Speech

&at « » J*o# rr* tm» 4mm tor Agrioulture qUoOXo tokxrem la tta ffati o*X Gmnt& tear * y !«»« Otari** *• leaker* fmmvm bwri* M y SO* XOW.j Sit&ieo «MA ^oaiXosaea of tfa !k41-j Atk&mooi Hr, $a*ar, to farffegr liestor of Hit 3otl. sal art.1^ , xyui tatart «• to ifNrtfe to jrS3U v«*jr briefly aaa tall you abat Ua Mo«ftX Wm*rw %ote* mm for tbe fsraero of tfa {teiM St*t»o# 1% it * «A^«| «h l* apfaaXo to a» war etfORglf* far I &*** 1MN& © 2M *t of rn fteleraX HMMVWI M «&w* Its ,^ia*a tia la 1014* and. V *Afl> «H& I torn be** m& M af t!a §f«Ag» ia a dutiful Uttle H « la fcsaoe£»* w tl«, oa -Steaia^is fi*gr, <*r #*»!• that perlot «T tl «» «d ill «al oiar feXXcer msaatm* if tbat tea®© imp® aor, I beUove, u»t«il«« la sitt* Ueop ia%«^*% to these f&eeeetitagfe At ttie outset* lot m m g tbat 1 uboll iut j&aert&kft today to «K$lala Uio t o I f&m Xm& %:4klm ^to?a* or tho f^ioraX Xatnradiate Cr*4lt Banka, axMpt to etar Xai«?r ho* tm fodoral .*ef*e yotosi, through Ua httfttl ftaem iw&r* UmSw&Ii assiatmo© to ttaee Vafea. 8*r stall 2 snare outl m ia m m A m the aerl oil feral %ftottt*c Act reoeatiy <*as*Qtod late Jte nltb its imge rifM s^ fts* aftaUtatered S^f the at* Item loti* BoortU fw tbat w m M b*&m m begroaft Mi llaata of &&« *&§*••*« So toBAmtonA slat tho Tmlor X 1*1 serve S^fHUnk im .o for tla far*w# « aiot f a back to the Oajpo btl^/e ua /e Uaa *o* < t- bUuad# Vm £&mmr %ixm bm to toe aooiy iso a*a*a& tmrn 14s loouX Uoafe* aad Ha Ufldt of tla «M st too OOalt iooa him, &ad u«o ties for aiilot* iia lo^a cwuld ^o ofttli, amxm*mi m*M Us® roootawao of I3^t 'bf^u la U ^i« Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis of *0*0011ftl *umi or otter Mfjfpaoor, tro teaate to to bo loos UxursX oo«flut« ito ro*oiure®3 w o liaitod, .ad tfe* laormso of Its rooouroo* by kofrooiog m o oliior fces&o woo not io&od a 101 ollh mufe f«r», eat *0 aayuraiw* oould 1* tad th&t os&sfc lu*m onll bo iooind« fbo $a\ #tsal Kosnmpvo Aoi n&gi emafsoA oil ttalo, aad now feoteid U10 tmaoojrim of fcho iodiviai&l b*ak oitU «&ii t** far oar doolo* ttwre "■* ^ m ** ■ '■ ^ 1 * ttoooreo iyfttw© aritfc ito 7 at m m m i ov&iUii;lo to the m*m*t mt& in o*eo of sooao&al otm t or •oextoaa?' \fett*r tio old ajstaa, If il* ro*er«m r^plrod by low to bo feopt ^ * l ife, -»oro roouood to Urn logoi adatraum, toot book eoold aefee no auro looae, oalooft it orroweu fra* too otbor woofc* Uador tbs Itoaorol fc>;»om Act, &o*ororf It oat, 00 » aatter of eourao, t &e tfao oliglHe ?epor of tbe 1 M r on rndoh it koo mu* o looa, to itoo £odor$4 kw m feak on! borr-w |Ufr£ fw* u»o in O^tedlag Curt *or loans. m o io brought o ©t uy tt» foot tfcat under iUe Moral Kfeiorre l<| i t * suai ^ Ito csatiro stoonas ifch the Morel Ro^orv* tafe* in other wolds, the .wfc&r fcOBte* ^ooi U*rir reserves io the federal *o*erea teak, oai tho 13 Jfcoorol Boworro b;*Ks# h id today owr U tilUoao of dollaro .. , imii | /•!. - | n 1 . Mtf • n hMM H H M|i M M M M l with tlo roeorro* It fco*f «ad doolroo to iaar aoo Ito loaai to fwr.are, it ooa ®o to the *eOor<4 i ooorro fejfc, pr oont oU^lhlo pcfor it bo* t-Joea frw1 9000 f re»r fear * i^ea, oa& redleoouat that peper $dt& tbo Jfcdot&l :ao*m ta t, tboo seourl^: *4ditioii*l roootwo vUdh «1U onotoitt ftirtlior looao* If oil bsmko i.t tho 0000 tiao Mod to rooiooo Jit iioir lopor of Udo Uind9 ado privilege ^auXd not bo 00 valnoblo, uut It obould roMofeorod toot aoooo&ol Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis *tr*» *• m i otter wmwtmAm ooour at tlfforeaft poriois tfrrfe^feaut tbs oouatry* aati U&s fact ere&oo tt* taara 1 ftm m b nko to soo to li Ui&l tus nober feafcs *L '.-■*» obteia fUo4& to snfes *»••• low «i»a eudb iot&as wt aaassaairy far rieuitarul zmrpsata, aa& eam%»*m% villi sound taaklMg* ffinmt fete iadlvlSa*dl * “raflfrtr ***#*» j&ro tmsnsslj i& ttHf «MUI| to far fc&i format. *oa A U r *U»o this M i I U U y** that tilt paMMUt oqplta of Ite 12 lMo*a assorts tafts in w r 108 alllions of idllors* .