[299] F. M. Taylor, The Elasticity of Note Issue under the New Currency Law. The Journal of Political Economy, Vol. 22, No. 5, May, 1914, pp. 453-463.

[300] Second Annual Report of the Federal Reserve Board, p. 16. 1916.

[301] First Annual Report of the Federal Reserve Bank of New York, pp. 19, 20. 1916.

[302] Thomas Conway, Jr., The Financial Policy of the Federal Reserve Banks, The Journal of Political Economy, Vol. 22, No. 4, April, 1914, pp. 319-331.

[303] First Annual Report of the Federal Reserve Bank of New York, pp. 34-36. 1916.

[304] Second Annual Report of the Federal Reserve Board, pp. 313, 314. 1916.

[305] Ibid., pp. 134-6.

[306] Ibid., pp. 23-25.

[307] [For regulations issued by the Federal Reserve Board see Appendix B.]

[308] Second Annual Report of the Federal Reserve Board, pp. 134. 135, 1916.