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SUBMITTED BY MR. OWEN.

IN THE SENATE OF THE UNITED STATES, Decemher 9, 1913. Ordered, That there be printed as a Senate document, in document type and in parallel columns, a comparative print of the banking and currency bill (H. R. 7837), “An act to provide for the establishment of Fedreal reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes,” showing the House bill and the changes suggested by the amendment submitted to the Senate by Mr. Owen; also the changes suggested by the amendments intended to be proposed by Mr. Hitchcock, and that 5,000 additional copies be printed for the use of the Senate document room, not to exceed the $500 limit of cost. Attest:

JAMES M. BAKER, Secretary.

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63D CONGRESS,

1st SESSION.

H. R. 7837.

IN THE SENATE OF THE UNITED STATES.

[The figures indented indicate the page of the bill in print showing proposed changes.]

AN ACT TO PROVIDE FOR THE ESTABLISHMENT OF FEDERAL RESERVE BANKS, TO FURNISH AN ELASTIC CURRENCY,

TO AFFORD MEANS OF REDISCOUNTING COMMERCIAL PAPER, TO ESTABLISH A MORE EFFECTIVE SUPERVISION OF BANKING IN THE UNITED STATES, AND FOR OTHER PURPOSES.

SECTION 1.

HOUSE BILL.

OWEN AMENDMENT.

HITCHCOCK AMENDMENT.

11

Be it enacted by the Senate and Be it enacted by the Senate and Be it enacted by the Senate and House of Representatives of the United House of Representatives of the House of Representatives of the States of America in Congress assem- United States of America in Con- United States of America in Congress bled, That the short title of this Act gress assembled, That the short title assembled, That the short title of shaú be the Federal Reserve Act." of this Act shall be the Federal Re- this Act shall be the "Federal Reserve Act."

serve Act."
Wherever the word "bank" is used
in this Act, the word shall be held to
include State bank, banking associa-
tion, and trust company, except where
national banks or Federal reserve

banks are specifically referred
2 to.

The terms "national bankThe terms "national bank" and and "national banking association. national banking associationused used in this Act shall be held in this Act shall be held to be synonyto be synonymous and interchange- mous and interchangeable. The term able. The term member bank' "member bankshall be held to mean shall be held to mean any national any national bank, State bank, bank, State bank, or bank or trust 2 or trust company which has company which has become a member become a member of one of the of one of the reserve banks created by reserve banks created by this Act. The this Act. The term boardshall be term boardshall be held to mean held to mean Federal Reserve Board; Federal Reserve Board; the term "disthe term districtshall be held to trictshall be held to mean Federal reтеап. Federal reserve district; the serve district; the term reserve bank" term reserve bank" shall be held to shall be held to mean Federal reserve mean Federal reserve bank.

bank.

SECTION 2.

FEDERAL RESERVE DISTRIOTS.

FEDERAL RESERVE DISTRICTS.

FEDERAL RESERVE DISTRICTS.

The Hitchcock amendment proposes to strike out all of section 2 of the House bill and insert the following:

SEC. 2. That within ninety days SEC. 2. That within ninety days Sec. 2. That the Federal Reserve after the passage of this Act, or as after the passage of this Aet, or as Board, hereinafter provided for, shall, soon thereafter as practicable, the As soon thereafter as practicable, as soon as prácticable after their ap

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SECTION 2-Continued.

HOUSE BILL.

OWEN AMENDMENT.

HITCHCOCK AMENDMENT.

Secretary of the Treasury, the Sec- the Secretary of the Treasury, the pointment and confirmation, desigretary of Agriculture, and the Comp- Secretary of Agrieulture, and the nate from among the reserve and centroller of the Currency,

Comptrollor of the Curroney, and tral reserve cities now established a not less than two other members of the number of such cities to be termed Federal Reserve Board, hereinafter Federal reserve cities, and shall divide

provided for, to be assigned by the the continental United States into dis

acting as President, acting as "The Reserve tricts, each district to embrace one of “The Reserve Bank Organization Bank Organization Committee,” such Federal reserve cities: Committee,” shall designate from shall designate from among the re- 5 Provided, That the districts among the reserve and central re- serve-and central reserve-eities now shall be formed with due serve cities now authorized by law a authorized by law a number of such regard to the convenience and customnumber of such cities to be known not less than eight: nor more than ary course of financial and commeras Federal reserve cities, and shall twelve cities to be known as Federal cial business in each district, and divide the continental United States reserve cities, and shall divide the need not necessarily coincide with into districts, each district to con- continental United States, including State or county boundaries. The distain one of such Federal reserve Alaska, into districts, each district tricts thus established shall be known cities: Provided, That the districts to contain one, and only one, of such as Federal reserve districts, and each shall be apportioned with due re- Federal reserve cities. The determi- of them shall be designated by the

gard to the convenience and nation of said organization committee name of the Federal reserve city located 2 customary course of business shall not be subject to review except by therein. of the community and shall

the Federal Reserve Board when not necessarily coincide with the 3 organized: ProvidedThat area of such State or States as may

the districts shall be apporbe wholly or in part included in any tioned with due regard to the con

venience and customary course of
business of the community and shall
not necessarily coincide with the
area of such be coterminous with any
State or States as may be-wholly er

in part ineluded in any given dis given district. The districts thus triet. The districts thus created created may be readjusted and new may be readjusted and new districts districts may from time to time be may from time to time be created created by the Federal Reserve by the Federal Reserve Board here Board hereinafter established, act- inafter-established, aeting-uponing upon a joint application made joint application made-by-not-tess by not less than ten member banks than ten member banks-desiring to desiring to be organized into a new be organized into a new-distriet, not

to exceed twelve in all. The Such district. The districts thus consti- districts thus constituted shall be tuted shall be known as Federal known as Federal reserve districts reserve districts and shall be desig- and shat may be designated by nated by number according to the number aecording to the pleasure pleasure of the organization com- 'of the organization committee, and mittee, and no Federal reserve dis- no Federal reserve-distriet shall be trict shall be abolished, nor the abolished, nor the location of a Fed location of a Federal reserve bank erat reserve bank-changed, -exeept changed, except upon the applica- upon-the-applieation-of-three tion of three-fourths of the member fourths of the member banks of sueh banks of such district.

distriet. A majority of the organi-
zation committee shall constitute a

quorum with authority to act.
The organization committee shall, The organization committee shall,

The Federal Reserve Board in accordance with regulations to in aeeerdance with regulations-to shall, as soon as practicable after the be established by itself, proceed to be established by itsell, proceed to said districts have been established, organize in each of the reserve cities organize-in-each-of the reserve proceed to organize, conformable to designated as hereinbefore speci- eities designated as hereinbefore the provisions of this act, in each Fedfied a Federal reserve bank. Each speeified • Federal reserve bank eral reserve city designated as aforesuch Federal reserve bank shall in- Each sueh Federal reserve bank said, a Federal reserve bank, which clude in its title the name of the shall inelude in its title the name shall be known by the name of the city city in which it is situated, as "Fed- of the cityin which itis situated, in which it is established, as, for exameral Reserve Bank of Chicago," and "Federal Reserve Bank of Chi ple, " Federal Reserve Bank of Chigo forth. The total number of re- eage," and-30-forth. The totał cago.' Four Federal reserve cities.

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