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°
0 January 11, 1932.
qpvernors Conference. - January 114.1932.
Governor Harrison opened the Conference in the morning, by
stating the seriousness of present conditions. He said that the
deflation in two years was 6 billions in crciit, and also 6 billions
in loans for others." He said that prices were still falling, and
that banks were afraid to loan from their desire to renain liquid.
He stated that he had had a conference with Semtor Glass,
suggesting an amendment to the Act, so as to provide that Federal
reserve notes may be issued against any collateral which Federal
reserve banks are authorized to acquire, - meaning specifically
Government securities. He said that the free gold was now down to
between 400 and 500 millions, although the excess reserves were
over a billion, and that the necessity of using these excess reserves
in olace of commercial paper as collateral for Federal reserve notes
was becoming a menace to the gYstem.
He said that if the Reconstruction Finance Act should be passed
quickly, and an amendment as to Federal reserve notes such as the
above, he thought there would be a very fair chance that the tide
could be turned. He said that, in his opinion, it might be necessary
to buy a further large amount of Government securities, - not, however,
just at this present time, but possibly in the near future. He said
there were two views which could be held:
1.
The Federal reserve banks to take a bold course, and
try to prevent further withdrawals of depositi
by the purchase of Government securities, and
the use of the new Act and amendment above
suggested.
2.
That the Federal reserve bank's should maintain
themselves in a liquid condition in order to be
able to meet the withdrawals of deposits,
assuming that they are to go on indefinitely at
the present rate, - that is, 20 per year.
He said that, in his opinion, the bold course Was the course to
taice.
He also spoke of the bond pool formed in New York Which bought
in January enough to keep prices stable. He added that if the above
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provisions were enacted into law, the pool would undoubtedly buy enough
to put up prices, - perhaps even to par.
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Governor McDougal suggested that, in his opinion,we should
gradually dispose of Government securities bought within the last
two months; that we had bought now more than any one dreamed would
be bought during the last two years; that he thought it was the
duty of the Federal reserve banks to be liquid, in order to meet
the steady withdrawal of deposits from member banks.
Governor Seay agreed with Governor McDougal, assumin4 the
Federal Reserve Act to remain as it is.
Governor Harrison said that he contemplated only the purchase
of Government securities in large amounts if such should be cleaned
necessary following the correction of the railroad wage situation
and the passage of the Act and amendment above suggested, but that
he was fearful an emergency might arise within two or three weeks
requiring such purchases.
The Conference unanimously passed a resolution that in order
to expedite the operation of the Reconstruction Finance Corporation,
the assistance of the operating facilities and services of the
Federal reserve banks should be available to the Corporation, on
the understanding that the Corporation should reimburse the Federal
reserve banks for thee servi:es in such manner as may be agreed upon.
In the afternoon, Ogden Mills came before the Conference,
explaining Treasury policy. He stated that President Hoover has
informed. Congress that about 2 billions of bonds or securities may
be necessary to meet the deficit for the fiscal year ending June 30,
1932; that after that date, the administration will make no further
issue of bonds, but will rely on taxation to balance the budget.
C.b.H. asked him if such a statement as to future policy was
essential to the Treasury plan, and Mr. Mills stated that it was.
Mr. Mills further asked the Board to establish a lower rate on paper
s cured by Government securities, in order to assist in placing them,
stating that the emergency was as great as during the war, and that
the Federal Reserve should cooperate.
No action was taken by the Board.
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March 21, 1932, 8t15 p.m.
Senator Glass telephoned to O.S.H.
He said he wished. to blow if there was any doubt about the power of
the Federal reserve bank to refuse discounts; that a very prominent banker
had told him that neither the Board. nor banks had. such power, but he felt
that the word "may" in Section 13 unquestionably gave the power.
C.S.H. told him that he, personally, and. also Dr. Miller, construed.
the word. "may" to give discretion to the Federal reserve bank to refuse
discounts where the privilege had been abused., but while he remembered no
formal ruling of the Board. to this effect, he was very sure that there was
no question about this; that Mr. Wyatt, the General Counsel, and Newton D.
Raker, had so advised the Board..
C.S.H. said that this power has, from time to time, been denied, and.
Senator Glass asked, "By whom?" C.S.H. said. that Mr. McGarrah, by letter
of May 1, 1929, speaking for the directors of the Federal Reserve Bank of
New York, denied the power of the bank, or the Board, even to examine into
customers security loans, or to refuse discounts because of the undue
increase of such loans, even though the bank might be borrowing frequently
or continuously.
Senator Glass asked if any Federal reserve bank had ever refused
discounts for this reason.
C.S.H. replied that he thought the Federal Reserve Bank of New York had
threatened banks which were out of line, - that is borrowing more than the
average bank of their size in the emnmunity, or were borrowing for profit, that they mat cease under penalty of refusal, but that if all banks were
expanding at the same time, C.S.H. understands that the New York Bank
would not undertake to stop this expansion except through increases in the
discount rate; that the New York Bank even disagreed with the Board as to
the public warning which it gave, stating that it was not the proper way
to meet the situation, which should be met by increases in discount rates.
Senator Glass then asked whether the Federal reserve bank has power
f
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final approval of the Board, and. C.S.H. said No. C.S.H. again anphasized
the necessity of Section 3 of the Glass bill, but suggested that where the
absolute prohibition is set down in Section 3, it might be well to add. a
qualifying clause "except as provided in this amendatory Act."
C.S.H. said. he understood. clearly that the Committee intended. to permit
a reasonable amount of speculative loans, and., in fact, Section 8 of the
Glass bill made it the duty of the Board to fix the percentage of these loans,
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use the cash in their vaults; that the bank deposits would give them an
ample fund for this purpose.
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lbserve Board before the Subcommittee.
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whether the Board wanted a hearing, and that Governor Meyer replied No.
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clause in the Glass bill, and he believed that that would be the desire of
his associates; that the Board had asked the Committee of its staff to
report the exact status of the Glass bill, showirg changes made by the recent
revision, so that the Board could act upon it intelligently and quickly,
and that the Board hoped to have their report by rtiday of this week.
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