The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1914-06-22
RESERVE BOARD
ON JOB BY JULY |
That viii Be a Month Before
Regional Banks Open.
OFFICES BEING MADE READY

tween Those of Secretary McAdoo
and Comptroller Williams, Members
Ex officio - Sketches of the Men
Named by the President.
President Wilson expects that the
federal reserve board will be organized
and prepared for business by July l,
the beginning Of the next fiscal year.
This will be a month before the
twelve regional banks are expected to
open their doors and will give the
board time for important preliminary
work.
The five members nominated by
President Wilson are Charles s. Ham
lin of Boston. who Is named for the
two year term; Thomas b.. Jones OF
Chicago, to serve six years; Paul War
burg of New York, for -four years; w.
+. G Harding Of Birmingham, Ala,
for eight years, and a. g. Miller of
fan Francisco, for ten years.
When the board Is fully made up the
president will designate one of the
number as governor and one as vice
governor. There has been no intima-
ton from the president to Secretary
McAdoo or to John SHELTON Williams,
comptroller of the treasury, as to
whom the president will select as the
presiding officer of the board
The boards close relation to the gov
eminent Is emphasized by the fact that
Offices are I'm process OF preparation in
the treasury building. They will open
on the west corridor, between the of
fees of Secretary McAdoo and Comp
troller Williams, both Of whom will be
members ex-officio of the board. Each
member OF the board will have a large
Office assigned to him, and across the
corridor several large Offices have been
fitted up for the clerical force. These
Offices, which overlook the White
House grounds, are regarded as the
best in the building.
Must Have No Bank Connection.
The organization committee, consist
ing OF the secretary of the treasury.
the secretary of agriculture and the
comptroller of the currency, will call
the members Of the reserve board to-
gether and turn owe the records to the
new board. Each member of the board
will certify under oath that he is not
an officer or director of any bank, trust
company or banking institution or of
any federal reserve bank and that he
holds no stock In any such banking In.
stitution.
The first few days after the organ
ization the board will be occupied In
getting settled down in its new quar-
ters. The first duty of the board will
be to pass on the ballots electing d.
rectors OF the reserve banks, the blank
forms for which were sent out several
weeks ago. Nominations for directors
of Glass @, which are to be named by
} the reserve board and one Of whom is
To be designated as federal reserve
agent, are coming in steadily, and ap-
pointments will be made soon after
the board organizes. This work will
continue for weeks before the whole
system is under Roadway.
The powers of the board are distinct
ly enumerated by law and cover the
subjects of bank examination, regula-
ton OF r~ediscounts among the reserve
banks, regulation through the comp
troller OF the currency Of the issue and
retirement of federal reserve notes, the
safeguarding of all collateral bonds,
reserve notes, money or property of
any kind deposited with federal re-
serve agents, the general supervision
of federal reserve banks and the en-
ployment OF experts, attorneys and
clerks necessary to carry out their du-
ties. The salaries of many employees
will be fixed by the board.
Sketches Of Presidents Nominees.
Charles s. Hamlin served as assist
ant secretary of the treasury under
President Cleveland and first took Of
ice under the Wilson administration as
assistant secretary of the treasury In
charge of customs. He succeeded John
Shelton Williams as first assistant Sec
rotary In the early spring when the lat
ter became comptroller of the currency.
Thomas b. Jones is a wealthy retired
lawyer. After graduating from Prince.
ton In the class OF 10 Mr.. Jones went
to Chicago, where he practiced law
from 1877 until 1900, when he retired.
He was for years associated with Pres.
> ident Wilson as a trustee Of Princeton
university.
Paul M. Warburg 10 a member OF the
} banking firm Of Kuhn, Loeb G. Co.,
New York, from which he will resign
, to become a member of the reserve
! board. He Is a director of various
banks and trust companies. from which
) he will have to resign also.
Adolph Casper Miller is an economist
and college professor, who was assist.
ant to the secretary of the interior un.
til appointed to the reserve board. He
Is a graduate of Harvard, where he
was an instructor In economics, and
from 1892 to 1902 was professor of
finance at the University Of Chicago.
From 1902 until he went to Washing
ton last year he was Flood professor
of economies at the University Of Cal
ifornia.
William r. G. Harding is president
or the First National bank Of Birming-
ham. Ala, and president Of the Bir-