Word: draft
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...Governor Eccles is something of a Hamiltonian in his central banking philosophy, Senator Glass is a thoroughgoing Jeffersonian, defending the rights of the regional Reserve Banks and fearful of political contamination. In the Glass draft the Reserve Banks have a strong voice in, though not control of, the country's credit policies. The Secretary of the Treasury and the Comptroller of the Currency are dropped as ex officio members of the Board, thus breaking that political tie. The name of the Federal Reserve Board is changed to Board of Governors?seven men, not more than four of whom belong...
...Gentleman from Virginia: "It's a damn sight better bill than the original." Said Banking & Currency Chairman Fletcher who generally disagrees with Senator Glass: "It's a fairly good compromise and better than I expected." Even Governor Eccles managed to muster something more than faint praise for the new draft. Walter Lippmann was inspired to write...
...unusual combination of circumstances the bill fell into the hands of uninflammable men. . . . None of them felt called upon to go forth and make a brawl of it. ... The result is a bill which is fundamentally stronger than the first draft, a bill which is not a victory or a defeat for any one, but is simply the outcome of a useful discussion by honest and reasonable and modest men. ... If the Utility Bill is a shining example of how not to go about a reform, the Banking Bill is an excellent example of how to go about...
...over Title I, which sets up permanent deposit insurance on accounts up to $5,000, nor over Title III, which is largely comprised of technical amendments to the banking laws, but over Title II, dealing with the powers and prerogatives of the Federal Reserve Board. Under the Eccles draft, control of the Federal Reserve System, and hence the nation's currency & credit, stemmed straight down from the White House through the Reserve Board Governor, who would serve at the President's pleasure. Stripped would have been the twelve regional Reserve Banks of what little autonomy they have left, leaving...
...give the Board power to alter at will and in any degree the reserves that member banks must by law maintain, so that it might apply brakes to any runaway credit inflation. The Glass Bill limits the possible upping of reserve requirements to double the present ratios. The Eccles draft would have made any & all bank assets, short-or longterm, liquid or frozen, eligible for rediscount. The Glass Bill provides for special Reserve Bank advances on ineligible paper in emergencies only. And thus throughout Title II Governor Eccles and Senator Glass both achieved their original aims, although delimited and adjusted...