Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1913-12-27
Currency Bill Now Law; Vital to Whole Nation

wnen said reserve falls below 32I
per centum. a tax at the rate increas-
( ingly OF not less than IL per centum
upon each 2ls per centum or fraction
thereof that such reserve falls below
32is per centum- The tax shall be paid
I by the reserve bank, but the reserve
bank shall add an amount equal 10
said tax TO the rates OF interest and
! discount fixed by the federal reserve
/ board.
/ (d) To supervise and regulate through
\ the bureau under the charge OF the
I 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 90 OF this
act. or TO reclassify existing reserve
and central reserve cities or TO termi-
u 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 10 the re-
moved officer or director and to said
bank
Cgl To require the writing of of
doubtful or worthless assets upon the
books and balance sheets OF federal
reserve banks.
Oh 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-
BILE to Iiquidate or reorSanize such
bank.
III 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
shall 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
CkI 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 and bonds under such rules and
regulations as the said board may pre-
scribe.
O. 10 employ such attorneys. ex-
perts, assistants clerks or other EN-
ployees ns may he deemed necessary
10 properly conduct the business OF
the board. All salaries and fees shall
he fixed In advance by said board and
shall be paid in the same manner rs
the salaries OF the members of said
board. All such attorneys. experts.
assistants. clerks and other employees
shall he appointed without regard TO
the provisions OF the act OF Jan. 1G
=. 1888 volume 90. United States stat.
utes ut large. page 4O3l. and Epla1d-
ments thereto or any rule or regulation
made in pursuance thereof.
Section 10 creates Il federal advisory
council. consisting OF one member
from each federal reserve district
which IS empowered 10 confer with
the federal reserve board and make
representations regarding the business
Of the hoard.
Reserve Bank Powers.
Sec l3. Any federal reserve bank
may receive from any OF its member
banks and from the United States de-
posts of current funds in lawful mon
ev. national bank notes. federal reserve
notes or checks and drafts upon men,
Der banks, payable upon presentation
or solely for exchange purposes may
receive from other federal reserve
banks deposits OF current funds in
lawful money, national bank notes or
checks and drafts upon solvent men,
Der or other federal reserve banks
payable upon presentation.
Upon the Endorsement of any OF its
member banks. with n waiver OF de-
maud notice and protest by such bank.
any federal reserve bank may dis
count notes, drafts and bills of ex-
change arising out of actual CONNER
cinl transactions-that is. notes. drafts
and bills OF exchange issued or drawn
for agricultural. industrial or CONNER
ciaI purposes or the proceeds OF which
have been used or are TO be used for
such purposes, the federal reserve
board 10 have the right 10 determine
or define the character of the paper
thus eligible for discount within the
meaning OF this act Nothing in this
act contained shall be construed TO
prohibit such notes. drafts and bills OF
exchange secured by staple agricul- |
tural products or other goods, wares |
or merchandise from being eligible for |
such discount. but such definition shall /
not include notes. drafts or bills COW !
ering merely Investments or issued or !
drawn for the purpose OF carrying or /
trading in stocks. bonds or other IN I
vestment securities except bonds and I
notes OF the government OF the United I
States. Notes. drafts and bills admit
a 81, - . 10