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Congressional Record-House House Of 630 CONGRESSIONAL RECORD-HOUSE MARCH 20 Merchant Marine Act, 1920, including violations thereof involving MEMBER OF THE FEDERAL HoME LOAN BANK BOARD principles or policies by foreign or other vessels not qualified for that trade. C. B. Merriam, of Kansas, to be a member of the Federal "10. The Diesel conversion program. The administration of Home Loan Bank Board for the unexpired portion of the matters (preliminary to final action thereon by the Commissioner term of 4 years from July 22, 1932. in charge or by the Board) requiring action in Washington (ex­ cluding, therefore, engineering items and work in the field) inci­ PuBLIC HEALTH SERVICE dent to the coiiPersion C1f about 20 vessels to motor ships, Congress having appropriated $25,000,000 for this purpose. Asst. Surg. Donald J. Hunt to be passed assistant surgeon "11. As counsel to the Committee on Legislation of the Board, in the Public Health Service, to rank as such from March 1, he studies bills pending in Congress bearing on shipping or water 1933. transportation and brings the facts before the Committee on Legis­ lation and, when the Board's attitude has been stated, he appears before committees of Congress having the bills in charge, respec­ CONFffiMATIONS tively. This work also includes study of international conven­ Executive nominations confirmed by the Senate March 20 tions, e.g., that relating to Hague rules for uniform bills of lading and questions of legislative procedure thereon. (legislative day of Mar. 13), 1933 " 12. This does not purport to be a complete enumeration of all MEMBERS OF THE UNITED STATES SHIPPING BOARD Mr. Nicolson's work, as special items are from time to time as­ signed to him for attention in addition to the regular subjects Hutch I. Cone. mentioned above. Gatewood S. Lincoln. "Insofar as the items enumerated above involve engineering, David W. Todd. construction, or operating matters, his work is administrative only ln the relation of the commissioner in charge to technical experts 1n the fields mentioned." The personnel sheet from which the above " Description of HOUSE OF REPRESENTATIVES work " is taken verbatim bears the following signatures: "(Signed) EDWARD C. PLUMMER, MONDAY, MARCH 20, 1933 "Commissioner in Charge of Bureau of Traffic. "(Signed) W. S. BENSON, The House met at 12 o'clock noon. " Commissioner in Charge Bureau of Construction. The Chaplain, Rev. James Shera Montgomery, D.D., .. Reviewed by committee appointed by the Chairman. offered the following prayer: " (Signed) SAMUEL GOODACRE, "Secretary." 0 blessed Providence that never forsakes us, 0 wonderful EXECUTIVE MrnSSAGES REFERRED promise of the Father's redeeming love, we thank Thee that we cannot drift beyond divine care. For every conquest The VICE PRESIDENT, as in executive session, laid before over sin, for every hope of salvation, for every aspiration the Senate several messages from the President of the toward a good life, for every ambition that lifts our face United States submitting nominations, which were referred toward the holy mount, we offer Thee our praise. 0 speak to the appropriate committees. to us in benediction; shield us all with a faith that cannot (For nominations this day received see the end of Senate be shattered; temper us with great convictions that will proceedings.) stand the fire of combat; keep our hearts from bitterness MESSAGE FROM THE HOUSE and our spirits from repining. May we count no struggle A message from the House of Representatives by Mr. too great, no sacrifice too costly, that the days of happiness Megill, one of its clerks, announced that the House insisted and contentment may return to all our people and of every upon its amendments to the joint resolution (S.J.Res. 14) section. Through Christ. Amen. authorizing the President of the United States to expend The Journal of the proceedings of Friday, March 17, 1933, $5,000,000 to relieve distress in those counties of California was read and approved. which have suffered from the catastrophe of earthquake in the year 1933, disagreed to by the Senate; agreed to the THE BEER BILL conference asked by the Senate on the disagreeing votes of Mr. CULLEN. Mr. Speaker, the gentleman from North the two Houses thereon, and that Mr. BucHANAN, Mr. TAY­ Carolina [Mr. DouGHTON], who is one of the conferees upon LOR of Colorado, Mr. AYRES of Kansas, Mr. TABER, and Mr. the bill (H.R. 3341) to provide revenue by the taxation of BACON were appointed managers on the part Of the House certain nonintoxicating liquor, and for other purposes, is at the conference. unavoidably detained and will not be present. As the con­ LOANS BY FEDERAL RESERVE BANKS TO STATE BANKS AND TRUST ferees are to go into session at 12: 15 today, I ask unanimous COMPANIES consent that Mr. DauGHTON be relieved as one of the con­ Mr. ROBINSON of Arkansas. Mr. President, the Senate ferees