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W. P. 6 . HARDING, GOVERNOR PAUL m . War b u r g , vice Governor FREDERIC A. DELANO ADOLPH C, MILLER CHARLES S. HAMLIN EX-OFFICIO MEMBERS WILLIAM 0. McADOO SECRETAR Y OF TH E TR EASU R Y 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 FEDERAL RESERVE BOARD WASHINGTON 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 C E N T ADDRESS REPLY TO FEDERAL RESERVE BOARD October 10, 1917- Dear Sir: The Treasury Department is retiring gold certificates in denominations smaller than $50, and the Treasurer of the United States has advised the 3oard that he is desirous of obtaining from time to time Federal Reserve notes in five, ten, and twenty dollar denominations, for use by the cashier of the Treasury in making ordinary payments. An opportunity is thus afforded of increasing the gold holdings of the Federal Reserve hanks by making this ex change of Federal Reserve notes for gold, and the Board feels that all the Federal Reserve banks should participate in their proper proportion. There vd.ll be available eventually about $3 0 0 ,0 0 0 , 0 0 0 of ten and twenty dollar gold certificates which can be exchanged for Federal Reserve notes in this way. The Board understands that these exchanges will now be made at the rate of $6,000,000 per weak, or $2,000,000 every other day, 10% of the amount in notes of the five dollar denomination, 50% in tens, and U-0% in twenties. If your bank is willing to take a part in these exchanges, please telegraph the Board to that effect and the Board will advise you in like manner when and as the Treasurer is ready to make ex changes with ytur bank. Upon receipt of such advice f ran the Board, a telegram should be sent to it as follows: X-h 25 -2 - Federal reserve 'bank has deposited $____________ _ as collateral for issue of Federal reserve notes. Please request Comptroller of the Currency to deliver to the Treasurer of the United States Federal reserve notes aggre gating $____________________ , $_________________ _in fives, $_____________________ in tens and $ _______________ _ in twenties, such delivery to be made upon deposit by Treasurer of the United States of $ __________________ in gold settlement fund to credit of Federal Reserve Bank of Federal Reserve Agent. Tour bank can deposit with the Federal reserve agent coin, gold certificates or eligible commercial paper as may be most convenient, Very truly yours, Governor. Governor, Federal Reserve Bank,
@FedFRASER