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370

A meeting of tile Federal Reserve Board was held in the
Office of the Governor on Friday, May 13, 1921, at 3:40 p.m.
PRESENT: Governor Harding
Mr. Platt
Mr. Hamlin
Mr. Miller
Mr. Mitchell
Mr. Crissinger
Mr. Hoxton, Secretary.
PRESENT ALSO:
Mr. Logan, General Counsel.
Reading of the minutes was omitted.
Governor Harding stated that he had received the opinion
of the General Counsel furnished in accordance with the action of
the meeting of the Board on May 12th, with respect to the memorandum prepared by the Governor of the Federal Reserve Bank of Mew
d by
York, covering a proposed acceptance credit to be extende
certain banks in New York City to certain banks in Argentine, for
the purpose of furnishing dollar exchange.
After full discussion, Governor Harding was
l
authorized to advise Governor Strong that the Federa
tion,
transac
this
with
tion
connec
in
Reserve Board,
y
does not contemplate suspending t13 authority alread
of furgranted to accept drafts drawn for t1 purpose
any
plate
contem
it
does
nor
ge,
exchan
nishing dollar
which
es
countri
n
foreig
the
to
respect
revocation with
have heretofore been designated.
proLetter from the Secretary of the Treasury, submitting
posed amendment to the Federal Reserve Act

whereby,under the

l
supervision of the Federal Reserve Board, the Federa reserve




'
••••

banks shall scrutinize and pass Ton all securities offered for
sale in their respective Federal reserve districts.
It was the sense
purpose of the law is
Reserve System should
the responsibility of

of the Board that, while the
praiseworthy, the Federal
not be called upon to assume
its observance and enforcement.

At 4:20 p.m. the meting adjourned.




Secretary.