Speech

X-2084 A BRIEF DISCUSSION OF PRESENT CONDITIONS Address by Hon. W.P.G. Harding, Governor, Federal Reserve Board, Before the American Farm Bureau Federation at Indianapolis, Indiana. Tuesday, December 7, 1920. for publication # December 8, 1920. X-20S4 ^kere is an old saying - of Chinese origin, I believe - that "Things y-i ever as good or as bad as they seem". We should take this philosophy heart t the present time. a Price recessions and the resultant conditions are not peculiar .to this ^try alone, but obtain everywhere and in countries where there has been the §r©atest inflation of credits and currency the distress is most acute, re Present conditions unprecedented as far as particular nations are con Ce rne<i, although it is true that a world-wide situation which depresses sic industries and productive activities is unusual- In this country all ba s We ar e Passing through a period of readjustment which it was expected we enter into immediately after the signing of the armistice^ In fact for a f •tew months after that event there was an unsettlement in prices and a Nation in business, but an urgent demand for commodities and manufactured \ 500r* developed which required satisfaction at any cost and prices upward until they attained levels never before reached in the memory the ^ Present generation, Iri reviewing the conditions which existed a year ago, we all realize £ ^ was sensed by many at the time, that things were not as good as they Seemea for price levels were unnatural and the burden of the high cost of § livin ^ g§ was too great to be permanently endured- It was generally recognized , i floaty y Months ago, following the collapse of the Japanese silk market early gj S-Pring, that sweeping price readjustments were inevitable. In fact, a last summer the continued expansion of credits and the constantly ^ncing costs of living became objects of grave public concern. The Senate See Appendix "A"» 14 53 X-2084 the United States on August 5th, 1919, addressed a communication to the federal Reserve Board on the subject. Shortly afterwards the President in an a^ress to Congress discussed these questions. From that time until the ad- ^rnment of Congress last June these matters were the subject of frequent ^scussions in both houses. On the 17th of May last, the Senate addressed a resolution directing the Federal Reserve Board "to advise the Senate what steps Eposes to take and to recommend to the member banks of the Federal reserve Astern to meet .existing inflation of currency and credit, and consequent high Prices, and what further steps it purposes to take or recommend to mobilize Cre<Uts i 1920 crop J' Reference is made to these incidents n order t0 move the in a°rder to direct attention to the trend of legislative sentiment a few months 880' In marked contrast are the efforts now being made to secure legislation to f°rce expansion of credit and currency with a view of advancing prices, The Federal Reserve Board is not charged with any responsibility for prices °r iiving costs. It is a banking board, which exercises a general supervision 0 ^ Federal reserve banks, and the rates of discount which are fixed by the B°ara> following recommendations of the directors of the Federal reserve banks, fixed primarily with reference to prices. The Board cannot with pro- PriQty establish rates with a view of putting prices up or putting them down. In the ^termination of Federal reserve bank discount rates consideration must be . glyen to general conditions and to current rates, and in the rate revisions WhlCh Board has approved from time to time the view has always been taken that discount rates should not be pegged or fixed arbitrarily, for there are cllvy Ways certain basic conditions related to the demand for and the supply of Ctedit in this country and throughout the world which must be taken into account, toe formal establishment of a Federal reserve bank rate is merely an inter- Nation of these conditions. federal reserve banks are not permitted by law to have direct dealings with ^ -5- X-2084 ^ l ic "but they may rediscount for member banks upon their endorsement eUgibl e P&Per as defined by the Federal Reserve Act representing loans or dements made by the member banks to their customers. The lending powers °f Natior, n v nai banks are broadly defined in those sections of the Revised Statutes ^ United States comonly known as the "National Bank Act", and those of the Stat Wv e and trust companies which are members of the Federal reserve system as those of the institutions which are not members are governed by the of v t ne respective states in which these institutions are located. There Ceiltrali2ed control over the discount policy of the individual member and banks, and the Federal Reserve Board cannot compel banks to mal?