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BOARD OF GOVERNORS

OF THE

FEDERAL RESERVE SYSTEM

Office Correspondence
Xo

Chairman Booles

Date * P m ?. 19*17
Subject: Ifeeting with lir* Bartelt«

IU A* lifrsgrave

Wednesday of last week l£r« Vest, Mr. Bouse and myself met with Mr, Bartelt to discuss the bill procedure. (I
assumed that Mr. Test reported on this meeting and, therefore,
did not report earlier.) B&% Vest 1 s opinion was read and Mr.
Bartelt felt that the opinion covered the points whioh have
given him concern. Bte indicated that he would like to submit
the opinion to Treasury counsel before proceeding further.
In discussing the general problems Mr. Bartelt indicated clearly that he nas in favor of such action and gave
the impression that perhaps the main obstacle was the cost argument. We agreed to prepare a memorandum on this matter with his
staff and work on this is in process* Also, Mr. Bartelt will be
over for lunch tomorrow to discuss further details with Mr.
Thomas and myself.
Bob Bouse mentioned today that he got the impression in his disoussion with Under Secretary Wiggins last night
that the atmosphere appeared to be favorable for action on
Treasury bills* In particular, the Under Secretary appeared
to be favorable towards the Fbderal Reserve proposal for a restricted long-term issue*