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Hovember 25, 19^7•

Dear A l :

I n view of the f a c t that you want the Chairman's
statement so quickly, I enclose three copies. However, we
are revising t h i s d r a f t before sending i t out generally as
there are some details which need changing*
Jhe changes w i l l not a l t e r the general argument f o r
or suggested terms of the so-called special reserve. As an
example, we refer to the option of banks to keep such a reserve i n short-term Governments, when wo should have spelled
i t out and said b i l l s , certificates and notes* For your
purposes, however, I think i t w i l l suffice.

Hr. A. H. Williams, President,
Federal Beserve Bank of Philadelphia,
Philadelphia, Pennsylvania.

Enclosures 3