£ wilich they do not desire to make nor can it restrain them from making lo w^ i i ii c c h h in the lawful exercise of their discretion they may make No,-nnally the discount rate of a Federal reserve bank should not control % raatt e es at which member banks loan money to their customers. In the countries central banks there is a well-established policy that the central aiscount rate should be maintained at a figure slightly in excess of the ^tent m market rate. The wisdom of such a policy is apparent for it eliminates Oa W , 3 deration of profit in rediscount transactions and gives the central bett control over its own reserves and causes the banks which deal with the p^ to rely to a great degree upon their own resources in extending Ccotnrn * ^ + . c a i i t n 0 ' nations while still affording them an outlet for any undue 1B. s* Because of the exigencies of war financing, it has not been practicable for the Federal reserve "banks up to this time to adoPt this policy and as a rule Federal reserve bank discount rates are lower than the rates charged by member banks. It is believed that conditions are gradually adjusting themselves so that Federal « reserve bank rates may be maintained at a level slightly higher than current rates not only without any disturbance to commerce and business ^ut to their distinct benefit. In fact, this adjustment has already in some cities where member banks have reduced their rates on commercial loans.- In ordinary circumstances banks rely upon their own lending •P°wer ^ measured by the sum total of their capital, surplus and Posits, and rediscount or borrow money only at certain seasons of tho year, or at other times when unexpected demands are made upon them. formerly it was not regarded as a sound policy or good practice for a to permit its loans to be habitually extended to a point which °bliged it to be constantly indebted to other banks for borrowed money. 5ef°re the Federal reserve system was established banks were required to carry i their own vaults a certain percentage of their net deposits n in ^ gold or lawful money as a reserve. This percentage of reserve was considerably higher than that which is now carried. -As regards national k^ks, the reserves required were in gold or lawful money for banks ln the central reserve cities, New York, Chicago and St. Louis, for all other reserve city banks 12ii cash in vault, and 12§$ with banks ln central reserve cities, and for country banks cash in vault, and with banks in reserve or central reserve cities. This percentage X-208U Of r» reserve applied to the time deposits as well as to demand deposits. The frarrers of the Federal Reserve fict felt that with the Federal reserve banks established and a dependable means of rediscount pro- dded, these reserves could be lowered with safety, thus increasing the lending power of the banks in a corresponding degree. The present *aw <ioes n°t require any member bank of the Federal reserve system t0 carr7 any specific amount of cash in its own vault. Ml lawful eserves are kept with the Federal reserve banks. Banks in central eserve cities Trust carry with the Federal reserve bank a balance to 13f of their net demand deposits, banks in reserve cities /0 and country banks 7$. On time deposits the reserve required in cases is only 3$. The Federal Reserve i\ct, therefore, has greatly in creased the normal lending power of the member banks out of their own resources, leaving out of consideration entirely the additional i ft<iing poy/er they can acquire by rediscounting with the Federal reserve bank. T^e extent to which the discount facilities afforded by the Fe(i j. > e reserve banks are now being used shows that through the medi , -P UTr of member banks the Federal reserve banks are participating Actively in extending credits. On August 22, 1907 , just before the *)Snic of fchat year, bills payable and rediscounts of all national ^anks bunted to $59,177,000 against total loans and discounts of 7 ' '°9,027,000. the percentage of bills payable and rediscounts to total loans being 1.26$. On September 23, 1908, the percentage was on Septerrber 12, I91U, total bills payable and rediscounts increased to the then unprecedented amount of $150,071,000, or - 6 r X-208U 2.3^ of the total loans, which amounted to $6,U17,910,000. This increase was due to the disturbance incident to the outbreak of the European War» On September 12, 1916, bills payable and rediscounts had fallen to $91,893,000, or l.lfig of the total of loans of all national hanks. On September 11, 1917, the first year of our Participation in the war, bills payable and rediscounts amounted t0 $285,10*4,000, or 3,09$ of the total loans, $9,23^,229,000. These figures, f course, reflect war financing. The same observation 0 W lU aPPly to figures compiled from reports of conditions of national *>anks on August 31, 1918, and September 12, 1919, when the percentages of rediscounts to total loans were 12.8$ and 13*0*$, respectively. The re has, however, been no new financing by the Government since e flotation of the Victory Loan; the total volume of Government ligations outstanding has decreased since September 12, 1919, when rediscounts and bills payable of all national banks amounted to '505,516,000, while on September 8, 1920, the national banks1 lability for money