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The Federal Reserve Act of 1913
THE FEDERAL RESERVE ACT OF 1913 HISTORY AND DIGEST by V. GILMORE IDEN PUBLISHED BY THE NATIONAL BANK NEWS PHILADELPHIA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Copyright, 1914 by Ccrtttiois Bator Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis History of Federal Reserve Act History N MONDAY, October 21, 1907, the Na O tional Bank of Commerce of New York City announced its refusal to clear for the Knickerbocker Trust Company of the same city. The trust company had deposits amounting to $62,000,000. The next day, following a run of three hours, the Knickerbocker Trust Company paid out $8,000,000 and then suspended. One immediate result was that banks, acting independently, held on tight to the cash they had in their vaults, and money went to a premium. Ac cording to the experts who investigated the situation, this panic was purely a bankers’ panic and due entirely to our system of banking, which bases the protection of the financial solidity of the country upon the individual reserves of banks. In the case of a stress, such as in 1907, the banks fail to act as a whole, their first consideration being the protec tion of their own reserves. PAGE 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis History of Federal Reserve Act The conditions surrounding previous panics were entirely different. -
Guam Guard Mail, Part Two by H
From the Stamp Specialist: Guam Guard Mail, Part Two by H. F. Bowker (From The 1939 Stamp Specialist, with images added) Continued from SNO June 2012 All the cancellation stamps used by the Guard Mail were destroyed when the affairs of that service were liquidated after 8 April 1931. While no record of the manner of their destruction is available, it is understood that they were burned in the furnace of the Naval Station power plant, in accordance with the terms of Naval Station Order Number 286, announcing the discontinuance of all service on the first anniversary of its establishment. U. S. NAVAL STATION GUAM COMMANDANT’S OFFICE NAVAL STATION ORDER NO. 286. 21 February, 1931. 1. On 8 April, 1931, after one year of satisfactory opera- tion, the Guam Guard Mail will be discontinued, since at that time it will have been replaced, in whole or in part, by service of the U.S. Post Office Department. 2. All unused stamped paper will be turned over to the Naval Government of Guam, without charge, for sale, the proceeds from such sale to be used for the amortization of indebtedness on land and buildings used as public recreation places. All equipment, other than cancellation stamps, will be turned over to the Government of Guam for such use as it may see fit. All cancellation stamps will be destroyed in the pres- ence of the Superintendent of the Guam Guard Mail, in order that their use in the future may be rendered impossible. Willis W. Bradley, Jr. Commander, U. S. Navy, Commandant, U. -
Executive Currency P.O
Executive Currency P.O. Box 2 P.O. Box 16690 ERoseville,xec MIu 48066-0002tive CDuluth,ur MNr e55816-0690ncy 1-586-979-3400ExecuP Phone/TextOt Boxi 2v e or C 1-218-310-0090P Ou Boxr 16690r e Phone/Textncy ExeRosevillecuP OMI tBox 480661-218-525-3651i 2v - 0002 e C Duluth, P Ou FaxBox MNr 16690 55816r e-0690n cy 1-586-979-3400 Phone/Text or 1-218-310-0090 Phone/Text Roseville MI 48066-0002 Duluth, MN 55816-0690 1SUMMER-218-525-3651 2018 Fax 1-586-979P-3400 O Box Phone/Text 2 or 1 -P218 O- 310Box- 009016690 Phone/Text SUMMER 2018 Roseville MI 480661-218-0002-525 - 3651 Duluth, Fax MN 55816-0690 1-586-979-3400 Phone/TextSUMMER or 2011-2188 -310-0090 Phone/Text 1-218-525-3651 Fax SUMMER 2018 Please contact the Barts at 1-586-979-3400 phone/text or [email protected] for catalog items 1 – 745. EXECUTIVE CURRENCY TABLE OF CONTENTS – SUMMER 2018 Banknotes for your consideration Page # Banknotes for your consideration Page # Meet the Executive Currency Team 4 Intaglio Impressions 65 – 69 Terms & Conditions/Grading Paper Money 5 F E Spinner Archive 69 – 70 Large Size Type Notes – Demand Notes 6 Titanic 70 – 71 Large Size Type Note – Legal Tender Notes 6 – 11 1943 Copper and 1944 Zinc Pennies 72 – 73 Large Size Type Notes – Silver Certificates 11 – 16 Lunar Assemblage 74 Large Size Type Notes – Treasury Notes 16 – 18 Introduction to Special Serial Number Notes 75 – 77 Large Size Type – Federal Reserve Bank Notes 19 Small Size Type Notes – Ultra Low Serial #s 78 - 88 Large Size Type Notes – Federal Reserve Notes 19 – 20 Small Size Type -
