report a g r e e d t o i n House Conference Report a g r e e d t o i n Senate Approved by P r e s i d e n t
...........
..................... ............... .......... .............. Dec. .................... Dec. ....................... Dec. ...................... Dec. ............ Dec. B.
1913
50: 50: 50: 50: 50:
3925 4633 5129 5126 5962
1, 1913 1 9 , 1913
51: 51:
22 1230
2 2 , 1913
51:
1464
23, 1913 2 3 , 1913
51: 51:
1488 1688
Aug. 29, Sept. 9, Sept.18, Sept.18, Nov. 2 2 ,
1913 1913 1913
1913
TEXTS OF PRINCIPAL DRAFTS OF BILL
Where P r i n t e d
.............................. .......................... ...............................
Glass B i l l Lindbergh B i l l Owen B i l l
.......................... B i l l .........................
Hitchcock B i l l
Conference Sen. Owen's s u b s t i t u t e b i l l
.........._..
House R e p o r t , pp. 111-130 House R e p o r t , pp. 151-55 Senate Report, P a r t 2 , pp. 33-66 Senate Report, P a r t 3, pp. 6-24 Conference R e p o r t , pp. 3-30 C o n g r e s s i o n a l Record, v o l . 51, p . 22
11. A.
COMMITTEE REPORTS
MEMBERS OF COMMITTEES
House 5 a n k i n g and Currency C o m i t t e e : Glass (Chairman) Korbly Brown Bulkley Neeley Patten Stone Phelan
Hayes Guernsey Burke Woods Platt Lindbergh
S e n a t e Banking and Currency Committee: Owen (Chairman)
0' Gorman
Reed
Pomerene
Shafroth
Hollis
H i t chcock Nelson Bristow Crawford McLean Weeks
Conference C o m i t t e e : For t h e S e n a t e
- For t h e House Glass Korbly
Owen 0' Gorman Reed Pomerene Shaf r o t h Hollis
-5-
1
Committee Reports
B.
IDENTIFICATION OF REPORTS
Report o f House Committee on Banking and Currency Report No. 69, 6 3 r d Cong., 1 s t S e s s .
September 9 , 1913
166 pages
Containing:
M a j o r i t y r e p o r t by M r . Glass, f o r h i m s e l f and Messrs. Korbly, Brown, B u l k l e y , Neeley, P a t t e n , S t o n e and Phelan M i n o r i t y views o f Messrs. Hayes, Guernsey, Burke, Woods, and P l a t t M i n o r i t y views o f M r . Lindbergh Report o f S e n a t e Committee on Banking and Currency Report No. 133, 63rd Cong., 1st S e s s .
November 2 2 , 1913
131 p a g e s
Containing:
P a r t 1. Report by Sen. Owen w i t h o u t recommendation P a r t 2. Report by Sen. Owen f o r h i m s e l f and Sens. O'Gorman, Reed, Pomerene, S h a f r o t h , and H o l l i s P a r t 3. Report by Sen. Hitchcock f o r h i m s e l f and Sens. Nelson, B r i s t o w , Crawford, McLean, and Weeks Report o f t h e Committee o f Conference December 2 2 , 1913 30 pages
- 6-
w
~
~~
Committee R e p o r t s
C.
-
Sec. 2
SUBJECT GUIDE TO COMMITTEE REPORTS
S e c t i o n of PRESENT Act -
HOUSE REPORT Majority views o f Glass et al.
Minority views of Hayes et a l .
Lindbergh views
SENATE REPORT Owen Hitchcock Report Report
SECTION 1
Title
............................
31
SECTION 2
Reserve Bank O r g a n i z a t i o n
Committee
...................................................... F e d e r a l Reserve d i s t r i c t s ........ 3 2 ............................ Regional n a t u r e .................................................. Number of F e d e r a l Reserve Banks... 33.34 ......................... F e d e r a l Reserve Bank c i t i e s ...... 32 ................. 141 ...... T i t l e s o f F e d e r a l Reserve Banks .. 16
.... 1
3.. 8
7.
.....
7-8
2
... 2 - 3
8
32
N a t i o n a l bank membership
......... 16 ......
133
.................
9
S t o c k of F e d e r a l Reserve Banks: Subscription t o Double l i a b i l i t y
............. 1 - 2 ................ 140 ...... ............................................
................................................ U n i t e d S t a t e s s t o c k ......................................... T r a n s f e r ......... ......... 37
Public stock
Minimum c a p i t a l o f F e d e r a l Reserve
Banks
....................
....
1 17 33 34 36
7-9
9
24
9 9
................. 141 ...... 10
- 7-
..... 2 - 4
Committee Reports
HOUSE REPORT
Majority
Minority
Lindbergh
-
Secs. 3-6
SENATE REPORT Owen -
Hitchcock
SECTION 3
Branches o
Fes
ral Reserve Bai s
........................
35
8
SECTION 4
Federal Reserve Banks:
Nature.... "Bankers'
................... banks" ............
Organization
................
................ Succession and d i s s o l u t i o n .. Independence
17
16
32
2
36
18-19
36
Directors:
..................... 36 S e l e c t i o n ................... 36 E l e c t i o n procedure .......... 2 Federal Reserve Agents ........... 36 Classes
......................... ......................... ......................... .........................
SECTION 5
Shares of Federal Reserve Bank
stock
.........................
I n c r e a s e and decrease of c a p i t a l . .
2
35
................. 141
35 31
SECTION 6
Insolvency o f member banks
....... 3 7 ................ 141
Surrender o f Federal Reserve
Bank s t o c k
....................
2
- 8-
10
8
.....
7
10
2-3
Committee Reports
HOUSE REPORT
-
Secs. 7-9
SENATE REPORT
Majority Minority Lindbergh
Owen
Hitchcock
SECTION 7
Earnings of Federal Reserve
Banks
.....................
25
..........................
10
37-38
Dividends
.....................
37-38
........................
10
...... 3
12
Surplus
.......................
Payments to United States
.....
........................ ........................
38 25 2%
24
10
...... 3
37-39
...... Exemption from taxation .......
Reduction of public debt
SECTION
39
39
a
Conversion of State bank into national bank
...............
41-42
SECTION 9
State bank membership generally
41-42
........................
11
Compliance with Federal Reserve
Act
42
......................... Purchase of own stock ............................................
11
Withdrawal or impairment of capital
11
........................................................ Unearned dividends ............................................... Loans to one person .............................................. Examination of State member banks ................................ Reports .......................................................... Capital requirements for membership
......................................... Forfeiture of membership ....... 42
- 9-
142
11
11
11
11
Committee Reports
-
HOUSE REPORT Majority Minority Lindbergh
Secs. 10-11
SENATE REPORT Owen -
Hitchcock
SECTION 10 Federal Reserve Board:
.................... Nature ................ Name
16 18
42- 45
.....
43
...... 134
..........
43
...........................
.....
44
Political Character Members: Generally
Qualifications
Geographical repre sentation
43
Banking connections
44
........
Terms of office
....
.....
43
Chairman and vice chairman
44
Comptroller of Currency answerable to
44-45
Annual report
44
......... ...........
8
SECTION 11
....
45-47
... 134
........
46-47
........................
Powers of Board generally Enumeration of powers
Examinations of Federal Reserve Banks
45
Reports of Federal Reserve Banks
45
................
......................
Rediscounts by one Federal Reserve Bank for another
...
45-56
- 10-
19-20
1-3
Committee Reports
HOUSE REPORT Maiority Minority Lindbergh
-
Secs. 11-13
SENATE REPORT Owen -
Hitchcock
SECTION 11 (Cont.) Suspension of reserve require ments
.......................
Tax on deficient reserves
46 71
................ 138
................................................
Regulation o f Federal Reserve notes
.......................
Supervision of Federal Reserve Banks
.......................
4
46
.........................
16 18-19 42
8 20
SECTION 1 2 Federal Advisory Council
......
47-48
......................
8 20
SECTION 13 Deposits in Federal Reserve Banks
.......................
48
Collections : Exchange charges
.........
55-56
......................
11
......................
27
Rediscounts: General
..................
16
7-8 24
.................. 51
Right to ............................................................ Eligible paper ........... 48
"Commercial paper" ....... 48
Purpose
...................... 24
.........................................................
Indorsement by member bank Limitatiow
4
48
-11-
4-5
w
-
Committee R e p o r t s
HOUSE REPORT
Majority
Minority
Secs. 13-15
SENATE REPORT
Lindbergh
Owen
Hitchcock
SECTION 1 3 ( C o n t . ) Rediscounts (cont.): Amount
...................
One o b l i g o r , d i s c o u n t s f o r
................. Acceptances ..............
Maturity
Bankers' a c c e p t a n c e s
..........
51
51-52
48
......................... ..........
4
49
49-51
.......................
24
52-53
.......................
26
.......................
8
SECTION 14
Open market o p e r a t i o n s :
General
.................. ...
53
..............
52
P u r c h a s e of U. S. bonds F o r e i g n exchange
D e a l i n g s i n g o l d c o i n and Bullion
.....................
Discount r a t e s
................
53 11 52-53 69
F o r e i g n a c c o u n t s of F e d e r a l Reserve Banks
53
F o r e i g n a g e n c i e s of F e d e r a l Reserve Banks
17
...............
...............
.......................
............
8 23 25
....
142
SECTION 15 Government d e p o s i t s i n F e d e r a l Reserve Banks
...............
