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  • Congressional Record Dec. 23 1913

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    The congressional record from Dec 23 1913, the day the US congress allowed the creation of the federal reserve. The entire transcript from Dec 23. You have heard about it now you can read it yourself. Pg 1468 - The Vice President "Forty-eight Senators have answered to the role call. There is a quorum present" pg 1469 - Mr. Bristow "it is a political committee pure and simple, consisting of political officers of the administration, to take charge of this great Federal banking system and organize it; and it will be organized, of course, along political lines ... It is one of the astounding things that this measure, which we were told some two months ago was not to be political in any sense of the word, should have developed into a strictly partisan political institution ..." stock held by the public has no voting rights as stockholders Mr. Bristow "Anything that increases the power of the banks and takes from the people representation seems to be entirely satisfactory to the conferees, as the other changes in the bill clearly indicate" pg 1472 Mr Bristow "Every provision in this bill which was in the interest of the banks has been retained. The provisions which were stricken out were provisions in the interest of the public" pg 1473 Mr. Bristow "Those who drew the bill in the interest of the national banks preferred to put that million dollars in the coffers of the banks instead of putting it in a trust fund to insure the money of the depositors in the banks" Senator Owen's vested interest in banking Mr. Bristow "... you are providing a centralization of power that Alexander Hamilton would have blushed with shame to have suggested ... Ah, you may persue this course and decieve the American people for a time, but it will be for a limited time, and for a limited time only." pg 1476 Mr. Newlands "It seems to me just as absurd to make these reserve banks banks of profit as it would be to expect profit from our fire department ..."

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    The congressional record from Dec 23 1913, the day the US congress allowed the creation of the federal reserve. The entire transcript from Dec 23. You have heard about it now you can read it yourself. Pg 1468 - The Vice President "Forty-eight Senators have answered to the role call. There is a quorum present" pg 1469 - Mr. Bristow "it is a political committee pure and simple, consisting of political officers of the administration, to take charge of this great Federal banking system and organize it; and it will be organized, of course, along political lines ... It is one of the astounding things that this measure, which we were told some two months ago was not to be political in any sense of the word, should have developed into a strictly partisan political institution ..." stock held by the public has no voting rights as stockholders Mr. Bristow "Anything that increases the power of the banks and takes from the people representation seems to be entirely satisfactory to the conferees, as the other changes in the bill clearly indicate" pg 1472 Mr Bristow "Every provision in this bill which was in the interest of the banks has been retained. The provisions which were stricken out were provisions in the interest of the public" pg 1473 Mr. Bristow "Those who drew the bill in the interest of the national banks preferred to put that million dollars in the coffers of the banks instead of putting it in a trust fund to insure the money of the depositors in the banks" Senator Owen's vested interest in banking Mr. Bristow "... you are providing a centralization of power that Alexander Hamilton would have blushed with shame to have suggested ... Ah, you may persue this course and decieve the American people for a time, but it will be for a limited time, and for a limited time only." pg 1476 Mr. Newlands "It seems to me just as absurd to make these reserve banks banks of profit as it would be to expect profit from our fire department ..."

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    5K views26 pages

    Congressional Record Dec. 23 1913

    Uploaded by

    mrpoisson
    The congressional record from Dec 23 1913, the day the US congress allowed the creation of the federal reserve. The entire transcript from Dec 23. You have heard about it now you can read it yourself. Pg 1468 - The Vice President "Forty-eight Senators have answered to the role call. There is a quorum present" pg 1469 - Mr. Bristow "it is a political committee pure and simple, consisting of political officers of the administration, to take charge of this great Federal banking system and organize it; and it will be organized, of course, along political lines ... It is one of the astounding things that this measure, which we were told some two months ago was not to be political in any sense of the word, should have developed into a strictly partisan political institution ..." stock held by the public has no voting rights as stockholders Mr. Bristow "Anything that increases the power of the banks and takes from the people representation seems to be entirely satisfactory to the conferees, as the other changes in the bill clearly indicate" pg 1472 Mr Bristow "Every provision in this bill which was in the interest of the banks has been retained. The provisions which were stricken out were provisions in the interest of the public" pg 1473 Mr. Bristow "Those who drew the bill in the interest of the national banks preferred to put that million dollars in the coffers of the banks instead of putting it in a trust fund to insure the money of the depositors in the banks" Senator Owen's vested interest in banking Mr. Bristow "... you are providing a centralization of power that Alexander Hamilton would have blushed with shame to have suggested ... Ah, you may persue this course and decieve the American people for a time, but it will be for a limited time, and for a limited time only." pg 1476 Mr. Newlands "It seems to me just as absurd to make these reserve banks banks of profit as it would be to expect profit from our fire department ..."

