On June 15, the President sent to the Senate the names of five nominees who, together with the Secretary of the Treasury and the Comptroller of the Currency, as ex-officio members, should constitute the Federal Reserve Board. The five names submitted were: Charles S, Hamlin of Boston, Assistant Secretary of the Treasury, to serve two years; Paul M. Warburg of New York, to serve four years; Thomas D. Jones of Chicago, to serve six years; W. P. G. Harding of Birmingham, to serve eight years; and Adolph C. Miller of San Francisco, Assistant Secretary of the Interior, to serve ten years. The names of Messrs. Hamlin, Harding and Miller were promptly confirmed by the Senate, but opposition developed to the confirmation of Mr. Warburg and Mr. Jones. They were summoned to appear before the Senate, where, in the case of Mr. Jones, opposition became so pronounced that, to avoid causing embarrassment to the President, whose personal choice he was, he requested that his name be withdrawn. The President then named Frederick A. Delano of Chicago, who was confirmed, thus completing the membership, and the Federal Reserve Board was sworn into office August 10, 1914. The President designated Mr. Hamlin as Governor and Mr. Delano as Vice-Governor of the Board.

The members of the first Federal Reserve Board and their terms of office are as follows:

Charles S. Hamlin, Governor..................two years

Frederick A. Delano, Vice-Governor............six years

Paul M. Warburg...........................four years

W. P. G. Harding..........................eight years

Adolph C. Miller.............................ten years

William G. McAdoo, Secretary of the Treasury, ex-officio John Skelton Williams, Comptroller of the Currency, ex-officio

On the day the Federal Reserve Board was sworn into office, August 10, 1914, the Reserve Bank Organization Committee announced the names of the successful candidates for directors of Class A and Class B of the twelve Federal reserve banks. Directors of Class C, selected by the Federal Reserve Board, were not announced until October. For the first few weeks after appointment the Reserve Board was largely engrossed with emergency measures to relieve the strained situation in credit and foreign exchange. Meantime the Board was confronted with the task of formulating rules and regulations, organizing the various Federal reserve banks, selecting quarters and employees, and arranging a multitude of details in advance of the actual inauguration of the new system. Sufficient progress had been made by early autumn, however, for the announcement to be made by the Secretary of the Treasury that the twelve Federal reserve banks would open simultaneously on November 16, 1914.

Reading References

Articles by various writers, Journal of Political Economy,

April and May, 1914. Conway and Patterson: The Operation of the New Bank

Act. Hearings before the Committee on Banking and Currency,

United States Senate, 63d Cong., 1st Sess., Doc. 232. Sprague: The Federal Reserve Act of 1913, Quarterly

Journal of Economics, Feb., 1914. White: Money and Banking, Ch. XXII.