| Show now CURRENCY BILL TO BE UP PROVIDES FOR TWELVE OR FEDERAL RESERVE DANKS UNDER government CONTROL aut authority orlay given for issue of treasury eury notes for the purpose of making advances to federal reserve banks washington tho the administration currency bill 11 was made public thursday by representative glaas class chairman 0 of tho the house committee on banking and currency an outline of tho the message prepared by mr glass states that irvill it will vill be gone mor in detail for alterations and bets sets out that its purpose Is to accomplish threce principal objects ProN provision ision of a means for rediscount ing commercial paper of specified types A basis for elastic I 1 notes properly safeguarded machinery for doing foreign banking business the measures essentials provide for twelve or more federal reserve banks which will rediscount paper leal 1 in i government securities exchange and conduct government lacal fiscal operations national banks and such state banks and trust companies as conform to standards would be stockholders of the reserve banks the government would hold held no stock the government would control the federal reserve bank entirely through a reserve committee of seven members in which the banks would have no representation the national bank note circulation would remain undisturbed and no proposal ie Is made in the bill for retiring approximately 2 per cent bonds upon which that note issue now rests an amendment or separate bill to refund those bills into 3 per cent bonds may be introduced later in addition to the existing e national bank notes not more than in what are to be known knon as federal reserve treasury notes might be issued at the discretion of the federal reserve board soley for the purpose of making advances to the federal reserve banks which would do no business with the public deal only with their member banks and receive deposits only from the united states |
