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DIVISION OF WATERS OF BIG HORN RIVER, MONT.

AND WYO.

FEBRUARY 13, 1932.-Committed to the Committee of the Whole House and

ordered to be printed

Mr. LEAVITT, from the Committee on Irrigation and Reclamation,

submitted the following

REPORT

(To accompany H. R. 7914)

The Committee on Irrigation and Reclamation, to whom was referred the bill (H. R. 7914) granting the consent of Congress to the States of Montana and Wyoming to negotiate and enter into a compact or agreement for division of the waters of the Big Horn River, having considered the same, report thereon with a recommendation that it do pass with the following amendments:

Page 1, line 7, strike out “Big Horn” and insert in lieu “Yellowstone".

Page 1, line 8, strike out “two" and insert in lieu “one”.
Page 1, line 9, strike out "persons" and insert_in lieu "person".

Page 2, lines 1 and 2, strike out "one from the Department of the Interior and one from the War Department".

Amend the title so as to read:

Granting the consent of Congress to the States of Montana and Wyoming to negotiate and enter into a compact or agreement for division of the waters of the Yellowstone River.

The Yellowstone River and a number of its tributaries arise in the State of Wyoming and flow through Montana. Various proposals have been advanced for the use and disposition of these waters and it is essential that an agreement be reached between the States with regard to these matters. One of these proposals has to do with the Big Horn River and this bill was first introduced to meet that particular situation. It developed, however, that it would be best to make one compact between the States covering all of the waters of the Yellowstone River and its tributaries. The bill has been amended accordingly. This amendment is acceptable to the Secretary of the Interior and its has been suggested from both Wyoming and Montana.

The favorable reports of the Secretary of the Interior, both upon the bill and the amendments, are as follows:

DEPARTMENT OF THE INTERIOR,

Washington, February 2, 1932. Hon. ROBERT S. HALL, Chairman Committee on Irrigation and Reclamation,

House of Representatives. My Dear Mr. CHAIRMAN: In compliance with your request of January 21 for a report on H. R. 7914, which is a bill granting the consent of Congress to the States of Montana and Wyoming to negotiate and enter into a compact or agreement for division of the waters of the Big Horn River, I transmit herewith a memorandum on the subject that has been submitted by the Commissioner of Reclamation. After a review of the proposed measure, I agree with the commissioner. Very truly yours,

Ray LYMAN Wilbur, Secretary.

DEPARTMENT OF THE INTERIOR,

BUREAU OF RECLAMATION,

Washington, January 27, 1932. Memorandum for the Secretary. Attached letter of January 21 from Hon. Robt. S. Hall

, chairman Committee on Irrigation and Reclamation, House of Representatives, requests report upon H. R. 7914, a bill granting the consent of Congress to the States of Montana and Wyoming to negotiate and enter into a compact or agreement for division of the waters of the Big Horn River.

It seems desirable that the apportionment of the waters of interstate streams be made by means of compacts rather than by litigation, which usually involves great expense and delay, sometimes with results unsatisfactory to all parties. The legislation therefore seems desirable. It is suggested, however, that possibly one representative of the United States, to be appointed by the President, would be sufficient, and preferable to the plan outlined in the bill. Such representative could represent the Department of the Interior, the War Department and any other branch of the Federal Government. The advisability of amending the bill in this respect is suggested for consideration.

The bill does not authorize an appropriation to cover the compensation and expense of the representative of the Federal Government. In the absence of some provision in this respect it would probably be necessary for the President to designate some officer or employee of the Government whose traveling expenses could be taken care of by appropriations from the department to which attached.

Subject to the comments made, favorable consideration of the bill is recommended.

Elwood MEAD, Commissioner.

DEPARTMENT OF THE INTERIOR,

Washington, February 8, 1932. Hon. Scott LEAVITT,

House of Representatives. MY DEAR MR. LEAVITT: This is in reply to your letter of February 4 addressed to the Commissioner of Reclamation regarding your bill H. R. 7914.

