The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-26
FEDERAL RESERVE BOARD
TO MAKE LEVY ON BANKS
Must Raise Cash to Garry On Busi-
ness Of New Banking
System.
8. PROVIDES NO FUNDS
Estimate of 100000 for First Six
Months-Exact Status of Body Re-
mains to Be Determined by De-
cisions as to Disbursements.

WASHINGTON, October 25.-At least
$4,000. and possibly 100000. for six
months expenditures for salaries. sup
plies and miscellaneous and sundry
Items. with about 100000 added as
the cost Of engraving plates and dies
and printing reserve bank notes to the
value of 100000, 00O--a total OF from
$4,000 to $3O0.000--will approximately
represent the first semiannual levy to
be made by the Federal Reserve Board
for money to carry It through the first
half-year Of existence.
The levy Will not be long delayed:
n committee of members OF the Fed
eral Reserve Board Is now diligently
engaged In making an estimate OF the
semiannual needs for the purposes OF
declaring tho levy on the Federal re-
serve banks. Announcement of the
levy may be looked for at any time;
payment Will not be made until the
Federal reserve banks have In the pay
ment5 OF member banks OF account
OF their subscriptions of Federal re-
serve bank stock. already called for TO
be paid by November q
The Federal Reserve Board must
have money. 1t has reached the point
In It's career where cash is essential; 1t
can no longer remain a pcnsioner on
the resorUe h3pk organization commit
tee for clerioN service and stationery
and other supplies paid for from funds
aiotted by Congress Tor organizing the
new currency system.
Now that the Federal Reserve Board
4 is about to take over control and dircc-
ton OF the Federal reserve system with
the prospective opening OF the Federal
reserve banks on November 16, 1t must
have It's own clerical STAFF, Its own
funds to draw upon for salaries and
supplies and miscellaneous and sundry
expenses.
GOVERNMENT PROVIDES
NO FUNDS FOR ACTIVITIES
The United States government pro-
rtdes no funds for the activities OF
the new currency system. IT provides
quarters in the Treasury Department
Building and allows the use OF the
malls free OF cost. 1t Is provided in
the law that the Federal Reserve Board
shall estimate it's expenses and make a
semiannunl levy upon the Federal re-
serve banks, they, In turn. to pro-
rate the tax among the member banks.
including funds for the operations OF
the Federal reserve banks. The Fed
eral Reserve Board Is also required to
reimburse the government for cxpendi-
lures for engraving plates and dies and
printing money Issuab,e under the new
currency law and include the item in
estimates OF semiar!!ual expenditures.
Exactly how much the Federal Re-
servo Board will need first crack out
OF the strong boxes OF the banks, how
much 1t will demand In it's first semi-
annual levy. Is matter of conjecture.
Annual expenditures In sight, as far as
can be foreseen, viii range somewhere
between $4,000 and 100000. without
considering the printing bill OF the
Bureau OF Engraving and Printing
Easing estimates on past performances
1t is probable that the printing OF the
$500, 100000 OF Federal reserve, notes
ordered by the Comptroller OF the Cur
rency Will mean an expenditure Of
something more than 100000
The Secretary of the Treasury, as n
member OF the Federal Reserve Board.
Is negligible quantity on the pay roll
as the United States pays him all he
gets In the way of finaLc!a! recompensr
for public service. The Comptroller of
the Currency. also member OF the
Federal Reserve BOARD, draws down
$1,000 Of his whole salary from the Fed
eral Reserve Board pay roll. while the
government pays the rest. putting him
on equal financial footing with his as
sociates. The other five members of
the reserve board. each are to be paid,
under the law. n salary OF $4,000 a
year. For the members of the Federal
Reserve Board alone the pay roll items
aggregate $4,000.
SUBORDINATE OFFICIALS
TO GET GOOD SALARIES
There are three officials subordinate
to the Fede al Reserve Board, whose
Saiaries VIII aggregate something IN
the neighborhood OF $4,000. Then
there are two or three experts. still to
be employed, whose services will COM
mand good price. and whose pay ac-
count Will add TO the pay roll perhaps
$4,000, perhaps $4,000.
Each of the FIVE members OF the Fed
eral Reserve Board. other than the Sec
etary of the Treasury and the Comp
troller of the Currency. will hnve, as
personal staff. private secretary and