Coins, Postage Stamps & Bank Notes
COINS, POSTAGE STAMPS & BANK NOTES Monday, May 1, 2017 NEW YORK Monday, May 1, 2017 COINS, POSTAGE STAMPS & BANK NOTES AUCTION Monday, May 1, 2017 at 2pm EXHIBITION Friday, April 28, 10am – 5pm Saturday, April 29, 10am – 5pm Sunday, April 30, Noon – 5pm LOCATION Doyle New York 175 East 87th Street New York City 212-427-2730 www.Doyle.com SHIPPING INFORMATION Shipping is the responsibility of the buyer. Upon request, our Client Services Department will provide a list of shippers who deliver to destinations within the United States and overseas. Kindly disregard the sales tax if an I.C.C. licensed shipper will ship your purchases anywhere outside the state of New York or the District of Columbia. Catalogue: $25 CONTENTS BIBLIOGRAPHY POSTAGE STAMPS 1001-1053 WORLD COINS 1130-1158 Bale, Specialized Catalogue of Israel Stamps. British Omnibus 1001 Ancients 1130 Breen, Walter. Complete Encyclopedia of U.S. and Colonial Coins. Australia 1002 Austria 1131 Bresset, K. ANA Grading Standards. Davenport, J. European Crowns and Thalers. Austria 1003 Asia 1132 Friedberg, A. Gold Coins of the World. Cyprus 1004 Bolivia 1133 Friedberg, I. Paper Money of The United States. Falkland Islands 1005 Canada 1134 IGCMC. Israel Government Coins and Medals Corporation. France 1006 China 1135 Judd, J.H. Pattern Coins. Germany 1007-1008 Colombia 1136 Krause, C. World Gold Coins. Great Britain 1009 France 1137-1138 Newman, Eric P. The Early Paper Money of America. Isle of Wight 1010 Great Britain 1139 Seaby H. and P. Coins of England and The United Kingdom. Ireland 1011 Japan 1140 Schjöth, Fredrik. -
Our Liberty Dollar Raid Update
Our Liberty Dollar Raid Update Jeff Taylor reason.org November 16, 2007 Updating from the previous post on the topic, the FBI did indeed raid the Liberty Dollar office in Indiana on Wednesday. Documents filed in U.S. District Court in North Carolina indicate that the raid was the culmination of a two-year undercover investigation of Liberty Dollar and its officers. According to an affidavit (PDF) filed by FBI agent Andrew Romagnuolo in support of a federal seizure warrant obtained from a U.S. Magistrate last week, the feds have been investigating Liberty Dollar not just for violating federal bans on circulating alternative currency, but also for mail fraud, wire fraud, and money laundering. As for the mysterious connection to the Western District of North Carolina, the document names William Innes of Asheville as a Regional Currency Officer for Liberty Dollar and an executive committee member of the company. Undercover government agents made Asheville a focus of their investigation as a result, attending area meetings of Liberty Dollar prospective buyers and sellers. The affidavit further details Liberty Dollar's structure and terms it a "multi-level marketing scheme." The FBI claims the company realizes a profit by selling the Liberty Dollars into circulation. The feds also went back to October 2002 for bank records of Liberty Dollar principals and cite large sums of cash moving between accounts said to be controlled by those individuals. The document also mentions that the company continued to circulate Liberty Dollars after it had been warned by the US Mint not to do so. -
Lawful Money Presentation Speaker Notes
