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881 A meeting of the Federal Reserve Board was held in Washington on Saturday, March 11, 1933, at 11:25 a. m. PRESENT: Mr. Mx. Mx. Mr. Mr. Woodin, Chairman Meyer, Governor Hamlin Miller Tames Mr. Morrill, Secretary Mr. Harrison, Assistant to the Governor Mr. Wyatt, General Counsel The Chairman presented a copy of a letter which it is proposed that the President of the United States address to the Secretary of the Treasury today in the following form: "My dear Mr. Secretary: "I am informed that the Directors of the 12 Pegional Federal Reserve Banks are concerned over the auestion of the immediate valuation to be given to the assets of member banks, National and State. "I recognize that a drastic or of values on a liouidating basis would from opening which could and should be if their assets were reasonably valued strict estimate prevent many banks 100 per cent opened on a fair going basis. "I am convinced that the Directors of the Regional Federal Reserve Banks should take a fair and equitable basis for valuations rather than a forced liquidation basis. 'No citizen expects the Directors to be infallible. All we can ask is that they use honest, and, under the circumstances, fairly liberal judgment. It is inevitable that some mistakes will be made. It is inevitable that some losses may be made by the Federal Reserve Banks in loans to their member banks. "The country appreciates, however, that the 12 Regional Federal Reserve Banks are operating entirely under Federal law and the recent Emergency Bank Act greatly enlarges their powers to adapt their facilities to a National emergency. Therefore there is a very definite obligation on the Federal Government to reimburse the 12 Regional Federal Reserve Banks for any losses 882 - 2- 3-11-33. "which they may make on loans made under these emergency powers. "I do not hesitate to assure you that I shall ask the Congress to indemnify any of the 12 Federal Reserve Banks for such losses. I am confident that the Congress will recognize its obligations to these Federal Banks should the occasion arise, and grant such request. Very sincerely yours," Woodin stated that it had been suggested that in authorizing the reopening of banks, the Secretary of the Treasury should stagger the Openings, allowing banks in iederal reserve bank cities to open on liOnday, Clearing house banks on Tuesday, and a general opening on Wednesday, but that at the moment he felt that such a procedure perhaps would again shake the confidence of the people in banking institutions generally and that it would be better, if possible, to permit a general opening at the same time of all banks considered to be solvent, and that in order to enable the member banks to meet de:lands which may be made upon them when opened it was believed to be necessary that the Federal reserve banks be prepared to extend liberal credit to their member banks. Consideration had been given, Mr. ':ioodin stated, to the desirability of attempting to secure the passage of legislation providing for the reimbursement of Federal reserve banks for any losses sustained by them on loans made in connection with the program of reopening the banks, but that it was felt by the President that under present conditions the procedure suggested in the letter referred to above would be the more desirable course, and that the secretary would like to be advised of the reaction of the Board to the proposed letter, it being understood that Upon receipt of the letter by the Secretary of the Treasury it would be •3-11-33. 4-1 - 3- dispatched by him to the twelve Federal reserve banks by telegraph. There Was considerable discussion of the matter, but no suggestions were made regarding the proposed letter. The ChEirman then withdrew from the meeting which continued as a meeting of the Executive Committee of the Board. Some further discussion was had with regard to the letter presented by Mr. Woodin and the question was raised as to whether the letter does not carry the implication that the Federal reserve banks will be expected, if necessary, when the member banks are authorized to reopen, to extend to any member bank advances up to 1W,; of the value of its assets, and attention was called to various provisions of the Federal Reserve Act limiting the amounts that may be advanced to a single member bank. Secretary's Note: Later in the day a letter was received from the President by the Secretary of the Treasury and was wired by the latter to all Federal reserve banks. The letter, as received and trans- mitted by the Secretary, read as follows: "My dear /Or. Secretary: "1 am informed that the Directors of the 12 Regional Federal Reserve Banks are concerned over the ouestion of the immediate valuation to be given to the assets of member banks, National and State. "I recognize that a drastic or strict estimate of values on a liquidating basis would prevent many banks from opening which could and should be 100 per cent opened if their assets were reasonably valued on a fair going basis. "I am convinced that the Directors of the Regional Federal Reserve Banks should take a fair and equitable basis for loan valuations rather than a forced liquidation basis. 