Operation of the National and Federal Reserve Banking Systems: Hearings Before a Subcommittee of the Committee on Banking and Currency, United States Senate, Seventy-first Congress, Third Session, Pursuant to S. Res. 71, Partes 1-7

U.S. Government Printing Office, 1931
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Página 2 - For the purposes of this resolution, the committee, or any duly authorized subcommittee thereof, is authorized to hold such hearings, to sit and act at such times and places during the sessions, recesses, and adjourned periods of the...
Página 78 - The national hanks organized under the act are instruments designed to be used to aid the Government in the administration of an important branch of the public service. They are means appropriate to that end. Of the degree of the necessity which existed for creating them Congress is the sole judge.
Página 50 - Act contained shall be construed to prohibit such notes, drafts and bills of exchange, secured by staple agricultural products, or other goods, wares, or merchandise from being eligible for such discount; but such definition shall not include notes, drafts, or bills covering merely investments or issued or drawn for the purpose of carrying or trading in stocks, bonds or other investment securities, except bonds and notes of the Government of the United States.
Página 78 - The result is a conviction that the States have no power, by taxation or otherwise, to retard, impede, burden, or in any manner control, the operations of the constitutional laws enacted by Congress to carry into execution the powers vested in the General Government.
Página 77 - After the most deliberate consideration, it is the unanimous and decided opinion of this court that the act to incorporate the Bank of the United States is a law made in pursuance of the constitution, and is a part of the supreme law of the land.
Página 158 - The time, character, and volume of all purchases and sales of paper described in section 14 of this Act as eligible for open-market operations shall be governed with a view to accommodating commerce and business and with regard to their bearing upon the general credit situation of the country.
Página 2 - Congress, to employ such clerical and other assistants, to require by subpena or otherwise the attendance of such witnesses and the production of such books, papers, and documents, to administer such oaths, to take such testimony, and to make such expenditures, as it deems advisable. The cost of stenographic services to report such hearings shall not be in excess of 25 cents per hundred words. The expenses of the committee, which shall not exceed $5,000, shall be paid from the contingent fund of...
Página 78 - In the complex system of polity which exists in this country the powers of government may be divided into four classes : — Those which belong exclusively to the States. Those which belong exclusively to the National Government. Those which may be exercised concurrently and independently by both. And those which may be exercised by the States but only until Congress shall see fit to act upon the subject. The authority of the State then retires and lies in abeyance until the occasion for its exercise...
Página 781 - The Federal reserve act does not, in the opinion of the Federal Reserve Board, contemplate the use of the resources of the Federal reserve banks for the creation or extension of speculative credit. A member bank is not within its reasonable', claims for rediscount facilities at ita Federal reserve bank when it borrows either for the purpose of making speculative loans or for the purpose of maintaining speculative loans.
Página 79 - National banks are instrumentalities of the Federal Government, created for a public purpose, and as such necessarily subject to the paramount author.ity of the United States.

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