(Excerpt from The Act to Regulate Commerce: As Amended and...)
Excerpt from The Act to Regulate Commerce: As Amended and Acts Supplementary Thereto, Indexed, Digested, and Annotated, Including the Carriers Liability Act, Safety Appliance Acts, Act Requiring Reports of Accidents, Arbitration Act, Sherman Anti-Trust Act, and Others The digest beginning on page 81 covers the six Acts which are of special interest and importance to shippers and carriers. The digests of the other Acts will be found by consulting the table of contents, on page This arrangement was determined upon for convenience of reference. Having found any particular word or phrase in the digest of the first six Acts, it will be easy to trace out the other uses of the same word in the other Acts by consulting the other digests. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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( This is a reproduction of a book published before 1923....)
This is a reproduction of a book published before 1923. This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continuing commitment to the preservation of printed works worldwide. We appreciate your understanding of the imperfections in the preservation process, and hope you enjoy this valuable book. ++++ The below data was compiled from various identification fields in the bibliographic record of this title. This data is provided as an additional tool in helping to ensure edition identification: ++++ Index-digest Of The Act Of October 15, 1914 (Clayton Act) And Of The Act Approved May 15, 1916 (Kern Amendment) Board of Governors of the Federal Reserve System (U.S.), Charles Sumner Hamlin, United States Govt. print. off., 1916 Law; Antitrust; Antitrust law; Corporation law; Law / Antitrust; Law / Corporate
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(Excerpt from the beginning: "The Federal Reserve Act, pas...)
Excerpt from the beginning: "The Federal Reserve Act, passed by Congress on December 23, 1913, is the outcome of a discussion of banking conditions extending more or less sporadically over the years since the Civil War, but assuming an increasing degree of urgency from and after the panic of 1893.The National Banking System had been established during the Civil War, partly as the result of the Government’s financial necessities of that period. It was, before the adoption of the new act, a system of independent and unrelated banks with capitals varying from $25,000 to $25,000,000, holding out, practically irrespective of any definite principles, to any group of five individuals the right to organize and incorporate under its terms. Its characteristic feature, apart from this competitive and independent aspect, lay in its provision for the issuance of currency protected by the bonds of the National Government which were required to be purchased by each bank, as organized, to an amount not exceeding its capital stock, and not less than certain specified sums. Such bonds were then to be deposited with the Treasury Department to safeguard the note circulation of the depositing bank.Defects in the system very early began to make themselves manifest. The currency proved to be wholly inelastic, while the lack of relationship between the banks reduced public confidence in the solvency of the various institutions in times of panic or stress. Owing to such absence of confidence, individual banks were frequently assailed by withdrawals of cash leading to the familiar “runs” upon them, and these often aggravated financial crises. Although, therefore, sufficiently effective in times of financial ease and quiet, the National Banking System had entirely failed to furnish protection to the country at periods of stringency, over-expansion, or weakened reserves, while its currency was inadequate and unsatisfactory."
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Charles Sumner Hamlin was born on August 30, 1861 in Boston, Massachusetts. He was the oldest of six children of Edward Sumner and Anna Gertrude (Conroy) Hamlin. His father, a coal and wood merchant, was a direct descendant of James Hamlin, who settled in Barnstable, Massachusetts, in 1639, and a cousin of Vice-President Hannibal Hamlin.
Young Hamlin received a Bachelor of Arts degree from Harvard in 1883, Master of Arts and Bachelor of Law (cum laude) in 1886, and entered the practice of law.
Hamlin aspired to a political career, running unsuccessfully for the Massachusetts senate in 1886 and 1887. Later Cleveland appointed him Assistant Secretary of the Treasury in 1893. Hamlin gave much attention to efficient collection of taxes and was so successful that President McKinley urged him to stay on under his Republican administration, which he did briefly.