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    CONGRESSIONAL RECORD—SENATE. DEcEMBER 23, SENATE. ‘Torsnax, December 23, 1913. ‘The Senate met at 10 o'clock a. m. ‘The Chaplain, Rey. Forrest J. Prettyman, D. D., offered the “following prayer: "Thanks ‘be unto God for his nepeakane sits, Along the Chaat am tee ‘Shue dats blend niniatey baa never died out of the Duman Heart 't haw come at te Gate ito the lives ot itele eildren Zou speaks atts blewsed message of hope to the heat of o8 ‘SGintion tamapity. Tt haa come with Its refiang inluence £0 fe Chrletnn house. |W bles Godt that A inpires um all Co 8 ikem t0 Him, nil gave Himself that we might be til We Blow Go today that with the Treeurting seasons, the ‘momge comes back fo us from Thee, unfolding THY #10, Thepinig ws ith’ the heals of the life’ of @ perfect manBcol, ting to nsf epi of heipfness and brotheriines. We pray that the elsit of fhe Chinas tne may enter Info'the heaps of those ‘Thy servants, fuseing, enlightening. ‘loon them in the dischtyee ot ail ett sacred obligations Wovnui sor Chris's sake. Aine. ‘Tite Jouraal of yeatord’s proceedings was read and approved MOOT. "Mir President, I miggest the absence of 6 VICE PRESIDE? track of the years there lingers ‘The ‘he Seevetary called the roll; and the following Senators an- NT, The Secretary sill call the roll sawered to,thelr names: * ee | Ge tae Bt Bevan dene, Preraan smith Sc. eS et Eoin TER re ieee o coe fa ae SE ‘ir, BRYAN. polos [sie Fuzremen 1 unavldis fabstnt. He is palfed with the Senator from Wyoming (Mr. Wanne, = Mire MARTINE of New Jersey’ My colleague (Mr, Homes) is absent on-ollicia! business. Me RANSDELL. ‘The senior Senator from Toulsiana (Mr. ‘nuosnTox} 8 unavoldably absent. T ask that this announce. Inent may stand for the day. Ho is paired with the Senator frou South Dakota (Mr, Sracaxa). Mir. WEEKS. 1 wish to state that my colleague (Mr. Toocx) fe absent on account of ilness. ‘This statement may stand for the day. Mie GALLINGER. I desire to announce that the junior Senaior from Maine (Mr. BusLs1G] 18 absent on account of fines. ‘The VICE PRESIDENT. Forty-four Senators are present. ‘rhe Secretary sill eall the Foll of absentees. ‘the Secretary called the names of absent Senators, and Mr. Rex and Ar. Swiri of Georgia answered to thelr names when called. MMe Kenx and Mr, Powemexe entered the Chamber and an- ‘gwered to thelr names, ““fhe VICE PRESIDENT, Forty-eight Senators have answered to the rollcal. ‘There ts a quorum present. ‘A.message,from the House of Representatives, by J. C. South, its Chlet Clery aunomeed that the House bad agreed to the ¢pucurtent resnlition of the Sennte (8. Con, Res. 12) providing for the printing of 80,000 coples of the Federal reserve Act, in Pamphlet formy ete, with amedidments, in whieh it requested the fotieurrence of thie’Senate. i YNROLLED PILL SIGNED, ‘Te message also gunounced that the Speaker of the House nad signed. tie envolfed bill (IT. 1 11003). t provide for ex- penses of representatives of the United States at the Tnter. Rational Maritime Conference for Safety of Life at Sea, and it ‘wus tereupon sigued by the Vice President, CONFERENCE AETORT-—HANKINO AND CURBENCY. ‘The VICE PRESIDENT. In’ acéortlance with the unantmous- consent agreenient, the Chair lays before the Senate the report ff the comunltteo of conference on the diso ‘votes of the thro. Houses om the amendment of the Senate to the bi CH. R. 7831) to provide for the establishment of Federal reserve banks, for furnishing an elastic currency, affording means of redis- ‘counting commercial paper, and to establish a more effective supervision of banking Jn the United States, and for other purposes. Mr, GALLINGER. Mr. President, ordinarily « conference report ought to be read, but Task unanimous consent. i this ‘case that the reading of the report be dispensed with, as It Is 1m print, | ‘die VICE PRESIDENT. Is there objection? ‘The Chair hears none, and ithe reading of the report ts dispensed with, ‘Mr, BRISTOW. Mr- President, the conferees who partict: pated in the conference on this bill have made certain changes In the bill, some of which I think are bad. ‘Mz, LA’ FOLLETTE. Mr. President, would it disturb the Seuntor #£ 1 sholld ask him a question? ‘The VICE PRESIDENT." Does the Senator from Kansas | yieid'to the Senator from Wisconsin? Mr. BRISTOW. T do. Mr. LA FOLLETTE. Would it disturb the Senator to in- form us who did participate in this conference and whether any Senator declined to participate? Sir. BRISTOW. AS to those who pertieipated In the confer | ence Tam not advised. Twas a member of the committee of conference appoluted by the President of the Senate, but F had ho knowledge ag to the meeting of the conferees until after the Feport as it is before us had been made, printed, and placed ‘upon the desks of Senators. T was then noiled by ihe chairman of the commitipe that there would be a meeting of the cou fnitlee of conference at 4 o'clock, two hours after this report of the comunitige of conference of the two Houses of Congress ‘the bill (IH, I. 1837) to provide for the establishment of Federal reserve banks, for furnishing an elastic currency, hifording ‘meats of ediscounting commercial paper, and to establish a more effective supervision of banking in the United States, and for other purposes, had been placed upon my desk, Tin company With the Senator from Minnesota (Ale. Nexsox], Visited the toom where We were invited to appear. "We found the eliairman of The committee and the Democratle members fof the committee of conference there, and were given to under- Stand that they had perfected the conference report. We were then invited to express our opinion of It, bat I preferred to cexprest my opinion where It might appear in the Recomp, rather than ia the privaey of the eomunittee room, and tat T shall un ‘ertake to d this morning. f see this report is signed by the Democratie members of the committee.” Of course, I did not sign it because Twas ot invited to sign it, and f should not have done so, anyway, for T ‘dia not Kuow at the time the report was prepared what it eon- fatned, and T had had no opportunity of ascertaining what i conta ‘he ‘first Sniportant change made in the bill by the con ferees—and I aim mevely going to call attention to the importa: changes—is found om page 4, where an organization coimnittee fw provided for, cousisting of the Secretary of the ‘Treasury, the Secretary of Agriculture, and the Comptroller of the Cur reney. My, TOWNSEND. Mr, President, does the Senator trom Kansas know whether the bill which is how on oar desks is the Teport of the conference committee? Sir, BRISTOW. L-ruppose ft is,, Document, No. 335, says. “ag agreed {0 An cohferenee” and’ as passed by the Howse: ‘That is exactly the sume document and the saine number as the ‘ue whieh was laid on our desks yesterday afternoon, Sir. GALLINGER. "Wil the Senator perint me? Me, TOWNSEND, "T' want fia ny auomton, 1 the Senator from New Hampshire will permit. Mir GALLINGER. Very well Mr TOWNSEND. T want to ask the Senstor from Okla- nome whether this large document here [exhibiting] contains tie comect report of the conferees? ‘us, OWEN. ‘There {s a second print marked on the “ Com parative pring” which contains the last changes made by the fouferees and agreed to. suppose the Senttor has that in his hand, ‘There wore two of those prints, and this latter contains tie various cianges that were made,” After the Rest prelim hry draft waa printed for use, the Demoeratie members of the Conference omictee met, Wweat over the. bil, aud, Feconelled {hele aliferences so far ai they could. ‘Then, ag eliteman, T sommoned 8 ‘of the conferees at 4 o'clock, as the Sen- Stor frum Ranges (Ds, Baisrow} hina stated, Dut the Republican iembere soggested that it was offensive to them for the Demo- ‘rats to have previously met and dove this work, and s0 they ‘withdrew from the conference without being willing to remain, ‘ithough we urged them to do $0 and to express. their opinions about ang changes they would like to have made. {AE HORTON. Will de Senter from Odahonn yo an inquiry? i “Mv, OWEN. Yes; 1 ytela. % i Me, BURTON. 