borrowed in this way amounted to $2,299,640,000, 0r 16.8$ f $13,723,611,000. The figures for 0 their total lQans Qf tate banks and trust companies are not available, but there is no ea°0n to "believe that the proportion of money borrowed by these lTisti tut ions to their loans and discounts is any less than that Shown the national banks. - 7 - X-208U The inpression exists in the ninds of many that the Federal reserve system has adopted a policy of radical deflation and that the farming interests have been the chief sufferers from this policy. such policy has ever been undertaken and as a matter of fact there has been during the.past year an increase and not a reduction in the net volume of bank credit and currency. There has been no Policy looking towards a broad curtailment or deflation of credit ^ut efforts have been made to correct abuses and to bring about moderation and better judgment in the use of credits which a year » ago were being diverted into all kinds of speculative and . non-; :• productive channels. Efforts have been made also to conserve the resources and credit power of the member banks and of the Federal reserve banks in order that they might better respond to the seasonal needs occasioned by the harvesting of the crops. I do not wish to burden you with statistics, but in order to correct wrong irrpressions I desire to call your attention to the following. On September 19, 1919, the total earning assets of all federal reserve banks were in round amounts $2,350,000,000, while on Jamary 27, 1920, the total was nearly $3,300,000,000, an increase of almost $1,000,000,000, or nearly 50$ within a period of four months, There i no banking system strong enough to sustain, itself very long at s so rapid a rate of expansion of credit, and while no drastic deflation * Was attempted, measures were taken to regulate the credit expansion- discount rates were advanced and this action brought about a moderate amaunt of liquidation, the earning assets of the Federal reserve *>anks being reduced in the course of sixty days by about tooo, 000,000. By the middle of May, however, the - 8 f ' X-2084 t0tal loa«s and investments of the Federal reserve banks approached aSUn their previous high level and the Board called the attention of the banks and the public to the importance of marketing the crops of ^919 before those of 1920 were harvested, and of reducing borrowings the Federal reserve banks Until the seasonal requirements of the autumn should develop* Banks were advised in cases where it should become necessary for them to discriminate in the matter of making loans give preference to essential credits, which included all credits related to legitimate productive activities, and they weie told at the same time that they themselves must be the judges of the essential °haracter of the purposes for which loans were asked of them. On July 23rd, just before the crop moving demands begin to be the total loans and investments of the Federal reserve banks had declined from the high point about $150,000,0CO, and stood around 150,000, 000. Since that date they have advanced steadily with 0ccasional slight recessions until December 3r(i when the total amount r°ached $3,333,792,000, as compared with $2,933,082,000 on December >> 1919. Federal reserve notes in circulation on December 3, 1920 Counted to $3,312, 039,000, as against $2,881,359/000, on December 5, You will see therefore that as "far as the Federal reserve banks arQ concerned, no contraction of credit or currency has been had during thQ past twelve months, but on tne other hand there has been an increase Xn federal reserve bank credit of $400,000,000 and in currency of $u3o,ooo,ooo. Y°u are, however, most interested in knowing to what extent credit hae been available for agricultural purposes. It will be impossible to give precise information on this point until the reports recently called - 9 - • X-2084 £ r by the Comptroller of the Currency from national banks have been tabulated and the digest made public, Tne Comptroller has asked each "atiorial bank for a statement both of direct and indirect loans to farmers. The Federal reserve banks in agricultural districtshave been scounting heavily for several months past with Federal reserve banks ln the industrial districts. Three banks, the Federal reserve banks Boston, Philadelphia and Cleveland, have advanced at times as much as $ "'SO >000,000 to seven other Federal reserve banks, whose districts are largQly agricultural. The total amount of bills discounted by Federal r^serve banks in distinctly agricultural districts is about $1,500,000,000. y in the season Federal reserve banks in these districts were asked Qstimate the proportion of their total loans directly in support of the • agricultural and livestock interests. The estimates for Ptember, 1520 were as follows: Federal Reserve Bank of Richmond, Atlanta, 23.7*; Chicago, 48.3^; St. Louis, 22?