F i s c a l agency f u n c t i o n s o f F e d e r a l Reserve Banks
.......
11 16-18 27-30 53
............
17 27 -12-
....
138 142-43
145
8-9 26-27
4-5
-
Committee R e p o r t s
HOUSE REPORT Majority
Minority
Sec. 1 6
SENATE REPORT
Owen
Lindbergh
Hitchcock
SECTION 1 6
F e d e r a l Reserve n o t e s : General
................... 11 .............
143-45
.....
7
13-14
D e f e c t s of p r e v i o u s
currency system
22-23
Discretion
46
Elasticity
......... of Board ....... ................
Expansion and c o n t r a c t i o n Issuance
26
........................... ..........................
25
.....
4
.....
4
.....
2
24
55
.................. 1 7
24
54
O b l i g a t i o n s of U. S.
Not l e g a l t e n d e r
..........
Collateral security
Reserves a g a i n s t
L i e n on a s s e t s
......
.......
..........
............
.....
17 24 26 53-54
26 54
26 54
55
................
Redemption fund
...........
..........................
17 26 54
Buying o u t n o t e s of a n o t h e r F e d e r a l Reserve Bank Redemption
..........................
17
25
....
................
7
9
24
55
...............
I n t e r e s t on
133
24 26 53-55 26 55
24 25
12 24 25
..........................
24
..........................
25
..........................
24
..........................
25
-13-
Committee Reports
HOUSE REPORT
Majority Minority Lindbergh
-
Secs. 16-19
SENATE REPORT
Owen -
Hitchcock
SECTION 16 (Cont.)
Federal Reserve notes (cont.):
................................................. Serial numbers ............. 54 ...........................
Retirement
Reserves against deposits of Federal Reserve Banks
.........
Par collections
71
..........................
................. 55 ..........................
26
25
..... 4
12 25
27
62
.......................................... functions ........ 56
Charges for collection Clearing house
27
..... 5
SECTION 17
Deposit of U. S. bonds by national banks
................
56
..........................
28
SECTION 18
Refunding bonds
. _ _ . . . . . _ . _ _ _16. . ............................ .
27
17
22-26
41
56-58
Retirement of national bank notes 16
22-27
56-57
70
Federal Reserve Bank notes
.....................................
9
27
SECTION 19
Reserves of member banks: General Purposes
........._.......... 20-22
......_............ 59 -14-
.....
5
-
cormnittee Reports
HOUSE REPORT
Sec. 19
SENATE REPORT
Majority Minority Lindberah
Owen
Hitchcock
SECTION 19 (Cont.) Reserves of member banks (cont.):
Requirements prior to Fed
eral Reserve Act
..........
Defects of previous system
of reserves
..............
19
59-60
63
19-20
62
................. 1 9
Concentration .............................................
Pyramiding
Mobilization
...............
Effect on relations with
correspondents
...........
Interest on balances in correspondents
...........
Inflationary effect Amount required
........
............
11
..........................
7-8
21
23-24
7
.....
21
62
..........................
20 62-63
12
66
69
2
..............
140
...... 11 .....
21
61-63
Vault
......................
20-21 59
68
.......................
11
Federal Reserve notes as
part of reserve Readjustment of
.......... 55
cash ......................................
Transfer to Federal Reserve
Banks 18-19
....................
Effective date
.............
2
62-70
.......................
69
-15-
13-18
13-18
5
Committee R e p o r t s
Majority
-
Secs. 19-25
HOUSE REPORT
SENATE REPORT
Minority
Owen -
Lindbergh
Hitchcock
SECTION 19 (Cont.) Reserves of member banks ( c o n t . ) : P e r i o d of a d j u s t m e n t
........ 21 ................ 140 ..... 11 ...... 5 63 66 67
I n t e r e s t on r e s e r v e s
......................................
12
SECTION 20 N a t i o n a l bank n o t e redemption fund
...........................
70
..........................
28
SECTION 21
Examinations of n a t i o n a l banks
... 1 7 .......................... 31 71 72
Compensation of examiners
........ 7 1 ..........................
11 28
17
SECTION 22 Loans t o examiners Fees f o r o b t a i n i n g
............... 7 2 .......................... l o a n s ......... 72 ..........................
28
11
SECTION 23 Double l i a b i l i t y of s h a r e h o l d e r s of n a t i o n a l banks
..._...._..... 72 ..........................
28
SECTION 24 Loans by n a t i o n a l banks on farm lands
..........................
SECTION 25 F o r e i g n b r a n c h e s of n a t i o n a l banks
..........................
2 17 72
..........................
28
..........................
28
13 17 30 73 74
-16L
.....
5
Cormnittee Reports
HOUSE REPORT Majority Minority Lindbergh
- Secs.
26-30
Gen. and Misc.
SENATE REPORT
Owen
-
SECTION 26
......
74
..................
74
Repeal of conflicting laws SECTION 30
Right to amend
GENERAL AND MISCELLANEOUS
(Matters not specifically
related to any section of
Act)
....................................... .................... 10 ...........................
Advantages of membership Aldrich Bill
12
4-6
11
Branch banking
..................
Central bank discussion
.........
Clearing house associations
.....
12
13
....... 133 ................ 7
11 12
14
15
Constitutionality:
Compulsory membership of
national banks
........... 40 .,..... 133
Government deposits in
Federal Reserve Banks
.......................
Contraction of credit ..............................
Defects of old banking system .... 3-7
Farm credits .................... 15
Foreign trade ................... 16
142
137
73
Gold standard
...................................... -17-
156-58
Hitchcock
Gen. and Misc.
HOUSE REPORT Majority Minority Lindbergh
SENATE REPORT
Owen
-
Hitchcock
GENERAL AND MISCELLANEOUS (Cont.):
Government control
.............. 11 ............... 138 ......
7
18
46
Insurance of deposits Interest on deposits
......................................... ............ 20
3
62-63
................................................ Legal tender ....................................... 163
National Monetary Commission ..... 8-11 ....................... Interest rates
............................................ .................. 3 ..........................
21-23
4
Pujo investigation
6
Purposes of Act
7
Savings departments in national banks ..........................
.......................... Speculation ................................................... 73
-18-
27-28 21
.... 6
111.
A.
DEBATES I N CONGRESS
VOLUMES COVERED
The d e b a t e s i n Congress o n t h e b i l l H.
R.
7837, t h e
o r i g i n a l F e d e r a l Reserve Act, c o v e r e d a p e r i o d o f t i m e from June t o December, 1913, d u r i n g t h e F i r s t and Second S e s s i o n s o f t h e S i x t y - t h i r d Congress.
They comprised a t o t a l o f a b o u t 1350 pages
i n t h e C o n g r e s s i o n a l Record ( i n c l u d i n g " E x t e n s i o n s o f Remarks" i n t h e Appendix) and a r e Lo be found i n t h e f o l l o w i n g volumes: 6 3 r d Congress, F i r s t S e s s i o n : Volume 50, P a r t 3 Volume 5 0 , P a r t 4 Volume 5 0 , P a r t 5 Volume 50, P a r t 6 Volume 5 0 , P a r t 7 (Appendix) 63rd Congress, Second S e s s i o n : Volume 51, P a r t 1 Volume 5 1 , P a r t 2 Volume 5 1 , P a r t 1 7 (Appendix)
-19-
L i s t of Pages
B.
LIST QF PAGES IN THE CONGRESSIONAL RECORD
Containing debates and r e f e r e n c e s t o o r i g i n a l Federal Reserve Act Volume 5 0 , P a r t 3 : 2173 2216 2291-92 2313
Senate House Senate House
volume 5 0 , P a r t 4 : 3086-88 3090-97 3925 4049
Senate Senate House Senate
Volume 5 0 , P a r t 5 : 4547 4622-24 4633 46384706 4721-53 4756-59 4762-75 47774858 48604936 4938 4967-97 49985054 50565109 5126 5127-30 5134-35
Senate House House House House House House House House Senate House House House Senate House House
Volume 5 0 , P a r t 6 : 5142-51 5204 5507-10 5511-14 5515 5622-29
House House Senate Senate Senate Senate
Volume 5 0 , P a r t 6 ( c o n t . ) : 5693 5702-03 5877 5880-84 5893 5929 5 93 1- 35 5950 5962-65 5967-68 5987 59886009 6012-29 6031-37
Senate Senate Senate Senate Senate Senate Senate Senate Senate Senate Senate Senate Senate Senate
Volume 5 0 , P a r t 7 (Appendix): 269-74 279-81 282-89 290-98 299-302 303-34 335-37 341-43 348-49 398-400 413-14 422-24 450
House House House House House House House House House House House House House
Volume 5 1 , P a r t 1 :
3 4 20-27 45 105 139 169-179 274-284 426- 74 515-53 594-614 618-34 662-711
-20-
Senate Senate Senate Senate Senate Senate Senate Senate Senate Senate Senate Senate Senate
List of pages
Volume 51, Part 1 (Cont.)
755-91 821-61 869 871-910 948-97
Senate Senate Senate Senate Senate
Volume 51, Part 2:
1033-77 1114-57 1189-
1230 1293-
1316 1352-61 1430-64 1468-88 1489-92 1530 1688
Senate
Senate
Senate
House
Senate
House
Senate
House
House
House
Volume 51, Part 17 (Appendix):
21-28 31-37 44-71 561-64
House House House House
-21-
C.
PRINCIPAL SPEECHES
.
