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C. Pigou; F. W. Taussig G. O. Virtue J. B. Eastman III. THE INCOME TAX OF 1913 IV. FOUR YEARS MORE OF DEPOSIT GUARANTY V. THE SOCIAL POINT OF VIEW IN ECONOMICS. I VI. THE KARTELL MOVEMENT IN THE GERMAN POTASH F. W. Taussig J. F. Curtis Thornton Cooke H. R. Tosdal Fred Wilbur Powell [Entered as Second-class Mail Matter. THE QUARTERLY JOURNAL OF ECONOMICS FEBRUARY, 1914 THE FEDERAL RESERVE ACT OF 1913 SUMMARY Advantages of the plan of - I. Spirit and objects of the act, 213. regional banks, 216. - II. Organization of the system, 222. Directors of the Federal Reserve Banks, 224. — Federal Reserve Board, 226. — III. Capital, earnings, deposits of the Federal Reserve Banks, 228. - New reserve requirements for national banks, 231. IV. Clearing House functions of the Federal Reserve Banks, 234.-V. Federal reserve notes, 237. National bank notes, 241. VI. Lending operations of Federal Reserve Banks, 243. — How far operations with general public, 245. — VII. Additional powers granted to national banks, 249. VIII. Supervisory functions of Federal Reserve Board, Probable relations of this Board to directors of Reserve Banks, 251. 252. I. THE SPIRIT AND OBJECTS OF THE ACT THE primary purpose of the Federal Reserve Act of December 23, 1913, is to make certain that there will always be an available supply of money and credit in this country with which to meet unusual banking requirements. Banks of a new class, to be known as Federal Reserve Banks, are to be established, and upon these banks is to rest the heavy responsibility of supporting the structure of credit in periods of financial strain. The new banks are expected to keep them |