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5TIN0 OF THE COMIIITTBB OK BANKING LB0Z8LA7I0I
January 12, 1937
10:15 A.&»
Secretary siorgenthau
J # P# T. O'Connor
Leo T» Cro ley
Marriner Secies
Daniel W. Bell
Jesse Jones
Cyril B. Uph&a
Croivleyr
In the Banking Act of 1935 there were certain provisi
•
Liquidations, and the thought
that »• have in our ailad - we do not .••ont to interfere
with anything that Mr. O'Gonnor rants* but e do not
want anything to interfere vlth us* Arid we imnwilHiii
last ysar that th« enabling clause be put in there to
the Sffoct th*t nothing in tinis Act would r f fact
Section 12 of th
r&l Reserve Act of 1935, regarding the powers given to the Federal Deposit Insurance
Corporation, And this de^ls v/ith liquidation of
closed banks and stockholcers and t
like that,
Lch in our judgraent is perfectly all right providing
it is restricted to banks closed ;?rior to January l f
1934^ because the banks that have closed since January
1, X934i '«ere insured banks• And the thing that we
want is that enabling clause I
re that protects
the Federal Deposit Insurance.
No , there is a disagreement between .'fr. 0fConnor
und ourselves as to vhether it should, go iru But
our argusMnt is that if it is not nocessary it doos
no
r ., ;.nd if it is necessary it is • good provision.
0fConnor:
ich one of the bills is that?
Crowley*
It deals with the allocation of expenses.
O'Connors
Which one?
low9 is
Crowleyi
-e see n object! n that that be Included in the
legislation.
O'Connor I
Let's t-ke it up here. It has nothing to do v*ith
capital requirements for conversion?
Crowley?
Here*! the first - Capital Requirements*
No, we don't care about that.
- 20' Connort
Just
fat them straight on this
, the next one Is Liability Ur on I
of Common
rational Banking aaaoolatlom Raaultinj fr
the Conversion of I
*
Hot
I
0
EMtfUK into tha Rational
itn tttat.
No.
O'Connor:
t ' s tl
toiid«
iiuaber Three or-.
. M BtocR. Kothing I
I vitk t h a t .
I had MHMfthing to $*y on
Q'Conuori
Well, let f ^ clear v
Crowley:
«
LJ fir:?t.
c&re akottt !•»«#•«
ltf» lumbar Five OH
3«
Number Fiva«
O'Connor!
I iXlj I h^ve f<n.other one,
Uphami
Uext p&ge. You ure on Paga 2, Dividends on Cotnaon
Stock,
-ulntory Povartj next page, 3«
failall
O'Connors
Faff S| *^uabcr Three.
No,
•'
.:,
Five, is tha one that HF« Crowley
if rafarrlof
Jones;
w&s foiMf to raa4 that finally. I'm sorry, I
thought we'd get clear on these and..*.
ii.M.Jri
Ihat Mr* O'Connor wasti to do Is to go over every
one and you (Crovlay) check the onat taet you.,..
O'Connor:
No.v, on Page 3 is thli Number Four - N M for
U t i O B of Crodit Unions.
Crowleyi
Wa don't oars for thet.
O'Connor?
a li Hc-^uletory Powers.
you.....
Now, is that
Crowleyi
We'd like to hove In the Regulatory Powers that
J.LV regulatory power to be given is - Lt doesn't
Dt the legislation of 1935* In other words,
what #e wfant, gentlemen - *e don'trc;intany peers
now that are going to give any right or regulation
that cancels powers given to us in 1935* If this
is legislation that deals with things prior to
Aeral Deposit Insurance, thot is perfectly satisStory* but not since.
O'Connor?
Oh.
Crowleyi
That's right, on Page 3»
O'ConnorI
lo > on Page 4, Apportionment of Salaries*
Crowlegri
low, wait i minute, that's Rational Bask rules and
things like that* Then
.t over into Balarles*
Tiie only thing tl
s say - »e don't cure what you
allocete in the way of salaries to your own o.rfices
or to
recelTerships that you had prior to 19'3A$
but
&rX no sal«;ri«s allocated to our receiverships
since January 1, 1934* because that is an expense thot
we carry.
Jonest
You want no - no additional salaries?
to carry it?
Crowlegri
That applies to Five, Leo?
You are supposed
s, *e do carry it.#
/onasi
Then you don't want addltlc3nala
Crowleyt
Biatfi right*
in other vordSj you don't smnt the two offlees siloanting tali rles a^einst one receivership.
Crowley:
Ho he Rllocj.tes his expense throughout his offices
is none of cur business«
, that - the simplest ti us is that if you
will Just simply put in that elauae In there that
nothing in this
ct Lection 12 of the
Federal Reserre act of 1935 as far sg Pedoral Deposit
Xnsuranoe is concerned, thi\t illl take sare of our end
of the thing*
OfConnor*
Well, of course, I think Mr. Crowley's
probably too broad.
t he says - that •• carry
.0 expense of the receiverships - that, of course,
is not I fact. The expense of receiver-ship is borne
by the receivership trust and Congress has imposed
upon the Comptroller1s office oertaln duties tmd
responsibilities with reference to the receivership
trust, because the change is that the Comptroller
•hall appoint the Federal Deposit Insurance Corpora*
tion, and then pith elaborate detail the statute goes
on. Therefore, it is the trust that ph.ys the expense.
Now, whatever expense* is incurred by the Comptroller's
office ha* rot to be paid by the trust, and the sume
with the Federal Deposit; whatever expense is incurred
there, it's got to he paid froa the trust.
, roa ir« Growler's statement* the Comptroller
shall hHve no power for allocating or eharglng any
^c against a trust for which he is responsible*
•M«Jri
O'Connor?
»H»/ri
O'Connor:
• '-.I,Jr:
Let me aak you a question just for ay Lnforaatiottj
see? This question of is suing - letting the
Comptroller have powers to issue rules and regulatlORfj s<^e? - Li that something new?
That Ll new to this extent, Mr. i>ecretr,ryz that we
found • number of cases where we don't trant to have
a specific statute, but we feel we ought to hare - to
be able to adopt ••• rule or • regulation* For instance,
let me rive y u • concrete illustration. At the present
tiso, s National Bank ftan keep the key of the owner
or renter of a deposit box in the bank, so that the
bonk or the employees m y have aceesi to that* Vt
feel that in no case ihould a Rational Bank have any
control or even be able to receive the key of that
depositor. If he keeps it in there - we have had a
lot of olalaa filed* - e have hud e lot of trouble.
Well, let me &sic you thia« If you are llTan this
authority to issue these rules hnd regulatlonai they
in effect become I lav, don't they?
Yes,
sir.
Well| why - if Congress is going to give that authority, vhy shouldn't that authority be given to the
Secretary of the Treasury?
