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7,1937 Honorable Joisoph Itobinson, United states Senate* Washington, !>• C* Ky dear Senatort In accordance vith the discussion held this ttorning, I inolose herewith * proposed bill to extend until June SO, 1939 the authority to use direct obligation® of the United States as collateral security for Federal Keserve notes. I aleo inolose a statement explaining the necessity for this aaend&ant to the law and this statement is In sueh form that it m y be utilised as a basis for the preparation of a C sdttee report on the bill if it is so desired* Sinoerely yours, E# S« Eooles* Chairmn* Inolosures
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