New Britain herald., 1929-04-19

Washington, April 19.-The Fed eral Reserve Board, concerning l which you have recently observed so many newspaper headlines. is com- posed Of a banker. d newspaperman, an economist, a merchant and d 1 manufacturer, a farmer and law yer. Three went to Harvard and the other three went to high school.
 This board governs the entire Federal Reserve system. It has six members. one from each Federal Reserve district, and two cx-officio members. the secretary of the treas ury and the comptroller of the cur fency. The term of office is ten years and there is an appointment or re-appointment every two years by the president. Each member has an office m the treasury here.
 The board does not assume re- sponsiblity for the detailed man. agement of the Federal Reserve banks, but its duty is to see that these banks operate in accordance with the provisions of the law. II formulates credit policies for the system, permits or requires the reserve banks to discount for each other and interprets provisions of the act. It may suspend or re- move any officer or director of reserve bank and the discount rate for each class of paper is subject to it's review. And 1t has various other functions which make it a very pow erful body, as recently shown by it's frightening of speculative credit in Wall Street.
 Meets Almost Daily
 Except in summer the board meets nearly every day Secre- tary Mellon presides if he happens to be there. otherwise Roy A. Young. governor of the board, or Edmund Flatt. the vice governor. The meet ings are informal except when hear ings are being held.
 Young is the only member with continuous active commercial bank ing experience He graduated from high school at Marquette, Mich, in 1900 at the age of l and became a messenger boy in Marquette's First National Bank. He worked up to the post of assistant cashier in another bank and by 1913 was vics presi- dent of bank in Ioughton. Mich. Six years later he vas governor Of the Federal Reserve Bank in Min neapolis and about year ago was appointed governor of the Reserve Board. He is 47 years old, the boards youngest member
 Vice Governor an Editor
 Edmund Platt, the vice gover- nor, was a teacher and an editor. He graduated from Harvard, stud jed law, taught history in a pre- paratory school. wrote editorials for the Superior, Wis, Telegram. con- nected with the Eagle in Pough- keepsie. N. Y, late became it's edi- tor. served eight years in Congress, became chairman of the House Con- mittee on Banking and Currency and resigned in 1920 to accept the to his present job. 1 Platt belongs to numerous clubs and has found time to pursue an active interest in bird life on the side.
 Two of the active members were on the original Federal Reserve Board appointed by President Will son. Charles s. Hamlin of Matta- poisett. Mass, and Adolph Miller Of | 
 Hamlin is the oldest member, be- | ing nearly 6S. He is a graduate of Harvard University and Harvard | Law School and practiced law in | Boston for many years. He en- gagged for time in Massachusetts | Democratic politics. rather unsuc- and was assigned during the nineties on semi diplomatic | in negotiations with Japan, | Russia and Great Britain. He has 1 served on numerous commissions l which dealt, among other things. | with the monetary system. fur-seal | fisheries. conditions at the PhiladeI- phia Mint. limitation of armaments, New England fisheries. municipal | elections and water and sewerage sys tens in Boston, administration of i, Harvard College, Japanese famine relief and ether matters.
 Was First Governor
 He has lectured on government | at Harvard and has written some law books. He was an assistant sec ietary of the treasury in the second