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842 W . P . G. HARDING. GOVERNOR EX O F F I C I O M E M B E R S ALBERT STRAUSS, VICE GOVERNOR ADOLPH C . MILLER CHARLES S . HAMLIN CARTWt CLASS SECRETARY OF THE TREASURY CHAIRMAN FEDERAL RESERVE BOARD J O H N SKELTON WILLIAMS COMPTROLLER OF THE CURRENCY W . T. CHAPMAN. SECRETARY R. G. EMERSON. ASSISTANT SECRETARY ADDRESS REPLY TO FEDERAL RESERVE BOARD W. M. INLAY. FISCAL A6ENT WASHINGTON November 1,1919* x-1711 CONFIDENTIAL Subject! Mote Raising Operations. Dear S i r : For the information of your Board, of D i r e c t o r s and. f o r such a c t i o n as they may deem proper, I quote below the text, of a communication received from the Chief of the Secret Service Division of the Treasury Department"There have been very extensive n o t e - r a i s i n g o p e r a t i o n s developed throughout the country r e c e n t l y . Agents of t h i s Service a r e e x e r t i n g every e f f o r t to suppress the i n d u s t r y , and are almost d a i l y e f f e c t i n g a r r e s t s in connection therewith. In t h i s campaign we have e n l i s t e d the cooperation, among o t h e r s , of the banks, r e q u e s t i n g them to promptly n o t i f y our agents or son© other o f f i c e r of the law of the r e c e i p t of, or any information r e l a t i n g t o , t h i s a l t e r e d currency. We have a l s o r e q u e s t e d the banks to c a r e f u l l y note the r e c e i p t of any n o t e s , of denominations from $5 up, t h a t have been m u t i l a t e d by naving the ends torn or c u t . o f f , and inform the n e a r e s t agents of t h i s Service as quickly a s p o s s i b l e of the r e c e i p t of these m u t i l a t e d n o t e s , and from whom they were received if possible. We base t h i s r e q u e s t on the f a c t t h a t the method employed by the n o t e - r a i s e r , i n some i n s t a n c e s , i s t o remove the ends from b i l l s of the l a r g e r denominations to be used i n r a i s i n g the b i l l s of smaller denominations. I t then becomes necessary to r e a l i z e on the m u t i l a t e d b i l l s by p r e s e n t i n g them a t the banks or the b u s i n e s s houses. -2- x-1711 While we have endeavored t o cover the f i e l d and get i n touch w i t h a s many of the banks a s p o s s i b l e , i t i s r e a l i z e d t h a t w i t h our l i m i t e d f o r c e i t i s p o s s i b l e t h a t we may n o t r e a c h a l l of them and impress on them the g r e a t importance of t h i s c o o p e r a t i o n . I t h e r e f o r e r e s p e c t f u l l y r e q u e s t t h a t the F e d e r a l Reserve Board communicate w i t h the r e g i o n a l banks on t h i s s u b j e c t , u r g i n g them to l e n d t h i s i m p o r t a n t a i d t o the S e c r e t S e r v i c e , and t h a t they communicate t h i s r e q u e s t t o a l l member banks a s a c o n f i d e n t i a l communication,™ Very t r u l y y o u r s , Governor. L e t t e r t o Chairmen of a l l F e d e r a l Reserve Banks,
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