- 53fCorinor2
Ofcj I ' d rfttfeftf
!•¥• i t t h e r e .
i t?
o f Connor:
. '.Jr;
B«H»/n
I 1 ,. r*th«r«
otly«
That vould be i tl factprj to Mj
I ae*i
.,- Ren •• ! - - I .
• ;•
[
i s no ot
. .
.
: .-. i , ir ;• : . :-.ue
ruli
;. - •- •' •
i
• •.. • '
. r r I j i t t a no#«
Du 2
.
tOBJ e- n 1 1 1. t i n • -. Li • rui
(lift t l on
. »ut subftittl&c i t bo i tot a| i proval«
I s n ' t that right* Bell?
I
'i?>nuv of
13. . . .
Lli
ies
ii. vi.Jr;
Bulls
..."..Jr:
Hi
X
rj rullai s?
t i l y e s , t;i':tf;? r L . : t ,
i i u t ^i•^ey b*V4 r « g u l c i o n s ,
, r h i o b ^r€ i .
. buty
j ••.•• ; . ; r .•.
. ,.:.Jr:
I
•attiority r e s t s -
Lll
- vlth t..
orett-ry pf : he- ;. retsury.
^ci.'.., iouidn't Uiftt
c little bits
O'Connors
-:.-
;
. '\Jr:
do i t .
. ii tbia iltoatioa off
BttT«.
:.eHi
[« . J r :
:.v
Whst?
»....
•.
1
Vfe tO t k « I
I.
t h e ie-jer&l
. . , : ' • i t Zl
Ho«| to are not Lntere; tod
we don't
at any adaua
.
? right to rerulxte that'l
;'e.:^r:.l
fc
:e --o:\
M you oh&ngt L:IC l*v«
.
.
.3
i t regv
or
tit t - ;on<.'s got
to e f f e c t the
I >r,, other than -
.o«, fti fay ^s roaolvorthl.pl fxre oonoernodj tbot'i
bev-.- ; sontroTorslal thin
..DW: t i n e , .'.v
haven't
been
e
n
t
i
r
e
l
y
in
BOOord.
U vcrf
h^Vfciift :•
.
.:
ty in g o t t l o i ftloftg. But
OTI
:*
| o t t o bf
»d "Co loteralMO t h e
d o f l a l t i ;• ;
i« But i n t .
: , u n t i l jrpu . ot
in tht pleeo th»t you i n golm to free ?• Lot of
thoso things, t i l e ask i s t h a t
oa't pomlt
dny
. inr t
:In- i .
.. thll
|
onf Li itlng tbon it Is now,
u
•f . . • . :
i
ri
9 oortolo t
| 2 i o n t tblxs
it
to regulate - to ii; SCMIO • :. tl eoostvui rbat
-e»
1]
d.
In
Lnlstrntlofif
In udGtini:-:tr:• t i o n .
l f tbli tiij :
there i s oothlsi in thla b i l l th&t o«
we
aren't
:
.
• ••
nothir^-; in bliort Uut
'•:'-••
•
:iy. If
ti - *nd
t <• 1 1 -
.
5.
I
ro
is
it i t .
Eiot M | 1 T; « tin Un
• i that 1 think oufht to go i n .
I |
. Lat i.
the S: •« ostc .*, v. ..
the Fo4oral Roaorvo EkM
(he r<
Lbllltjr of
ltoulai rogul«tlon»,
i< i
• f:. :.
oka
are meal
•
. iten^ t§ v e i l
«3 oortala i t a t o sjemb.
.
in goin^ ovt:r this
t t e r ..
>ur Boar
i'V thj
..
.. vc
to Sf^y 6bout i t s
*tpoOlflO BAttOri
:. / . :
ULatory power ahould
forth in the \MWt tad th< • iilatoyy
Ij y to no o t h e r s . *
.;bjcct to the
set
At torlty sho
- aI think n e«n suorten i t • l i t t l e ;vort. Kr*
Cro^ley's point aa Hhatavar particular faction bara
LI of th«a* lor that aatttr - If that La eovarad by
rrlaor'a point,
that «• tad i s r g r e e : :
o the
?raaaury ovar bara - well, that w i n elaar us than
ail the objections that the Federal
salt Insurance Corporation bat*
::. : '.Jr;
fall* the only point, aa I sty - you baTfl agrood
to that - if any agancy vhlofc i s 1B tha Traaiury
gttt tha authority froa Confraai to issue r u l t s and
ragulationi - I aaaa I vant It to go ovar ?ny aifaa«
tut a. I aaaa I aon't ^^nt aa ftgancg in tha Traaaury
issuin" ru.ica and ragulatlona that I don't htve the
control :iv^r» I althar vant trie aganej la
Tsury
or »ist Ot i t .
xou ae&n to ru:ve t t
of tha Saorati ry •
Ulf»Jri
just res<k iiu, -*T.y e l l the othar auth
that itoanj Uw
l« U*fn
by afid i l t h tha consent
M | aa A as l a taut
souia Jo i t .
lOj Juat haT# i t raad that rules aad rafuXatloaa( - I
.:.H know ahat tha iagal L
;• la f but I iiit, .n I
Caere alfht be porfactly ."ell sojae O;.rier
.ry of tha traaa^ry or aoaa othar 7oaptroXlaTj
n^ tha Comptroller laaun rafulatlooi vhloh would oi
£;bao.Luttly - It^j be OppOHad t o i t , b u t I ' d oa?a
n o t h i n g , I c o u l d n ' t stO] i t .
So I almply s^y that »a lot>| aa trie Coaptrollar*a
off lot i s in the traaaufy »au iv. t r t going to gat
Lthorlty to Latua rules aad raguletlonaj I vant thai
authority to rast with the Saoratary of th< .
turyj
that'a a l l . Ana so far &3 I knowi I don't haven't
• there baaa*t been i:ny conflict so fur.
Ifm sure the Coaptrollar »on f t object to that*
OfConnor
I . ,Jr:
Oh no.
I n other
->:•. .,
•• Baoratary, on Regulatory
mtB - aov* if that t§ Lntroduoadf than tha point
tbara i s thai »hat#var regulatory powari art ^w^n
snoulo La uaual
aga ba issuea anaer tha ••©rotary of the Trttaury. is that i t ?
O'Connor:
got tlM t out of t h e ••jr
!#•
Tfcen y
0 • CoaB
c;1:-..1.'
I going to consider
1
Sfcftt'a right.
t;.i;, t »•;;;;-. Ift v .
tr#ftftUFf
"
uld
not be in Boefllat irtt
.Ion of tny
OthO? finnBOlft]
-. .. of the Government. Ian*t
t boiling In dotnftj £colo»f
. .-.:
l o t . f l t h i a UM | o r l i
I or in conflict r
• rft»t&bllBhffi<mt»of th« Cr
, .Jr
i kfr«
' .
