Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-04-03
NO MONEY TO PROVIDE
RESERVE BOARD ROOM
Congress Fails to Make Appropria-
ton, Which Incommodes Treas
ury Department Bureaus.

The Offices of the chief clerk Of the
Treasury Department, Of the superintend-
ent of building, of the superintendent Of
the mint and of the director of the mint
are being moved out Of present quar-
tiers on the second floor of the Treasury
building to make room for the prospective
federal reserve board.
Should the reserve board be appointed
by the President before July ] it would
find scant accommodation, would prac-
tically be housed within the bare walls
OF rooms not fitted to its needs, with old
furniture loaned to 1t by courtesy of the
Treasury Department.
The Secretary of the Treasury, au-
thorized by law to provide for the re-
serve board in the Treasury building,
planned to fix up excellent quarters for
the high-salaried men who are to COM
pose the board. With all the Treasury
Department appropriation expended for
other improvements and alterations. Con-
gress was asked to provide $4,000 for re-
construction work in the Treasury build
ing, to make over the rooms according
to the plans. The appropriation. includ-
ed in the urgent deficiency estimates. was
dropped out of the bill in conference.
Hats Constructive Work.
The elimination of the appropriation
brings to a halt all constructive work to
make suitable permanent quarters for
the reserve board. The controller OF the
Treasury has decided that the funds ap
propriated for the activities of the fed
eral reserve bank organization commit
tee are not available for permanent
structural changes in the Treasury build
ing, such as contemplated for the ac-
commodation OF the reserve board. None
of the 100000 authorized for the pur-
poses of the federal reserve board will
be available until the new reserve sys-
tenn has been put into effect by the or
ganzation committee and the reserve
board organized.
A workroom for the clerical force con-
Quoting the work of the organization
committee, which will be the nucleus of
the clerical force of the federal reserve
board. has been provided on the second
floor of the Treasury building facing the
inner court and on the south end of the
west corridor. 1t is planned to provide
quarters, consisting of a suite of small
bers of the reserve board. opposite this
Workroom on the west corridor, and a
similar suite for the fifth member of the
board on the floor below. This arrange
ment would have made necessary the de-
structon of existing walls between the
rooms and construction of new perma-
nent partitions
The chief clerk of the Treasury De-
partment Is moving on the second floor in
the southwest corner, with the superin-
tendent's quarters adjoining Accommo-
dations for the mint will be provided on
the middle corridor Of the second floor.
Independent Bureau.
In view of the status under the law
of the federal reserve board as an in
dependent bureau OF the government.
not under the jurisdiction of the Treas
ury Department, expenditures for furn1-
ture for its quarters will have to come
out Of the appropriation for its main
tenance and operation, not available
until the reserve system has been estab-
lished and the board formally organized
to take over control from the organiZa-
ton committee. Consequently the fed
eral reserve board, if it should be ap-
pointed at any time soon, would move
into bare rooms not suited to its needs,
and without any furnishing except what
the courtesy Of the Treasury Department
might temporarily provide.
Some question has been raised as to
whether the reserve board was not act
ually in existence in view Of the fact that
two members Of the organization commit
tee, the Secretary of the Treasury and
the controller of the currency, are destg-
mated by the law as ex-officio members Of
the federal reserve board. This is not the
construction of the situation by the or
ganization committee or those of its
membership who will be members Of the
federal reserve board. 1t would have no
duties until the establishment of the re-
serve system, and the only value in re-
garding it as already in existence would
be in the matter of salary.
However, none of the appropriation for
the reserve boards operations is available
until the reserve board Is properly or
ganized after the establishment Of the
system. The controller of the currency
as a member of the federal reserve board
will be entitled to draw from the gov
eminent in pay $4,000 a year. He is now
receiving pay at the rate of 5000 year,
the salary attaching to the office of con-
TROLLEY Of the CURRENCY