3-11-33. cl ‘ "It is my desire that Federal Reserve Banks will Proceed fair and equitable basis in respect to loans to same the on member banks, the purpose of which is to procure currency for State banks which are not members of the Federal Reserve System. Cooperation on the part of member banks in this regard is essential. "No citizen expects the Directors to be infallible. ;Lll we can ask is that they use honest, and, under the circumstances, fairly liberal judgment. It is inevitable that some mistakes will be made. It is inevitable that some losses may be made by the Federal Reserve Banks in loans to their member banks. "The country appreciates, however, that the 12 Regional Federal Reserve Banks are operating entirely under Federal law and the recent Emergency Bank Act greatly enlarges their powers to adapt their facilities to a National emergency. Therefore there is a very definite obligation on the Federal Government to reimburse the 12 Regional Federal Reserve Banks for losses which they may make on loans made under these emergency powers. "I do not hesitate to assure you that I shall ask the Congress to indemnify any of the 12 Federal Reserve Banks for such losses. I am confident that the Congress will recognize its obligations to these Federal Banks should the occasion arise and grant such request. Yours very sincerely," Mr. Lbrrill then presented a telegram dated March 10, 1933, to the Federal reserve agents at all Federal reserve banks, approved by four members Of the Board, stating that the Board has received inquiries from several of the Federal reserve agents regarding the procedure to be followed in connection with formal and informal applications for membership in the Federal Reserve system being received from State banks; that, in order to enable the 4gents and the Federal Reserve Board to act intelligently upon applications ror membership, the Board feels that there must be obtained adequate information based upon a sufficiently recent examination by State authorities or a Clot:Ir„ ...):(7)„) 3-11-33. credit investigation by the Federal reserve agents' examiners or both as circumstances may require, to form a satisfactory basis of judgment as to the current condition of the banks concerned; and that the agents Should communicate with Ur. Paulger, Chief of the Board's Division of EXaminations, regarding any questions which may arise in connection with ePplications for membership. Approved. There was then presented a draft of a letter to all Federal Reserve Agents prepared in accordance with the action taken at the meeting Of the Board on February 9, 1933, advising them of the conditions of memcombership which will be prescribed hereafter for State banks and trust Panies admitted to membership in the Federal Reserve System, and the suggestion was made that, in order that the Federal reserve agents may have available the information contained in the letter in connection with their conFederal resideration of membership applications now being received at the serve banks, the contents of the letter be telegraphed immediately to them. The letter was approved and the Secretary was requested to wire its contents immediately to all Federal reserve agents. The Secretary was also requested, in order that prompt action may be taken on any matters which may arise today and tomorrow, to telegraph the Covernors and agents of all Federal reserve banks stating that the Board feels that arrangements should be made for the appropriate committees and banks to be the principal executive officers of the various Federal reserve to available today and tomorrow in order that they may dive prompt attention with loans Important matters which may require immediate action in connection - 6- 3-11-33. 886 and discounts, applications for membership in the Federal Reserve System, and other questions arising in conmction with the reopening of member banks, and that the Board will be available this afternoon and evening and tomorrow to act promptly upon matters presented by the banks. Attention was then called to the fact that the last paragraph of section 13 of the Federal Reserve Act, as amended by the Act of March 9, 1933, provides that Federal reserve banks, subject to such limitations, restrictions and regulations as the Federal Reserve Board may prescribe, May make advances, for periods not exceeding ninety days, to any individ ual, Partnership or corporation on the promissory note of such individual, partnership or corporation, secured by direct obligations of the United States, that it would appear that Congress intended that the term "any individual, Partnership or corporation" should include banking institutions, that under the uroiisions of the eighth paragraph of section 13, as amended, Federal reserve banks may make advances to their member banks on their promissory notes secured by bonds or notes of the United States only for periods not exceeding fifteen days, but that, unless member banks are permitted to obtain advances under the last paragraph of section 13 as amended , it would result in nonmember banks securing advances from Federal reserve banks on the security of Government obligations for longer periods than are permitted to Member banks. After discussion, the Secretary was requested to advise the Federal reserve banks by telegraph that the Board considers that the term "any individual, partnership or corporation" as used in the last paragraph of section 13 of the Federal Reserve Act, as amended by the Act of Larch 9, 1933, includes banking institutions, regardless of whether they are members of the Federal Reserve System or nonmembers. -7 3-11-33. The suggestion was then made that it is desirable, in order to Put the Federal reserve banks in a position to be of maximum assistance in connection with