0*Connor
• : . '
•..
aay that - tru t Ir« Joaoa1 i itr at tidying i t ,
r
l i we a:
. o r t bi oJt i t l i
O'Connor:
fc.S.Jri
'
,
.
t t u t * )ir*
•
»o of you tfcroo
•
- e f LI
# i i no--, T . 3acrat«ry f to vi-vrry out
on t h i s Ft a g u i. • t o ry
»• • just, a o 't w
to be
iat rlta the r
t lit<
you
ic Congrass to aaumd a l l tao otaor ata>tutosf
thora l i i roat
. ust of t h i ; t . Kor
ii I » l i |lV« you £ very import, it »aa ttoro
Congroaa
.
>n taa Coaptrollov or t
Currency to laoua r t f u l a t l o a a v i t h roforonoa t o tho
aoeurltloa puroiu •. - t h a t or.
rohaaad by tae
Baaic for la
I tat purpoaoo. iO9| taora i i
|FO*t m^ny of those aWtuti
rhioh
i boon t&era
Tor sixty yea?& or ^.are, t&d to be consistent, I
Just
..
at out U*o« • • •
i t ' s nevitr
-:v, I y
aawor f a i t alaca ! • • • booi aor« that the
•. . .
.©en taa o f f l o a of Ui4f ! p trol
tho Currency
b
t ( the Irersury is
t«tlafaotory. oooaooa it la II
else la the Troaaury^
UM taj I
Ooatr
how to atadla
position vita
I i t in too
aat fro* an;
reel i s Llfco i t i s in tali
•
itlos o
i to
?
Keaerdl .
>l C o n t r o l . I
r.y
the ?roaldoat La Vmt • Loa>Si
Xroaaury JT doflaltoly ttka i t out**
• 10 t a l i Bum i I
-or i s taoro* He f 3 there now*
igreoa p*ssed i i«w oroatlai ? Coaalsslon.
The President never fIIlea tht ffmiiiistnn., ec
ta refore i t i s s t i l l t a t r e . Si has to tubalt
hie
"it:;ftttd? 11 his tppoll
>* Just I
thi otfeors do« He holds the ; bterlnff or; hlf rules
:
ilatloai tad Ihoi s^« ' tlioa up to M «nd
I've ,^ot to sign tbOB|
but I M i U o&rtic! i • in
;, I Cii.nft .v:*tlci;>^ te In i
v ttu t r i g h t . .. I :•?
Lll
I dpn11
I 8«a(t<
ili
.
OIM 01 ^e I did send i
tly • w
the
.
.
m
El
tp to find i .
Pros Id oat.
tor
.
i -.> if yc-u
Control - Sit)
irt 9f felM Buroou of latoj
cica; i t o u t <sr.
. i t ta
i
1
• It to us,
tndopoadoa t
ilbXo«w
Iso - X I
i t LSj but If * • ir«
O'Cosaori
: • - Lblo
*!fos
because I eaa't be :•it
thoro« In
I cer* Mttd I
l just in * .
l
b hia • i t •. I
at o
rooa
B the
So I
D
Commission*
And I feel that if
it as
Ci« I t
.....
I gontod to Qtll jrour tttontioa t o , M
Sodrotary*
... . J r :
If
i
-•
• .•
I t , i*a liks
iadopoadoat or na latogr*!
Tbst's the Coaptroll.tr*i of
.. .Jr:
C'Connori
:
.. . J r :
f
Jonnor:
.. .Jr:
Ihst 1 ! tai Coaptrollor'l office, l
sibls or oot. I
. .
you c t n ' t appoint
.
: er...
to
it
r% of UM Pri ^
.
at to be
noe -
tout /our tpprov*l«
....unless
I ai^;n i t .
Or i>n A s s i s l r n t
dner •
Kxi .. -.- •*; I ci n 1 •
but, on ths sthor b*od« you
?-int r:
-;>t of taiagi over
- 11 -
•tilth X hsve BO c o n t r o l .
mnori
..j.r:
)* Connor i
tn*t*o r i g h t . Lifco tlM OM I nontl
BAIIJ othort*
-, up to nov there•*•:
.•
lloti.
lovot»«
. tl &og night co&c ROD there vouXd 'oe, tnd the
rooponolblxity on both you »nd x
vy t o
orlty«
0fConnori
•M # Jn
it*a right*
. Dd i f wo or
Ing t
X
i t up otu
wr tlu a
.'•f ^nnori
;
ty X .
. .T
.
.
•, r
tti itlon t • I
foot
I aoafi Tfve Hod thii
•
on Fo4oml Al •
Control,
I
otltlon thc-r&
boon Bbeolutolj
- .
.1 i t :. .
.
It out.
IOIOOI
• tlon on t. •
so on tnia , E>lntj
-aur rolatloti
. i iBolt
io«*»«
nto i t , I'd like to oXoor
ihip - our ottoXo rtl*tlonsb.lpi
boo
4 ilgta I - very la
at il . - »rfo<
il
send for ;ae nna *»y, r
lidn^t
.•
of*
And I*:.
-- o o y t
tion three ye?
-1J
r
*Wty
Ldnft
•.
lids't
• • •
-. .-• •
.7 atten-
I t sc-e;js to to t h i s gtiootlon*• • •
• Jrs
I &m.n 1 dldn*t - tnli lsn*t - I vant
O1Conner I . . •
noh
1 if 1
•
tloa -
>nnor
Yes
.
- uow rbout a l l the others.
ur to
9 but 3
If you vuit tho answer to
.uestion, If i t do thia ^e ou^ht to ao i t iXX«
3*Connor 1
That*a *my I rented you to kaom that thert »er
others.
. , l«£ri
.1:
Dan?
I t MOpa to me this prohibition here agaiaat issuing
regulation! in conflict, aa fa* ai the Treasury i s
concerned should vork both *ejrs« Ko MM • ! • • should
Issue reguXetloM In conflict with tuose of tht
Tref.sury. I t is <-s strong one wey J;S i t is the other.
|
;i* ... Jr:
{Xott
Bell:
<.; you
No, I t h i n k t h a t ' s a very good p o i n t ,
Lxce;)t you f r e eskirxg :'oi* : .*:v .
in broad r e g u l a t o r y
loXXf there thOttXd b^; eoordlHAtlOH«
LIi so ffer tfi I snow, vre d o n ' t hpve
S»V«Jri
a* r t o . . . . «
RO| I tiiink he*s rlgbtj thftt both the Ft
.'ve
.: th« Federal Deposit XasurftfiO6 t u n ' t istui regul
H.
re in co^:lic^ with feht SoaotroXlOf•• office
Th»t l i i good j o i n t .
fho rofuXatloni
D Lssue irt tooelflo*
c- ,
you tr« f#ttlii| to acre Is gottlai »w*y fro« ipoolflo
regulatory ponver:; into the f.U
. ' t It
:es
goaori i . How, I would s t y that i f we ^ e r e ttfclagj
or thi fodorai i^e;>asit Xnsurftao^ Corporal
^r aagr
other : goiioy vtrf saldngj for
ral powori with
r e f e r e n c e t o Ltauing r«gulatlonS| thtn I t ahould rlno
htTQ that tpoolflQ
' . e . I Don't object to harlaf
that Lai
• no*, evc-n
necessity for i t .