. ;/ indicates Committee members/
In the House:
Congressional Record. Volume 5 0 . pages:
...................... ................... ..................... .......................
Adair Anderson Austin Batz Barkley Bathrick Beakes Borland Brumbaugh "Bulkley *Burke Callaway Clark Collier Connelly Dillon Doolittle Dyer Fess
.................... ................... ..................... ....................
.................. .................... ...................... ................... ...................... .................... ................... ..................... .................. ....................... ....................... "Glass ...................... Gorman ..................... Gray ....................... *Guernsey ................... Hardwick ................... Harrison ................... Haugen ..................... *Hayes ...................... Heflin ..................... Helgesen ................... Helvering .................. Hinebaugh .................. Howard ..................... Hulings .................... Kahn ....................... Kelly ...................... Kennedy .................... Kent ....................... Kinkaid .................... *Korbly ..................... Lafferty ................... Levy
.......................
-22-
4756-59
4759-64
5089-90
4854-56
4787-94
4695-4704
4904-06
4729-33
4989-18
4 777-85
4847-53
48 60- 69
4753-56
4804-07
4886-88
4903-04
4875-77
4679-84
4871-75
4642-51 (Main statement) 4856-58
4821-25
5096-97
4801-04
4728-29
5027-35
4651-58
5097-99
5037-38
4794-4801
4815-20
5142-50
4777-85
4901-03
4883-86
4929-31
4931-32
4881-83
4659-64
4925-27
4830-32
Principal speeches
In the House: (Cont'd.)
................... ................... ...................... ..................... .................... ..................... .................... ............. ....... ..................... ...................... ...................... ...................... ....................... ...................... ...................... ...................... ....................... .................... ....................... ................. ....................... .............. ................. .................... ...................... .................... ...................... ......................
Congressional Record. Volume 5 0 . pages:
*Lindbergh Linthicum Madden Manahan McKellar Mondell Montague Moss of Indiana Moss of West Virginia Murdock Mxray *Neeley *Phelan *Platt Powers Prouty Rogers Rubey Saunders Scott Seldomridge Sloan Smith. J . M . C Smith. S . W Stephens Temple Thompson Towner Wilson
4133-53
4888-93
4104-06
5018-20
4825-30
468 6- 9 5
5090-93
4169-14
4832-34
4664-10
5020-23
4844-41
4671-19
4810-15
4801-10
4721-28
4164-65
4838-44
4811 - 8 1
4898-4901
4165- 68
4834-31
4927-29
4918-20
4920-25
4906-09
5 006- 1 2
4893-98
4853-54
In the Senate:
Congressional Record. Volume 5 0 . pages:
................... .................... *........................ *Shafroth ....................
*Hitchcock Newlands
6014-18
5931.35. 6031-36
5992-6001 (Main statement)
6019-29
Congressional Record.
Volume 51. pages:
.......................
Borah *Bristow
.....................
-23-
161.61. 521.35.
1065-12
948-51
P r i n c i p a l speeches
In t h e Senate:
(Cont'd.)
C o n g r e s s i o n a l Record. V o l u m e 51. p a g e s :
...................... ....................... .................... ..................... ...................... ........................ ...................... ...................... ...................... ........................ .................... ........................ ........................ .................... ..................... ....................... ..................... ...................... ....................... ....................... Williams ....................
Burton Clapp *Crawford Cumins Hollis Lane *McLean Morgan *Nelson *Owen *Pomerene *Reed Root *Shafroth Sherman Stone Swanson Thomas Walsh *Weeks
-24-
662-86
907-09
609- 1 4
773-78
778-83
893-95
541-46
1456-58
445- 60
892.93. 899-902
838-46
169.79. 889-92
828-38
469-71
623-34
768-71
42 6- 35
1152-55
959-62
274.84. 620.22. 847.51. 902-06
985-92
D - "EXTENSIONS OF REMARKS" IN APPENDIX
. . /xll by members of the House/ Congression 1 Record
Volume 50
Part 7.
Appendix
..................... 318 .....
............. 348
.................... 342
...................... 290
..................... 335
................... 422
..................... 332
.................... 303
...................... 299
282
....................... .................. 317. 329
...................... 324
......................................
.....................................
....................... 297, 301
.....................................
..................... 413
...................... 398
..................... 319
....................................
....................................
................ 300
................... 273, 450
.................................
.................................... ....................................... ................... 320
...................... 304
...................................... ..................................... ..................... 296. 300 ... ..................................... ...................... 279
................... 327
Stringer ................... 311
Taylor ..................... 341
Thompson ................................... Towner .....................................
Barton Brown. Lathrop Bulkley Burke Calder Campbell Cullop Edmonds Elder Fess Fitzhenry Frear Glass . Gorman Gray Greene Hamlin Hardy Hughes Johnson Kinkaid Kirkpatrick Lafferty LaFollette Laagley Levy Lonergan Nolan Platt Reilly Rogers Sabath Slemp Stephens
-25-
Volume 51
Part 17.
Appendix
60
561
54
23
59
44
22
64
33
64
61
21
31
49
35
Extension of Remarks
Congressional Record
Volume 5 0 Part 7, Appendix
Volume 51
Part 17,
Appendix
.................... 309
....................... 337
..................... 310
..................................... ................ 2 6 9 ...........
Tribble Vare Weaver Williams Witherspoon
-26-
57
45
Debates Secs. 1-2 E.
S U W E C T GUIDE TO DEBATES
Volume 50
Section of PRESENT Act
Volume 5 1
SECTION 1
................................ Definitions ...........................
4817
Title
45 6 620 879
............................. Amendments in Senate ..................
"Bank"
879 620
SECTION 2
................... in Senate ..................
Amendments in House Amendments
Regional nature of System
4968 1129 1147
............. 4643 4656 4663 4730 4820 4843 4854 4883 4994
Reserve Bank Organization Committee
... 4817
4866 6022
Federal Reserve Bank cities
........... 3087
4811 4817 6022
-27-
429 662 678 1039
45 6 689 846-47 852-53 a5 7 1468-69 1486 App. 561
a4 7 1124- 25
Debates Volume 50
Section of PRESENT Act
-
Sec. 2
Volume 5 1
SECTION 2 (Cont’d.) Number of Federal Reserve Banks
Federal Reserve Districts
.......
.............
4643 4683 4694 4783 4864 4977-78 5089 5881 5994 6015-16 6021-22 App. 296 App. 300 App. 333
175 278 429 45 6 470-71 516 527-29 546 662 674 689-703 710 771 773 776 781
3087 4673 4703 4729 4788 4805 4808 4811 481 7 4828 4844
5031 5107 6015-16 6021 6022 App. 331
689
760
773
852-53
App. 62
4653 4678 4692 4703 4705 4706 4721-28 4768 4790 4792 4805 4808 4811 4813 481 7 4821 4831 4852-53
4863 4864 4880 4883 4894 4897 4903 4906 4923 4931 4969-70 4980 4981 4996
282 429 456-57 473- 74 5 20 536 538-39 551-53 607-10 627 629-30 705-06 7 74 777-78 781 784 787-90 821-27
83 7 842-43 847 872-73 890 978 1120-21 1136 1156 1191 1224 1226- 27 1304 1476 App. 22 App. 561
National banks as members:
Compulsory membership
..........
-28-
5015-17 5021 5032 5089
838-39 841-42 893 959-62 1048 1054 1056 1121-22 1133 1476 1484 App. 2 1 App. 32 App. 63
Debates - Sec. 2 S e c t i o n o f PRESENT Act
Volume 50
Volume 5 1
SECTION 2 (Cont.) N a t i o n a l banks a s members: ( c o n t . ) Compulsory membership ( c o n t . )
F a i l u r e t o j o i n System
....
...........
5091-93 5107 6019 App. 300 App. 304 App. 331 App. 337 348 5001 5031
627-28 784 790 854-55
V i o l a t i o n o f F e d e r a l Reserve Act by
D.
C. t r u s t companies as members
628 854-57 1147-48
......
1128-29
S t o c k of F e d e r a l Reserve Banks: Bank v. p u b l i c ownership
1146-47
.........
Amount and b a s i s of s u b s c r i p t i o n . .
762 a38 848-50 907-10 1193 1469 4673 4744-45
4784 4788 4790 4805 4814 481 7 4828 4844
S u r p l u s as b a s i s f o r s u b s c r i p t i o n
4968- 73 5018
-29-
4863 4867 4897 4923 4977-79 4993 5009 5031 5994-95 App. 319
175 282 429 784- a5 a39 840-42 848-49 896 90 7 1459 App. 22 App. 562 a75
Debates S e c t i o n of PRESENT A c t
Volume 50
-
Sec. 2
Volume 51
SECTION 2 (Cont.)
Stock of Federal Reserve Banks: ( c o n t . ) Subscribing banks as "members".
Double l i a b i l i t y
Public s t o c k
. ..
.................
.....................
L i m i t on account t o one s u b s c r i b e r
United S t a t e s s t o c k
Voting r i g h t s
4980-82 4988 4673 4979 5995-96
45 7 53 7 824 839-40
4886 4976 5881 6016 6019 6324
282 45 6 473 516 520 528-29 533-40 552 608 611-12 630-31 688 696-97 704-06 709 773 777
4834
282 42 7 45 6 885
.._............
45 6 782
.....................
Transfer of s t o c k
534 688 896 1469
.................