the program for reopening banks as soon as possible, to issue a general authorization to Federal reserve banks to rediscount eligible paper acquired from nonmember banks. After discussion, the Secretary was requested to send the following telegram to all Federal reserve banks: "Until farther notice the Federal Reserve Board authorizes Federal reserve banks to rediscount for member banks with their indorsement eligible and acceptable paper acquired from and bearing the signature or indorsement of nonmember banks, when in your judgment such action is advisable and not in conflict with the President's proclamations or the executive orders and regulations thereunder." There was then presented and approved the following confidential regulation proposed to be issued by the Secretary of the Treasury today: "Confidential TO THE THE THE THE TRIWURER , OF THE UNITED STATES: COMPTROLLER OF THE CURRENCY: FEDERAL RESERVE AGENTS: FEDERAL RESEHVE BANKS, and others concerned. Pursuant to the authority vested in the Secretary of the Treasury by the sixth paragraph of Section 18 of the Federal Reserve Act, as amended by Section 401 of the Act of Larch 9, 1933, to prescribe regulations which shall govern the issuance, redemption, replacement, retirement and destruction of circulating notes, which notes are hereinafter referred to as Federal reserve bank notes, authorized to be issued to Federal reserve banks under the provisions of such sixth paragraph of Section 18, as amended, and the release and substitution of security therefor, the following regulations are hereby prescribed: 1. The Federal deserve Agent accredited to each Federal reserve bank is hereby authorized and required to act as the agent of the Treasurer of the United States or of the Comptroller of the Currency, or both, for the performance of any 3-11-33. — 8 — ,P8 of the functions Which the Treasurer or the Comptroller may be called upon to perform in carrying out the provisions of such sixth paragraph .of Section 18, as amended. The term "Federal Reserve Agent" as used in this regulation shall be construed to mean the Federal Reserve Agent as Agent of the Treasurer of the United States or of the Comptroller of the Currency, or both, as the case may be. 2. In order to furnish suitable notes for circulation as provided it such sixth paragraph of Section 18, as amended, the Comptroller of the Currency is hereby authorized and di— rected to cause plates and dies to be engraved in the best manner to guard against counterfeits and fraudulent altera— tions and to have printed therefrom and numbered such quantities of Federal reserve bank notes in the denominations of ;,5, .10, c20, 5O, and .100 as may be necessary. 3. When such Federal reserve bank notes have been pre— pared they shall be deposited in the Treasury and held for the use of the Federal reserve banks subject to the order of the Comptroller of the Currency for their delivery, with the approval of the Federal Reserve Board, to the respective Federal Reserve Agents. The procedure shall be similar to that in effect with respect to Federal reserve notes. 40 Upon deposit with the Federal Reserve Agent of the security required by such sixth paragraph of Section 18, as amended, the Federal Reserve Agent may deliver Federal reserve bank notes to the Federal reserve bank to which he is accredited. 5. The Federal Reserve Agent shall require the Federal reserve bank at all times to maintain the full amount of collateral, as required by such sixth paragraph of Section 18, as amended, as security for Federal reserve bank notes issued to such Federal reserve bank. 6. Each Federal Reserve Agent shall hold in joint custody with the Federal reserve bank to which he is accredited all Fed— eral reserve bank notes received by him and all collateral de— posited by the Federal reserve bank to secure the Federal reserve bank notes issued under the provisions of such sixth paragra ph of Section 18, as amended. 7. Each Federal Reserve Agent shall daily make a report to the Treasurer of the United States, the Comptroller of the Currency and the Federal Reserve Board, of tiv amount of Federal reserve bank notes issued to the Federal reserve bank and the collateral deposited as security tierefor, classif ying such collateral so as to show the amounts included therein of (1) di— rect obligations of the United States, and (2) notes, drafts, bills of exchange and bankers' acceptances, or in such other 3-11-33. -g manner as may be required (a) by the Treasurer of the United States with the approval of the Secretary of the Treasury, or (b) by the Federal Reserve Board. 8. Any Federal reserve bank may at its discretion withdraw collateral deposited with the Federal Reserve Agent under the provisions of this regulation for the security of Federal reserve bank notes issued to it and substitute therefor other collateral of the kinds described in such sixth paragraph of Section 18, as amended; Provided, however, that the aggregate acceptable value of the collateral held by the Federal Reserve Agent shall not at any time be less than the amount required by such sixth paragraph of Sedion 18, as amend ed. 9. Each Federal Reserve Agent may at any time require the Federal reserve bank to which he is accredited to deposit additional security to the extent required to comply with the provisions of such sixth paragraph of Section 18, as amend ed; and if any Federal reserve bank shall fail to make such depos it of additional security, or if any such bank shall fail to