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w. EX-OFFICIO MEMBERS p .y > . m im n iG , governor p a u l ^ m T w v r B'URg , WILLIAM G. McADOO SECRETAR Y OF TH E TREASURY C H A IR M A N JOHN SKELTON WILLIAMS C O M P TR O LLER O F T H E C U R R E N C Y Vice Governor FREDERIC A. DELANO ADOLFH C. MILLER CHARLES S. HAMLIN FEDERAL RESERVE BOARD H. PARKER WILLIS, S E C R E T A R Y SHERMAN P. ALLEN. A S S T . S E C R E T A R Y A N D F IS C A L A G E N T WAS HIN GTO N REPLY TO F E D E R A L RESERVE B O A R D July 12, 1917. Dear Sir! The Federal Reserve Board has, during the past few weeks, received communications from several Federal Reserve hanks asking if any action could he taken looking toward the exemption of their employes from the operation of the Federal draft for military service. % The Treasury Department has more recently referred to the Board letters and telegrams from the governors of most of the Federal Reserve hanks asking if this exemption could he se cured on the ground that the hanks are fical agents for the Government and are doing a large amount of additional work in cident to their duties as such, and in connection with the hona issues. While the Board appreciates the importance of protect ing the organizations of the Federal Reserve hanks, it is unable, after very careful consideration, to find any grounds upon which to base a request for the exemption of employes of Federal Reserve hanks. The law does not authorize specific exemption in favor of the employes of Federal Reserve hanks or of the Federal Reserve Board, and while the banks will doubtless suffer some inconvenience, just as member hanks, insurance companies, and mercantile concerns will, the Board believes that the executive officers of the Fed eral Reserve hanks should, as a rule, release cheerfully any employes who may he drawn under the selective draft, filling their places either with men who are beyond the draft age, or with com petent women, as has been done to such a great extent in all bellig erent countries. The Board does not see how it can take the position that Federal Reserve hanks are so much in a class by themselves that general exemption in their favor should he requested, and it does not believe that such a request could he granted if made. The Board realizes the possibility that some employes may be drawn whose services are especially valuable to the banks, and in such specific cases, it would suggest that application be made for ex emption. Very truly yours, Governor.
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