The A B C of the Federal Reserve System |
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Page 2
... tion and commercial concerns years ago attained heights of economic efficiency which made them the envy of foreigners . None , however , envied us our banking system . None followed it except soon regretfully to turn back . This was ...
... tion and commercial concerns years ago attained heights of economic efficiency which made them the envy of foreigners . None , however , envied us our banking system . None followed it except soon regretfully to turn back . This was ...
Page 4
... tion was the scattering of reserves . Thirty thou- sand different banks meant 30,000 cash reserves , and these reserves for the commercial banks were more than the mere " till money " which the " cash balances " of most foreign banks ...
... tion was the scattering of reserves . Thirty thou- sand different banks meant 30,000 cash reserves , and these reserves for the commercial banks were more than the mere " till money " which the " cash balances " of most foreign banks ...
Page 13
... tion was very irresponsive to varying trade de- mands . There was considerable delay and red- tape involved in obtaining the necessary bonds , depositing them at Washington and obtaining bank notes for circulation ; and these obstacles ...
... tion was very irresponsive to varying trade de- mands . There was considerable delay and red- tape involved in obtaining the necessary bonds , depositing them at Washington and obtaining bank notes for circulation ; and these obstacles ...
Page 15
... tion of the so - called Aldrich - Vreeland emergency notes , which were first issued in August , 1914 , reached their maximum in October , and were all retired by the following July . Legal authority to issue such emergency notes ...
... tion of the so - called Aldrich - Vreeland emergency notes , which were first issued in August , 1914 , reached their maximum in October , and were all retired by the following July . Legal authority to issue such emergency notes ...
Page 18
... tion stimulated by redundancy of currency and credit with periods of stringency and liquida- tion brought on by scarcity . For this rigidity of our credit system the business men and the farmers paid the price of higher interest rates ...
... tion stimulated by redundancy of currency and credit with periods of stringency and liquida- tion brought on by scarcity . For this rigidity of our credit system the business men and the farmers paid the price of higher interest rates ...
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Common terms and phrases
act approved American bank amount authorized bank acceptances bank reserves bank-note circulation bank's bankers ber banks bills of exchange board of directors bonds branch banks capital and surplus capital stock cent central reserve cities centum collateral collection commercial banks commercial paper Comptroller corporation organized country bank defects demand deposit currency drafts eligible employee eral reserve bank eral Reserve Board expenses federal reserve act Federal reserve agent federal reserve banks Federal Reserve Board federal reserve district Federal reserve notes federal reserve system foreign gold certificates Government legal reserve money loans member banks ment millions money market national bank notes national banking association notes issued officer old banking system open market organization certificate paid payment prescribed purchase redemption rediscount regulations reserve bank notes reserve city bank reserve law Secretary securities serve bank thereof tion trade acceptance Treasury trust company twelve federal reserve United
Popular passages
Page 159 - The shareholders of every national banking association shall be held individually responsible, equally and ratably, and not one for another, for all contracts. debts, and engagements of such association to the extent of the amount of their stock therein, at the par value thereof, in addition to the amount invested in such shares...
Page 179 - That if any clause, sentence, paragraph, or part of this Act shall for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder of this Act,, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof directly involved in the controversy in which such judgment shall have been rendered.
Page 101 - Board, by the Comptroller of the Currency in his own name before the association shall be declared dissolved.
Page 173 - Dividends (Sec. 5199). —The directors of any association may semiannually declare a dividend of so much of the net profits of the association as they shall judge expedient; but each association shall, before the declaration of a dividend, carry one-tenth part of its net profits of the preceding half year to its surplus fund until the same shall amount to twenty per centum of its capital stock.
Page 133 - That no association shall at any time be indebted, or in any way liable, to an amount exceeding the amount of its capital stock at such time actually paid in and remaining undiminished by losses or otherwise, except on the following accounts, that is to say:
Page 136 - ... bills, notes, revenue bonds, and warrants with a maturity from date of purchase of not exceeding six months, issued in anticipation of the collection of taxes or in anticipation of the receipt of assured revenues by any State, county, district, political subdivision, or municipality in the continental United States, including irrigation, drainage and reclamation districts...
Page 124 - To add to the number of cities classified as reserve and central reserve cities under existing law in which national banking associations are subject to the reserve requirements set forth in section twenty of this Act ; or to reclassify existing reserve and central reserve cities or to terminate their designation as such.
Page 98 - An Act to provide for the establishment of Federal reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes.
Page 105 - Upon duly making and filing articles of association and an organization certificate, the association shall become, as from the date" of the execution of its organization certificate, a body corporate, and as such, and in the name designated in the organization certificate, it shall have power: First.
Page 53 - To suspend for a period not exceeding thirty days, and from time to time to renew such suspension for periods not exceeding fifteen days, any reserve requirement specified in this Act...