DUPLICATE 
BALLOT 
‘Not to be detached) 
INDIVIDUAL AND ASSOCIATE MEMBERS of the 
Chamber of Commerce of the United States are urged to use this 
ballot to place before the commercial or trade organizations of 
which they are members their opinions respecting the questions 
presented in this referendum. They should not send this ballot 
to the Chamber of Commerce of the United States. 
In forwarding ballots to commercial and trade organiza- 
tions, individual and associate members should act promptly, in 
order that such organizations may have the benefit of their point 
of view before the organizations cast their own ballots. The 
period in which organizations’ ballots may be cast expires on 
February 24, 1930. 
{ The Committee recommends that in the structure of the Federal Reserve System the 
principle of regional banks with autonomous powers—in contrast to a central bank— 
be maintained. 
See pages 6-8 
IN FAVOR OF THE COMMITTEE'S RECOMMENDATION 
OPPOSED TO THE COMMITTEE'S RECOMMENDATION 
[1 The Committee recommends that in maintenance of the principle of regional au- 
tonomy the Federal Reserve Board should not initiate changes in the rediscount rate 
unless a plain national emergency exists and then not without conference with the 
directorates of the regional banks and full consideration of the resulting influence 
of its act upon the commerce and industry of the area involved. 
ee pages 8-12 
— Te————— 
i IN FAVOR OF THE COMMITTEE'S RECOMMENDATION 
{ OPPOSED ™ "HR COMMITTEE'S RECOMMENDATION 
J 
11 The Committee recommends that a policy favoring a uniform rate of rediscount for 
[ all reserve banks is unsuited to our regional system and to the diversity of business 
conditions. See pages 8-12 
— 
- —— 
[IN FAVOR OF THE COMMITTEE'S RECOMMENDATION 
OPPOSED TO THE COMMITTEE'S RECOMMENDATION 
[V 
The Committee recommends that as the future need for reserve credit and currency 
sannot be definitely foretold, the reserve banks should possess powers of credit and 
currency expansion sufficient to insure the largest measure of serviceability in any 
periods of strain. See pages 12-14 
I 
| 
IN FAVOR OF THE COMMITTEE'S RECOMMENDATION | 
OPPOSED TO THE COMMITTEE'S RECOMMENDATION 
V The Committee further recommends that the precise adaptation of the volume of 
reserve credit in all its forms, including note issues, to the requirements of trade 
should be regarded as a problem of administrative instead of legislative control. See pages 12-14 
[= 
IN FAVOR OF THE COMMITTEE'S RECOMMENDATION 
OPPOSED TO THE COMMITTY®'® RECOMMENDATION 
VI The Committee recommends that the development of increased skill in management 
of the system of regional banks in preference to changes in the structure or credit 
powers of the system constitute the best public safeguard. See pages 12-16 
IN FAVOR OF THE COMMITTEE'S RECOMMENDATION 
| OPPOSED TN THE COMMITTEFR’S RECOMMENDATION 
VII The Committee recommends that no limiting policy such as one of maintenance of 
price stability be imposed by legislation as a definite duty upon the Reserve Board 
and the reserve banks. See pages 10-22 
IN FAVOR OF THE COMMITTEE'S RECOMMENDATION 
1 OPPOSED TO THE COMMITTEES RECOMMENDATION 
VIII While the Committee does not believe that there should be prescription by Congress 
of precise methods to be followed, IT RECOMMENDS that in determining the Sys- 
tem’s credit policies Federal Reserve authorities, with cooperation of the member 
banks, should endeavor to restrict the flow of bank credit into speculative channels 
when such flow is likely to produce an immediate or prospective strain upon the re- 
serve of member banks in their effort to provide credit accommodation of commerce 
and industry. 
See pages 16-22 
er — ——— rr ——— 8 ————— a ——— 
IN FAVOR OF THE COMMITTEE'S RECOMMENDATION 
| OPPOSED TO THE COMMITTEE'S RECOMMENDATION