QO r#<
i -i, the on\y right
|ulatlon we baYO« i
i i tM right of rogjolatlon viiori
It 1
ly
ipoeifltd in tho laif* rhat ( a tht regulation that
¥ | you. h£vo too.
Xhat*j right*
Crowley:
!•«« I Htve no objection in thi terXd that -
certainly vrculun't hftVa any r i g h t to issu« &
regulation tfcut vould c o n f l i c t with aOBathll
that you ^o.,I*' hi:ve already insueu r.
'Ions
on. But *a ought to try to be unii'ora; t'iu t f s
nay point,
, ". Jr:
,•Connor:
f I sr> at this pOlat - I should ,.;.ve Bald t
thing a t f i r s t , and that l l - aial I eta i n t e r r u p t
for- MM aiottti - MM) that ! • t h i s : I thin* when
, t through with tbii thet #e »*ftt t:3 decide
JO vi Vftftt ^ny b;nkin
->n tills ye;:r,
, t ; u t - that* I think - j 1 just Mint to
t h r t wholes q u c s t l O Q b e i ' c r t ; ? e l e : v t ,
I think that is vtvy Important«
Dtatf
I think that la tary important.
E«M«Jri
to say that at the beginning, but I dldn*t.
But I aant to aay no* that I donft - I'd like to
reserve the right #heo i gat through thla aorning
to ruise that point*
at any banklna
is-
Uticm?
-, with all tha lntarruptlo&gf will yoaj plaaa< <o on?
Jone3:
That*a very partlnant.
that f a verf partiaaat•
l.M.Jri
I want to hava tha right to ralaa that quaatlon at
tha conclusion of thla aaating«
O'Conaori
no*, tha only othar oaaj r.
, that
la tha baakli
>da - ©r is tnc-f building i
loen code. Ke*> the Governor baa « i.- . got sorae
other
hccles:
€3tions«
Wall, ju3t one.
and lha Othar«
thara la thia re^ul^tory aatta?
io nee a oi tr/.ij,
there
baoiuaa I think »ur fallowa aanget t
vlth
reference- to Provision Ihree, DiTldanda on Goaaoai
Stock.
-u3*Connori
Boel«tl
Zhat'l rijtiier tao&nioal* I t tf^1 ;Ti to I question
OJf definition of surr
•
ind un.;ivirU
-. v ii,s.
Tiiere la alao tha ^Uftatloa of Ui»
debt &tflnitl< .
ptCoanon
KoWj oi pourse, -c ; re interested In i t , ; « I say,
because these bank! ara a l l Baobars and m
f% a
j o i n t - art use* your axaainatloiu Mad vt hsve I
rei-- tionship In ooimtotloB vita i t . And I vouXd tttf*
In oor?neetion irlta liiree, then O'Connori
i:iree, y e s .
• Lividenas and Coawon "tock,
th: I ••.. ai^ht get
f
together and sec iree on MSi iOdlflea*
tion there.i
:Hy t b l a | va Rad - thi
t >ry
MM « s tnv aaly >IM tnat •.
anjr atr i
otlona
t o . On the other oa« M u^ve au| {astions tii
talnlc ara d
;rmor;
So-, lr« $+mr*t*tyt MI th«-; dividends, Uiara is t .
omy ; oint taat ..;.;/ of I' tew i s
raid
i boat, and
i t consents a fr««t Bwny of the National Baak9« The
stftut^
i ; r o v i .a •- t h a t t h e K a t l o n a l Bftnki » a ; i
/lire
a a«tl-»ftnnual iivldai . . , gr«at MUD; of ta« banka iatlom
del - 2'u-ve been d#oXarlnf -.ufirter -..y diTloda« f Frankly, va aan9t aaa an/ raaaon
. - bank
auoul,ln t uecifre i dlvldoad /'h^r^ver tlM) v#£;nt t o
el? re i t . But tney fcop f r l t l n i ua id -"t san't
, ''Oo antid aod laolara it,'- baoauaa ov tha - •.
No*-, I ru^ve l e t t e r s .in th#r<
froa a opupXa of
Rational Banka
PSKIH^ sa ifhat i s lolng to
en.
. e l i , I c t n f t ^^y, nGo ah«ad ^nd daolari ta#a t
^tien the lew aajra tb#]f nay . e c i a r e t :em sessi-i-nnuslly«
Now, taftt la tha only one point y offloa i.1.-; concerned
about*
Jones:
That*a been - how Ian;;: did you t e l l nf Ihmt'a been
in vogue?
0 f Connorj
About f i f t y y e e r s .
Jonest
/bout f i f t y years.
Vov9 tr^y've b^Ml dolttl i t . . .
- IS •J1 C o n n o r i
Joaei:
..>f Connor;
i
i f b e e , u ^ e t•-:•...• : r^
fr 1
But suiriy berjes declare ,u&rtcrly dividends, and
naay - p a . uiity In •
faelfj
a called
:.:y J tter.tlon to thft.
l« . . ; the* in I
bor
for the thole year*
re the ^orst trtnagressor I (eot.
Tne point tve've |et ai s noihia. to &0 **ith th«t«
Jones:
everybody ftlM la tarough, I ' v e got one
suggestion tad thfct'a fill
And thfct ! s the
point you r t l l l i that the President baa aoaM vt-ry
k
laportant Leglaiatlofi that he vants to
ouf
I think that1 tae b&nktng h
tion ought to
« • i t unti i thai 3 fInlaha4•
You naaja i:
i t i s Introduced?
Jones:
V^e, before i t i s introducoa.
I thi&fe »• ought to
worK togathar in tiu .--ti^e, |«t as • . raa amt# i f
vie o«iij 09 thaaa thiaga*
.. .
Vallf Bay I aaf right along th»t line what M d i d .
After a l1l thora *aa thia aaorgonoy LoglaXatlott« I
think i t 3 tha first time, ceru-.lnJ.y since I've been
in faahingt n, tac three a^enci^
en the
till t
; Lor i n o o a p l a t c ?:cc-'ra»
1 11 w a l l t h e
i/enocr^;tic ie^ders. Conference Leat
> boora«
>*e got »Terythlng vhloh ve were entitled to aaA Loft
thoi
.i n l l i ->n their faoo«
Jones;
Xes« everybody hap9y«
.... UJn
, i t wts unique in ear experlonoo« i t ' 3 nevot •..?:
jened, I ae&n, before tnat vo t e n ible to rO up
t he r e , the thr b i, ;eu 0 i e 3 .