15 there ony substantinl difference in/ this prhit and the fest print, oF are the changes merely of phiaseol- assay ontt 2 ‘Nou; thore ie @ change in the aaiary of the Couptrelior of the Currency, for instance, changing Ie trom Sia te $000 naasionnt. sae to make 1 equal with that of Tiecchuer members of the beget | Sis, BURTOS. 1 do net new wht) (0 take\up the time of the Seuiior from Kansas fate Dussrowl, tot at Inter tine Tay Sk for gn xblnngtion Of {he ebanges that have bern nied. Rie BISTOW, “Ms Presideut qe frst important ange to bleh T desire to call the-atfeation ‘of the Senate 1th Sreatlon ‘of ah organisation committee, consisting of the Seere- fas of tie Trewmury, the Comptroller of the Currency, id ho Secrctary of ‘Agticalture. ‘his ‘commutiee will orgtiae this Peeioral Punklay spate aad prepare it for the possesion, Tp: Dose, of tie Hedert bontd whieh is afterwards to be appointed, Eince the bil provides a0 that the Comptroller of the eerrency Simi! be.a eter of the Weaeral beara, ie amply authorizes omnolttes, eqnsstiog of the Secretnty of the Treneury and te operates, two menhers of the boned, mud the secretary’ of Serlculure, who is not ex offeio to be tember of the board, ‘rman. th’ stem. Tt ten (poideateommitteo pave snd Simpler conseling of volticn lomeers of he admlniattation, t0 {ako change of ths gent federa! banking svatem an ervasize a Ie will bo oveanized, of course ciong pollfeat Hen as ‘videnty te intended by the nature of the orfanieation comtalt ite which is created. "It ts ohe of the astounding thing that ifs mensure, wiv we. werw told some two. months agp ws hot te be politcal i ay sense of fe wort, should have devel Oped lato a stvletly partisan qoivea! Insitutions organtaation ‘to be pestecten by the poities) party that holds andrew eckson 5 one of ea patton saints) F sbouia ke to invite any: Bie {fovinn to poke to any political kiconsisteney on fhe pare af ny Political onginiantion di the hstory of free goverment that ft Zay.more siting than for the parts of Anders Jackeon fo put ‘Shon this countey such a pollien! baakg mactle ag nas been Sronted be tiie be ? ‘Then, dn tne 8 of this epnference rerort, ig: found another inerecing chitge. ‘Itls well known to'the'Sehate that thse Sus who sipported the Hiteneock bill soneht to provide for ho ownoraiip of the stock of the Festonal banks by the Pubic fi the control of the rerioun! bauie by asboard of directors a fnajorty-of sriom should be appointed by the Pedeen! board or By tho President. Wo songht to have public ownership of tie Stock "and, Government control. of the’ banks. That bill the Seunte refused to accept and t crested a banking system the Block of wilen Is fo be wned by the banks and controlled Dy GEobake Mere was a provision placed nthe Mit ts it fatsed fhe Senate whith ‘would enable the pablte to tl ang” soc. ine the bunks didnot want. If tho bane refused to's scribe, then the public might have the opportunity, ‘The Honse Provision alsp permiied the directors of clans G to. represent {n the Doara of the regional! banks the publle stockholders) Sant to sod that provision na ie paeed the Senate! | ‘Stock ot Deld by member banks shall not be entitled to voting power ne eh ah arn tke a PO Sa Bo Nea Aah ot Ne