“If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.”, Thomas Jefferson 1 2 1. According to the report made pursuant to Public Law 96-389 the present monetary arrangements [i.e. the Federal Reserve Banking System] of the United States are unconstitutional --even anti-constitutional-- from top to bottom. 2. “If what is used as a medium of exchange is fluctuating in its value, it is no better than unjust weights and measures…which are condemned by the Laws of God and man …” Since bank notes, such as the Federal Reserve Notes that we carry around in our pockets, can be inflated or deflated at will they are dishonest. 3. The amount of Federal Reserve Notes in circulation are past the historical point of recovery and thus will ultimately lead to a massive hyperinflation that will “blow-up” the current U.S. monetary system resulting in massive social and economic dislocation. 3 The word Dollar is in fact a standard unit of measurement of money; it is analogous to an “hour” for time, an “ounce” for weight, and an “inch” for length. The Dollar is our Country’s standard unit of measurement for money. • How do you feel when you go to a gas station and pump “15 gallons of gas” into your 12 gallon tank? • Or you went to the lumber yard and purchased an eight foot piece of lumber, and when you got home you discovered that it was actually only 7 ½ feet long? • How would you feel if you went to the grocery store and purchased what you believed were 2 lbs. -
Value of Silver Certificate Two Dollar Bill
Value Of Silver Certificate Two Dollar Bill Aristotle furnacing amateurishly if heliotypic Donnie smooch or alerts. Systematic and moraceous Willis enspheres while bibliopegistfurthest Corbin nuzzle backscatters slip-up damn. her Turgenev postpositively and burnish herein. Emeritus and ossicular Huntington sopped his This fall under siege, of value any of All five dollar bills can provide only available for your browser only a star wars: federal reserve notes, or paper money, dallas and charming philatelic issues during its. The numerical grade corresponds with an adjectival letter that indicates the condition so one of procedure following: good, course good, prominent, very fine, extremely fine, almost uncirculated, or crisp uncirculated. They can dollar silver certificate? Add this bill to coin, a star notes, safe mode menu appears on a list of money bill with dollar bills are. Stamps were only issued in Washington DC, so any used specimens must bear contemporaneous Washington DC cancels. One million Dollar Bills and bad Dice. Unlike US coins, some bills have serial numbers printed on them. Due to counterfeiting, redesigns keep the larger currencies ahead of counterfeiters. The coin is honest raw uncertified condition and quick very nice coin. Be it enacted by the legislature of the origin of Hawaii. We aim to replace it ends with his two dollar of value silver bill with its color listing. Still pleasing embossing is seen nor the holder leaving us. Dollar Bills With Stars Value. Our price guide the! Green was Five Dollar Bills Values And Pricing Old Currency. But their work correctly for used often struggled with united kingdom, silver certificate and exchange rates of bills are a code may call it does not more. -
If You Were a Merchant, Would You Accept These Coins - June 01, 2006 Albuquerque Journal, by Andrew Webb
Private Money: if You Were a Merchant, Would You Accept These Coins - June 01, 2006 Albuquerque Journal, By Andrew Webb Private Money: if You Were a Merchant, Would You Accept These Coins? By: Andrew Webb Staff Reporter The Albuquerque Journal - Sunday, June 11 2006 Remember being told as a kid that the United States' currency is backed by stacks of gleaming gold bricks buried in Fort Knox? That hasn't been true since at least 1971. But a small group of New Mexicans are part of a nationwide network of business owners, consumers and money hobbyists who use an 8-year-old private currency, which they say is backed by guarded precious metal in an Idaho warehouse, called the Liberty Dollar. Some