Word: cannot
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Dates: during 1920-1929
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...Federal Reserve System is that the member banks in each district get together, pool their resources and form a virtually inexhaustible reserve fund upon which all may freely draw. Therefore, although the Federal Reserve Board may frown upon the use of this reserve for speculative purposes, it cannot lose sight of the fact that the Federal Reserve banks are privately owned, are operating largely with private funds, and fundamentally exist for the sake of supplying money rather than withdrawing...
Refusal of Loans. It is therefore very debatable whether any Federal Reserve bank would or could refuse a loan to a member in good standing. Says W. Randolph Burgess, assistant Federal Reserve agent in New York writing of the Reserve System in 1927*: "A Reserve bank cannot tell from the nature of its loans what its money will be used for. . . . It is thus impossible for a Reserve bank to dictate how its credit shall be put to employment. . . . The specific use of credit is the business of the individual member and nonmember bank. . . . What the Reserve banks do primarily...
Discount Rate. As for rediscount rates, here again it is the province of the twelve Reserve banks (not of the board) to initiate rate changes?. Here the Reserve banks have a specific and unquestioned method of making it expensive to borrow money. But this method cannot be indiscriminately applied. In the first place, a high discount rate will attract money from foreign countries. More important, however, is the fact that the Reserve bank cannot make it harder for the speculator to borrow money without making it correspondingly harder for the businessman or the farmer to borrow money. A rise...
Price. The last sale prior to the increase in seats was for $625,000. Since the price of a seat will be lowered by the addition of 275 new seats, the $625,000 figure cannot be accepted as standard. The value of the new seats depends (as the value of the old seats depended) on what the buyer is willing to give and what the seller is willing to take. The only price regulation made by the governing board was that bids must be made in multiples...
...heights of the ancient Olympus. But they, along with Neitzsche, make better reading. Possibly one thinks too much of those beautiful Victorian beards. But as I write this I think of Havelock Ellis who has the beard, the science, and the literary style too. From this group we cannot exclude Henry Adams...