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X-472. SUGGESTED TOPICS FOR DISCUSSION BY THE FEDERAL ADVISORY COUNCIL, NOVEMBER 19, 1917. I. DISCOUNTS AND INVESTMENTS: 1. Should member banks make a practice of discounting their own acceptances. 2. Suspension of commodity rates and reasons therefor. 3. Is it desirable and necessary that preferential rates be established for customers’ paper running not longer than ninety days, which is secured en tirely by United States bonds or Treasury certificates. 4. General discussion of assistance to banks and savings banks especially in carrying investments in railroad and corporate bonds. (a) Vihat means, if any, »re there of affording adequate relief. under the present law. (b) Should the Federal Reserve Act be -.mended so as to permit the rediscount by Federal Reserve Banks of notes secured by bonds of railroad or industrial corporations. (c) Discussion of an alternative plan. II. CAPITAL AND RESERVE REQUIREMENTS. 1. ' Should the Federal Reserve Act be amended so as to allow state banks which were in existence on • November 16, 1914, to become members of the Fed eral Reserve System, although their capital be less than national bank requirements. X-47 2. - 2 - 2. Should the Board be given authority to exempt from the reserve requirements imposed upon banks in reserve and central reserve cities, banks not located in the business centers whose business is largely local, and which do not receive accounts from other banks. (Note) -■ The Board has received numerous requests that it ask Congress to modify the existing law in the manner above indicated, but so far has reached no conclusion in the matter. What would the Council advise? III. GOLD EMBARGO: (Note) -• The Board has been charged with the duty of advising the Treasury in matters relating to foreign exchange, and to exportations of gold, and it would like to have the opinion of the Council in the following matters: 1. To what extent, and for what purposes should gold be released for shipment to other countries. 2. Should the stabilization of sterling exchange by pur chases of sterling bills in this country be continued. 3. Effect of the stabilization of sterling upon dollar exchange 4. Should any attempt be made to stabilize dollar exchange in countries of continental Europe, such as Sweden, Holland, Switzerland, and Spain. 5. Should an effort be made to bring the dollar back to its parity in South American countries* 6. Exchange relations with Canada. *-i Should unrestricted shipments of gold to Canada be permitted, or if limited what arrangements can be made to continue normal trade relations with Canada and to facilitate the movement of Canadian crops. . A IV. TREASURY CERTIFICATES OF INDEBTEDNESS; 1. What means should be availed to secure a more general distribution of Treasury certificates of indebtedness.
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