It is understood that an amendment is proposed enlarging the scope of the bill so as to include the Yellowstone River and its tributaries. The proposed amendment seems desirable and such action is agreeable to the department. Very truly yours,

RAY LYMAN WILBUR. O

IMPROVE FACILITIES OF FEDERAL RESERVE SYSTEM

FEBRUARY 13, 1932.-Committed to the Committee of the Whole House and

ordered to be printed

Mr. STEAGALL, from the Committee on Banking and Currency, sub

mitted the following

REPORT

[To accompany H. R. 9203]

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The Committee on Banking and Currency, to whom was referred the bill (H. R. 9203) to improve the facilities of the Federal reserve system for the service of commerce, industry, and agriculture, to provide means for meeting the needs of member banks in exceptional eircumstances, and for other purposes, having considered the same, Teport favorably thereon with the recommendation that the bill do pass with the following amendments:

Page 1, line 7, after the word "then,” strike out the words "six members and insert the words "a majority".

Page 1, line 8, after the word "advances,” insert the words "for a period not exceeding one year from the date of the approval of this act,”.

Page 2, line 4, after the word "notes" strike out the comma, and insert a colon and the following: "Provided, That such banks have no adequate amount of eligible and acceptable assets to obtain sufficient accommodation through rediscounting at the Federal reserve bank."

Page 2, line 4, after the word "notes” strike out “the” and insert "The".

Page 2, line 5, after the word "group" strike out “to” and insert "must".

Page 2, line 8, after the word "group" strike out the comma and all the words down to and including the word “district” in line 12 of the same page.

Page 2, line 15, after the word "shall” strike out “request” and insert “require”.

Page 2, line 19, after the word “interest” insert the words “or discount".

Page 3, line 5, strike out the words "National banking associations." and insert the words “Member banks”.

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Page 3, line 5, after the word "authorized " strike out down to and including the word "te" in line 7, came page, and insert the words

" "to obligate themselves in accordance with'

Page 3, lines 13 and 14, after the word “circumstances” insert the words “and for a period not exceeding one year from the date of the approval of this act,”.

Page 3, line 16, after the word “accommodations" insert the words “from the Federal reserve bank”.

Page 3, line 16, after the word "rediscounting" strike out the words “at the Federal reserve bank”.

Page 3, line 19, after the word “bank" strike out the words “subject in each case" and insert the word "pursuant”.

Page 3, line 20, after the word “than” strike out the words "six members” and insert the words “a majority”.

Page 3, line 20, after the word "Board” strike out the words "holding office at the time,”.

Page 5, line 8, after the word "members” strike out the words "holding office at the tiine.

The bill provides that loans may be made to groups of member banks independently owned and not less than five in number in any Federal reserve district upon time or demand promissory notes. Banks receiving such loans are authorized to distribute the proceeds of the same in such manner and upon such collateral as may be agreed upon. The banks are required to select a suitable trustee to receive deposit of the individual notes of the bankers forming the group, together with such security as may be agreed upon. Such loans shall only be made upon the approval of a majority of the Federal Reserve Board and when such banks have no adequate amount of eligible and acceptable assets to obtain sufficient rediscount at the Federal reserve bank. It is further required that any Federal reserve bank making such advances shall charge interest or discount not less than 1 per cent above the prevailing discount rate. Such loans are to be made only in urgent and extraordinary circumstances, and for not more than one year after the passage of this act. It is further provided that no loans shall be made upon foreign obligations or securities.

Section 2 of the bill provides that for a period of one year any individual member bank that is unable to offer security eligible under existing law may obtain loans from a Federal reserve bank on satisfactory security. Such loans may only be made upon the approval of a majority of the Federal Reserve Board and when the security offered is satisfactory to the Federal reserve bank. Every such note must bear interest at a rate not less than 1 per cent higher than the highest discount rate prevailing at the time and no notes accepted for such loans shall be eligible as security for Federal reserve notes. No foreign obligations or securities shall be accepted as collateral for any such loans.

Section 3 of the bill provides that for a period of one year the Federal Reserve Board shall be authorized to use direct obligations of the United States as a basis for the issue of currency. Federal reserve notes issued under this authority must be protected by a gold reserve of 40 per cent. Federal reserve notes now outstanding have something like 80 per cent of gold held against them for the reason that commercial paper which may be used as a basis for Federal reserve

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