4880
- 30-
45 7 534 896
844 854 881 900 782 838-40 842 857 886 896 907-10 1040 1114 1121-22 1205 1216 1457 1469 App. 22 App. 32 App. 60
-
Debates Section of PRESENT Act
Volume 50
-
Secs. 2-4
Volume 51
SECTION 2 (Cont.)
Stock of Federal Reserve Banks:
(cont.)
..................
Minimum capital
4643 4788 4805 4811 481 7 4828 4864 4866
Status of reserve c i t i e s not affected
.......................
4880 4906 4923 4930 4968-69 5107 5995 6015
175 278 45 7 517 539 698 707-08 758
839
843
887
889-90
899
904
1117-18
App. 562
a58
SECTION 3
Branches of Federal Reserve Banks
. 4817
5107
6022
528
703
85 8
1204
SECTION 4
...................
Amendments in House Amendments i n Senate
4983-84
4990
..................
1131
Federal Reserve Banks generally: Status
...........................
Function generally
"Bankers' banks"
Public nature
4643
4673
...............
.................
4900
App. 314
784
893
904
4900
5995
App. 314
536 630 704 709
....................
Not t o compete w i t h banks
825
........
614
783-84
-31-
896
1059
1062
1122
--c
Debates - Sec. 4 Volume 50
Section of PRESENT Act
Volume 51
SECTION 4 (Cont.)
Federal Reserve Banks generally: (cont.)
Nonprofit institutions
............
454
516-17
1476
...... Independence ......................
4995
Government instrumentalities
4820 4878 4896
537-38
Responsibility for detailed actions Insolvency
1040
........................
858
Organization of Federal Reserve Banks:
......................... Certificate of organization .......
4983
Generally
457
Corporate powers: Generally
.........................
Succession and dissolution
4900
........ 4844
837
App. 36
858
5031 Right to sue and be sued
..........
Circulating notes (See also Sec. 18)
858
...
457-58
461
596
858-59
875
1129-31
Directors: Generally
.........................
Powers and duties
4805 5107
.................
4817 4844
-32-
516
App. 62
Debates Section of PRESENT Act
Volume 50
-
Sec. 4
Volume 51
SECTION 4 (Cont.) Directors (cont.): Impartial administration of
affairs
........................
173
5 25
528
535
83 7
843
85 9
860
893
Extension of credit accommodations
to member banks
85 9
Discounts subject to "orders of Board "
85 9
................
........................ Personal contacts ................
6022
Classes of directors: Generally
...................
Class B
..................... .....................
Class C
Class A
Eligibility
4907 4923 4982
4990
5031
839
861
1305
4984 4989-90
873
1304
1469- 70
.....................
4990
896
898
1131
1440
1469- 70
......................
486 7
173
861
1131
.. ............
1131
Engaged in "industrial pursuit". Residence requirement
-33-
4983 4989
8 75
1440
Debates Section of PRESENT Act
Volume 50
-
Sec. 4
Volume 51
SECTION 4 (Cont.) Directors (cont.):
Connections with banks
............
Members of Congress as directors..
4983-84 4989-90
538 861 8 74 1304-05 1469-70 App. 562
.
1314 1469
........... .........................
Representation of banks Selection
.............. ..................
Appointment by Board Control by banks
Government control
Control by Board
516 4673 4706 4817 4828 4844-45 4867 4872 4906-07 4923
173 429 45 7 516 528-29 534-40 61 1 630 706-07 710 762-63
4691 1040 1446
................
535 763-64 839 887-88 1042 1216
..................
Election procedure
4986 5021 5041 5881 5994-95 5998 6016 6023 App. 331
4907-08 4984
................ 3087 3091 4923 4983
-34
-
703 705 710 860-61 873- 74 898 1035 1131 App. 562
777-78 781 783 839 85 1 860- 61 873- 74 887-88 898-99 908 1120-21 1216 App. 62
Debates Section o f PRESENT A c t
VoIume 5 0
-
Secs. 4-6
Volume 5 1
SECTION 4 (Cont.)
Directors
(cont.):
Grouping o f member banks
......... 4643 4907
860-61 1131
Removal (See Sec. 11)
Chairman of board of directors
........ 4682
4844 4867 4983 4992 4994
a74 1131 1229
5995
Deputy chairman Federal Reserve Agent
........,........ 4864
4872-73 4907 4990-92 5994-95 5998
Compensation of officers and directors
516 664 781 874-75 903 1229 App, 33 App. 62
4691 4991-92
SECTION 5 :
Amendments in House
................... 4979
4982 4992-93
Amount of shares of stock
............. 4817 4844 4979
Increase and decrease of c a p i t a l
...... 4745
4817 4969
516 875
SECl'Im 6:
.................., 4993 Insolvency o f member banks ............ 4745
Amendments in House
4811
-35-
516
-
Debates Volume 50
Section of PRXSENT. Act
Sec. 7
-
Volume 5 1
SECTION 7
Amendments in House
........,..........
Amendments in Senate
..................
Earnings
..............................
4993 4995 1132
1150
1156
4991
27 9 433 596 698 782
906
948
App. 32
App. 36
App. 562
Nonprofit purpose (See See. 4 ) Dividends
.............................
Surplus fund
..........................
4880 4977 4979-80 4994-95 5031 5107 5997 6017 6019 App. 282 App. 295 App. 342
4844 4867
4757-58 4790 4817 4844 4867 4935 4995
Payments to United States
Reduction of national debt
4650-51 4653 47 03 4746 4790 4806 4817 4828 4843 4844 4863 4867
.....,......
175 279-80 282-83
896
948-49
956-57
473 996
516-18 1043
552 1151-52
608-09 1220
630 1456
776 1458
781-82 1473-74
516
948-49
95 7
5009 5021 5031 5090 5107 5997 6017
280 782
432-33 835-36
453 878
516 1048
App. 562
518 520
528
280
530
948
957
996
1194-96
1205
-36-
Debates Section of PRESENT Act
Volume 50
-
Secs. 7 - 9
Volume 5 1
SECTION 7 (Cont.)
Public highway fund from earnings
.....
4995-96
Insurance of deposits fund from
earnings (See Insurance of Deposits
under "General and Miscellaneous")
Use of earnings to supplement gold reserve against U. S . notes
......... Exemption from taxation ...............
1132 4805 4817 4844 4863 4925 4993-95 503 1
260 516 906
SECTION 8 Amendments in Senate
..................
Conversion of State banks into national banks
......................
1133
4980-81 4998-99
878-79
1132-33
SECTION 9 Amendments in House
...................
State bank membership generally
.......
.......,.... ...................
4997 5015 5017 4673 4678 4788 4805 4817 4821 4840 4844
Application for membership
4691
Discretion of Board
4692 5015 5042
Regulations as to membership Conditions of membership
..........
....,.........
4855 4880 4906 4980-82 4986 5021 5031 5107 5997
429 520 610-11 782
877
879
979
1048
4979-82 4994 6000 -37-
521
1122-24
App. 3 2
App, 36
Debates Section of PRESENT Act
Volume 5 0
-
Sec. 9
Volume 51
SECTION 9 (Cont.)
............. Conflict with State laws ..............
Authority under State law
Capital requirements
6000
521 633 a54 879
.................. 4745 4ai7 42344
5000-01
5014
Branches of State member banks
........
Investments
......
...........................
Loans to one person............,....... Examinations of State banks
Acceptance o f State examinations Reports
32
520
521
1476
5015 6000 6000
...........
520 521 958 1049 1062 App.
4832
Compliance with reserve requirements..,
Violation of Board's regulations
1123
6000-01
......
a79
a77 997 1047 1049 1064 1152
a77
...............................
521
I
879-80
Rate o f interest on loans (R.S. 5 5198
i
Loaning on or purchasing own stock ( R . S . 5 5201
..................
False certification o f checks(R.S.
a79
879
§ 52CS)
... ... membership .......,......
a79
Embezzlements, etc. (R.S. 5 5209). Forfeiture o f
4844 4862
-30-
Debates Volume 50
Section of PRESENT Act
....................
Amendments in Senate
5018 5040 5107
...................
1133 1134 1229
Federal Reserve Board:
4808
Creation........................... Nature generally
.................. 4644-46
4658 4663 4673-74 4690-91 4704-05
4730-31 4763 4787-88 4878 5998 6024
177 963 1224 1442
43 1 145 9 It
Capstone"
........................
App. 330
4878
...............,.. 4884 Political character ............... 4645-46 4789
Central authority
4806 4808 4810 4817 4821 4834 4836 4843 4854-55 4862 4868 4870-72 Powers (See Sec. 1 1 )
-39-
4896 4899 4909 4970 5018 5035 503 7 -3 9 5042 App. 296 App. 303 A P ~ ,315 App. 319 App. 332 App. 337
Sec. 10
Volume 51
SECTION 10
Amendments in House
-
279
678-79 847 964 1134-41 1303 1442 1458-63 App. 60
Debates Section of PRESENT Act
Volume 5 0
-
Volume 51
SECTION 10 (Cont.)
Federal Reserve Board (cont.):
Members : General
......................
4644 4658 4673 4683-84 4690 4758 4773-74 4789-90 4794 48 05 48 08 4817 4821 4843-44 4853 4866 4868-69
.....,...... Selection generally ......,.... Appointment .,...........,....
Ex officio members
177
429
521
771
781
847
964
1458
1461
App. 37
App. 60
App. 62
App. 561
4853 4862 5024-25 5037 5107
431-32 851-52 1444
4798
4692 4794 4836 4843 4845
............
