THE NATIONAL CHAMBER OF COMMERCE 
ning should be made with the present central reserve cities (three), 
additions to be made by the Federal Reserve Board gradually as in 
their judgment conditions warrant, 
(a) The restriction of issue of Federal Reserve Notes to 
$500,000,000 should be eliminated. (b) Interest on Federal 
Reserve Notes should be eliminated. (c) It should be made unlaw- 
ful for any Federal Reserve Bank to pay out any notes but its own, 
the notes issued by each bank being given an identifying number. 
Federal Reserve Notes should not be obligations of the Govern- 
ment, but should be guaranteed by the United States, and they 
should be redeemable by Federal Reserve Banks and not at the 
Treasury of the United States. 
Federal Reserve Banks should mutually guarantee the Federal 
Reserve notes by providing that said notes shall become a first and 
paramount lien upon the combined assets of all the Federal Reserve 
Banks. 
The Reserve requirements of the Owen-Glass Bill should be 
modified and reduced for both Country Banks and Banks in Reserve 
Cities. (Referendum No. 4, submitted August 26, 1913.) 
FEDERAL RESERVE SySTEM 
The banking and currency system has received unremitting 
attention from the Chamber since its first annual meeting. It is 
peculiarly appropriate, therefore, that at the Tenth Annual Meeting 
the Chamber should reaffirm its confidence in the principles of the 
Federal Reserve System, its firm belief that all of the progress 
which has been achieved in the seven years of the System’s opera- 
tion should be maintained, and its earnest conviction that no 
changes should be considered except such as will add further 
strength and usefulness to the present plan and will continue exist- 
ing safeguards against partisanship in direction or in service. 
(Resolution, Tenth Annual Meeting, 1922.) 
PAR REMITTANCE FOR CHECKS 
Par remittance in payment of checks should be made universal 
throughout the United States. (Referendum No. 39, submitted 
August 30, 1922.) 
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