redeem its Federal reserve bank notes on demand, the Federal Reserve Agent, when regaired by the Secretary of the Treas ury, shall liquidate, in such manner as the Secretary of the Treasury may prescribe, the security, or any part thereof, which he holds under the provisions of such sixth paragraph of Section 18, as amended, and deposit the proceeds with the Treasurer of the United States for the redemption of Feder al reserve bank notes issued to such bank. 10. Each Federal reserve bank shall at all times maintain on deposit in the Treasury of the United States, in lawful money of the United States, a sum equal to five per cent of its liability on Federal reserve bank notes in actual circulation or such other amount as may from time to time be required by the Treasurer of the United States, with the approval of the Secretary of the Treasury, to be held and used for the redemption of such notes. These regulations shall become effective immediately and shall be subject to such changes or anendments as may from time to time be deemed advisable by the Secretary of the Treasury, and will be supplemented by other regulations specifically governing redemttion, replacement, retire ment and destruction of Federal reserve bank notes." There was also presented the following telegram proposed to be Patched today to the Governors of all Federal reserve banks by the 433istant Secretary of the Treasury: 3-11-33. —10 — "The Secretary of the Treasury instructs the Federal reserve banks, until further advised, to lower the standard of fitness on all forms of currency which they are imrmitted to pay out under the reE,ulations of the Secretary of the Treasury issued pursuant to the Proclamation of the President of the United States. Only such currency as clear17 cannot be used for further circulation purposes should br: canceled and forwarded to Washington for redem- tion. The Federal re— serve banks and their branches are also directed to exercise discretion in complying with denominational recuests for currency, in the light of their reserve stocks in the various denominations. In making payments of currency, particularly in the larger denominations, the Federal reserve banks are also directed to keep in mind the President's Proclamation, the Executive Order, and the Regulations of the Secretary of the Treasury with respect to hoarding. This telegram is for the information of the Federal reserve banks and branches and is not to be given publicity." Approved The Committee also considered and acted upon the following matters: Letter dated March 9, 1933, from the Secretary of the Federal Reserve Bank of New York, and telegram dated March 10, 1933, from the Secretary of t1T4 Federal Reserve Bank of Atlanta, both advising that at meetings of their boards of directors on those dates no changes were made in the banks' exist— ing schedules of rates of discoun t and purchase. Without objection noted with approval° The Secretary stated that it will be necessa ry to designate an em1310Yee of the Board as vault clerk at the Bureau of Engraving and Printin g in c onnection with the custody of Federal reserve bank notes, and he recan— mended that Mr. William J. Rowan be designated in that capacity in addition t° his Present designation as vault clerk in connection with the custody of Federal reserve notes; it being understood that the additional duties as ve.ult clerk would be rendered by Mr. Rowan without additio nal compensation. Approved LIeznorandum from Assistant Secretary McClell and recommending that, 391 3/11/33 -11- in order to provide for the handling of the increased work in the telegraph office, the Board approve the temporary appointment, effective as of 'March 10, 1933, of Mr. F. S. Ridgdill as a temporary relief telegraph operator, with salary at the rate of 165.00 per month. Approved. Memorandum dated Larch 3, 1933, from Mr. Goldenweiser, Director of the Division of Research and Statistics, recommending that the probationary aPPointment of Miss Katharyne W. Perry as statistical clerk in the division, with salary at the rate of a 440 per annum, be made permanent. Approved. Cablegram addressed to Governor 'Meyer from Verona, Italy, today by Ur. Wm. Sproule, Class C Director of the Federal Reserve Bank of San 2ranoisco, stating that being unable because of absence to serve the Fedreserve bank in the present emergency the Board may consider the cablegram as his resignation as a director of the bank. Mr. Sproule's resignation was accepted effective at 6:00 P. M. today. Telegram dated March 11, 1933, signed by Governor Calkins, ChairIlan Newton, and five other directors of the Federal Reserve Bank of San "axle/8c°, referring to 1,:r. Sproule's resignation as a director and to the airless of directors Malcolm McNaghten and Walton N. Moore, and /a'. Newton, leaving available only the number of directors necessary for a quorum of the 13°11rd, an undesirable situation under existing conditions, and recomnending that the Federal Reserve Board appoint as a class C director of the bank for the unexpired portion of the term ending December 31, 1934, to succeed 1:17. Si3r°41e, Mr. Andrew P. Welch, President of Welch and Company, sugar factors, Who 12 not an officer, director, employee, or stockholder of any bank. 392 3/11/33 -12- Mr. Welch was appointed class C director of the bank, effective upon his qualification, for the unexpired portion of the term ending December 31, 1934. The Secretary was requested to advise the Chairman of the Federal Reserve Bank of