Word: rediscount
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...Rediscount rates are economic facts of little significance to the layman. Nonetheless, they are of vital importance. The controversy over the rate manipulations of the Federal Reserve Board in the summer and early fall of 1929 and its relation to the stock-market crash still rages. Thus news that the Bank of France has raised its rate of interest from 2 1-2 to 4 per cent, while apparently merely one more fact for statisticians and graph-makers, may conceivably have drastic repercussions...
...this is where he really should begin. We remember all too well the refusal of Mr. Mellon to countenance the raising of the rediscount rates in 1928 and 1929. And yet if he had followed Mr. Warburg's advice, we can readily imagine the storm of abuse which would have poured in upon him. Indeed, the great political problem of the central bank board will be to find men who will serve for the sake of a moral reward fearlessly when men shall revile them and persecute them, and say all manner of evil against them; to find...
Within the last few weeks, a strong movement has arisen inside the Government to make the Federal Reserve Banks and their branches active lending agencies accessible to the public instead of super banks that rediscount general banking obligations. The member banks naturally didn't like this...
...which became the only Blue Book ever to be published in Britain at a profit. After two months of probing Lord Macmillan recommended a central bank. The Bank of Canada, as proposed last week to the Canadian House of Commons, will have the usual tools of credit control - the rediscount rate and the power to issue bank notes. Each private, chartered bank will be required to maintain on de posit with the Bank of Canada an amount equal to 5% of its own deposits. Each bank and the Dominion's Finance Department will turn over their present gold holdings...
...Appliance makers have agreed to furnish a standard low price line which will be handled by regular dealers and the private utilities. Dealers and utilities will discount instalment paper with the EH-&-FA. The RFC will then guarantee the paper up to $10,000,000 and EH-&-FA will rediscount it with local banks. At the White House it was labeled an experiment, but Government officials declared that "the next step will be to try to persuade private capital to accommodate purchasers so that the thing can be made nation-wide in scope...