The weekly times-record. (Valley City, N.D.) 1912-1922, 1914-01-08

recess of the senate by granting com
missions which shall expire thirty days
after the next session Of the senate
conveneS. &
RESERVE BOARD POWERS.
Has Controlling Hand on Banking o.
r the Nation.
Sec. II. The federal reserve board
shall be authorized and empowered:
(a) 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.
ments and reports as it may deem
necessary. The said board shall pub
fish once each week statement show
ing the condition Of each federal. re.
serve bank and consolidated state
,ment for ill federal reserve banks.
Such statements shall show in detail
the assets and liabilities Of the federal
reserve banks, single and combined,
and shall furnish full information re-
garding the character Of the money
held as reserve and the amount. ma
ture and maturities Of the paper and
other investments owned or held by
federal reserve banks.
(b) To permit or on the affirmative
vote of at least five 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 pc.
RODS not exceeding fifteen days, any
reserve requirement specified 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 l per
centum upon such deficiency until the
reserves fall to 1924 per centum. and
when said reserve falls below 321a
per centum, tax at the rate increas-
ingly of not less than ~ per centum
upon each 21a per centum or fraction
thereof that such reserve falls below
3211A per centum. The tax shall be paid
by the reserve bank. but the reserve
bank shall add an amount equal to
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
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.
IL 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.
BILE to liquidate or reorganize such
bank.
~ To require bonds Of federal re.
serve agents, to make regulations fol
the safeguarding Of all collateral,
bonds, federal reserve notes, money OF
property of any kind deposited in the
hands Of such agents. and said board
shall perform the duties. functions OF
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.
TX, To grant by special permit to ma
tional banks applying therefor, when
not In contlavention 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.
u TO 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