*.ai tt* «ar>ly» it w --4 billons* * to til »f 412 ailUaaa* im jfA ©0& to this &m SNfc&od jrosoms, • otor 3*3 felUlaas,** jPOMi HU r *Us* tfw vwi% M ira ^ « r » vmmirom « <4 Ob @*s oraiaas d tel,; tfeo asulHNr *m*s ufes cxtro of ite f nw. A6r«fttsgos slMUr to febDfto ooaurod Ujr tte f srasr uodar tbs to r 4 i# «m "• ysi on ore giva* ol»o to tte Lusirsooft z*a oM M nf ^tarwr, but trio Ift9*n4 hmvrm Ml be# £l¥ea aortftin voforwiaos in &u*Xim s4th ffciuars* pager ‘siU.cfc teste not **«m ftooonMl to bw* naca or a^mwroiel pespor* Stir oxofi%Oo« • 1. Ml« owaralal p*g*r c&a bo dLsoouaM only **»» it ruts* ast ovor y0 4t^» ftroa tbs of a ..count, fiorsttrs* jopor and pa or of ftarr*r» Cooparttivo sfoifarttag MoooiMiota eon tot disoouatea vhoa it to not ovor 9 nttt&s to m* 3* Stgtt ®a& danmd draft®, O3ri;:im0.1y aot mofoot to dfeM l sgr fteooral Ho»orto baaitt 'oooaaas tearing no fixe* mtisrlty, o^a bo 4i*oounto4 by ire, oral ao orrs t i4© ^ten os©* lo fla&aos tte ta»«stio shlpnaat of ao»*ioriitablo, radily 36*k»to&0 stoplss, ■•ad eoourod fey tills of ladlag* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis lou there is m morm\» rolwm of mch draft* secured by bill* of lading eovorlag tirio ahipafcat of wheat, ooUos, sujd oU**r agricultural r»rcxiucU. 3# lanxtimm aeoe >fc moos, vhoa ar a by ea laol'Vtdual fur*aex *r a cooperative fenssociatloa a^iast »! «)(, &n& &Q*se?>ti*& by tho teak, my be di actuated or guyohated by M «r I &«fcerTe fc aka up to a » tarlty of six ta;.mfctis# *faoa eecored by vftro&niae reeeis>tfe. If dr-m, however, for tWRaaertdal aarpoeoe* the Holt of raoturity would bo 90 mays* 4, . Uoui i ‘baaks are permitted by the Itederal Boeerre Act to r*&& 3*ort#^e leaue f«r fire years *hea the aote is ©scored by a SBrtgefl* oa la^i-orad sad uaoaca^bered fars laad, or oU»r r c4 r4 . t • 5« fetter dL Se»<ar*e fc sfce are <?*»dttec to ffcirohaeo farm lo&a bonds «a** to discount na&vtf&t federal IatanaBttate Crodit bsatea est--hUshed by tho A^riealtarl freitta Act of lS33t gad to oafeeatouree of such b jfcjs. &» otovo are a fee of the e&ae« la which tfaa fteoerfcl loeeanm Act give* f lwiMwa to faram* ?«®or over rosier oewMttai mpw. 2 ■sitiii I had dua* to go iato talc subject stars fully, tat this it ©11 I cm ^ItfdlB the tlo* allotted to oe« Bofore doeiag, 1 waat to i> iat out that the waole cou 4ry, iacludiaf tuxmrv ** wall as buaiaosa w , lo benefited by tho isev* of Moral Xooerre aoteo by the various federal 1es«rvo boajcs. H»so acts# Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis turn Introe-aoa* m of elasticity lafco our awK oacjf ayot&i raid* II sadly i&fltead before, find i&w aeu£* lUturo iisoejr pealcs* of frot.ooat <#caj«rr©m^ uoi’caro tfeo puftngt of tiw &et* Ssgoocibl* la too future* .«Jtare tfce eutefrlitgir mt of tho IWer&l Iwwsrft A< i* *m?* eo © of lawmy %o ^ t rjaatoroa o«roos the Ottnjgy o?«*y /war to ft dHtfcte t*» w w ^ t of tim arope. ; trasnfor* «-**# Ua^eljr liniD>iny> au» tt* •fffeei U &Qooti|)U»iM i^y Use locsl losae* of Fmier«il B»©r*o adtee end I? oolrUs o£» to **&» of to Ocld roUX« taut told esfc&Uetttd «l a«hii*Ktfflfc lif to Ifeiioral ii&;-.era» b a&s, tl*i» cUnl^Uoft Uw trouble* 000%. e»d *i«fc of treasfer* la oo?tfliMdCfe lot oe add Umt tl* **;«*' X Bou?& has so o^wtrwad ®ad a&alnietored the Jtdeff&l aeee»*a Aot &» to k^ww U* credit ote&dli* <a* •eBdte&e pooitr jr of tcrloolfeira tntom^to* plod^ aft tfcalr disposal, l&ifoogh discounts ®ad ones. «em:t operation©* the vi*t msoaraes of til® Jftuftvol ^BMKm ©$*%•* to th» fWUoefc exfcfcat ^fiAIUd tajr Jaw sM oqimIssfceat i4«& fte >rtac4|>los of emu.4 ta&dUsg* I U-uSk you for jrour atteatica* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Charles S. Hamlin (1929, July 19). Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/speech_19290720_hamlin

@misc{wtfs_speech_19290720_hamlin,
  author = {Charles S. Hamlin},
  title = {Speech},
  year = {1929},
  month = {Jul},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/speech_19290720_hamlin},
  note = {Retrieved via When the Fed Speaks corpus}
}