Secretary of Treasury
4871 4878 4896 4906 4923 4928 4986 5018 5021 5023- 24 5031 5038-3 9 5089 5881
App. 282
App. 303
App. 422
5040
Number of members
5037 5040
964
.........
App. 330
279
852-53
1445
...
App. 330
852-53
1445
1469
....
App. 330
852 App. 561
Comptroller of the Currency
Secretary of Agriculture..
-40-
Sec. 1 0
Debates Section of PRESENT Act
Volume 5 0
-
Sec. 10
Volume 5 1
SECTION lO(Cont.)
Federal Reserve Board (cont.):
Members (cont.):
Banker representation on
Board
.....................
4705 4843
4906
5019
5025-27
5029
5035
5037
5884
6024-25
Proposed choice by directors
of Federal Reserve Banks...
5025-27
......
Qualifications.........
279
521
85 1
Geographical representation.. 5021 App. 330
Agricultural representation..
5019
No two from same district....
App. 330
Members of different political parties App. 330
.................. .......
Devotion of f u l l time
Connections with banks
.....
Service of banks after ex piration of term ,
........
-41-
179
535-36
620
705-07
773
783
85 1
861
892
1483-84
App. 330
847
969
85 2
1461
1442
1461-62
851
App. 37
279
521
538
622
770
1133-34
1228-29
1133-34
Debates-Secs. 10-11
Section o f PRESENT Act
Volume 50
Volume 51
SECTION 10 (Cont.)
Federal Reserve Board (cont.):
.
Members (cont ) : Service of insurance companies
........,......,..
1229-30
Members of Congress as
members....................
1228-29
1314
1469
App. 60
..........,....
Term of office
4843 4878
521
680
880
964
1224-25
App. 37
App. 561
Salary.......................
4817
521
964
1133
1469
App. 37
App. 561
5018
5031
Governor and vice governor...
521
......,.. 4844
Annual report to Congress
4866 Hearings by Board...
..........,...
Assessments on Federal Reserve Banks...
1134
1476
5039 4994
964
5040
Office of Comptroller of the Currency..
4817
SECTION 11
......,.....:..... Amendments in Senate .................
Amendments in House
5040 1144
1148
1217
-42-
Debates Volume 5 0
Section of PRESENT Act
-
Sec. 11
Volume 5 1
SECTION 11 (Cont.) 4879
4906
Paramount position of Board............
Parers of Board generally
.............
4644 4663 4682 4689 4691-92 4705 47 29 4758 4794 4805-06 4809-10 4818 4821 4844 4853 4862-63 487 2
Enumeration of Board's parers..........
4853 4869 4895-96 5997-98 App. 282 App. 286
Implied powers........................,.
4844
4869
4872
4923
5041
Examinations of Federal Reserve Banks,.
4805
4818
4844
4858
4866
4923
Reports of Federal Reserve B a n k s . . . . . . .
4818
4923
Condition statements
..................
-43-
48 05
4866
1442 App. 33 4882-83 4896 4908-09 4923-24 4934 4970 5004 5018 5021 5039 5041-42 5089 5107 App. 300 App. 303 App. 315 App. 330
174
179
535
665
760
897
903
964
1121
App. 21-22 App. 37
837-38 896 App. 62
880
Debates S e c t i o n of PRESENT A c t
Volume 50
-
Sec. 11
Volume 51
SECTION 11 (Cont.) Rediscounts by one Reserve Bank for another..........................
4644 4675 4691 4783 4805 4818 4842 4844 4858 4866 4870-71
487 8 4880 4908 4923 4986 5027 5031 5041 5107 5514 6023 App. 303
Suspension o f resene requirements
..... 4645
4674 4691 4744 4805 4818
Tax on d e f i c i e n c y i n r e s e r v e s , . . . . . . . . .
4844 4866 4923 4974 5031 App. 293
429 43 1 521-22 665-66 669 675 837 1114 1192 1459 App. 60 App. 562 6 39 522 880 967 1196-99 1201
4994 6018 6026
28 1 462 522 532 5 94 605 680 832 860 877
4818 4866 4923 5031 5041 5107
522 835
Reserve and c e n t r a l reserve c i t i e s . . . . . 4691 4818
45 0 779
Supervision o f i s s u e and retirement o f Federal Reserve n o t e s (See a l s o Sec. 16)
...................
4844 4866
-44-
904 949 968 980 1147-48 1149 1197-99 1210 1214 1224 App. 562
Debates-Sec. 11
Section o f PRESENT A c t
Volume 5 0
Volume 51
SECTION 11 (Cont.)
Removal and suspension of o f f i c e r s and directors of Reserve Banks
.,....
Writing o f f doubtful a s s e t s
4682 4691 4805 48 18 4821 4844 4866-67 4872-73 4907-08
...........
4923 4983-84 4987 4990 5031
5041 5995 5998 App. 331
174 429 516 522 525-26 530 535 630 680
763 a39 874-75 910 1229 1442 1459
4691 4805
4aia 4844 4866 Suspension of Federal Reserve Banks....
4691 4805 4818 4821 4844 4866
Appointment o f receiver for Federal Reserve Bank
........................
4923
General supervision of Federal Reserve Banks
...............................
Trust powers o f national banks
174
.....,.,
4788 4805 4821 4828 4839 4855 4862 4866 4878 4923 5107 5995 5998
173-74 429 516 521 53 1 538 600 703 711 760
4828 4986
174 522 633 883-84 1144
-45-
782 825 837 839 843 85 9 874 893 895 901
Debates
Secs.11-13
Volume 5 1
Volume 50
Section of PRESENT Act
-
SECTION 11 (Cont.) Employees of Board
....................
Civil Service exemption of employees..
1134-44 1214-15
.
1134-44 1214-17 1462-63 1470
SECTION 12 1144
Amendments in Senate................... Federal Advisory Council
..............
4646 4693 4706 4758 4817 4821 4844 4879
5009 5031 5042-43 5 107 5109 5998 App. 282 App. 330
5 23 782 896-97 1114 App. 33 App. 37 App. 62
SECTION 13 Amendments in House....................
5043 5045 5 047 5049
1144
Amendments in Senate.................., Deposits in Federal Reserve Banks: General
..........................
Authority
.........................
Types of depositors
...............
Deposits of individuals........... Interest on deposits.
....,........
4673 4818 4844 5031
45 2 45 5 App. 37
4900 4906
4867 6024 4844
Government deposits (See Sec. 15)
-46-
451-54 515 524
Debates Section of PRESENT A c t
Volume 50
-
Volume 5 1
SECTION 13 (Cont.) Collections:
4651
General........................... Circuitous routing..
Par c o l l e c t i o n (See a l s o Sec. 16) Exchange charges
685
.........,...,
280
5999
................. 4694
4729 4807 4898 4921 4925 5999
Charges for c o l l e c t i o n (See a l s o Sec. 16)
..............
App. 3 4 App. 563 177 280 595 685 1486
5103
Rediscounts: General
..........................
Purpose....
4643 4647 4662 4675 4695 4703 4729-31 4758 4768 4782 4802 4814 4818
.......................
174
178
532-33
540
605
779
782
789
1039
App. 33 App. 37 App. 58 App. 62 App. 64
4673 4732
Benefits..........................
4678 4929 1056-59
Inflationary e f f e c t . . . . . . . . . . . . . , . Accessibility
4828 4830
4n32
4843
4854
4867-68
4880
4896-97
4985
5107-08
5994 5998 ~ p p .328-29
.....................
6021
-47-
Sec. 13
Debates
-
Sec. 1 3
Volume 5 0
Section of PRESENT Act
Volume 5 1
SECTION 1 3 (Cont.) Rediscounts (cont.):
Power of Federal Reserve Board
..... 4 8 2 1 4897 6016 6026
1055 1074
P r o p o s a l for discounting by Fed
............... of Federal Reserve Banks ......
1191-92
eral Reserve Board Duty
4840
Discretion of Federal Reserve Bank in granting
......._......... 5 0 5 1
Compulsory or privileged dis counts suggested
.................
6026
523-32 666- 67 669 675 700-01
Privileged discount up t o amount of bank's capital ................
6016
1072-75
Publicity a s to assets of discount ing member bank
5051
Discrimination by Federal Reserve Banks (See also Sec. 4 )
6016
...................
..........
................ Profits to Federal Reserve Banks .... Competition with commercial banks
278 4900 4 9 02
-48-
~~
174 1073 1075
599
Cost of discounting
c
523-25 859-60 1063-65 1072-73 1075 1226
7 65 840 8L3-44 859-60 1063-64 1115
Debates
3 e c t i o n of PRESENT A c t
-
Sec. 13
Volume 5 0
Volume 5 1
SECTION 1 3 ( C o n t . )
Rediscounts (cont,):
E l i g i b i l i t y f o r discount
........... 4675
176
531
830
1064
1072
1074
4732 4896-91 4923 6025 App. 292 Board t o d e t e r m i n e e l i g i b i l i t y
Commercial p a p e r
.....
5045-46
1072
1074-75
................... 4 615
430
1072
1074-75
4815
Agricultural paper
..............., ..
4647-48 4763 4110 4774 4119 4188 4807 4840
Notes s e c u r e d by f a r m l a n d unsoundness of p a p e r
M a t u r i t y of p a p e r
..... ... I
.
...............
1064
1074
.................. 4647
...........................