San Francisco by wire of the acceptance of the resignation of Mr. Sproule and the appointment of Mr. Welch to succeed him. Bond, in the amount of 50,000, executed on March 7, 1933, by .11.r. J. R. LicOravey, Jr., as acting assistant Federal reserve agent at the Havana Agency of the Federal Reserve Bank of Atlanta. Approved. Telegraphic reply on March 10, 1933, approved by three members Of the Board, to a telegram of that date from the Federal Reserve Agent at 4nsas City, requesting approval by the Board of the temporary appointment Of Messrs. Cornelius Graven, R. P. Faun, J. L. McCarthy, and Charles E. SaadY, employees of the bank, as assistant examiners. The reply stated that the Board approves the temporary appointment, for three months from 147 h, 10, 1933, of Messrs. Craven, Fann, McCarthy, and Sandy as assistant examiners to assist in such examinations as the agent may be called upon to make. Approved. Telegraphic reply to a telegram dated March 10, 1933, from the ?ederal Reserve Agent at St. Louis, requesting approval by the Board of the appointment of Mr. John B. Norris as an examiner, with salary at the l*ate of '13,300 per annum, effective March 13, 1933. the Board approves the appointment as requested. Approved. The reply stated that 341-33. - 13 - Telegraphic replies to telegrams dated March 10 and 11, 1933, Ito from the Federal Reserve Agent at Dallas, requesting approval by the Board of the temporary appointment as members of the hank's examining staff of Messrs. Will C. Tones, Jr., and E. E. Hamilton, with compensation at the rate of 410.00 per day during the time they are actually engaged in the service of the bank. The replies stated that the Board approves the temporary aPPointments as requested. Approved. At about 1:00 p. m. Mr. Await entered the meeting and presented for the Board's consideration a draft of a proposed telegram by the Secretary of the Treasury to all governors of the Federal reserve banks, following receipt by him of the letter from the President hereinbefore referred to. The telegram read as follows: "For your information I am quoting below a letter which I have just received from the President of the United States and I beg to express the hope that in addition to other considerations you will have this letter in mind in transmitting to me applications of member banks in your district for permission to open for business STOP I hope also that in forwarding such applications you will please be good enough in each case to advise me specifically, as requested by telegram yesterday, whether in your opinion it would be reasonably safe in the circumstances for me to permit the full opening of the applicant, having in mind the Proclamation of the President prohibiting the payments of currency by any bank for hoarding purposes STOP In the interest of expedition and in order to enable the prompt opening of as many member banks as possible, please forward applications as received, indicating only your opinion on the specific questions asked above STOP (See attached letter) W. H. Woodin" M±. Await said that when the information sent in by the Federal reserve banks is received here by the Secretary of the Treasury it will be checked here by the comptroller of the Currency against information in his possesIn response to questions regarding the procedure which has been edoPted he stated that the Chief National Bank Examiner in each district 394 3-11-33, tt - 14 - has been asked to send certain information regarding national banks in his district; that the basis upon which the infoimation is to be compiled has been discussed with them over the telephone, and that they have sent in their recommendations. Mr. Await added that the men in the Comptrollerts Office have gone ahead with the work of reviewing the recommendations on the same basis upon which the telephonic instructions were given to the Chief National Bank ExPminers, trying to reconcile any differences in conclusions drawn from the information. He went on to say that the in- formation from the Federal reserve banks will be reviewed and that whereever there is any difference among the three viewpoints the particular eases involved will have to be segregated and taken up with the Secretary Of the Treasury in order to see what is going to be done about them. Reference was made to the fact that the proposed telegram by the Secretary of the Treasury to the Federal reserve banks did not contain any indication that there would be any other source of information or recommendations or basis upon which action would be taken besides the information received from the Federal reserve banks. In this connection, Governor Meyer called attention to the fact that there had been a list purporting to include about 2400 banks which had been Prepared in the office of the Comptroller of the Currency and which was in the possession of MT. Mills two or three even. lngs ago when he discussed with a number of people his idea as to a plan of reopening the banks. Mr. Await said that he had in mind sending to the Se cretary of the Treasury a list of banks for each district and saying that it is considered by the Chief National Bank Examiner of the district, by the e xaminers in the office of the Comotroller of the Currency with his approval, elld by the Federal reserve banks that these banks may be opened on a reasonably 3-11-33. - 15 - safe basis, and ask the Secretary to approve that list, because he would not be able to take up each case individually. The suggestion was made that the Federal reserve banks should know that a request similar to that contained in the proposed telegram to them has been made of the Comptroller's office with respect to national banks and that a statement to that effect should be incorporated in the telegram. It was also suggested that the telegram should clearly indicate that the letter from the President is nuoted for the confidential information of the governors and their boards of directors, and that it would be desirable to substitute some other expression for the phrase "I beg to express the hope". 