Te ea ere afoot teal et Uating ‘Ghstest!” “fhe Yotine, power cm Said poble ince thall be Hunited® toone pote fot each $46,000 par value. thereat, fractional Mat toty Setodelamtch WOOUuRG" uti ial street Rae ens ae vous Ee Nae Stie ana ow, I waht! to rend it af te conference exjamttter agreed ‘upon & and T sioula ike the attention of every Seoator: Sige tot eld by menber. tank sll not De atl to ving If the stock is not taken Uy the banks and ssléold to the pub- llc, then! that stock has no tepresentative, has no voting power pos the fesional bank botrd, aud the ‘boned elested by the hans that do pasticipate, whether Ave banks oF a thousind Dank, have absolute coutrl of fe gegtonal byes Sit" GALLINGER. Of the stock? Sie: BRISTOW. Or the bonies and of the stock also. Me WORKS. aie Presidegt— Sr BISTOU™ the publle aight own a majority of ihe stock of 4 regional atk, bue sll the banka would have lee Inte power, and dhe stock owned by the pulie hus no-represonn: tion, "Bie dipectors appointed the Goveroment cam not ack ls lis Gromtecy In voUlug It, for the provision covering that bas beet stricken out, ‘They Will have, ho voles whatever in elect Ing the divectors: ‘The tow auke that might parttpate will control the whole thing. jNow 1 yleld to the Senator fom California | (Mi WORKS. Twas ‘Kansas, after hts state Canes cet in ¢ ii oh eeo aes [eo Se ee eeeee in control of the Poe tee ene one unc aed Soe 6 tara Senior repeat tho question Mr. BRISTOW... Well, 1 eo ont ol bees ae eee ae sae ol oe eae torork ee powers in ove of the three groups of banks into whieh they re oer ae che ane somtannate ute ietecera as ee Sersacey = foe eee fe oor Sk ee ee 2S ae eee Si seaes ahaa cere ‘Fall"be" pleased’ (0 have the should ike an explanation re cence a i Sat Yas ha da manny een aaa eral Ss Pte een a a Stee cant os pete aa a 1 Sa Sh ten steht aetper mana ae ehiiearclt ie Beant fee tatetat ute ee ines erage ies arene re nal No Sonator or, Representatfa] in Congres shall be a member of the GRAIG SEGRE Sher GPT a at Poe eet Ss sl. member ral rose ane, Sea in the mentor bane be apotnted to the Federal ‘iy oF the vegtoual bats ‘Wisconsin sow to rege was to prevent Sfembors af Congress from becoming inerested iajthe system and becoming directoms fd olcers of the ieuber| banks of the sjatem. OF conte, ‘he Senator will ready see that the vital part of that amend ‘eat baa been cut gut. T inky comment om tt a litle later Sit CARON" (ir Preleat, wl he Sexton petit me Iniereuption Desure be passe feta Et re Mi Bags er oe IE: GARR fo it not true thst aif ie national pane ‘which go into the afrangemeyt wil have to have as much eaplta ‘and surplus as $185,000. before. they cin have « ute that. is enough to make np the to be altowed, to vote, and tant {hat wil eu out all.of the-sinnll banks’ fe BEUSEOW.| Noz if that chango was amade by the con- ters, i ming py sitenton, ig ndersening thn the nae See oo eee See - eae tal ee eee sere eae Mic Hae come ve or xe HD of mock wah Soe Secon sm ‘No director of clans Bor of fess C shalt ployee, or atocsbolaer gfapy Mane 1470 / CONGRESSIONAL RECORD—SENATE, DrceMBER 23, Tirhat ins been changed also—apd T eitl the attention of the Senator from Wisconsin to this—eo that It reads now : ‘No director of cles 1 shall be an ofler, director, or employee of any RE arctor of clase C mall be an otcer,dlrctor, employes, or stock holes of eng bank ‘ ‘The bill as It passed the Senate provided that none of the ‘airectors of the segional banks should be directors jn member amis. ‘That has been ent out, however; and there is no reason how why t direetor of the City National Bank of New York, fr the Chase National Bank, or the First National Bank of Muskogee, Okla, oF any other Place, should not be one of the

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