...interest. The law authorizes the federal reserve banks upon the endorsement of any of its member banks, to discount notes, drafts and bills of exchange arising out of actual commercial transactions, having a maturity of not more than ninety days, except notes secured by staple agricultural products...

...re-discounting. With the indorsement of a member bank, the federal reserve bank may discount for such member bank notes, drafts, and bills of exchange arising out of actual commercial transactions. The federal reserve board determines in general the character of such paper. But the statute provides...

...own member banks, and from the United States, and from each other, but not from individuals. They may discount notes, drafts, and bills of exchange arising out of actual commercial transactions and indorsed by any member banks in their own districts, and maturing in not more than ninety days...

...incorporated into the act several very important provisions which had in mind specifically the.needs of the farming classes and the possibility of extending...bills of exchange arising out of actual commercial transactions—that is, notes, drafts, and bills of exchange issued or drawn for agricultural, industrial,...

...payable upon presentation. Upon the endorsement of any of its member banks any Federal reserve bank may discount notes, drafts and bills of exchange arising out of actual commercial transactions, or the proceeds of which have been used, or are to he used for such purposes, the Federal Reserve Board...

...re-discounting. With the indorsement of a member-bank, the federal reserve bank may discount for such member-bank notes, drafts, and bills of exchange arising out of actual commercial transactions. The federal reserve board determines in general the character of such paper. But the statute provides...

...reserve banks. The Act of 1913 provides that Federal reserve banks may discount for member banks, . notes, drafts and bills of exchange arising out of actual commercial transactions and having at the time of discount a maturity of not more than ninety days. The Act specifically excludes...

...amended to make the eligible paper for instalment payments that likewise described in Section 13 as "notes, drafts, and bills of exchange, arising out of actual commercial transactions" or "drawn for agricultural, industrial or commercial purposes," "the Federal Reserve Board to have...

...becoming a member of a Federal reserve bank shall have the right to discount to a Federal reserve bank, notes, drafts, and bills of exchange arising out of actual commercial transactions and to endorse the same with a waiver of demand, notice and protest and to do any other thing necessary...

...State banks which become members of a Federal reserve bank to discount to such Federal reserve bank notes, drafts, and bills of exchange arising out of actual commercial transactions and defining the terms of such discount; prescribing that the lien and rights obtained by a Federal...