Indorsement by member bank
5009-10 5041 5049 5051 5053 6016-17 �025
469-70
523
613
705
7 65
772
843
1052-59
4815
..............
6026
523
844
900
1073
-49-
1224
1303
1305- 06
1314-15
App. 49
App. 60
App. 562
5049
4675 4710 4835 4868 4880 5007
Negotiability
4844-46 528
5007 613
5009-10 688
5022 872
5044-46 1055-56
5099 1062
1144
I ipp.269-72 Ipp. 319-20
1062
1136
1144
1303
1305-06
1314-15
1460
App. 49
App. 562
Debates
S e c t i o n of PRESENT A c t
Volume 50
-
Sec. 13
Volume 5 1
SECTION 13 ( C o n t . ) Rediscounts (cont. ) : Waiver o f demand, n o t i c e , and protest
........................
Speculative purposes
............
Paper drawn f o r t r a d i n g i n s t o c k s and bonds
..............
Paper s e c u r e d by Government bonds Loans t o i n d i v i d u a l s
............ ...... amount ..
523 4830 4844 45 4906 4923 4986 5 007
5011-12 App. 292-93
4900-01
5062-63
L i m i t a t i o n on a g g r e g a t e
5065 5079
.............
1217-18
4832
Loans on p e r s o n a l s e c u r i t y
Amount f o r one bank
430
-
531 612 614 1193-94
5071
613 844 1063-64
Emergency advances
..............
Acceptances of member banks
.....
Bankers' a c c e p t a n c e s by member banks
Aggregate l i a b i l i t i e s o f n a t i o n a l banks (R. S . , s e c . 5 2 0 2 )
.........
5998-99
174
5064
4647 4676 4678 4733 4785
5041-49 5064
-50-
434 830 App. 33 4794 4798-99 4835 4885 5046 5071
282 434 469 1055 1470-71
Debates S e c t i o n of PRESENT A c t
Volume 50
-
Sec. 14
Volume 51
SECTION 14
Banking powers of Federal Reserve Banks 4900
Open market operations:
Generally
.........................
4643
4818
4900-01
5054
5994
App. 282
App. 293
434
612
App. 3 7
App. 62
App. 64
........................... Commercial paper .................. 4676
Acceptances ....................... Purpose
524
1192
612
......... 4828
............... 4818
Foreign b i l l s o f exchange United S t a t e s bonds
683
835
4828
4901
Dealings i n gold
.......................
4818
4901
5063
.............. ......................... 4643
434
672-73
Export and import of gold Discount rates
46 73
4691
4758
4774-75
4812
4828-29
4844
4862
4886
4899
-51-
662
4901 4908 4934 4985 5040-41 5083 5102 5995-97 6001 601 7 6024 602 7
278-79 2 83 434-35 453 517-18 524 531 535 614 662 666 671-78 680
699-701 835 83 7 85 9 8 77 880 901 904 910 968 1063 1072 1192 App. 62-63
7
Debates Volume 5 0
S e c t i o n o f PRESENT Act
-
S e c s . 14-15 Volume 51
SECTION 1 4 (Cont.)
Foreipn banking: Generally
.......................
4691
Foreign a g e n c i e s of Federal Reserve Banks
...................
Foreign accounts
................
4828 4986 5058
5060
682
1117
4745 4901
1193
SECTION 15
Amendments i n House
..................
5062
5065
5107
Government d e p o s i t s i n Federal Reserve Banks : General
.........................
I n t e r e s t on
.....................
Supervision by Board
4676 4703-04 4745 4759 4768 4807 4818 4829 4840 4842 4844-45 4866-67 4901 4908-09
App. 293
............
4928 4930 5031 5058 5060 5062 5064-67 5090 5108 5994-95 5997 6019 282 App. 293
176 179 432-33 448-49 45 1 455 468 524 529 537 677 710 783
45 1 515 524 1204 448
-52-
891 1042 1304 App. 37 App. 6 4 App. 563
Debates Section of PRESENT Act
Volume 50
-
Secs. 15-16 Volume 51
SECTION 15 (Cont.) Government deposits in Federal Reserve Banks (cont :
.>
Powers of Secretary of Treasury
..
1205
..................... Deposits of Indian tribes.. ....... 5067
Distribution
1205
Federal Reserve Banks as fiscal agents
of United States 4643 4844 4867 5031 5058 5067
....................
1304
SECTION 16
Amendments in House
................... 5 068 5081
Amendments in Senate
........,.........
1144 1145 1149
Federal Reserve notes:
Generally
........................
4652-54 4644 4668 4744 4746 47 74 4778 4813 4818 4832 4867-68 4886
History o f previous currencies.... 4838
-53-
4897 4926 5021 5031 5514 5994 6017-18 App. 286 App. 292 App. 297-99 App. 301 App. 331 App. 423
176 280-81 458 594 662 670-71 680 762 780-82
445-49
828 89 7 1036-38 1445 App. 32-34 App. 37 App. 46-48 App. 55 App. 64
Debates Section of PRESENT Act
Volume 50
-
Sec. 16
Volume 51
SECTION 16 (Cont.)
Federal Reserve notes:
Defects of old currency system... (See also under "General and Miscellaneous")
President Wilson's demand
.......
Purpose of Federal Reserve notes
................ Objections raised ............... Stability ....................... Soundness .......................
4652 4659-61 4675 4688 4728-29 b7.56-57 4778 4787 4791 4794-97
4804 4833 4839 4842 4857 4905 4909-10 4923 4931 6020
4898
4652 4674-75 1227
Emergency nature
Elasticity
......................
Government control
281
430
456
525
596
775
780-81
1219
4667
4794
844-45
900-01
4905-06
5004
4675 4730 4787-88 4795 4820 4830 4839 4842 4855
..............
4868
4879-81
4897-98
4905-06
4923-24
4985
5044-45
5070
App. 309
App. 314
281 45a 465 525 606
83 1
876 1219 1225 1442 1459
762
-54-
h
Debates S e c t i o n of PRESENT A c t
Volume 50
-
Sec. 16
Volume 51
SECTION 16 (Cont.)
F e d e r a l Reserve n o t e s ( c o n t . ) :
D i s c r e t i o n o f Board a s t o i s s u a n c e
O b l i g a t i o n s of United S t a t e s . .
....
L i a b i l i t y of F e d e r a l Reserve Banks
4691 4693 4729 4788 4805 4810 4813 4821 4844 4862 4866 4869- 7 1 4879 4924-25
4934 5019 5023 5038 5070 5090 5108 5883 5995 6018 App. App. App. App.
4653 4690 4693 4706 4788 4802 4810 4830 4844 485 1 4853 4867-68
4873 4898 490 7 4923 5004 5025 50 70 5090 5108 5996 APP. 300
App. 309
5069
174 430-32 522 526 532 5 95 782 829-30 876-77
90 1 903 967 1037 1041 1201 1461 App. 46
270
292
332
341
430
467
524
6 80
682
684
844-45
881-82
9 75
1066-67 1440 1461 App. 22 881-82
902
1200
1144
1461
Receivable for t a x e s , e t c . . . . . . . . .
Not l e g a l t e n d e r
.................
Not “ f i a t money”
.................
4655 4801 4818
486 7
4887
681 1037 1065-72 App. 48
9 79- 80 App. 33-34 App. 563
-55-
7
Debates S e c t i o n of PRESENT Act
Volume 5 0
-
Sec. 16
Volume 51
SECTION 1 6 ( C o n t . )
F e d e r a l Reserve n o t e s ( c o n t . ) :
Issuance of notes
...............
... ..............
3092 4646 4651 4675 4684
4729 4788 4801
4805
4828
5996
F e d e r a l R e s e r v e A g e n t ' s Consent Collateral security
L i e n on a s s e t s
...................
430
524
759
900-01
App. 33
App. 62
876
4652 4654 4731 4767 4778 4788 4793 4805 4807 4830 486 7- 68 4879 4897
4788 4810 4868
4879
4905
5004
5 996
App. 309
-56-
4905 4908 4923
4986
5004
5070
5994
5996
6018
6026
App. 269-73
App. 309
App. 331
281
430
458
460
466-67
524
762
782
829-30
844
876
881
900-01
966
979
983
App. 563
430
844
900-01
1067
1145
Debates S e c t i o n of PRESENT A c t
Volume 50
-
S e c . 16
Volume 5 1
SECTION 1 6 (Cont.)
F e d e r a l R e s e r v e notes R e s e r v e s against
cont .):
................. 4 651 4675 4705 4729 4731 4767 4805 4810 4818 4867-68 4879 4897 4899
4905 4927-28 5004 5069-71 5090 5883 5996 6002 6018 6026-29 App. 294 App. 301 App. 329 App. 331
178 281 430-31 466-67 524 532 594-95 605-06 688 782 829 832 844 860 876-77 881 883 900 903
Use of other F e d e r a l R e s e r v e notes as p a r t o f reserve
.............
E x p a n s i o n and contraction
903
........ 4 897
5048 6001-02
Inflationary effect
..............
Effect on g o l d s u p p l y of Treasury
949 966-67 9 75 979 1042 1067 1076 1115-16 1148-49 1197-99 1210 1213-14 1224 1459 1461 App. 33 App. 46 App. 61-62 App. 562-63
App. 272 App. 293-94
...
-57-
432 524-26 680 7 64 782 831-35 849
876
89 1
900-01
904
949
968
973- 74
1037-38
900-01 966-69 973-76 985 1036-38 1040-42
1150-51 1192- 93 1200 1213 1226 1306 1479 902
I
Debates Section of PRESENT Act
Volume 50
-
Sec. 16
Volume 51
SECTION 16 (Cont.)