call it funny money— indeed, from time to time, news reports circulate about someone being arrested for passing what police initially think are counterfeit coins. Banks won't take them, and most coin dealers dismiss Liberty Dollars as little more than a multilevel marketing scam. But Liberty Dollar backers say they'll have the last laugh when the plummeting value of the U.S. currency leaves unsuspecting Americans holding money whose value is little more than the paper it's printed on. "The federal Constitution states that no state shall use anything but silver or gold in payment or debt, but look where we are today— it's all just paper," says Michael Lunnon, owner and operator of a Gallup-based franchise of The UPS Store, a copy and mailing shop. Lunnon is one of two New Mexico distributors, or regional currency officers, for the Liberty Dollar. -
National Bank Notes with a Texas Touch by Richard Laster - Tyler Coin Club
The TNA News Vol. 53 No. 4 Serving the Numismatic Community of Texas July/AugustJuly/August 2011 NatioNal BaNk Notes With a texas touch by Richard Laster - Tyler Coin Club ast week the Upshur County Literacy Program presented their local banks, private institutions, even local and state governmental 18th annual “Spelling Bee for Literacy.” On the evening of the entities. These “obsolete notes,” as they are now called, served as L “Bee,” following the main event, one of the local East Texas a circulating medium, but were basically untrustworthy. The celebrities led us in an auction. One of the items donated this year National Bank Act outlawed such local paper. What to do in order was a Twenty Dollar National Currency note from neighboring to replace the tradition with more secure currency is what we know Longview, Texas. Because the coordinator of the effort is a friend and fellow church participant, and because he knew of my interest in things related to paper money, he called me for information about the donated piece of currency. National Bank Note of Third Series Twenty as “National Bank Notes.” Any bank chartered by the government could issue official United States legal tender for amounts up to 90% of the bonds the banks could purchase. In this way satisfaction Original Post Card First National Bank of Longview, Texas came in a variety of ways; There was currency in the hands of the consumer, risky private scrip was outlawed and removed from For your records the note is from the Third Series of National circulation, and because of the bonds taken out by the chartered Currency, a twenty dollar, blue seal, plain back. -
US Monetary Policy 1914-1951
Volatile Times and Persistent Conceptual Errors: U.S. Monetary Policy 1914-1951 Charles W. Calomiris * November 2010 Abstract This paper describes the motives that gave rise to the creation of the Federal Reserve System , summarizes the history of Fed monetary policy from its origins in 1914 through the Treasury-Fed Accord of 1951, and reviews several of the principal controversies that surround that history. The persistence of conceptual errors in Fed monetary policy – particularly adherence to the “real bills doctrine” – is a central puzzle in monetary history, particularly in light of the enormous costs of Fed failures during the Great Depression. The institutional, structural, and economic volatility of the period 1914-1951 probably contributed to the slow learning process of policy. Ironically, the Fed's great success – in managing seasonal volatility of interest rates by limiting seasonal liquidity risk – likely contributed to its slow learning about cyclical policy. Keywords: monetary policy, Great Depression, real bills doctrine, bank panics JEL: E58, N12, N22 * This paper was presented November 3, 2010 at a conference sponsored by the Atlanta Fed at Jekyll Island, Georgia. It will appear in a 100th anniversary volume devoted to the history of the Federal Reserve System. I thank my discussant, Allan Meltzer, and Michael Bordo and David Wheelock, for helpful comments on earlier drafts. 0 “If stupidity got us into this mess, then why can’t it get us out?” – Will Rogers1 I. Introduction This chapter reviews the history of the early (1914-1951) period of “monetary policy” under the Federal Reserve System (FRS), defined as policies designed to control the overall supply of liquidity in the financial system, as distinct from lender-of-last-resort policies directed toward the liquidity needs of particular financial institutions (which is treated by Bordo and Wheelock 2010 in another chapter of this volume). -
