Amendments to Federal Farm Loan Act and Federal Reserve Act; hearing before a subcommittee of the Committee on Banking and Currency, United States ... S. 2253 and S. 2263 ... July 18 and 19, 1921 - Tapa blanda

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1921 Excerpt: ...there is a vacancy? Senator Kenyon. My idea in putting on the Secretary of Agriculture was that it would have to be increased, but it would not increase the expense. STATEMENT OF HON. FRANK B. KELLOGG, UNITED STATES SENATOR FROM MINNESOTA. Senator Kellogg. I have only a word to say. I knew there had been serious objection to putting Cabinet officials on the Federal Reserve Board, other than the Secretary of the Treasury. I was aware of what the Senator from Virginia has said, and I heard very serious objection to it when the bill of the Senator from Iowa was introduced. The objections expressed to me, some of them, were these, that the Federal Reserve Board ought not to be more than is absolutely necessary, subject to political pressure. A Cabinet official is necessarily and properly a political representative of the President. I do not mean that his whole business is to represent his political party. Of course, that is not true. But he necessarily is, and knowing these objections I thought I would introduce a bill, and bring it before the committee, providing for a representative of agriculture, the same as the law now provides that there should be two representatives of banking and financial institutions. Furthermore, I am inclined to think, although I have no objection to the Secretary of Agriculture being on the board, that it is better to have a man entirely disconnected with the Executive organization in the administration. I think it is necessary that the Secretary of the Treasury, and very properly, should be a member. Of course, I would much prefer if the law could be amended that one of the present members be required to be a representative of agriculture. The interests of agriculture are so large that I am inclined to think that it would have a g...