Lcclea:
Two houra getting B ant-niaoua i
tan fc • • • • «
iot I
H.ii« J r :
we wi-.ik^d off and l e f t a oeftplete good taoto i n n
their souths - f' ; IXt at Leaat here 1 a tnrec
:ies fc.net i t ' s iiaeatlonftble another the President v i l l have to
- 16 l i f t his l i t t l e finger, ivhethcr t h e y 1 ! ! M i l
ybouy i t the -Vhite Bouti to bothor« low, I
think that bofora *e vent the Proaldant loo
OSftOtly fllMlt ^e ffOTO going up for I ad i t had his
i .royal.
, I think before *e do t h i s thing M ought to
.~f in cjoiplete agra f o n t If p o s s i b l e , thff) f submit
I boiled-down aieaor&ndum to him - i yb< i e l l see
us - ~ nd
c;cybt say, "Naa, Mr. President, t h l l i s
•feat *efvft t greec on. Here1*1 that vg MB ( t ftg
i ?L I s s u e s , see?
Jones:
not do th*t f Henry, until .
klagg - not
th
BJ tningt| but th#g< o
I
.••••
, I want to be iV-ir to t:.• son* I thll
looa i
N an agroi
t, than I'd ivibnlt i t
to him. Shoo tfc*i u$ to hta to §ay«
I nooji I don't want to siy - uoin?: Crowlay fai an
fcxt.£5ple, because he wasn't in on t h i s - l e t s ti 1
thtt .
ay noodi soaathing* I noon I think i t a
ilp to the President to . . e c i i e . "Hov;, ;r ' ' e y . you
rait until aftar tha f i r s t of Pobruary until wo
got thOM other thing:: and then w e ' l l got to t h a t . 1
Or he aay 3&y9 ."No, go ahoad« I t ' s t i l right* I n i r o duoo your b i l l . *
Jonest
V o l l | I undorstond at our l o s t nootlng that everybody
KS that wo couici get along vlthout l a g l a l a t l o n j
but loao ima doilrablo* That*! ay point* If tho»«»«
H.lUJr:
Lli I know vhat you've got In your Bind* and fro*
ny own trooiury
i n t e r e s t I•a rothor wait. But I &m
ohainuua oi1 i nooning i
i tuoh I gho«ld b<
ar«
t l a l and I simply gav that i f <ve oon at-rce m tin t
rant| than I think we should Lot tho Prooldont
soy, nBoyv>, I'd l i k e you to <:it, n or "Go ahoad*w
Jones;
So n u t say, y^s; t h a t 1 ! a l l *
e ara rot: 11 f for ing
except thai I d'jn't fool thatj as on inportlal ohair
;
i f og come to
ro4 • ?it • 04 t o o n i
90«i to &n
agroa ont f I ihould submit i t to HM Proaidost. That's
I'm tttpposod to do*
I think tru.t.'s entirely right* I r
I tta
roa thii standpolnti the t
that
is primarily interested in aad that be thinks ere
Important should be sell tlong.
B«V«Jri
. i Secretary or ths Treasury* I agree »ith yoiij but
ohaliraaa as soon as we've eoae to *m I .r
tI
fool I've got to give it to bia aad Let airs Uecide»
JonesI
fellj I bave agreed to I at right along*
Llj i s n ' t the f i r s t thing. lr« Secretary, that
lot to agree on - enc that in vhat - sir, O'Connor
has his Legislation and garrinev has bis - ei to
whether to sre going to hove any Leglalatloa at < i l ,
or not* whether ±z is important that •?& have i t ,
How then, if i t is important that a have i t , then
Crowleyi
those bills thit
hive b^en analyzed ?or both those
organisations * and here *e sot l f edertl Deposit in
the third tosltloh* right in tat- center* m9m9 if
Federal Reserve L | (log to ask Tor things that are
ling to strengthen l t
Lonj an the Coetj troller
is |
to sk ror oortain things that are .
to
i trongthen bis poiiltioa .vith referenoe to Federal
>elt - booauae M =. SL in thli ositloai under I
ve ore acting under aow, the FederaL Reserve i
the Cosiptroller adailt banks to their sy3t-;rii i ad so
atioally insure thaaj but all ire do Is ^:o arovad
nrltn & paok :>n our bi ok and y out the Lose)
, if ve -r-.re all going to bo content to s i t bore aad i aa perfectly ellllng, Lf tl
»l
toohnical logislajtioa that does not la any »my affoot
Federal Deposit Insurance - I aa perfectly willing to
go along* But th|
t %% bore Ln our zinc; dof*
Lnitely affoots
Federal
Deposit Ineuranoe sad e
j us t ct. nf t s i t be ilk • ad. • • •.
0 f Connor:
Crowieyi
... l.Jr:
a
ge
Tnis fihareholdorai1 Ageatj on
5.
ififili yc>u ..iscuss iru-.t while I Leave y »u : r
(Becretary LOOVOS room)
I don'tfcSJOVstoat you've got, Mr. Caulvmrn* 10 you
asve to hrve your .Legislation?
- 18 ,
m ' t Ju:>t n:-vc to hftYl i u , but
lt«
U u t t h l i f i r s t onfc i s very aeefttsar; and
•ir;biei - S«p*r*tlon oJf ftffic<
tri ] tettrva .
t: • i&t th< •< Z u Irate on
. rary baala* but t t a j
- i.
tl
Lei of
.3:
• •.-• si
it» tutor/
i It C
f
revisions.
.
.
t, thi
\
t.
I I
.:
Viet
t o ao^e - ju^ ; .
I|
Long
•t
f
':
j La
prk« i r « l o u n , ^,..> i s
. • • - w e ' e Llkt - ;ve f ve J
. . us • about .:; v i ,
tfcc
:•'..'t tftk«
th«
• -
.
, buoftuii
>ry ri-.^utre^ent of t
»nt|
t#s
v pal o m e r s Liice 1
.
••••
tii:
.. ' .
.
.
Jon
.
•<
:y-1 hi
p
i
•
.
•
.
•
ii in.
lo?
U
*
' • .•:. •
,.- Chftlrttniuiltiip - I
icy I s p
it«
Jonos:
^hci.
la
•
p
s
"
>fe
.
•
.:
I
•'
ilij
aeli
Janes:
It's
coll< it,r: I .
i
Lghtj
v
-
-
.-
:ii
- ;
. . . . / .
In ten h 1$ but L
'
Li
..
not J g « n t .
