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FEDERAL RESERVE BANK OF SAN FRANCISCO March 14, 194-2 Mr. Marriner S. Eccles Chairman, Board of Governors of the Federal Reserve System Washington, D. C. Dear Mr. Eccles: At Governor Szymczak!s request, I am sending you the following material: 1. Public Proclamation No. 1, issued by General DeWitt March 2, 1942 2. Memorandum of General Principles Governing Operations (this memorandum prepared for confidential use of Federal Reserve Bank of San Francisco) 3« Memorandum of Functions and Operations of the Evacuee Property Department of the Federal Reserve Bank of San Francisco as Fiscal Agent of the United States, and Suggested Procedure for Cooperation of Other Banks in Administration of Evacuation Program. 4. Suggested Program for the Federal Reserve Bank of San Francisco and Other Public Agencies to Deal With Property of Evacuees from Pacific Coast Military Areas 5. Informal memorandum on the meeting with Federal Reserve Bank officials at the bank on Monday morning, March 9, 1942 6. Informal memorandum on my visit to the Department set up by the Reserve Bank 7. Memorandum on meeting with representatives of the Japanese. Yours very truly, W. B. POLLARD Enclosures MBM0HA3OT11 OF &KIERAL PRINCIPLES GOVERIIIITG- THE OPBHATIQKS OP "RESERVE 3ASHC UH)ER AUTHORITY GEAITTED BY WIRE OF i-IARCK 7 FROM SECP.BTAJ-IY OP TREASURY III CONNECT IQIJ WliTH THE PROG-RAM OP DEALIFG- WITH I-H1D PROPERTY OP EVACUEES PROii PACIFIC COAST MILITARY AREAS (1) The controlling principles to "be followed are those outlined in the "Suggested Program for the Pederal Reserve Bank of San Francisco and Other Public Agencies to Deal with Property of Evacuees of Pacific Coast Military Areas" referred to in the telegraa of March 7 from the Secretary of the Treasury delegating author it:/ to the Federal Reserve Bank of San Prancisco. (2) All available sources, including the press, radio, appropriate federal agencies, basking institutions etc. will be employed "by the Pederal Reserve Bank of San Prancisco in the dissemination of information to evacuees with respect to the protection of their property interests. The evacuees v/ill be encouraged to consult with the institutions vrith which they have "been dealing and in which they have confidence, such as their local banking connections, attorneys, real estate agents, etc. in order to obtain information and work out satisfactory arrangements with respect to the disposition or maintenance of their property holdings. It will ba made clear to the evacuees that the services of the Federal Reserve Bank and its branches and offices are freely available to them to see that they are not taken advantage of. Where the evacuee is unable to make other arrangements satisfactory to him, the Pederal Reserve Bank of San Francisco will undertake to act as agent for the evacuee, reserving the right to decline to act if no useful purpose will be served. (3) It is understood that no decision has been made that evacuees may not return after the war. Accordingly, while emphasis will be on liquidation, the evacuee may retain the ownership of property which he loaves behind, making appropriate arrangements with the Pederal Reserve Bank or otherwise for its care and preservation. (k) In addition to its branches in Los Angeles, Seattle, and Portland, the Pederal Reserve Bank expects to establish offices in such other communities as may bo necessary to furnish adequate service to the evacuees. It is recognized, however, that the Federal Reserve Bank may, in cases where it has accepted a power of attorney to act on behalf of an evacuee, appoint as its agent any bank or other appropriate agency or person which it may designate, (5) It is understood that in protecting evacuees from unscrupulous action on the part of creditors, the Pederal Reserve Bank may invoke the freezing powers and tho other powers in Section 5(b) of the Trading with the Enemy Act. Thus evacuees threatened by creditors will be encouraged to come to the Pederal Reserve offices and discuss their -problems. These offices will "be prepared to call in the creditor and attempt to negotiate a reasonable settlement. If it appears that the creditor is not willing to deal fairly, the Federal Reserve office will make use of its delegated powers. It will "block all or the rolovant part of the evacuee's assets and freeze them against any attempt of the creditor to seize or attach them. The creditor will "be granted permission to pursue his remedies only when the Federal Reserve office is satisfied that adequate protection has "been accorded tho evacuee. Usually the knowledge that the Federal Reserve office is prepared to act will be more than adequate to remedy the situation. (6) It is understood in carrying out this program that the Federal Reserve Bank of Son Francisco will not exercise the powers under Section 5(D) of Trading with the Enemy Act as Amended "by Title III of First War Powers Act to vest title to any alien property without prior consultation and agreement of the Treasury Department.
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