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Banking and currency Volume 13-24; hearings before the Committee on Banking and Currency, United States Senate, Sixty-third Congress, first session, ... reserve banks, for furnishing an elastic cu

Banking and currency Volume 13-24; hearings before the Committee on Banking and Currency, United States Senate, Sixty-third Congress, first session, ... reserve banks, for furnishing an elastic cu

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1913 Excerpt: ...under the provisions of section sixteen (d) of this act may deposit In the Federal reserve note fund such portion of the purchase price, under regulations to be framed by the Federal reserve board, as may be sufficient for the retirement of the national bank notes then outstanding secured by the United States bonds surrendered; and all acts or parts of acts limiting the amount of such deposits are hereby repealed. (See sec. 4, act of Mar. 4, 1907.) Skc. 1C (f). The Interest upon United States bonds held in the Federal reserve note fund may be employed, in the discretion of the Federal reserve board, for the purchase of gold coin or bullion for maintaining the reserve in gold held against outstanding Federal reserve notes; for the creation and maintenance of a guaranty fund for the payment of deficiencies in the assets of any Federal reserve bank which may liquidate without meeting its obligations in full or any other losses incurred by the Federal reserve note fund; and for the redemption of the interest-bearing debt of the United States. (This section would probably have to be elaborated and some limitations fixed, If adopted.) Section 17 of the printed bill: Strike out after the word "notes" in line 1. down to the words "is hereby authorized," in line 4. Strike out all provisions requiring Federal reserve banks to hold lawful money reserves against notes. Section 19. relating to refunding 2 per cent bonds into threes, should be entirely stricken out. Senator Reed. The Government would commence, if it was ready, to redeem those bonds. Mr. Coxaxt. Yes. I will show you in a moment how they might put some restrictions on that, because of course the Federal reserve board would not have gold enough at first. Senator Reed. I mean if it was re...