It is
Q ] »ric<
:•.,*.
..?
:.
i t ' s LB
|
:
b l i i
Ltt
objection to th*t«
04 m ' t
isisti
a
b
rid
- 19 I
t
.i
ana t o r Q L
it i t
.
Jon-
|
;les:
-
iXn
o r 9 that
If tie : •
. '
i
i c?
that < taor '. •,
bott
•
kit until t .
aoratar>
bi:cic.
I think Hr.
Crow leys
: ,on 50 t h
. .
J
5.
;re if
use r in therftj ?
. u '- tj.
ve ..: "
rior to January
in
Jones:
•
,
I .
l?st
;
c
-oe to put thf t one
.
Loultj
,•
Lth
hii
tlon
f
I
i
'
, 1.93A; I »»an »« rt not intarest^
thet.
•hil
• •-; aitioc
i li&uti (to Bell)?
Jc)
toloai
Did you raad
1
I f ffl s o r r y t o l a y I
.: >naori
' ve
iaothar '^-<.;.
3'Connor:
Dpfcu
f
Ll ;
Ja ta« jentleaanj oao I see ,. >u
(Ball i n I Jon
L i
or . g i s l a t i o n i
Jafty?
ilanft.
£,eoLasi
Cro 11
i
•i
: i r 3 I»»».
i Q r eduo
Crowley:
roquil
.-:
for thosa in c
Iccles:
toy
branch I
mostly.
:
Lta l .cingj
That 1 !
la a loo
a back.
l« f ra goi
,ttt thv .. t* tt
:-e »f th Btatei
Ore
Eoolai :
Ltioa l i t o tfcia Sti t« banks..•«
tio» you
you?
t
.
?
: - brisf th* Sta1
to
tot
- 20 ] I
;in| Una.
iowt 1
. ,
the- *orla, ..•
,
I
..
(
.
,3r;
rttmtf
.
't | t t
.
. a.' to g«1 i t .
-
Got
Croi .•) :
..;.
J'Connors
-
i
fcn
..
• b€ . toi
ver,
. : . ' • _
I Lrttj bcoftui
, I'll
•
:
•
• for tnt Dlstrlotj
of th« other tgencios.
I - it I
reo
Ho ;,
" .-
..
1
.Jr:
at*
Sooneri
. t )n
.. 'Connor1
• :
. ..f s UM l#l
•, i . t f s
O'Connori
tt
ne.
.m pegt 4«
.n ay l i s t .
71 t u t „ :>LI QOI1
| it
D
.'
. I just vant :•
that
• 1 PI . ...'•»
rmy to
,
MUM
rov; i
'
>|
ihor :
-:..- . ; Lily .
a
. ;
I i l l t o pat tte
.
irti nL.
:
out
ol i ! «
••
bi
cr ttM
JonesJ
Jutty,
..:? «,..}.i. •-'.•:
Just i
. t
•- •
r
>f btti
-.-Her.
e Cor,
..
..... I
•-
- • X'a coal&j
t o .
I put
:
..ere.
But t
.
§ 7 on
g i 4.
Go |
i.
j
.
,
f # ft T«r;
;
iltui tioa I
uwttt't oonc
tr;
.
'. .
HPJ .
LI
rriti
.
;!•
.ions; i n the District*
. . .-.
rldta th»t the Cospi
.i\ tht . Lat riot »n - M I M
UM t r ^ d i t unl i
*•« i
Ln«
n i i* •<]
Mi
rre up
i - i l l i o n dolXeri or kor*f
offiot Cf;n; "
-l five lolltrti n
. thi
only
thlD|
I tost
•
.i
: ; e d I t t o b<
>;.,-.
•xaal
.4 or tfrkfe i t >way« But «ve h; ve no fun
h#ri sad I * • u#in| I • ^u.i Bank*1 funds I
thing I
:••. sure tfafct we should uo. Butffhate.
;. i s thoro*
., Cartor - loniitfnr Qi^s^
i
In :
.
Litriet, or
r«r M LI C- l i e d , c
#ItU ut
•u t h i i
i
'
- y 11?*'
.
tae unions* .
of sxtiaiiuition." •Ho«f#1
l i s t e n to
.. t ;?o
i
-
,
.
ooh
»r too
:ic
-••
I , ' - - 1 1 , w;io
i . , :'.. !
ot
i s to bi •f id Uw cost
, "I don t
I to
. •,» i^efl tn
... *
t#i that onojt. • . .
L#V«Jri
O'Connori
Jonoi:
•'
•- .or:
..
tas D i s t r i c t ?
Y*a, sir«
•.
~.~ i s Uxst?
^11| i t 1 ^ ,uitt |
.em.
'•
s1
tout
Ill
I ion't too ^ but I i
?
ii
.?
. . .
%
'v c got t o .
>n: o r :
.' ,Jra
r&xitti
I. I
O'Cotu - • :
Lli
. • Jr:
Ill
It's
.
. j%%9* »rgaalftfttlo&«
&«li, t,'\ .
supervlsi ...
I t 1 • in F*ra
Uphtuai
rttln r
la
it.
• t*3 r i g h t •
Kccles:
I
i
...:
.... It
: i
.
'
:• is in oharf
. :: ; i. T i.a?
.. .: •
r#ot«d to .o i t .
., I vouidn^t
., ol' tl
• . ..
oholc« tbout I t . No* If
Lth I t . I'a J
Tnnni
O'Connors
->t ! s thtt« .. ,
;
.
,
•: | that l ' - IN lnt«p«»tid la toying I* iuf
iuft
the hsmnuaent aa til
LTJ
r 111!
,
tilt I
itly «t It
»t t o tin
li
,. . . »r»». • , .
|
... . Jr:
•.
f
i
.. . Jr:
1
. umori
1
Jin
.
;..
tlu t M ..
Lt«
\ v i . ti Aa a i
- 23 -
lsn*1
•J1 Connor:
'
'
....
it 9 a rlfht«
. t?
f
Lfht,
tt t t«] - r e - i t ' s b a i n
maori
'
'lght,
B»tf*Jri
Go I v o u l d n ' t
O'Connor:
Wo
B. r.Jn
4 II right.
f
0 Connort
Jjj
-
.;;.
• u .-. oi tbi .
3^y..«.
an*t lay that la
- ! 3 nr - i f I can t
Th<
bui
Lo<
> bllXa f
nd Credit Unions
.• . *. .
O'Connor:
*t f i right.
two t.
)*Conaori
Eoolaai
* . •• •
tf>- rights Th^t'c;
>nXjr t
otoar
• iai - ii" that 9 a a l l i
. »
i->- pi *
•
, . •-. -
. .:
m
ir«
that I ' l l lo«
x think that 9 ! Mr* than f: i r ,
Eccles)
Koalaai
/
enerous?
