Jasper County Democrat, Volume 17, Number 37, Rensselaer, Jasper County, 12 August 1914 — CURRENCY REFORM A REALITY [ARTICLE]

CURRENCY REFORM A REALITY

New Federal Reserve System Is Put Into Effect When Board Meets In Washington. Washington, Aug. IL* —Currency reform became a reality when the new federal reserve system was put into operation. The members of the federal reserve board met at the call of Secretary of the Treasury McAdoo and took the oath of office. The designation of Charles S. Hamljn, former assistant secretary of the treasury, as governor of the board, and of Frederick A. Delano, of Chicago, as vice-gov-ernor, completed the last preliminary To organization. One of the first duties of the new board was the appointment of class C directors, as the directorates of the twelve reserve districts h&d to be completed before actual operations could begin. The other directors have been elected by the member banks. Another duty of the board was the levying of assessments on the banks to pay the expenses of organizing the new system.