During the next sixteen years Hamlin resumed the practice of law, though he was called to serve on several international commissions. McKinley appointed him one of the commissioners to confer with the Japanese and Russians and later with the British on the fur seal fishery problem in 1897-1898; he was a member of the Japanese Famine Relief Commission in 1906, for which he was decorated by the Emperor; and he served as a delegate to three international peace conferences (1907, 1908, 1911).
On the political side, he was unanimously nominated for Congress in 1910 but declined, and he was president of the Woodrow Wilson League of Massachusetts in 1912.
In 1913 Wilson appointed him Assistant Secretary of the Treasury in charge of customs, the same position he had held under Cleveland. Hamlin was one of the five members appointed by President Wilson to the new Federal Reserve Board on its establishment in 1914. Secretary of the Treasury William G. McAdoo and Comptroller of the Currency John Skelton Williams were members ex officio, the former serving as chairman. At McAdoo's suggestion, Wilson appointed Hamlin to the important post of governor, the vice-chairman who would preside on the frequent occasions of McAdoo's absence. In the opinion of Professor Henry Parker Willis, the Board's secretary: "The choice was wise. Many of the more difficult problems to be met by the Board at the outset were those of personal relationship, choices of men, settlement of organization questions. Mr. Hamlin was essentially a diplomat in the best sense of the word. "
But in the longer run, Willis felt, Hamlin was less satisfactory. He had a "legalistic" mind and thought that all members had an equal responsibility in establishing precedents, and he therefore brought before the Board many matters that were of merely routine importance. When Hamlin's term expired in 1916 he was reappointed, but not as governor. Factions had developed within the Board, with the Treasury group of McAdoo, Williams, and Hamlin on one side and Paul M. Warburg, Frederic A. Delano, and Adolph Caspar Miller on the other. The latter group resented what they felt was Treasury dominance. The seventh Board member, who tried to hold a middle ground, was William P. G. Harding, and he was made governor in 1916.
During the first World War Hamlin was chairman of the Capital Issues Committee, which determined what private security issues might be marketed. When his term on the Federal Reserve Board expired in 1926, he was reappointed for another ten years. On his retirement in 1936 he was made "special counsel" to the Board, a position he held until his death. The Federal Reserve system was expected to prevent major panics. In 1931 a Senate committee investigating its operation asked especially about the dispute between the Federal Reserve Board and the New York Federal Reserve Bank in the first half of 1929. The New York Bank had wanted to increase the rediscount rate from 5 to 6 per cent and then probably push it to 7, 8, or even 9 per cent to discourage speculation. The Board had favored a policy of moral suasion, or having the Federal Reserve Banks tell member banks to reduce their loans. Hamlin was a strong supporter of this softer approach, which, he told the Senate committee, had reduced loans in 1929 and was working successfully. He also maintained that it was wrong to hurt commercial business in order to curb speculation; that it had been too late to raise rediscount rates, since profit in speculation was too large for modest rate increases to matter; and that such action might have brought on a panic, such as that of October 1929, for which the Board would have been blamed. The last two reasons hardly seem consistent.
Hamlin was the author of The Interstate Commerce Act Indexed and Digested (1907), The Index Digest of the Federal Reserve Act (1916), and The Index Digest of the Federal Reserve Bulletin (1921).
He died in Washington of chronic nephritis. After cremation his ashes were buried at Forest Hills Cemetery in Boston.
(Excerpt from The Act to Regulate Commerce: As Amended and...)
(Excerpt from the beginning: "The Federal Reserve Act, pas...)
( This is a reproduction of a book published before 1923....)
Hamlin was a lifelong Democrat, and was known as an idealist and a reformer. He campaigned vigorously on behalf of President Grover Cleveland in 1888, fired with admiration for the latter's courageous stand on the tariff, an issue which was to interest him all his life.
On June 4, 1898, Hamlin married Huybertie Lansing Pruyn, the daughter of John V. L. Pruyn. They had one daughter, Anna.
