Louis Brandeis

“ The Federal Reserve Bank has formally declared that it is willing, when presenting checks, to accept in payment a draft of the drawee bank upon its Atlanta correspondent or a draft upon any other solvent bank-if collectible at par. Country banks are not entitled to protection against legitimate competition. Their loss here shown is of the kind to which business concerns are commonly subjected when improved facilities are introduced by others, or a more efficient competitor enters the field. ”

“ The contention is that the injunction should issue, because it is ultra vires the Federal Reserve Banks to collect checks on banks which are not members of the system or affiliated with it, through establishing an exchange balance, and which have definitely refused to assent to clearance at par. It is true that Congress has created in the reserve banks institutions special in character, with limited functions and with duties and powers carefully prescribed. Those in respect to the collection of checks are clearly defined. ”

“ W. J. McCahan Sugar Refining Co., 248 U.S. 139, 145, 39 Sup. Ct. 53, 63 L. Ed. 170, 1 A. L. R. 1522. Whether on the undisputed facts plaintiffs were entitled to additional relief is the main question for decision. ”