The Federal Reserve ActCentury Company, 1919 - 107ÆäÀÌÁö The Federal Reserve Act has now so completely demonstrated its value, and is so widely approved by the business men of America and of the world, that I have yielded to the suggestion that I should write a short sketch of its origin and principles, as a personal reminiscence, having no time at present to write a full history of the Act. -- pg. 1. |
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2 ÆäÀÌÁö
... interest charge high enough to prevent inflation by com- pelling contraction . In 1890 I had established the First National Bank of Muskogee , Okla- homa , was its president for ten years , and in 1893 witnessed the panic that took ...
... interest charge high enough to prevent inflation by com- pelling contraction . In 1890 I had established the First National Bank of Muskogee , Okla- homa , was its president for ten years , and in 1893 witnessed the panic that took ...
8 ÆäÀÌÁö
... interests from finan- cial panic , and pointing out available remedies for the United States . I placed some of these proposals in the Congressional Record of Feb- ruary 25 , 1908 ( page 2450 ) , and pointed out the means by which the ...
... interests from finan- cial panic , and pointing out available remedies for the United States . I placed some of these proposals in the Congressional Record of Feb- ruary 25 , 1908 ( page 2450 ) , and pointed out the means by which the ...
10 ÆäÀÌÁö
... interest . This tends to check gold exports , to cause gold im- ports , and usually brings idle gold from the Continent . If , in ordinary times , gold is not attracted it is usually because there is loanable money on Lombard Street ...
... interest . This tends to check gold exports , to cause gold im- ports , and usually brings idle gold from the Continent . If , in ordinary times , gold is not attracted it is usually because there is loanable money on Lombard Street ...
12 ÆäÀÌÁö
... interest to the stockholders . The bank is controlled and dominated by the uniform rate of interest . It has substantially a monopoly in the issue of paper money . It carries in its vaults a large amount of gold and silver , averaging ...
... interest to the stockholders . The bank is controlled and dominated by the uniform rate of interest . It has substantially a monopoly in the issue of paper money . It carries in its vaults a large amount of gold and silver , averaging ...
13 ÆäÀÌÁö
... interest is between three and four per cent , commercial stability is secured , and their enterprises and manufactures are making themselves felt throughout the civilized world . " The store of gold held by the Imperial Bank of Germany ...
... interest is between three and four per cent , commercial stability is secured , and their enterprises and manufactures are making themselves felt throughout the civilized world . " The store of gold held by the Imperial Bank of Germany ...
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adequate security Aldrich Bill Aldrich-Vreeland Act amendment Asso authorized Bank of England Bank of France Bank of Germany bankers Banking and Currency capital and surplus cash cent per annum ciation circulating notes outstanding commercial paper Committee on Banking Comptroller Cong December 23 demand Democratic depositors deposits directors draft elastic currency emergency notes eral exceed February 25 Federal Reserve Act Federal Reserve agents Federal Reserve banks Federal Reserve Board Federal Reserve notes fifty per cent five per cent fund Glass gold reserve half per cent hoarding House interest charge issuance legal tender member banks ment mittee national bank notes National Reserve Association prevent inflation proposed raising the rate rate of interest redemption remedy rency Secretary Section secured otherwise Senator Aldrich serve Act stability tion tional Reserve trust companies unimpaired capital United States bonds UNITED STATES SENATE United States Treasury voted
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69 ÆäÀÌÁö - Banks exist for the accommodation of the public and not for the control of business. All legislation on the subject of banking and currency should have for its purpose the securing of these accommodations on terms of absolute security to the public and of complete protection from the misuse of the power that wealth gives to those who possess it...
64 ÆäÀÌÁö - ... shall be received at par in all parts of the United States in payment of taxes, excises, public lands, and all other dues to the United States, except for duties on imports ; and also for all salaries and other debts and demands owing by the United States to individuals, corporations, and associations within the United States, except interest on the public debt, and in redemption of the national currency.
53 ÆäÀÌÁö - Association, who shall be chairman of the board, two deputy governors of the National Reserve Association, the Secretary of the Treasury, the Secretary of Agriculture, the Secretary of Commerce and Labor, and the Comptroller of the Currency.
45 ÆäÀÌÁö - National banking associations having circulating notes secured otherwise than by bonds of the United States shall pay for the first month a tax at the rate of five per centum per annum upon the average amount of such of their notes in circulation as are based upon the deposit of such securities, and afterwards an additional tax...
62 ÆäÀÌÁö - ... it being the policy of the United States to retire as rapidly as possible, consistent with the public interests, bond-secured circulation and to substitute therefor notes of the National Reserve Association of a character and secured and redeemed in the manner provided for in this act.
93 ÆäÀÌÁö - Nothing in this Act contained shall be construed as taking away any powers heretofore vested by law in the Secretary of the Treasury which relate to the supervision, management, and control of the Treasury Department and bureaus under such department, and wherever any power vested by this Act in the...
47 ÆäÀÌÁö - States bonds, and shall be subject to all the provisions of law affecting such notes except as herein expressly modified: Provided, that the total amount of circulating notes outstanding of any national banking association, including notes secured by United States bonds as now provided by law, and notes secured otherwise than by deposit of such bonds, shall not at any time exceed the amount of its unimpaired capital and surplus : and Provided, further, that there shall not be outstanding at any time...
96 ÆäÀÌÁö - Any Federal reserve bank may at any time reduce its liability for outstanding Federal reserve notes by depositing, with the Federal reserve agent, its Federal reserve notes, gold, gold certificates, or lawful money of the United States.
63 ÆäÀÌÁö - SEC. 51. Any notes of the National Reserve Association in circulation at any time in excess of nine hundred million dollars which are not covered by an equal amount of lawful money, gold bullion, or foreign gold...
45 ÆäÀÌÁö - States, shall pay for the first three months a tax at the rate of three per centum per annum upon the average amount of such of their notes in circulation as are based upon the deposit of such securities, and afterwards an additional tax...