-; Minneapolis, 65 j. ' Kansas City, 99,8%; Lallas, 50? and San Francisco, 58.7^- In some of fh v a tnese banks the proportion of agricultural paper-neld is much &reater n/^ ,, than on September 3rd. It is certain that tnere has been Curtail t of agricultural credits by the Federal reserve banks and w ^t h ii yQ ' + a s m1 enhave stated, exact figures of member bank transactions are e available, it seems reasonable to assume that there nas been a very rge volume of crsdit extended by member and non-member banks in supp0rt of the agricultural interests SSeennaattoorr 0O?w en has recently called attention to the fact that "The indi vidual deposits of New York City banks, which were November 12, 1919, $6 1 998,000, were reduced on November 10, 1920, to 916,375, 000, a het ss of deposits in New York City of about $1,400,000,000, and a net - 10 - X-20Sk reduction of loans amounting to a similar amount", and that "While the lndlVliual deposits and loans of New York City banks were coming down, tlie 8 total deposits of all the banks of the country, including bank dePOsits, increased according to the Comptroller's letter of October 13, f <rv $^0l+5,l64,000, and loans increased $5,805,736,000 (including | overdrafts and discounts) for the fiscal year ending June 30th, 1920." 1 am a firm believer in the policy of gradual and orderly methods of marketing our great agricultural staples. All will agree that 'griculture is the basic and fundamental industry, for upon its fruits the lives of those engaged in all other industries. The farmer ig ^ great consumer of manufactured products and anything that affects keying p reflected in the business of the merchant and ower is soon ^^facturer. Conversely a depression in manufacturing and other lines o•f> "i 01 business is reflected in the reduced demand for farm products, anyone questioning the fact that farming as a 1 cannot conceive of a ,ss must be remunerative or production will languish. It is y desirable that the efforts of the farmer be supported and (!) ^^ated in every proper way and that he be aided in preserving the (| easure of his harvests and that he be given an opportunity of marketina -M o axs products on terms sufficiently profitable to warrant nis stayi • np g in the business of farming. It is well to consider, however, that i , n °ottner lines of business, profits are not always continuous. is , aJ.so true with respect to farm industry. The farmer, however, rule, has only one turnover a year, while those engaged in other 8tapl ses have the advantage of more frequent turnovers. Great e orops, the production of which extend-* over a period of several 1 - I I- ' X-2084 i months must meet the requirements of consumption until the next season's crops are produced. In order to prevent possibility of shortage, it is desirable that there be'a certain surplus held over from one crop Pending the marketing of the next. It is important, however, that the surplus held over be not too large or unwieldy, for the marketing of a Crop and a half when the ordinary requirements call for only one crop means a loss unless an unforseen abnormal demand should develop. The gradual and orderly marketing of great staple crops is a matter of lmPortance both to producer and consumer. The dumping upon the market Wlthin a short period of time of a large part of a crop, the consumption 0f wnich extends throughout the year, means not only loss to producers, often to those who can least afford it, but involves also a great strain uPon our transportation facilities and upon the banks in providing the funds necessary for large purc'nases in advance of actual requirements or consumption. The dumping of farm products promotes speculation and usually results in higher prices to the ultimate consumer. " 12 " X-208U * take this occasion to say that the members of the Federal Reserve °ard have a keen sympathy for the farmers in their present rredicament 921(1 are desirous of doing everything they can legitimately and properly 0 help them, It is impossible, however, for any banking system to pro- e funds for withholding all staple crops entirely from the market for ^ length of time. The volume of our great staple crops is so large ^ their value so great that any efforts to valorize them by means of ^ credits would inevitably result in disaster to the community general and to tv cne farmer especially. Orderly marketing means marketing; it means tSady sales and steady purchases, Gradual sales make possible the gradual iNidation of debts, and as the maturity of so many obligations synchronizes with ne Marketing of staple crops, it is probably no exaggeration to say 6 liquidation of a million dollars of farmers1 indebtedness means the Nidation of four or five millions dollars of general debts. Your con- will no doubt consider means of preventing in future a rep^tion f Present conditions. I assume jgOB that you will consider cooperative greater diversification of crops, and the maturing of farmers ligations over periods extending from October to March. I suggest also do not overlook the importance of minor crops as a means of giving the f armer n additional turnover. I assume also that you will consider a the Ym - recesses