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FEDERAL RESERVE ACT
Including Analyses of the Federal Farm Loan (Rural Credits) Act, the Bill of
and Regulations of the Federal Reserve Board
By WILLIS S. PAINE, LL. D.,
Author of "Paine's National Banking Laws," "Paine's New York Banking Laws," "Paine's Building and Loan
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The adoption of the Federal Reserve Act was a change of banking policy not far from the beginning of the twentieth century as fundamental for our country as was Peel's Bank Act for the banking and currency system of England in the middle of the nineteenth century. The Federal Reserve Board with broad powers is competent to investigate and to contrive remedies, and is so equipped with the garments of reason and the voice of authority that its advice will be heeded. While the statute is not free from criticism, yet new laws amending the same should be made with much deliberation.
It is stated elsewhere the enactment of many statutes every year is an evil.1 Another evil is the unnecessary growth of the volumes of reports. The American law reports aggregate eight thousand, four hundred and twenty, and of this number the State of New York has contributed more than fifteen hundred volumes. The number of preserved decisions in our country is more than one million, while the growing increase is more than twenty-five thousand every year. If new principles were laid down, no one would object, but in many instances the decisions are applications of old principles to new facts which are of no interest except to litigants in a particular case. The volumes of recorded opinions will rapidly increase because the tendency is to embalm even fugitive utterances given from the bench during litigation. The tangled nuisance caused by the publication of statements of undigested if not wholly contradictory single instances must be abated.
The author in his first preface to Paine's Banking Laws, written nearly thirty-two years ago, made statements which
1 Preface to Paine's New York Banking Laws (6th Ed.).