The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-12-31
RESERVE BOARD POWERS.
Has Controlling Hand on BANKING Of
tho Nation.

tH) 10 examine at Its discretion the
accounts. books and affairs Of each
'ederal reserve bank and of each mem.
Oer bank and to require such state
nleutS and reports as it r,:y Ieem
necessary. The said board shall pub.
hsl opce each week statement show.
sg& t''a condition of each fedora; re-
$500 bank and consolidated state
pi9nt' yo' all federal reserve banks.
VSucA sEat tcments shall show in detail
the aSsetS md liabilities Of the federal
res3fve links, single and combined,
aud sLdii fl.lish full information re-
gardng the character Of the money
he.d "a reserve and the amount, ma.
ture ara maturitles Of the paper and
other Investments owned or held by
fedora. reserve banks.
..s O) IT, permit or on the affirmative
vote OF at least Ave members of the
reserve board to require federal re-
serve banks to rediscount the discount.
ed paper Of other federal reserve
banks at rates Of interest to be fixed
by the federal reserve board.
(c) To suspend for a period not ex.
ceeding thirty days. and from time to
time to renew such SUSPENSION for pe.
RODS not exceeding fifteen days, any
reserve requirement spe cited In this
act: Provided, that it shall establish a
graduated tax upon the amounts by
which the reserve requirements of this
act may be permitted to fall below
the level hereinafter specified: and
provided, further. that when the gold
reserve held against federal reserve
notes falls below 40 per centum, the
federal reserve board shall establish q
graduated taX Of not more than 1 per
centum upon such deficiency until the
reserves fall to 321a per centum. and
when said reserve falls below 321A
per centum. q tax at the rate increas.
ingly OF not less than l1a per centum
upon each 2h per centun or fraction
thereof that such reserve falls below
S2a per centum. The tax shall be paid
BY the reserve bank. but the reserve
Bank Shall add an amount euudr 10
se4d ta4 IL the rates Of interest and
discount dxed by the federal reserve
board.
"a To supervise and regulate through
the bureau under the charge OF the
comptroller Of the currency the issue
and retirement Of federal reserve
notes. and to prescribe rules and regu.
lations under which such notes may
be delivered by the comptroller to the
federal reserve agents applying there
for.
(e) To add to the number of cities
classified as reserve and central re-
serve cities under existing law In
which national banking associations
are subject to the reserve require
ments set forth in section 20 Of this
act. or to reclassify existing reserve
and central reserve cities or to termi
nate their designation as such.
10 TO suspend or remove any officer
or director Of any federal reserve
bank. the cause Of such removal to be
forthwith communicated in writing by
the federal reserve board to the re-
moved officer or director and to said
bank.
(g) To require the writing OF of
doubtful or worthless assets upon the
books and balance sheets Of federal
reserve banks.
(h| To suspend. for the violation of
any OF the provisions Of this act, the
operations Of any federal reserve
bank. to take possession thereof, ad.
minister the same during the period of
suspension and when deemed advisa.
ble to iQuidate or reorganize such
bank.
f TO require bonds of federal re-
serve agents, to make regulations for
the safeguarding of all collateral.
bonds. federal reserve notes, money or
property Of any kind deposited in the
hands Of such agents. and said board
shnll perform the duties, functions or
services specified in this act and to
make all rules and regulations neces-
sary to enable said board effectively
to perform the same.
% To exercise general supervision
over said federal reserve banks.
(k) To grant by special permit to ma.
tional banks applying therefor, when
not In cOntravention of state or local
law, the right to act as trustee, ex
ecutOr. administrator or registrar of
stocks md bonds under such rules and
regulations as the said board may pre-
scribe.
I'd 10 employ such attorneys, ex.
perts. assistants. clerks or other EN-.
ployees as may be deemed necessary
to properly conduct the business of
the board. All salaries and fees shall
be fixed in advance by said board and
shall be paid in the same manner as
the salaries Of the members of said
board. All such attorneys. experts.
assistants, clerks and other EMPLOYEES
shall be appointed without regard to
the provisions Of the act OF Jan. 16.
1883 volume %. United States stat
utes ut large. page 403), and amend
ments thereto or any rule or regulation
made In pursuance thereof.
Section IL creates a federal advisory
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