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 ..."
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 ..."
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 ..."
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 ..."
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 Mane1470
/ 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