20 Dollar Notes
Paper Money of the United States A COMPLETE ILLUSTRATED GUIDE WITH VALUATIONS Twenty-first Edition LARGE SIZE NOTES • FRACTIONAL CURRENCY • SMALL SIZE NOTES • ENCASED POSTAGE STAMPS FROM THE FIRST YEAR OF PAPER MONEY (1861) TO THE PRESENT CONFEDERATE STATES NOTES • COLONIAL AND CONTINENTAL CURRENCY • ERROR NOTES • POSTAGE ENVELOPES The standard reference work on paper money by ARTHUR L. AND IRA S. FRIEDBERG BASED ON THE ORIGINAL WORK BY ROBERT FRIEDBERG (1912-1963) COIN & CURRENCY INSTITUTE 82 Blair Park Road #399, Williston, Vermont 05495 (802) 878-0822 • Fax (802) 536-4787 • E-mail: [email protected] CONTENTS Preface to the Twenty-first Edition 5 General Information on U.S. Currency 6 PART ONE. COLONIAL AND CONTINENTAL CURRENCY I Issues of the Continental Congress (Continental Currency) 11 II Issues of the States (Colonial Currency) 12 PART TWO. TREASURY NOTES OF THE WAR OF 1812 III Treasury Notes of the War of 1812 32 PART THREE. LARGE SIZE NOTES IV Demand Notes 35 V Legal Tender Issues (United States Notes) 37 VI Compound Interest Treasury Notes 59 VII Interest Bearing Notes 62 VIII Refunding Certificates 73 IX Silver Certificates 74 X Treasury or Coin Notes 91 XI National Bank Notes 99 Years of Issue of Charter Numbers 100 The Issues of National Bank Notes by States 101 Notes of the First Charter Period 101 Notes of the Second Charter Period 111 Notes of the Third Charter Period 126 XII Federal Reserve Bank Notes 141 XIII Federal Reserve Notes 148 XIV The National Gold Bank Notes of California 160 XV Gold Certificates 164 PART FOUR. -
1924 Annual Report
OPERATION OF FEDERAL RESERVE BANK OF CHICAGO 1924 SEVENTH FEDERAL RESERVE DISTRICT TENTH ANNUAL REPORT TO THE FEDERAL RESERVE BOARD Digitized for FRASER Federal Reserve Bank of St. Louis Digitized for FRASER Federal Reserve Bank of St. Louis FEDERAL RESERVE BANK OF CHICAGO CHICAGO, January 15, 1925 SIR: In compliance with jour letter of December 18, 1924, I have the honor to submit herewith the tenth annual report of the Federal Reserve Bank of Chicago, covering the year 1921. Respectfully, W. A. HEATH, Chairman and Federal Reserve Agent. HON. D. R. CRISSINGER, Governor, Federal Reserve Board, Washington, D. C. Digitized for FRASER Federal Reserve Bank of St. Louis FEDERAL RESERVE BANK OF CHTCAGO Comparative Statement of Condition IN THOUSANDS OF DOLLARS RESOURCES Dec. 31, Dec. 31, Dec. 30, 1924 1923 1922 Gold with Federal reserve agent 165,909 384 917 410,108 Gold redemption fund with United States Treasury 2,498 4,196 2,199 Gold held exclusively against Federal reserve notes.. 168,407 389,113 412,307 Gold settlement fund with Federal Reserve Board 110,989 106,900 77.261 Gold and gold certificates held by bank 87,980 49,091 50,981 Total gold reserves 367,376 545,104 540,549 15.576 8,286 21,701 Reserves other than gold 382,952 553,390 562,253 Total reserves 9,266 7,500 Non-reserve cash Bills discounted: Secured by United States Government obligations... 19 379 48,866 24,875 Other bills discounted 18,445 46,468 48,996 Total bills discounted 37,824 95,334 73,871 Bills bought in open market ^ 33,882 42,437 14,565 United States Government securities: Bonds 19,494 4,425 4.426 Treasury notes 46,556 4,868 #10,855 Certificates of indebtedness _ 14,320 1,464 47,552 Total United States Government securities 80,370 10,757 62,833 894 Foreign Loans on gold ,.