14re Await then left the room and stated that he would convey these suggestions to the Secretary of the Treasury. Secretary's note: Later in the day there was received a copy of the telegram in the form in which it was transmitted to the Federal reserve banks, as follows: "To all Governors "For the confidential information of yourself and your Board of Directors I am puoting below a letter which I have just received from the President of the United States and I beg to express the hope that in addition to other considerations you will have this letter in mind in transmitting to me applications of member banks in your district for permission to open for business STOP I hope also that in wiring such applications you will please be good enough in each case to advise me specifically, as requested by telegram yesterday, whether in your opinion it would be reasonably safe in the circumstances for me to permit the full opening of the applicant, having in mind the Proclamation of the President prohibiting the payments of currency by any bank for hoarding purposes STOP In the interest of expedition and in order to enable the prompt opening of as many member banks as possible, please forward applicLtions as received, indicating only your opinion on the specific question asked above STOP Similar request has been made of the Comptroller's office with respect to National Banks. The President's letter follows 2.:UOTE (See attached letter) END QUOTE W. H. Woodin" 396 3-11-33. - 16 - The following regulations issued on March 11, 1933, by the Secretary of the Treasury under the authority conferred upon him by the President's proclamations of March .6 and 9, 1933, declaring and continuing a bank holiday which had previously been brought to the attention of the individual members of the Board were then presented for the record: (18) "All banking institutions are hereby authorized to subscribe and pay for any United States Government obligations which may be offered for subscription and sale by the Secretary of the Treasury. Federal Reserve Banks may carry on such functions as may be necessary to facilitate such transactions as are authorized by this regulation. "All Federal Reserve Banks are authorized to redeem matured obligations of the United States and to cash matured coupons provided no gold or gold certificates shall be paid out." (19) "Except as otherise prohibited by law, banking institutions may exercise their normal and usual functions in permitting substitution for or release of collateral held by them, provided other collateral or cash of equal or greater value is received in exchange the (20) "All Federal Reserve Banks and their Branches and Agencies may open March 13, 1c-)33, and may remain open for the performance of all usual and normal banking functions except as prohibited by the Executive Order issued by the President on March 10, 1933 and any further orders or regulations hereafter issued." (21) "Banking institutions which are not members of the Federal Reserve System or organized under the laws of the United States and which are not under the immediate supervision of any State authority may, on and after March 13, 1933, carry on their normal and usual functions, except as otherwise prohibited and except that no such institution shall pay out any gold coin, gold bullion or gold certificates, unless authorized by the Secretary of the Treasury, nor allow withdrawal of any currency for hoarding, nor engage in any transaction in foreign exchange except such as may be undertaken for legitimate and normal business requirements, for reasonable traveling and other personal requirements, and for fulfillment of contracts entered into prior to March 6, 1933." 897 3-11-33. - 17 - (22) "All Federal land banks, Federal intermediate credit banks, joint stock land banks, Federal home loan banks, regional agricultural credit corporations and the Reconstruction Finance Corporation are hereby permitted to open at 9 o'clock, a. m., Monday, March 13, 1933, to perform their usual banking functions except to the extent prohibited by the executive order of the President of the United States, issued March 10, 1933, by Federal or State law, or as may hereafter be limited or prohibited by regulations promulgated by the Secretary of the Treasury. "This permission, as to each of the foregoing banking institutions, may be revoked in whole or in part by the Secretary of the Treasury at any time, and is granted as to each such institution upon the express condition that such institution shall deliver, within thirty days from the date hereof, to the Treasurer of the United States or to a Federal Reserve Bank or a Federal Reserve branch bank of the district in which it is located, all gold coin, gold bullion and gold certificates owned by it, and receive payment in credit or in other forms of coin or in currency." Thereupon the meeting adjourned. Secretary.
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