Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-23
DIGEST OF CURRENCY
REFORM ACT WILSON
WANTS THIS SESSION

trol1er Of the Currency as members
ex-oflcio. Four other members are
chosen by the President Of the Unit
ed States by and with the consent
Of the Senate for term of six years
each.
zone Of the members thus appoint
ed by the President is to be governor
OF the Federal reserve board. one
vice governor and one secretary.
Banker Member of Board
Their term Of office Is for eight
years, except that Of those first APP
pointed, one to the serve two years,
one four, one six and one eight years
At least one Of the members appoint
cd by the President is to be a person
Of banking experience. Thus il will
be noted that the Government will
have absolute control Of the system.
The salary Of each member Of the
board except the two Cabinet on
GERS, who are ex-ofiicio members, is
fixed at $4,000, the Comptroller Of the
Currency 10 receive $4,000 in addi-
ton TO the salary which he receives
under existing law
The powers OF the Federal reserve
board are as follows:
la To examine at its discretion
the accounts and books Of each Fed
eTal reserve bank and to require such
statements and reports as it deems
necessary.
"(b) To require or. on application,
to permit a Federal reserve bank to
rediscount the paper of any other
Federal bank
"(C) To establish each week, or as
much Oftoncr as required. a rate Of
IA q. ..H. n
upon each Federal reserve hank for
each class of paper provided that
said rate Of discount need not be
uniform for all Federal reserve banks
but shall be made with a view to aC-
CommodatinE the commerce Of the
country and promising a stable price
level
I'd To suspend for a period not
exceeding 30 days land to renew
such suspension for periods not to
exceed fifteen days. any and every
reserve requirement specified In this
act
Treasury Note Regulation.
"(e) To supervise and regulate the
issue Of Treasury notes to Federal
reserve banks
20 To add to the number of cities
classified as reserve and central re
serve cities under existing law. i'm
which national banking associations
are subject to the reserve require
ments set forth In the act or 10 re-
classify existing reserve and central
reserve cities and to designate the
banks therein situated by country
banks in its discretion.
"tg) To require the removal Of Of
hcials OF Federal reserve banks for
Hnrnfl1IAfRnHVr IAra1f4tFlF, Of lac
fraud or deceit
"Ch) To acquire the writing off Of
doubtful or worthless assets upon the
books and balance sheets of Federal
reserve banks
"D To suspend the further opera
lions of any Federal reserve bank and
appoint receiver therefor.
"tD To perform the duties. func-
tons or services specified or implied
in the act.
To Classify Banking.
The object Of the bill is TO effect a
moderate division ana classification
OF banking business along indicated
lines the net result, presumably, be-
ing summed up as follows:
cd National reserve banks will be
strictly limited to redisCountiuC ac-
tual commercial and industrial trans.
actions evidenced by very short term
paper and on rare occasions under
carefully prescribed conditions to
financial operations protected by col
80, ~ >-..,-,
4..,.-3 .>a,Io''oI oailNS VII oe sun
Js, ,tu L" I.e same restrictions as at
f'SSeH| WIN FelaNauoh IN FAVOR OF
"a .l'G''"'e amount or real estate
''' ...S, 10y country banks.
Nel 10y Il revision or the admins
l ,I1 HSuryS or the national bank
luE a'l provision VIII he made for
Dlose oversight or national instltu-
uols
l4 IN "roer 10 possess themselves
or iae hlnu OF paper enutlng them 10
I,SolSv"thJS national banks VIII find
lt.t li'.t.vtS 9olSeE TO keep a reason