Federal Reserve notes (cont.):
Limitation on amount
Interest on
..............
.......................
4654 4693 4723 4788 4813
Paying out notes issued by another
Reserve Bank
....................
Redemption generally
..............
486 7 4994 5042 5071 5995 6002
4874-75 4883 4899 4934 5071-80 5088 5090 App. 301
-58-
431-32 877
901 979-80 1149-50 48 281 432
4811 5043 5078
46 75 4767 4788 4802 4818 4844 4851 486 7 4873-74 4879
Redemption in “lawful money”. ......
524-25
670
829-32
949
1040
1117
1461
4675 4868 5070-71
877 904
9 79
4883 4886 4898 4907 5004 5070 5108
5881 6018 6026-29 App. 287
430 522-24 680 688 782
881-a3 904 978 1144-45 1224 1459
App. 22
594-95
632
684-85
986
1042
1440
1461
Debates-Sec. 16-17
Section o f PRESENT Act
Volume 50
Volume 51
SECTION 16 (Cont.) Federal Reserve notes (cont. ) : Redemption fund
.............,
, ..
..
Retirement......................
.................. Denominations... ..................
"Form and tenor"
....................... issuance. .................
5074
5076
6018
6026
6028-29
App. 309
430
902
1117
1144-45
5044
6001-02
525
903
1037
5041
595
670
680
905
1202-04
Signing of
5041
Cost of
4648
Use as part o f reserves of member
banks (See Sec. 19)
Reserves o f Federal Reserve Banks against deposits
.....................
Par collection of checks.
4781 4819 4845 6018
..............
5999
................. 5103
Charges for collection
Clearing house functions...............
453
466
605-06
966
1198
App. 62
1472 1486 App. App.
34
563
1486
4691
4857
575
759
5021-22
595
SECTION 17
Deposit of bonds by national banks....
.
-59-
Debates -Secs. 18-19 Volume 5 0
S e c t i o n o f PRESENT A c t
Volume 5 1
SECTION 18 Refunding b o n d s . . . . . . . . .
.,..,...,...,..
Retirement o f n a t i o n a l bank n o t e s . . , . . .
4650 4675 4677 4694 4759 4819 4844 4863-64 4897
4925-26 4928 4935 5103 5142-50 5999 6018-19 6029
4650 4863-64 4673 4928 4693 4986 5142-44 47 68 4798 6019 4819 6029 4828 3 0 App, 309 4840 App. 331
-
Federal Reserve Bank n o t e s (See a l s o S e c . 4>...........,.....
.............
4640 5999 6019
176 281-83 45 9 5 15 595-603 683 685
765 899 1129 1141 1459 App. 37 App. 562
176 283 457-59 468-70 5 25 532-33 596-603 765 875-76
949 1129-30 1192 1213 1227 1304 1442 1476 App. 37 App. 562-63
45 9 46 1 596-603 1116-17 1129-31 1213 1442 App. 37
SECTION 19
.................., Amendments i n Senate ..............,... Amendments i n House
5081 1145 1146
Reserves of member banks: General
..........................
4655 4673
4677
4745
4788
5994
6013
6025
App. 287-88
App. 293-94
App. 328 -60-
277 529 603 608 668 709-10 758-59 779-80 788
840 845-46 849-50 889 901 984 1122 App. 32 App. 37 App. 62
Debates Section of PRESENT Act
-
Volume 5 0
Sec. 19 Volume 5 1
SECTION 1 9 (Cont.) Reserves of member banks (cont.): Requirements before Federal Reserve Act....,...
...,.........
Defects of previous system
of reserves.....................
Pyramiding and concentration
4777 4806 4839 485 7 6019-20 6032
4648 4652 4660-61 4674 4688 4778 4792 4797
.....
Foreign central banks, comparison
with.,......,...................
170 427 437-38 45 0 463
4804 4806 4857 4906 4924 5998 6015 6019-20 App. 327-
5998
436-43 45 0 876 1053
328
3091-97
Purposes of new reserve requirements 4648 4664 Mobilization of reserves
......... 3091
4645 4693-94 4767 4778 47aa 4806 4820 4839 4840 4924 5509 5883
Decentralization of reserves......
-61-
170-71 278 427 45 0 527 830 836 971-73 1219
434
4843 4868 4881 4906 4930 4934 4986 5994-96 App. 314
173 278 43 0 43 a 465 47 0 5 27
664 771 1442 1459
606 608 662 664 674-75 780 1117
Debates-Sec. 19 Section of PRESEhT Act
Volume 5 0
Volume 5 1
SECTION 1 9 (Cont.) Reserves of member banks (cont.): Accessibility
....................
4788 6021
..........
442-43
Protection of depositors
4779-80
Operation of reserve requirements
Glass's explanation Government control
..............
4649
...............
442
Credit contraction as resulting
from
...........................
4648-49
171-72 981 1127 1193
App. 337
Effect on lending capacity of
banks
...........................
Definition of "demand deposits". Definition of "time deposits".
848-49
..
433 1145
....
1145
Amount of required reserves.......
4649-50 4674 4677-78 4694 4704 4729 4780 4782 4784
Change of requirements by Board...
Country banks........,......,...
4819 4845 4906 5031 508 1-82 5997 6016 6025 6029
170-71 175 178 278 433 466 60 4 779 786 824
978
..
4780-82 App. 342
-62-
832 845-46 850 975 1039 1145 1443 App. 3 2 App. 46 App. 62 App. 562
Debates Section o f PRESENT Act
Volume 50
-
Sec.
19
Volume 51
SECTION 19 (Cont.)
Reserves o f member banks (conc.):
............... reserve city banks .......
Reserve city banks
4781
1076-77
Central
4781
1076-77
1145
What may be counted as reserve....
Vault reserves
5997
...................
4649 4674 4677 4780 4845 5997 6020
278
429
440
464-65
604
674
785
850
1145
Correspondent banks:
Reserves with
...............
Interest on balances
........
Effect o f Act on relations with correspondents .......
4778
427
4814
433
4867
App. 292
450
App. 341
440
452-55
786
840
4863 5090 1196-97
1201-02
Eligible paper as part o f reserve. Federal Reserve notes a s part of reserve ........................
281 522-24 684 880-83 967 975 978
-63-
980-84 1193 1196-97 1200-01 1227 1306 1476
Debates Section of PRESENT Act
Volume 50
-
Sec. 1 9
Volume 5 1
SECTION 1 9 (Cont.)
Reserves o f member banks (cont.): National bank notes as part of reserve
........................
522 880-83 1130 1196- 97 1200-01
Federal Reserve Bank stock as reserve
........................ State reserves as part of ........ Period of adjustment .............
788
1123 4782 4845 5997 6016 6025 6032
5090
Transfer to Federal Reserve Banks.
433 604-05 9 75
1127
1130
1145 1224-25 6 75 688
782
1127-28
Interest on reserves
.............
4806
App. 295 Checking against reserve balance..
Withdrawal of reserves
605
...........
Loans while reswves deficient....
889 4674
Proposal that Board hold part of reserves Deposits with
451-54 1054
....................... nonmember banks ....:....
438-39 442-43 453 1192 632
-64-
-
Debates Section of PRESENT Act
Dealings with nonmember banks
Volume 50
.........
-
Secs. 19-22
Volume 51
1035
Extension of benefits to nonmember banks
...............................
1062
1119
Obtaining discounts for nonmember
banks
...............................
958
1145-46
Suspension of reserve requirements
(See under Sec. 11)
Tax on deficient reserves (See under Sec. 11) Interest on deposits (See under
"General and Miscellaneous")
SECTION 20
National bank note redemption fund.. ...
5060
SECTION 21
Examinations of national banks
Salaries of examiners
........
.................
4652 4785 4791 4819 4845
1041 1045 1047 1205 App.
563
4845
SECTION 22
Amendments in Senate Loans to examiners
..................
....................
1146
4819
4929
5084
Fees to officers for obtaining loans...
4845
4929
Disclosure of information by examiners Loans to officers and directors
........ - 65-
1133
1146
4885
1044
Debates
Section o f PRESENT Act
-
Secs. 23-26
7
Volume 51
Volume 50
SECTION 23
Liability of shareholders of national banks
5082-83
Amendments
5084
Amendments
...................... in House ................... in Senate ..................
Loans by national banks on farm lands
Authority to receive time deposits
1190
2291 4651 4678 4704 4729 4759 4775 4791 4807 4819 4821 4830 4840 4845-46 4855
4881 4885 4898 4925 4929 4934 4986 5030-31 5076 5084-87 5105
5108
App. 295 App. 300 App. 331 App. 335
434
530
605
613
776-77
872
1057
1156
1189-90
1224
1303
1305-06
1315
1441-43
1462
App. 23
App. 32-34
App. 37
App. 49
App. 62
...
606
1190-91
Savings departments in national banks
(See under ”General and Miscellaneous”)
SECTION 25
Foreign branches of national banks
...
4651 4676 4678 4704 4768 4785
4788
4794
4799-4800 4819 4828 4840 4842 5031 5058
5108
App. 348
SECTION 26
Amendments in House
......
Repeal of conflicting laws
......... .........
5106 5104
-66-
5128
283
434
606
683-84
782
App. 33-34
Debates
Section of PRESENT Act
-
Sec.
