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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