...Federal reserve bank may discount notes, drafts, and bills of exchange arising out of actual commericial transactions; that is, notes, drafts, and bills of...have been used, or are to be used, for such purposes, the Federal Reserve Board to have the right to determine or define the character of the paper thus...

...Federal reserve bank may discount notes, drafts, and bills of exchange arising out of actual commericial transactions ; that is, notes, drafts, and bills of...have been used, or are to be used, for such purposes, the Federal Reserve Board to have the right to determine or define the character of the paper thus...

..."discount notes, drafts, and bills of exchange arising out of actual commercial transactions—that is, notes, drafts, and bills of exchange issued or...have been used or are to be used for such purposes." The Federal Reserve Board was given the right to define the character of paper thus eligible for discount....

...business public. In the second place, the Act strictly limits the rediscount privilege to acceptances and "notes, drafts and bills of exchange issued or drawn...have been used or are to be used for such purposes, the Federal Reserve Board to have the right to determine or define the character of the paper thus...

...danger resides — or seems to reside — in the possibility of rediscounting commercial paper, as "notes, drafts and bills of exchange, issued or drawn...have been used or are to be used for such purposes," and in the issuance of federal reserve notes. These extended privileges will inevitably develop large...

...with the business public. More important, the act limits the rediscount privilege to acceptances and "notes, drafts and bills of exchange issued or drawn...have been used or are to be used for such purposes, the federal reserve board to have the right to determine or define the character of the paper thus...

...bank, any Federal Reserve Bank may discount notes, drafts and bills of exchange arising out of the actual commercial transactions; that is, notes, drafts...industrial, or commercial purposes or the proceeds of which had been used or are to be used for such purposes. . . . Nothing in this Act contained shall be construed...

...reserve banks. The Act of 1913 provides that Federal reserve banks may discount for member banks, . notes, drafts and bills of exchange arising out of actual commercial transactions and having at the time of discount a maturity of not more than ninety days. The Act specifically excludes...

...presentation. Upon the endorsement of any of its member banks any Federal reserve bank may discount notes, drafts and bills of exchange arising out of actual commercial transactions, or the proceeds of which have been used, or are to he used for such purposes, the Federal Reserve Board...

...amended to make the eligible paper for instalment payments that likewise described in Section 13 as "notes, drafts, and bills of exchange, arising out of actual commercial transactions" or "drawn for agricultural, industrial or commercial purposes," "the Federal Reserve Board to have...