26
-
Gen. & Misc.
Volume 51
Volume 50
SECTION 26 (Cont.)
Preservation of gold parity act of
March 14, 1900
......................
4875
5079
5088
5100
5102-06
5127
5130
SECTION 27
Amendment in Senate
...................
Tax on national bank notes
1150
..........
1150
App. 34
SECTION 28
Amendment in Senate
..,...............
1146
1146
Reduction of capital of national banks
SECTION 30
Right to amend
.......................
4926
5106
GENERAL AND MISCELLANEOUS
(Matters not specifically relating to
enacted sections o f the Act)
................ .........................
Advantages of System
App. 314
Aldrich Bill
4827-28 4878 4893 4896 4986-87 5016-17
..................... Branch banking ....................... Business, benefits to ................ Capital of national banks ............ Bank supervision
5023-25 768
5YY3
App. 282-84
App. 297-98
App. 327
App. 422
4919
1062
4679 6032
-67-
432
Debates
-
Gen. & Misc. yolume 51
Volume 50 GENERAL AND MISCELLANEOUS (Cont.) Central bank aspects
..................
....... "Class legislation" .................. Clearing-house associations ..... ..... Clearing-house certificates ..........
4644 4652 4655-56 4676-77 4687-89 4691 4705 4730 4763 4805 4810 4813 4820 4822-25 4827 4860 4862 4864
4867
4878 4883 4896 4907 4909 4928 4986 5027 5032-34 5042 5933-35 5993 5995 6013 6017 6021-22 App. 282
App. 342
172 426-27 429 434 456 528 534 537 542-46 606 662-67 678 680 684-85 702-03 761-62
662-86
Central bank v. regional banks
4853
4920-21
1045
471
Commerce and industry, accommodation of 5994
Comptroller of the Currency: Member of Federal Reserve Board (See under Sec. 10)
.......................... Consolidation of banks ................
1047
Powers
5003
Cons ti tutionality : General
.........................
4848 4858
4975-76
5090-91
- 68-
959
768
771-72
837
888
892
895-96
978
1039-40
1062
1117
1121
1191
1205
1225-27
1460
1482
App. 58
Debates
-
Gen. & Misc.
Volume 5 0
Volume 5 1
GENERAL AND MISCELLANEOUS (Cont. )
Constitutionality (cont.): Compulsory membership of n a t i o n a l banks
.................
Legal tender
4721-28 4793 4808-09 4833-34 4864
.....................
474 789-91 821-27 838-39 959-62 1065-66 1069
.......... .................
C o n t r o l o f c r e d i t by b a n k e r s C o o r d i n a t i o n of banks
4931-32 49 75- 78 4996 5091-93 App. 300
Correspondent b a n k s , e f f e c t on (See a l s o u n d e r Sec. 1 9 )
.,..........
Country banks, e f f e c t on (See a l s o under Sec. 1 9 )
......................
1040 4767 4788 4842 4858 4866-67
708-09 75 7 App. 58
4898 6029
4798 4813-14 4829 App. 342
633-34
Credit:
......................... R e g u l a t i o n ...................... C o n t r o l by b a n k e r s ..............
General
C o n t r a c t i o n (See a l s o u n d e r Sec. 1 9 )
.....................
4736-37 4704
5040 4897
Expansion (See a l s o I n f l a t i o n a r y e f f e c t and a l s o under S e c s . 1 6 and 1 9 )
.......................
-69-
4768 4783 4801-02 4815 4841 6001-02
42 6 471-73
433 1038 1040
Debates -Gen. & Misc. Volume 50
Volume 51
GENERAL AND MISCELLANEOUS (Cont.)
Credit (cont.):
Restrictions on expansion
.........
4705
Currency (See also under Sec. 16):
........................... Contraction .......................
General
4741 460
4871
Expansion (See also under Sec. 16)
Real-estate farm loans as security f o r
....................
Defects o f previous system (See also under Secs. 16 and 19)
...............
460
2291 4842
4642 4877-78
4652
4904 05
4659
4672
4927
4679
4985
4687
5004
4730
5143
4766
5992
4777-78 6014
4787
App. 290-91
4817
App. 312-13
4820
App. 329-30
-
Discrimination (See also under Sec. 4)
........................
Farm credits
...........................
436-43
527
774
836
891
174
688
4917
46954925
4704 4729
4928
4763-64 4932
4769-74 5000-01
4775
5010-11
4788
5019-20
5022
4800
4830
5047
4840-41 5050
4846
5086-87
4877
5097-99
4882
5999
4887-93 App. 295
4903
App. 299
-70-
434
531
571-73
1219
1441
1444
1458
1462
s -Gen. & Misc. Volume 50
Volume 51
GENERAL AND MISCELLANEOUS (Cont.)
Farmers, benefits under Act
............ 4093
872
4678-79
........ .......................
Farmers, discrimination against
4646
Foreign exchange
4730 4733 4906 5087-88
Gold movements
.........................
Gold standard
..........................
Gold supply
672-73
680-82
834-35
903
4750-52 4767 4851 4857 4873-75 4899 4934 5072-74
5102-04
5127
5130
App. 289
App. 300-01
App. 341
~ p p .348
App. 450
............................
Government control of System
........................
283
434
........... 4676
Government ownership of Federal Reserve Banks
626 632 1126 1452
4929-30
4974
4798 4985
4805
4987
4810
5004
4817
5009
4821
5018-19
4825
5028-29
4827
4839
5038
5108
4845
4852
5514
4855-56 5883
4864
5994
4870
5998
6016
4872
4878-79 6018
4881
6023
4884-86
App. 284
4906
App. 333
5009
-71-
173 179 279 528 537 629 663 688 703 757 762-64 766
528
783
839
873
887-88
892
909-10
948
980
1041-42
1121
1193
1216
Debates Volume 5 0
-
Gen. & Misc.
Volume 51
GENERAL AND MISCELLANEOUS (Cont.)
History of banking and financial legislation
.......................... Holding companies ...................... Independent banking, preservation of
4909-17 5003
...
Inflationary effect (See also under Secs. 16 and 19)
.....................
Insurance of deposits
426-27
App. 341
.................. 4657 4919 4996
5022
5058-59
5877
6017
App. 293
App. 399
Interest on deposits
...................
Interest rates on loans
4867
................ App.
299 App. 450
-72-
890-91 900-01 949 968-78 1042 1056-59 1191-92
1226
1442
1445-46
1454
1460-63
1476
App. 563
280 516 518-20 528-30 613 688 697 775-78 906-07 948-57 986-97 1039 1041-50 1131
1150-56
1205
1220
1224
1304-05
1444
1456-57
1472-74
1476-77
App. 22
App. 45
App. 49
App. 60-61
App. 562
278
452-53
515
524
775
988
991
1045
676-78
699-700
833
880
1043 1045
1447
Debates -Gen. & Misc. Volume 50
Volume 51
GENERAL AND MISCELLANEOUS (Cont.) Interlocking directorates
..............
4667 4695 4847 4856
4858 4884 4903-04 4922-23 4925 4935 Investment banking I,
....................
..... ..........................
5509
"Money Trust"
4670 4694-95 4730 4762
4840 4864 4868 4876
...................
............................. National Monetary Commission ........... Origin of Bill Postal savings
............................ .........................
Pujo investigation
.....................
4879 4896 4920 4930-31 4935 4971 5993 6021 A p p . 332
172 429 516 860 1039 1121
1192
1219
1226
1443-44
1446-47
1459
A p p . 31
4793
4648
515
A p p . 312-13
~ p p .57-58
6014
5146-50
5201
1472
4920-21 5993 A p p . 310-11
1040
-13-
.
908
1192
1217-18
1444
4899
5071-76
5079-80
Loans on stock and bond collateral
National bank notes (See also under Sec. 18)
277
531
534
612-14
4652
4656
Lawful money" (See also under Sec. 16)
Mutual savings banks
4988-89 5003 5006 5011 5013-14 5128 A p p . 296 A p p . 298 A p p . 310 A p p . 318
Debates -Gen. & Misc. Volume 50
Volume 51
GENERAL AND MISCELLANEOUS (Cont.) Purposes of Act stated
.................
4822 4985 5994 App. App.
Savings departments of national banks
App. 64
313-14
332
4656-57 4661-62 4678 4791 4793 4819 4828 4840 4845 4881
4885 4928-29 4986 5087 5093-96
5099
5108
5999
App. 295
App. 318
1441 1444 1460 1462
Secretary of the Treasury:
Member o f Federal Reserve Board (See under Sec. 10) Powers
............................
Securities, dealings in
Socialistic features
1205
1473
................
4846-47
4885
5003
...................
Speculative investments and activities
S t a t e reserve a s s o c i a t i o n s
5512 4667-68 4730-32 4736- 37 4788 4820 4822 4830 4839-40 4842 4845 4855
_ . , _ ( . . s . . ~ , . 5934-35
6031-35
4868 4906 4917 4920-21 4924 4986 5011 5509 5994 5998
278 428 830 872-73
1038-39
1463
6022 App. 342
759-61 9.78 1191
-74-
Debates -Gen. & Misc.
Volume 5 0
Volume 51
GENERAL AND MISCELLANEOUS (COIlt.) Stock exchange control
................. 4666
547
4847
4885
4903
4921-22
.......................... Travellers' checks ..................... Voting trusts ..........................
A p p . 23-28
Subtreasuries
5692
4666-67
-75-