I t lan 9 t • .uestion of being fanaroua*
kuitf
EoeXaai
.t
it.
MI arc
. if the
^Ith tne.-s,
a«
I talnk tiiat f a
O'Connor:
u faal
t hi
I t i s n ' t .• question of balssg generous.
:
: . >J
!•
.
th«n
-
-
»t y o u ' v e
;-(«t t o
( o r
.,
!
;
• l
0 i l e u ! »••«
.11 in
. I.Jn
s t i l l ©•<
Crowl«jra
1
?
I
•
for I
••
I f OfC
'
•• -
r*«
;
Surej
bo
CrchrXtgri
thr-1.....
t f i not ixgrthlnc th, I
-t t o .
^i^ r i L i •: > t h j a | t i n t
Gro^iey:
.*s right,
. •
I
•....
that*i rightj t*»11 go nlon
.. .
rrlatr«
•- f o ^ -
"
nt«d
tt.
• /Irs:
i • • •«
I Dg)
Jones*
!
,M,Jn
I t
.
u. look B •
11.
I il i.i thii\]
'
Uphfm:
Cro
f
. It.
i a«) .
I
tolen
1
for y •.:, '• •;= I n e r .
. t f s -Li rip-ht.
that
ron f t be ttu f i r s t
time.
's I t i l l I
LXl
Jones:
Tne iver&ge fallow. I
^u t e l l r»io th
py, you
think ha i s List
i to y.->u., but ha la VJ Ltlni to
get V.
. .
i. 21 n t e l l
. .Jrj
Kaelaai
r, th
>W
Loor i s jroura*
Thla Rwabar One uere - Baparatlon o r o f f i o t a a
Ciu i r . .
t4<
i a « r v « 4gwit - tliat i s very
r7« i n : t - ra kiavt put n i l t h t •
i Lnita*«.«
Lcven*t
,. .Jr:
dphami
tftt«
n
Lt r^TlM
r#Tisloii| s o . . . . .
..
adua for US| b n
X uon't
yout
»opl#a a»f th<
^e ii^ven f t drafttd tha Leglalation.
• • hava Just
t it is.
I
in thla la tht I
ai
I
nmf
:
: one. The Board*a
Jones:
I
'
ovtr ihla
otloo to thla
f
^n t c o n f l i c t wli
-:.,
Lt la thara toamthlng that
>«j i t ?
is...*
Jon-. :
i
t
It i s .
. . 'r:
)
.
_.• irau; ; •
Governor,
lazy chAQgad th
Q sat-up Last v e ; r ,
l l d n ' t eoaiplata 'ho j o b ,
. or thin
this is just ont: thing that •• •
out.
.eli,
' cclesi
We ru.venH got * Or.crirraan In s e v o n i
Jones:
•Its:
eli,
.
f
Bel :
., . •
i f fo
i e s , but
i
Q p a r t - t ....
,
. ,
•
^.ft faat a paid Ch
tfh«
M
plaoaa«
c >ul • be the /.t'
t.
'Ac*ve
- 2b -
.ting to - we' i
t them so en honorary b r s i s ,
•inuti
*t l^ paid Chalraen...* How,
^..ee, t .
-c.w - trie P r e s i d e n t n o * Ln
I
I the
Chief Lxecutivtz Officer these }oYernors
d Chief Executive .)?': leer, and -e :ic ve
transfer
I - functions s>f the Shalraan's
office to txic banks| so ai to get twsy froa the
cleavage - t e r r i b l e cleavage - Chairmen here End
had t constant cleavi
Governors here
>
•
'
,
Jones i
I don't see iity objection to thi t If ,
have banking legislation.
* vt goi
Crowley:
•11, I think this, Jesse, that that i s n ' t aigrthiag
particularly| but you*ve got to go on down through
re, because this won't in i t s e l f cause \ row.
i row will j
et aown the l i s t .
to
Nusber Seven is Dividends of Federal Reserve Banks*
Now, as i t i s today| the Beard has nothing to say
about dividends. These various Federal Reserve
-:s declar
LvJ
i ' it
-ent cumul t i v e
f
Taey v
I ft
|
lat s i x . 6osi< el thea individually haven't
:ixae
i
t
.
How. if one ji-.ys i t end the
f
t,
it raises he.ll.
t we want to propose i s thr t i t be I four
cent euaulj tiva,
, .
o
•
i .- iven
thi a • Lthrefei
to th
ier two, so that
If the;
It an
they should
Lt, O . K . ,
. 11 Lei i t you've got 1fixed four percent
ox t u t six percent*
Cr;>
>uld that be controversial particularly!
Lccles:
fell* i t touXd be
roTerslal as far aa the mtmber
are oonc
.. The aesti
>ulc ant s i x
percent •
ory. RoWj .
at to
. is
put i t :•!: f. flat four percei
1 tls f . ,:, then th< Board
.us the discretionary ,
to whether or- not the
other two 1
I
•
i . . Ih t
•
as 1 little bit
of lee : . , so if
J -.
tiaes as far ?s
incoaa Ii
iarned
Jones:
re seas to e oio objection
a: ve bankin Li Lslation.
to
that one if j
- 27 -
... ..Jr:
.1 is LoeUrs
the thinj
that
things that n
Jones:
f
... . Jr:
11?
Jor.es:
lae
. I
i'irst
I i the separation? There's two •
n to 4
i he's got to n t v e .
I Wi I ..• fir
BO«
one.
H . . O xT«. «
Reelesi
.. ;.jr:
si
i|
8u
I iuj
i
I
't ;el It* Eou'XX function Just
hatvii
.
i ..on
thi l « i t twenty
I iouldn f t - if you don't Blind ay ftayini so, I
wouldn't put that in rmustl1f li
tion.
BooXasi
f a l l , vhg - feMit o b j a o t i o n c : a l . v .it-r- fco ft
f o r LegiaXation t h i s yaar? Wauit raason do ^e
to expect i t will ba taaiar naxt ye- r to Jo i t ?
Crowlay
l a l l , Xarriaarj isn't this thi
havt
a i l ;ot to i"i,ce ^n lag i s la tion avantuallyi That tha
. -.
t or 193.
Ln« Act of X935
did
v
cartl In t
.
. you'v
Gov< rr_.
ttion -;o:.iin. : ion
,
3ii undoubtadly » i l l
•ooner or Xatar affaot ti
nkiiu . - :•-, i f
we were going to s i t
. . .
to
vouXd Xike to s e e , Baft 11 -.ore efficient
.or tha operation of thi bank
'vision i •
i nkf
c
.
i lot of thin
d
Lovo to ucvt, i^o if t h e r e ' s somethic
t you na#d
partioularly to BMat youc amapgancyj why don't you
tskt that I
•
i t slone until we
a l i dat<
mat this ahoXa Gov?"
tion aaounti to?
