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Newspaper
Galveston Leader
Location
Galveston, Indiana, United States of America
Date
Dec 31, 1913
Page
2
In Calumet Michigan a Christmas celebration ends in a deadly panic killing 72, mostly children, with three more dying. Snow blizzard and hunger compound misery as families pace morgues for word. Investigators seek cause amid striker tensions and confusing eyewitness reports.
Washington reports a sweeping financial reform law creating regional reserve banks to absorb shocks, issue elastic treasury notes, and shift reserves. It requires member banks to join, sets capital rules, and grants the Federal Reserve Board broad governance to manage currency, reserve requirements, and open market operations.
Scientists at the Department of Agriculture plan a large scale biological battle against the Florida fern caterpillar using millions of ichneumon flies. The pest, attacking ferns and rose bushes, has spread from Florida to Ohio Illinois and DC, with field trials and greenhouse observations guiding the attack.
Rome reports 24 dead and many injured in a Torre Annunziata fireworks factory explosion. Separate items note a Wabash locomotive wreck near Tuffulo and attorney George F Parker's suicide in New York.
Conference changes affect monetary policy structure including seven member Federal Reserve Board terms of ten years and salary rise to twelve thousand. Alaska excluded. regional banks set at eight to twelve with four million minimum capital. Member banks subscribe six percent. Voting rights limited. deposits guaranteed removed. gold reserve 40 percent with tax on depletion. Recess appointments expire after the next session opens.
The plan outlines government backed currency secured by gold reserves. It envisions regional banks capitalized by banks nationwide and governed by elected directors. A market for negotiable commercial paper will form and be convertible to cash during stress. Eight to twelve regional banks would issue currency and centralize reserves. A seven member federal reserve board would supervise the system.
In Chicago during recent gloomy days one hundred fifteen warrants were sworn by women against men in the court of domestic relations, more than double the usual. Court attaches attribute the increase to bad weather and rising domestic troubles.
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