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F E D E R A L RESERVE BOARD WASHINGTON X-3024 J a n u a r y 15, 1921 CONFIDENTIAL Dear S i r : Them a t e enclosed, herewi t,h c o p i e s of the c o n f i d e n t i a l i n s t r u c t i o n s i s s u e d by the S e c r e t a r y of t h e T r e a s u r y under d a t e of J a n u a r y 14, 1921, s u p p l e menting and amending the S e c r e t a r y ' s c o n f i d e n t i a l i n s t r u c t i o n s of October 19, 1920, w i t h r e s p e c t t o t h e e x change and redemption of United S t a t e s c o i n , and t h e performance by F e d e r a l Reserve Banks of o t h e r d u t i e s and f u n c t i o n s h e r e t o f o r e performed by t h e s u b t r e a s u r i e s , Very t r u l y y o u r s , (Enclosures) R. G. Brceraon, A s s i s t a n t t o Governor. TO CHAIRMEN OF ALL FEDERAL RESERVE BANKS.