...federal reserve system. Federal reserve banks may rediscount (for their member banks) shorttime notes and bills of exchange " issued or drawn for agricultural, industrial, or commercial purposes," and conforming to certain specifications which have been carefully formulated by the Federal Reserve...

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

...maturing in not more than ninety days from the time of the discount, " the Federal Reserve Board having the right to determine or define the character of the paper thus eligible to discount." This definition shall not include notes, drafts, and bills drawn for stock speculation....

...out of commercial transactions. (This language, whenever used, is intended to apply to all notes and bills of exchange issued or drawn for agricultural, industrial, or commercial purposes, and not for carrying stocks, bonds, or other investment securities.) Such notes and bills must have...

...notes and bills of exchange arising out of commercial transactions, by which term is meant notes and bills of exchange issued or drawn for agricultural, industrial, or commercial purposes, and not for carrying stocks, bonds, or other investment securities. Such notes and bills must have...

...deposit with it, notes and bills of exchange arising out of commercial transactions; that is, notes and bills of exchange issued or drawn for agricultural, industrial or commercial purposes, and not including notes or bills issued or drawn for the purpose of carrying stocks, bonds, or other...

...deposit with it, notes and bills of exchange arising out of commercial transactions; that is, notes and bills of exchange issued or drawn for agricultural, industrial, or commercial purposes, and not including notes or bills issued or drawn for the purpose of carrying stocks, bonds, or other...

...drafts and bills of exchange arising out of actual commercial transactions; that is, notes, drafts and bills of exchange issued or drawn for agricultural,...or are to be used, for such purposes, the Federal Rerserve Board to have the right to determine, or define the character of the paper thus eligible to...

...transactions; that is, notes and bills of exchange Issued or drawn for agricultural, industrial, or commercial purposes, the Federal reserve board to have the right...eligible for discount within the meaning of this act; but such distinction shall not include notes or bills issued or drawn for the purpose, of carrying...

...may discount notes and bills of exchange arising out of commercial transactions; that is, notes and bills of exchange issued or drawn for agricultural,...purposes, or the proceeds of which have been used for such purposes, the Federal reserve board to have the right to determine or define the character...