The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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. Faithfully, Hr. A. H. Williams, President, Federal Beserve Bank of Philadelphia, Philadelphia, Pennsylvania. Enclosures 3 ET:b
@FedFRASER