19211203_Minutes.pdf
Transcript of 19211203_Minutes.pdf
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FEDERAL RESERVE BOARD
WASHINGTON
December 3, 1921.
Governor Harding,Federal Reserve Board.
Please call a meeting of the Federal reserve
Board for 11:70 a.m. today, December 3, 1921.
L
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A special meeting of the Federal Reserve 'Board Wbs held in the
/3°121rd room at 11:30 a.m. December 3rd, 1921.
PPM-NT: Governor HardingYr. PlattMr. HamlinMr. Miller
MitchellCrissingerHoton, Secretary
The Co-/Error stated that he had received a written request, signed by
Ir'es2rs. Platt, Miller and Mitchell to call this silecial meeting and that there-
f°1'e he IlLd done so in accordance with the provisions of Section 1, Article
XII of the 15y-Laws of the Board.
Mr. Platt moved that the Board reappoint for the full torn o three
Years thorn two Class "C" Directors vhose terms expire at the end of the cur-
?ent year, namel;T, William A. Heath, Federal reserve Bank of Chicago and
41liam McC. Martin, Federal Reserve Bank. of 2t. Louis.
Carried.
Platt moved that the Board redesignate as Federal Reserve Agents
f°r the year 1922, the followinL7 Class "C" Directors:
Frederic H. Curtiss _ Boston
Pierre Jay - New York
Richard L. Austin _ Philadelphia
D. C. Wills Cleveland
Caldwell Hardy - Richmond
Joseph A. McCord _ Atlanta
William A. Heath - Chicago
%illiam McC. Martin - St. Louis
John F. Rich - Minneapolis
Asa R. Ramsay _ Xansas City
7silliam F. Ramsey - Dallas
John Perrin - Ian Francisco
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Mr. Mitchell seconded Mr. Platt's motion and said that while he was
"the opinion that the managemnt of some of the Federcl Reserve banks could be
gteatlY improved by the designation as Federal Reserve Agents of men other than
he Present incumbents,that he regarded the present as a critical time and that
change at this juncture might result in more harm than good.
Governor 7arding said that should Mr. Platt's motion prevail, and should
the Board next year determine to make changes he felt that those Federal Reserve
11:allts whom the Board contemplated replacing should receive ample notice in
so as to enable them without embarrassment to make other connections.
Mr. Crissinger stated that he had heard at a number of the Board meet-
Considerable question raised as to the fitness of some of the Federal Res-
ell'e Agents for their positions and he did not think that the Board would be
4"°MPlishing anything in the way of imIlrovement to the System by passing an
(3211.1111s motion to redesignate all Agents. In any event, he said he was opposed
to
the
advising the Agents of their aprointment vithout at the same time advising
M of the salaries which vill be allowed to them by the Board.
Mr. Miller stated that it was his intention to offer motions contemplat-
ilcertain drastic reductions when the matter of the salaries of Federal Res-
Agents comes up for determination. Mr. Miller said further that in his
'41011 the Federal Reserve Act should be amended so as to provide for the sep-
cn of the office of Chairman of the Board and the office of Federal Reserve
4tezif., so that the Federal Reserve Board may be placed in a position to select
el'8°ns of different tyros to fill the two offices. Mr. Miller moved to lay
4-latt's motion upon the table explaining that his motion was made in order
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to give time for a more general overhauling of the entire subject with a
view to doing something to improve the situation.
Mr. Miller's motion to table being put by the Chair was lost by
a tie vote.
Mr. Platt's original motion being put by the Chair was carried.
Mr: Crissinger voted "No".
Mr. Mitchell moved that a notice be sent immediately to each Federal
Reserve Agent advising him of his reappointment for the year 1922.
Carried.
Yr. Crissinger voted "No" explaining that he was opposed to advising
the Agents of their appointment without at the same time advising them of
their salaries.
After discussion it was voted to reconsider the action take above
With regard to the transmission of advice to the Agents, and upon motion, it
W48 voted that the Secretary supply to each member of the Nouinating Com-
Illittse a list showing the present salaries of all Federal Reserve Agents,and
that the Committee make to the Board, recommendr:tions covering salaries to
6btain during the year 1922, the said Committee to report not later than
4et Tuesday, December 6th, and that no notice be given of any appointments
111411 after the said meeting of December 6th.
Mr. Miller moved that the Governor be requested to prepare, with
the assistance of the General Counsel, a proposed amendm
ent to the Federal
-eserve Act, N,J.lereby the Federal Reserve Board will have power to assign to
dif4l.erent persons in any Federal Reserve bank, the position of
Chairman of
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the Board and the position
Carried, it beingnot bind the membersdrawn and submitted.
Approved:
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of Federal
understoodto approve
Reserve Agent.
that thit:; affirmative action doesthe proposed amendment when
The meeting adjourned at 12:45 p.m.
Secretary.
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