of marketing and ascertain why in many cases commodities which SOld by the farmer at less than the cost of production are sold to the consumer at high prices, I am aware also that there is much prehension on the Dart of farmers as to their current indebtedness. The ^fesent crops were produced at abnormally high costs and many farmers, no doubt v . ^ » have stuff on hand for which there is now no ready market, or which **** be sold for enough to liquidate their debts. Such a situation calls for fv e closest cooperation between the farmer, and the merchant and banker ~ X3 ~ X-2C8k Wlth whom he deals. I have no authority to speak for the banking busi- ness in general, but I do know that as a rule the bahLrer realises that the welfare of his own institution depends upon the prosperity of the oorrjrunity in which his bank is located. The average banker is averse to foreclosures or other drastic methods of liquidating indebtedness, ex- cept as a last resort, and my opinion is that if the farmer will go to his ii i an.er or merchant creditor end make a frsJflr statement of his condition, fe'iving additional security if available and if required, and agree to make sales of his -produce as the market develops, applying the proceeds n his indebtedness, he will be able to make arrangements for present i?ress- i vn needs and for requirements for another season. Many farmers have had thi e*perience in years when there has been a crop failure. This is a year Of Thvsi jsical plenty and the farmers1 troubles arise from t>rice derangements, ^ s h o e ?r .e d e m cl ir1>1«8 l•n prices of all agricultural staples has been very marked, and ay not be salable in the present circumstances at any price. Such 00lJJf;Q d i t A ties, of course, must re carried over for account of some one and they oetter be carried for the account of the producer. Other staples a price ana gradual sales of these staples will, in my Can sold at a °Pini on • stabilize the entire situation. The resumption of activity on the r, 4. « ar ot woolen mills and cotton mills will revive the demand for wool and cott n, and the continued employment of labor will stimulate the demand foodstuffs and all other farm products. shall not undertake to predict the course cf prices but I will say that trices are relative and that barring shortages prices of all commodities and g J 0o s tend in the long run to rise and fall together, Vhile the decline in Toricg of the goods the farmer has to buy has not "been commensurate with the si-nm P which has taken place with respect to his own products, there is eason to Relieve that within a short time these inequalities will - X-20SU ad«just themselves - either the price of farm products will advance or the e Price of other goods will decline. Thus in the event that there is no substantial improvement in the price of farm products, it seems cer- tain ^at the cost of producing next year1 s crops will be greatly reduced. While it is true that the greater volume of cur staple crops and the 6er part of our manufactured goods are consumed at home, the mainten- ance of our export trade is of the greatest importance to farmers and IDantt*acturers for ability to dispose of surplus products abroad is a l Potent factor in the determination of the price at which goods are sold at heme. The great need of the world today is peace and revival of the lrldustries of peace, the reestablishment of trade relations between the Nations, and in my judgment the surest means of relieving present conditions permanently lies in the development of cur foreign trade upon a basis of assured Permanency. This subject is too complex to admit of its discussion here, but I refer to it merely to emphasise the fact that the farmer is Vltally effected by things which lie beyond his own horizon. All these Otters are pressing for solution and are being considered by those in a&tiinistrative and legislative authority and by banking and trade orgsni- 2aUons all over the country. In the meantime it is most desirable that re be no feeling of undue depression or dispair. Remember that things are not morale which it is so necessary for as tad a5 they seem and that a an to maintain in a military campaign is just as essential in fighting aSainst industrial and business depression. Let us look on the bright side ^ tsfeo measures which may seem to hold out promise Care befQre advocating of temporary relief to consider their ultimate results. One of the most Qffective utterances of the President-elect during the recent campaign was his statement that he favored "Mors business in Government and less Govern- ItlSnt ^ business". We must remember that war-time rreasures are not generally X-208U -15- adapted tr> ^o peace conditions; but no matter what the course of legislation may ' tne solution of our economic and financial problems will depend XnXy upon individual effort, and calls for good judgment and forbearance, 6 lance and cooperation, and a display of courage and optimism, which a*ter all is really justified by fundamental conditions. X«2Co• - u- PRICE