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-i December 27, Mr. Edward F. Bart©It, Fiscal Assistant Secretary, Treasury Department, Washington 25, D. C. Bear Mr. Bartelt: X understood from your telephone conversation with Mr* Musgrave that you are prepared to recwmnend that holders of Series C savings bonds be permitted to rein* Test the proceeds of their maturing bonds in Series 1 savings bonds, without counting such purchases against the !$#750 purchase limit now applicable to investment in Series B bonds* This Is in line with the Executive Committee's thinking on this »atter, especially with respect to future maturities of Series 1 bonds* Sincerely yours. Secretary, Federal Open Market Committee. MMidbtsrvt! The foregoing letter was prepared after telephone conversations between Mr. Musgrave and Mr. Rouse and between myself and Mr. Leach of Richmond, in addition to which I brought the matter to the attention of Messrs. Ransom and Evans, who were the only Board Members available. Mr* Rouse informed Mr. Musgrave that Mr» Sproul was in favor of the proposed action, and Messrs* Leach, Ransom and Evans concurred* ( BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Office Correspondence To Chairman Ecoles p a te January % 191*7 Subject! ftaries C. Savings Bonds Richard A» Musgrave [)<i\Uj Mr# Bartelt just informed me of Secretary Snyder's decision that Series C Savings Bonds maturing in 19U7 will be paid in cash without any privilege of reinvestment in E Bonds outside the regular purchase limit. The intention i s not t o make a press statement of special announcement on the matter* BOARD DF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Office C o r r e s p o n d e n c e To Chairman Eccles TTrnm Richard A. Mis grave Date jamary s. 1947 Subject: I am attaching for your attention a copy of (1) letter to Mr. Bartelt supporting recommendation to permit refunding of maturing C Bond issues outside the purchase limit on E Bonds; (2) letter received from Mr* Bartelt regarding treatment of gold held in Stabilisation fund when payment is made to International Monetary Pund* A memorandum on this matter is in preparation* Attachments
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