and that the gentleman from Arkansas [Mr. RAGON] some days ago pw;sed the bill <S. 320) to provide for direct be substituted in his place. loans by Federal Reserve banks to State banks and trust The SPEAKER. Without objection, the gentleman from companies in certain cases. The bill was held on the desk North Carolina [Mr. DouGHTON] will be excused from service for the reasons that were explained here, and finally went as a conferee upon the bill, and the Chair appoints Mr. to the House. The House passed another bill in its stead, RAGON, of Arkansas, to serve in his place. Is there objection? embracing the provisions of the Senate bill and adding pro­ There was no objection. visions thereto. I had hoped that the House bill might be The SPEAKER. The Clerk will notify the Senate of the received by the Senate this afternoon in time for considera­ change. tion; but I am informed that, although the bill has passed STATE BANKS the House, it probably will not reach the Senate until to­ Mr. STEAGALL. Mr. Speaker, I move to suspend the morrow morning. I therefore move that the Senate take rules and pass the bill (H.R. 3757) to provide for direct a recess until 12 o'clock noon tomorrow. loans by Federal Reserve banks to State banks and trust The motion was agreed to; and the Senate <at 4 o'clock companies in certain cases, which I send to the desk and ask and 2 minutes p.m.) took a recess until tomorrow, Tues­ to have read. day, March 21, 1933, at 12 o'clock meridian. The Clerk read as follows: Be it enacted, etc., That title IV of the act entitled "An act to NOMINATIONS provide relief in the existing national emergency in banking, and for other purposes," approved March 9, 1933, 1s amended by adding Executive nominations received by the Senate March 20 at the end thereof the following new section: (legislative day of Mar. 13), 1933 "SEC. 404. During the existing emergency in banking, or until this section shall be declared no longer operative by proclamation FOREIGN SERVICE OFFICER OF CLASS 2, CONSUL GENERAL, AND of the President, but in no event beyond the period of 1 year SECRETARY IN THE DIPLOMATIC SERVICE from the date this section takes effect, any State bank or trust Irving N. Linnell, of Massachusetts, now a Foreign Service company not a member of the Federal Reserve System may apply to the Federal Reserve bank in the district in which it is located officer of class 2 and a consul general, to be also a secretary and said Federal Reserve bank, in its discretion and after inspec­ in the Diplomatic Service of the United States of America. tion and approval of the collateral and a thorough examination of 1933 CONGRESSIONAL RECORD-HOUSE 631 the applying bank or trust company, may make direct loans to which the applications may be addressed. Upon notes such State bank or trust company under the terms provided in section 10 (b) of the Federal Reserve Act, as amended by section backed by the unusual securities that were to be tendered the 402 of this act: Pravided, That loans may be made to any applying Federal Reserve banks were permitted to apply for the issu­ nonmember State bank or trust company upon eligible security. ance of Federal Reserve bank notes. They might apply for All applications for such loans shall be accompanied by the writ­ Federal Reserve bank notes to the amount of 100 percent of ten approval of the State banking department or commission of the State from which the State bank or trust company has received Government obligations tendered as security or, in the case its charter and a statement from the said State banking depart­ of other securities, they might apply for the issuance of ment or commission that in its judgment said State bank or trust Federal reserve bank notes up to 90 percent of the value of company is in a sound condition. The notes representing such the securities. loe.ns shall be eligible as security for circulating notes issued under the provisions of the sixth paragraph of section 18 of the Federal It will be understood by those who are familiar with the Reserve Act, as amended by secti.on 401 of this act, to the same Federal Reserve Act that Federal Reserve bank notes are extent as notes, drafts, bills of exchange, or bankers' acceptances distinguished from Federal Reserve notes in that Federal acqUired under the provisi~ns of the Federal Reserve Act." SEc. 2. During the time that such bank or trust company 1s Reserve notes must be supported by 40 percent of their value indebted in any way to a Federal Reserve bank it shall be required Jn gold in addition to the securities offered by an applying to comply in all respects to the provisions of the Federal Reserve bank, whereas in the case of Federal Reserve bank notes, no Act applicable to member State banks and the regulations of the Federal Reserve Board issued thereunder: Provided, That in lieu such gold requirement is exacted by the law.
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