REDUCTION OF IM°ORTEE ARTICLES Th^t the fall nigh world""V*^1 ln Prices^ which has recently become pronounced in the United States", is not confined to this country, but is well The fin itS °Psraticn ,r-ay be seen from an examination of monthly average import prices of commodities entering the United of artipin Se fi&ures> a- sundry of which for the most important commodities is presented below, are based on the wholesale price Cies ln the marketsof the countries from which they are imported: Monthly average import prices of selected articles. *rticle Unit i ii 1920 September December March June September October Principal Country from which imported. pound Jf c .184 $ .156 $ .179 $ $ $ -117 British West Africa and Ecuador ^Qmp H • 24 .223 .215 .2C6 . lbb .164 Brazil, Central America and Colo:noia Jut e ton 5*52.25 33S.90 430.50 456.66 545.60 475.79 Philippines ' V l a^ jUte butts n 96.88 180.40 113.65 122.12 51.80 77.55 Ii<dia 11 skinG 225.90 237.93 300.80 345.71 292.58 310,62 Philippines 11 295.00 207.66 2ll+*17 302.21 150.14 125.98 Mexico Pound .497 • 577 .032 .561 .367 .364 Franca, Dutch East Indies and India 11 -33 .363 -354 .341 .258 .22*2 Argentina, Canada 7 W n Olive rU?ber M .776 .066 1.21 I.19 .994 ..1.07 China and British India, Brazil •372 .452 -^53 .^56 . «393 .367 India and Brazil ^ S P in e r 0 Q U w sprint Gall on 2.13 2.1b 2.54 3.26 3.01 3.11 Spain, Italy and France pound .0355 ,0363 .C421 -.0431 .0512 .0552 Canada W W r °a ^ ne n 11 8.04 9.61 12.28 9.99 6.56 6.42 Japan ani China .0555 .0651 .0832 .1611 .1501 .1395 Cuba 11 Pin. ir -257 .241 .243 .305 .264 .266 Japan, India and China wood .534 .541 066 .615 .551 _522 Straits Settlements Cord 10.53 9-85 10.35 14.12 l4.6l 14.93 Canada ton 73.70 76.85 77-80 114.83 142.10 148.98 Canada and Sweden pound - 4 73 .553 .6S3 .659 .437 .433 Argentina, Uruguay, United Kingdom, Australia and British South Africa. tsi Ci. •t Appendix "A" 2 -17- X-2Q84 Decided reductions are shown for many articles of food. Cocoa, °r instance, worth about 18 cents, a pound in September of last year was valued at less than 12 cents a pound in September and October of tVv • is year. Coffee dropped in price from 24 cents in September, 1919, to 16.4 cents in October, 1920,.cane sugar, valued at 5.5 centa a pound n September of last year, rose to 16.1 oents of June of the present y6ar' but dr0PPed below 14 cents in October; since that time a further Precipitate fall is known to have occurred and the November price of sugar win be likely to be only a little higher than a year ago. The price of olive oil, on the other hand, was $3.01 per gallon last October, ds compared with $2.13 in September, 1919. The October price, however, is 15 _ centa a gallon lower than the peak price shown for June. Tea is si So somewhat more expensive than a year ago, but its price of 26.6 Cents a j . a pound in October marks a perceptible recession from last June, her* the average was 30,5 centre a pound. Notable declines in price are shown for hemp, which was valued at $475 7q • ^ a ton in October, compared with $545.60 in September of this year . j A • and $582.25 in September, 1919, for sisal grass, and for cattle » while goats skins have advanced in price from 77,6 cents a pound September of last year to $1.07 pound in October of this year, a fibber w ds somewhat cneaper than a year ago, and twenty per cent cheaper iast July. R silk, which had risen to $12.12 a pound last March, had H aw ropped to $6.42 a ,-ound in October, and wool, which also was at its price in I/larch, when it averaged 66.9 cents a pound, had dropped 43 7 centa a pound in October. the principal commodities, for which advances in price are show . n jute, which rose from $51.80 a ton in September to $77.55 a ton *n Octob er, but is still far below its maximum price in June and below the Appendix "A" 3 -18- Price shown for September, 1919; in view of the very poor jute crop ^Ported from India, it is possible that a further advance in the price °f °Ute W U1 take Place- The largest and most consistent price advances are shown for paper and the raw materials from which it is dnUfaCtUred* PaPer rose from 3.5 cents a pound in September, 1919, to g c centa in October of this year; pulp wood rose from $10.53 to $14-93 a COrd' and wood P^P from $73.20 to $148.98 a ton during the same od« In the case of paper, a growing world-wide demand combined with a decre- dSlng 3uPPl-y of raw materials, results in a price movement at an°e with the general downward trend. A Column is added in the table indicating the principal countries WhlCh each article is imported and thus emphasising the fact that the pi»i c e movement under discussion encircles the world.

W. P. G. Harding (1920, December 6). Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/speech_19201207_harding

@misc{wtfs_speech_19201207_harding,
  author = {W. P. G. Harding},
  title = {Speech},
  year = {1920},
  month = {Dec},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/speech_19201207_harding},
  note = {Retrieved via When the Fed Speaks corpus}
}