The Federal Reserve ActCentury Company, 1919 - 107페이지 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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3 페이지
... ment . Money suddenly appreciated in value , so that property measured in money fell in value in some cases to half of its previously estimated value . This enabled thousands of cred- itors to take over the property of thousands of ...
... ment . Money suddenly appreciated in value , so that property measured in money fell in value in some cases to half of its previously estimated value . This enabled thousands of cred- itors to take over the property of thousands of ...
25 페이지
... ment to the then pending Aldrich Bill , contemplating the amendment to the National Bank Act , which I drew as follows : " That the Secretary of the Treasury is hereby directed to have printed and to keep on hand United States Treasury ...
... ment to the then pending Aldrich Bill , contemplating the amendment to the National Bank Act , which I drew as follows : " That the Secretary of the Treasury is hereby directed to have printed and to keep on hand United States Treasury ...
27 페이지
... ment at interest high enough to pre- vent inflation . Senator Aldrich , then in charge of the Bill , declined to accept this amendment or to improve upon it ( 1900 ) . The panic of 1907 ensued , leaving American business men and banks ...
... ment at interest high enough to pre- vent inflation . Senator Aldrich , then in charge of the Bill , declined to accept this amendment or to improve upon it ( 1900 ) . The panic of 1907 ensued , leaving American business men and banks ...
41 페이지
... ment of the bond - secured national bank notes and the issuance in lieu thereof of Treasury notes payable in gold ( page 2436 ) . The Federal Reserve Act provided the gradual retirement of the bonds and national bank notes by substi ...
... ment of the bond - secured national bank notes and the issuance in lieu thereof of Treasury notes payable in gold ( page 2436 ) . The Federal Reserve Act provided the gradual retirement of the bonds and national bank notes by substi ...
49 페이지
... ment , and the bill passed unani- mously through both Houses with the amendments above indicated . The amendments in the House were brought about by numerous conferences between the Committees of the Senate and the House of Rep ...
... ment , and the bill passed unani- mously through both Houses with the amendments above indicated . The amendments in the House were brought about by numerous conferences between the Committees of the Senate and the House of Rep ...
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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 페이지 - 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 페이지 - ... 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 페이지 - 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 페이지 - 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 페이지 - ... 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 페이지 - 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 페이지 - 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 페이지 - 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 페이지 - 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 페이지 - 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...