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The Board is profoundly conscious of the responsibilities imposed upon it by the Federal Reserve Act, and during the period of readjustment and afterwards as progress is made in the reestablishment of peace conditions, its purpose will be to exercise its control of our credit structure in such manner as best to promote the national wel fare, the agricultural, industrial, and commercial interests of the country, and the development of our foreign trade.

By direction of the Federal Reserve Board.

W. P. G. HARDING,

The SPEAKER OF THE HOUSE OF REPRESENTATIVES.

Governor.

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91

Exhibit A-DISCOUNT RATES.

No. 1.-Discount rates (high and low) in force during the period from Nov. 16, 1914, to Dec. 31, 1918.

MATURITIES.

Secured by United States Government war obligations.

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1 Commodity rates were established during September and October, 1915, and merged with those for commercial paper of corresponding maturities in November and December

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Cleveland:

No. 1.-Discount rates (high and low) in force during the period from Nov. 16, 1914, to Dec. 31, 1918—Continued.

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