Word: discount
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Dates: during 1930-1939
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...deadlock on the Home Loan Bank bill, last item on President Hoover's general relief program. Both houses were agreed upon a system of eight to twelve regional banks, backed by $125,000,000 from the Treasury, at which savings banks, building & loan associations and the like could discount their first mortgages up to $10,000 on home property valued at $20,000 or more. But the Senate had amended this bill with a currency expansion scheme of Virginia's Glass, to let national banks issue their own paper money on any Federal bonds bearing interest...
...Senate Virginia's Glass got an amendment tacked on the bjll providing that "the Federal Reserve Board, by a vote of not less than five members, may authorize any Federal Reserve Bank to discount any individual or corporation paper eligible for discount after it has been determined that the borrower has been unable to obtain credit accommodation." This amendment meant that individuals and private industries could borrow directly from the Federal Reserve if member banks into which Reserve credit had been pumped refused to make loans. But so hedged about with restrictions was this authority for Reserve lending that...
...nation to be given her previously agreed share. This would be fiduciary currency guaranteed by the Allies to have the same par value as gold. Each nation could deposit in a central bank a bond equal to the value of her share of reparations. Should any nation attempt to discount this currency she would forfeit her bond. With the first allotment of this currency, each nation would agree to purchase silver. This silver would replace the original guarantee bond, which would be retired immediately, leaving the silver as a bond to function in its place. This money could be called...
...Passed a bill to create a system of eight to twelve Federal home loan banks, each with capital of not less than $5,000.000 at which building & loan associations, cooperative banks, savings banks and homestead associations can discount mortgages of $20,000 or less; sent it to the Senate...
...statement he hammered away at his well-known formula for Relief: 1) expansion of R. F. C.'s credit to $3,000.000,000 to help States finance self-amortizing public works and to aid the Farm Board with its export commodity loans; 2) a home loan discount Dank system "to stimulate from $500,000,000 to $1,000,000,000 of construction work"; 3) joint committees of industry and finance in every Federal Reserve district similar to the Young Committee in New York "for the organized application of the credit facilities now available" (see p. 43) ; 4) Government expenditures...