Abolition of the Subtreasuries: Hearing Before ... On H.R. 12209 ...
Abolition of the Subtreasuries: Hearing Before ... On H.R. 12209 ...
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Curtis. My only objection to that would be that I thmk the reserve banks should be paid for what they do, and they should pay for what they get. Now I think you ought to pay them the com- pensation for exercising these functions for the Government; on the other hand, I think they ought to pay rental for such buildings as the Grovemment lets them use.
Mr. Phelan. All right, we will do that; we will charge them so much rental for that building. Now they will charge back, if they use it solely for... Government purposes, the same amount of rental and be entitled to get it. So one offsets the other. The only pro- vision I would put in if I were going to do it on the mathematical basis would be to charge the Federal reserve bank for what use it made of that building for purposes other than Government purposes; then let the rest offset itself.
The Chairman. Now outside of New York and Chicago and San Francisco the other sub treasuries don't amount to very much. I suppose there wouldn't be — whatever benefit may come from extra deposits from Federal reserve banks would be in those three cities?
What to read after Abolition of the Subtreasuries: Hearing Before ... On H.R. 12209 ...?
You can find similar books in the "Read Also" column, or choose other free books by United States. Congress. House. Committee On Banking And Currency to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Curtis. My only objection to that would be that I thmk the reserve banks should be paid for what they do, and they should pay for what they get. Now I think you ought to pay them the com- pensation for exercising these functions for the Government; on the other hand, I think they ought to pay rental for such buildings as the Grovemment lets them use.
Mr. Phelan. All right, we will do that; we will charge them so much rental for that building. Now they will charge back, if they use it solely for... Government purposes, the same amount of rental and be entitled to get it. So one offsets the other. The only pro- vision I would put in if I were going to do it on the mathematical basis would be to charge the Federal reserve bank for what use it made of that building for purposes other than Government purposes; then let the rest offset itself.
The Chairman. Now outside of New York and Chicago and San Francisco the other sub treasuries don't amount to very much. I suppose there wouldn't be — whatever benefit may come from extra deposits from Federal reserve banks would be in those three cities?
What to read after Abolition of the Subtreasuries: Hearing Before ... On H.R. 12209 ...?
You can find similar books in the "Read Also" column, or choose other free books by United States. Congress. House. Committee On Banking And Currency to read onlineMoreLess
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