Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1913-12-27

ed States from federal reserve bank:
7 shall. In the discretion Of the secretary
| he used 10 supplement the gold reserve
I held against outstanding United States
notes. or shall be applied TO the re
ductiop OF the outstanding bonded in
debtedness OF the United States Re
serve banks shall not be taxed except
Upon real estate
Section 8 amends the existing bank.
Ing laws. so that stockholders owning
81 per cent Of the stock of banks other
than national banks can convert their
organize tons into national banks.
Section describes how state banks
may become members Of reserve banks.
Federal Reserve Board.
Sec. To- A federal reserve board is
hereby created. which shall consist OF
seven members. Including the secre-
tary OF the treasury and the comptrol-
Ter OF the currency. who shall be men,
bers ex officio. and FIVE members ap-
pointed by the president OF the Unit
ed States. by and with the advice and
consent OF the senate. In selecting the
Eve appointive members of the federal
reserve board not more than one OF
whom shall be selected from any one
federal reserve district, the president
shall have due regard TO a fair repre-
sentation OF the different geographical
divisions of the country. The FIVE mem
bers OF the federal reserve board ap-
pointed by the president and confirmed
as aforesaid shall devote their entire
time TO the business OF the federal re-
II knH fn.. IN
annual salary OF $4,000. together with
actual necessary travelling expenses.
and the comptroller OF the currency.
as ex officiO member OF the federal re-
serve board. shall in addition 10 the
salary now paid him as comptroller of
the currency, receive the sum of $1,000
annually for his services - "a member
OF said board. The members Of said
board. the secretary Of the treasury,
the assistant secretary OF the treasury
and the comptroller OF the currency
shall be ineligible during the time they
are I'm office and for two years thereaft-
er to hold any Office. position or en-
ployment in any member bank OF
the i've members thus appointed by
the president at least two shall be
persons experienced in banking or
finance. One shall he designated by
the president to serve for two. one for
four one for six. one for eight. one
for ten. and thereafter each member
SO appointed shall serve for n term OF
ten years unless sooner removed for
cause by the president or the five
persons thus appointed one shall be
designated by the president rs gov
ernor and one IA vice governor OF the
federal reserve board. The governor
OF the federal reserve board. subject to
its supervision. shall be the acting ex-
ecutive officer.
The federal reserve board shall have
power 20 levy semiannually upon the
federal reserve banks in proportion TO
their capital stock and surplus an as
scssment sufficient 10 pay its estimated
expenses and salaries or ITS members
aud employees for the half year sue
ceedinc the ievyinE OF such assessment.
together with any deficit carried for
ward from the preceding taf year.
The first meeting OF the federal re
serve board shall be held in Washing
ton. District OF Columbia. as soon as
may he after the passage Of this act M
a date to bc fixed by the reserve bank
committee. The secretary
OF the treasury shall he eT oitciO chair
man OF the federal reserve board. No
member Of the federal reserve board
shall be an officer or director or any
bank. bankiu. institution. trust com
pany or federal reserve bank nor hold
stock In any bank. banking institution
or trust company. and before entering
NuH1 q az
federal reserve board ne shall certify
under oath TO the secretary OF the
treasury that be has complied with
This requirement. Whenever a vacan-
~ shall occur other than by expiration
~ term among the six members of the
federal reserve board appointed by the
president. rs above provided. a success
sOr shall be appointed by the president.
With the advice and consent of the
senate, to I'll such vacancy.
The president shall have power 10
81 'all vacancies that may happen on
he federal reserve board during the
recess Of the senate by granting COM
missions which shall expire thirty days
after the next session OF the senate
,orfvenes.
Reserve Board Powers.
Sec. IL. The federal reserve board
shall he authorized and empowered:
CaJ To examine at its discretion the
accounts. books and affairs Of each /.
federal reserve bank and OF each mem |
Der bank and to require such state /
nents and reports as it may deem |
necessary. The said board shall pub /
ish once each week a statement show 1
ng the condition OF each federal re-
ierve bank and a consolidated state |
nent for all federal reserve banks
such statements shall show in detail /
he assets and liabilities of the federal
eserve banks, single and combined, I
md shall furnish full informa ton re-
,arding the character OF the money
leld as reserve and the amount, ma
ure and msturities Of the paper and
ther investments owned or held by
ederal reserve banks.
Oh To permit or on the affirmative