It loasn r t
-n,;. as far
tin
cerneo. I can t e l l you
I \t now.
.
.Jr:
«•
I ' l l answar .our ..ue^tion, thy i s n ' t t h i s year *;:;
goo, f-a next yos.z*? I tnink this year is ai good ^s
- 21 r , b u t I ti
[
I,
>n*t
I
. od
-
. t i t . ;
t I 1
181
.•
t to ;••...
if at i n th
i
m
for
f
•
•
c*y
n t i 1 '. .
it| thi .
• - • . ' . . •
duei
.
LJMS oi
•aj not r e e l ! • iii • •
i
ifcIon ai
Lataraat
......
, waf1
...
.
• sk
ntro-
rhloh
.
.
i
It ion.
..•:*!..;/;
rjun
i ai vo&*t
. i to fuzk
l i t litre. And I
think until thi Praaidant * l l i
! • • UJ
or
dlraat us •
thins thoroughly %
>1%
fooliu
sk for the oiniaum. ^i.i-.t's
-. - a n d th - jrt&r or D«xt ye/ r or th« thii
r,
x ..;.; n • and I thi
oe *
s o
3
•
. ;i
_
...
•.
"et
f
'
ling.
. .-;:
''.
»u t h i n k • • • . . .
\
!
IT • , .
'-'
.
got t
ta i f / o u f v « g o t
....
it ions
.*it
,
, . t o njive Miy t t a l l i D
oan
• In* th
1
'. . " Loa to thi .
0
.
tOt b(
»••
.rover. 1 1
. . . .
M
,1
ay introduce, tonM rar
bat i t
on thi HiX- - at o b j .
i i t . But ao
tha L e g i s l a t i o n that '
laa - that I
10 o b j e c t i o n to It mty
.
bai
ion - that
i t l a - i t would ba of i
-.iiri
Jpoint. I f •« i
. .
Loa
ao|
•
\
thi t typa o;' .
. ,. Lon«
w i t h you
not havt
)*Co ton
iloai
11 no«|
I wouia .
-..
...
t all«
U rrinarj l e t
r to aa-
,ere i t
''
i«
t'f •
>t to I: .
oattar ..
'I
.
Lutoly nonoi .
or
oint«
it
; c thing in. ."- • •;.-,
.• . Ln t o hart
to
jr thing Liko t h a t , but x I
a
bo go
oo
. „ . • :
,
. -.- • LI t h a t Jafty
Cr#dlt Onion and t h a t i
n ' t bi
.-iovb,
buildii
Liv. .
JO »r 40 yoara of t h < t .
Lthout nay - th* throt
:.
lion.
-U,
Cro«l«y
t t i e r e f s nc
tlon uni
.ere in
,
•
.
r. y o u ' l l b t Lr: a g"^-;i i t a l toughar
j t if some or thosa boys
up thcri
§'<HM
of the t
thi t thty f T« got i n Kind and paaa i t .
;&•
Mr. 1
, • / legislation t i l l not -o before tlM
llttoa. It
ore the
D i s t r i c t ..••:
. *OQ l a s t ye? r I
.ouse - tla
.
• . - . ' . >o b; the i i s t r l o t ^niM
, it's n
Uphasi
Li
I
tlon«
i a t ' s y^ur Crodlt Onion
Jones:
D*Connor«
banking
*.
'cro
»nt thing - » • • ? • i n 1
l o l l 1 they Ar">r.!t; 1
O'Connor:
ia tta
ol
lot
:"..
Loan
th
, e ! l l *;o alo
»ut
going into
:
i
,
f
PI
B-
.
...;ot on t h i a thing*
t .
»M«Jn
•
•
Ii
;
Lrf i t 1
-
The t 1
•
.
ioanl
. i s t r i e t nattor«
. '.Jr:
sacu..
building an
I
r
•
light :;r: Itj 1 think he
!
:
• i e Banking.
ig.
.'Connor:
ft« .Jrx
. .
• • i • 9tuall]T - thi
.tee on tne
. i a t r l o t in v^e ftouti paa*#d thi
it union.
that : .
i t sUapler• Do we iant to ^%
. ropose
any Logialatloi ..
oforo Banking ai
roi cry?
- 30 tor tht ti
Jo:.'.
:
I M a n Tor 6 0 . , ; y s .
s:
l#llj
t h f t t ' i i Li r l f b t *
:
*:
. .or:
11 f{
|
- t- L . " . , . . .
Eoole
s:
That s^-
ist let
ft I
f
^ 1 : s<.y n o ,
.
)t
•.) for 60
. . . . .
t€
..
'
«•
.
• ..
.
t o f Mi r e n .
p
_
.
I ^r:c: • i
»X*Jn
.
' s jus t sui
.
j
:., thou
.
• • ie
.
) up before
It
irict
itee,
iae of tii? t . . . . .
defer iCti< Q«
.. .Jr;
»•«•«• d
Otloa •
_>f
ox' us Ihlnka for i
UM.Jri
Bcol«t1
. I.Jr:
Jonts:
.:,.••••
Bgri
11, t i u t f 3 d o .
.ara - tfef
i3u Mjr l i r s t i mi you sI §u§f#9t %h« tontta of Hare .
time.
first.
;.tn,
•.
i
•. » t t h
- 31 B.M.Jri
. . t»s laki it the first*
Jones:
All right, I'll do that witn you like I agree wi.
.ay rift - VI MdCl it unanlaomj I I rO0 with a
Lcciess
lo'TO got certain Legislation I
t I!ci hate to
ugh this session vlthout, MIC! I'm *lllln| to
it o) day I for it.
-. .,
iar wai
to postpone it for thll
seaiiOB? ;;: nd you s 8 id....
•, I vimnt it; 00j iir.
, '.Jr:
You M
to "ive i t up for this fftSSion.
, I V»8n't«
Jones;
[»Jn
I expected that bo*d Met
- t UP! asd forget
it entirely.
j I'll I
acticfcl, Ali thf Boar
staff
i
?« - ther«fi certain 01 thli li 1 i tion
rttty strong for.
It's swell to b<
to have I Bor
ad c: staff.
To hi
, that's right* £aJca - horo'i one for Lnstai
tae establishment of discount ratta« Trie daan lew
/s »ivery L( . . These RtterYt baokf - .
n,:
i last i positioa here of saXXi]
toial
Boi
• every 14 ci£;ys^ instead of regular
. i t • vookly acy. • vtr; Li
- once lt*i
M
orjjny, next tla« it's xuosday - it aakoi it Lnoonvonlonx and thoy all ivick.
loll now, c tre subject to call, at Mr, Jones'
suggestion, the first of Kareh* Subject to oall«
@FedFRASER