The Formative Period of the Federal Reserve System: (during the World Crisis) |
Common terms and phrases
advances agricultural amended amount appointed bankers banks and trust bill borrowing capital Capital Issues Committee charge checks circulation commercial paper Commission Committee commodities Comptroller conference Congress coöperation cotton crops decline deflation demand deposits directors discount rates dollars effect eligible eral Reserve Banks exchange expansion expenditures exports farmers Federal Reserve Act Federal Reserve Agent Federal Reserve Banks Federal Reserve Board Federal Reserve notes Federal Reserve System foreign funds Government Governor half per cent important increase industrial inflation investment issue July letter Liberty bonds Liberty Loan McAdoo member banks ment months national banks non-member banks obligations operations opinion payment period permitted President production purchase rate of interest rediscount reduced Secretary securities Senator Owen serve Banks six per cent taxes tion transactions Treasury certificates trust companies United Victory notes volume War Finance Corporation York
Popular passages
Page 29 - Fourth. To sue and be sued, complain and defend, in any court of law or equity, as fully as natural persons.
Page 13 - The Secretary of the Treasury and the Comptroller of the Currency shall be ineligible during the time they are in office and for two years thereafter to hold any office, position, or employment in any member bank.
Page 76 - Any Federal reserve bank may make application to the local Federal reserve agent for such amount of the Federal reserve notes hereinbefore provided for as it may require. Such application shall be accompanied with a tender to the local Federal reserve agent of collateral in amount equal to the sum of the Federal reserve notes thus applied for and issued pursuant to such application. The collateral security thus offered shall be notes, drafts, bills of exchange.
Page 29 - Sixth. To prescribe by its board of directors, by-laws not inconsistent with law, regulating the manner in which its general business may be conducted, and the privileges granted to it by law may be exercised and enjoyed.
Page 123 - President is hereby authorized to make such redistribution of functions among executive agencies as he may deem necessary, including any functions, duties, and powers hitherto by law conferred upon any executive department, commission, bureau, agency, office, or officer, in such manner as in his judgment shall seem best fitted to carry out the purposes of this Act, and to this end is authorized to make such regulations and to issue such orders as he may deem necessary...
Page 35 - Provided, That the districts shall be apportioned with due regard to the convenience and customary course of business and shall not necessarily be coterminous with any State or States.
Page 229 - To establish from time to time, subject to review and determination of the Federal Reserve Board, rates of discount to be charged by the Federal reserve bank for each class of paper, which shall be fixed with a view of accommodating commerce and business...
Page 162 - Act contained shall be construed to prohibit such notes, drafts and bills of exchange, secured by staple agricultural products, or other goods, wares, or merchandise from being eligible for such discount; but such definition shall not include notes, drafts, or bills covering merely investments or issued or drawn for the purpose of carrying or trading in stocks, bonds or other investment securities, except bonds and notes of the Government of the United States.
Page 142 - After the aforesaid dividend claims have been fully met, all the net earnings shall be paid to the United States as a franchise tax, except that one-half of such net earnings shall be paid into a surplus fund until it shall amount to forty per centum of the paid-in capital stock of such bank.
Page 29 - To exercise by its board of directors or duly authorized officers or agents subject to law all such incidental powers as shall be necessary to carry on the business of banking by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt; by receiving deposits; by buying and selling exchange, coin, and bullion; by loaning money on...