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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
The Development of Federal Reserve Policy

The Development of Federal Reserve Policy

Reed, Harold Lyle

Paperback

General World History

Currently unavailable to order

ISBN10: 1151197254
ISBN13: 9781151197252
Publisher: General Books
Pages: 106
Weight: 0.45
Height: 0.22 Width: 7.44 Depth: 9.69
Language: English
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. 1922. Excerpt: ... CHAPTER XIV FEDERAL RESERVE DEVELOPMENT, MAY, 1917, TO NOVEMBER 11, 1918 The general policy of the Federal Reserve administration during the period of our participation in the World War may be epitomized briefly as one of complete and cordial cooperation with the Treasury. Once the Treasury had announced its plans, the banking machinery was adapted, so far as possible, to the work of furnishing the necessary financial support. To quote from the Bulletin for January I, 1918:1 Under the leadership of the Secretary of the Treasury 1 the banks have done their duty admirably in placing both the short-and long-term securities of the Government. The financial story of the war can thus be read to a very large extent in the policies of the Federal Reserve Board., -The first respect in which the reserve banks were called upon to lend their facilities to the Treasury was in connection with the sale of short-term Treasury certificates. Only to a limited extent were funds for war purposes obtained in advance of disbursements by means of taxation or bond sales. In large measure funds would be acquired first through the sales of short-term certificates. Upon their due dates the accumulated certificates would be retired through the proceeds of taxation and bond sales. The Treasury announced at an early date its intention to follow this policy. On April 20,1917, Secretary McAdoo 'Page I. Italics are the writer's. stated that as soon as the War Loan Bill became law several hundred million three per cent certificates, payable June 30, would be issued.1 In order to avoid temporary shortage of banking funds in the communities where the certificates were purchased, the Treasury stated that disbursements would be made in such a way that as far as possible money paid in will be...

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