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Excerpt from The Law, Rules and Regulations: Governing Acceptances, Rediscounts, Open Market Transactions of Federal Reserve Banks, in Force July 9, 1917 This pamphlet is presented as a brief review and summary of the laws, rules, and regulations covering "Acceptances, Rediscounts, and Open Market Transactions of Federal Reserve Banks," as they are in force today. In 1864 The National Bank Act, in providing a national currency secured by United States bonds, laid the foundation for sound banking in America. Thoughtful financiers gradually saw the need of a more elastic currency. Economic students advanced the thought that a bond-secured circulation should be supplemented, if not replaced, by currency having its security in commercial operations. In 1913 the Federal Reserve Act was passed to furnish an elastic currency by permitting the Federal Reserve Banks to issue notes secured by commercial paper and a reserve of 40% in gold. The Federal Reserve Act has thus lent to our circulating medium an element of expansion and contraction which is governed by actual business demands. This has been made all the more real through the greater latitude given to the use of acceptances by the Federal Reserve Act. The National Bank Act of 1864 gave the national banks the power to discount bills of exchange and acceptances of third parties. The right to lend the banks credit by assuming the obligation of an acceptor was only authorized by the passage of the Federal Reserve Act in 1913. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.