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TO
FROM
REMARKS:

4:50 received from Treasury
4:t>5 sent up to Dr. Golaenweiser

CHAIRMAN'S OFFICE






THE SECRETARY OF THE TREASURY
WASHINGTON

December 19, I939

My dear Mr. Chairman:
With reference to tihe income certificate plan for
agriculture discussed at the meeting of the Fiscal and
Monetary Advisory Board held in my office the morning of
December 18th, I enclose a copy of a memorandum prepared
in the Treasury Department on the subject.

The analysis

was based on the certificate plan as incorporated in
several bills introduced during the 1939 regular session
of Congress.

It is understood that this plan differs in

some respects from the plan at present contemplated by the
Department of Agriculture.
Sincerely,

Honorable Marriner S. Secies9
Chairman, Board of Governors,
federal Reserve Sjystem,
Washington, D. C.

Enclosure