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COPY January 26, 1928. Federal Reserve Board, Washington, D. C. Attention: i',ir. Walter Wyatt, General Counsel My dear Mr. Wyatt: I enclose a confirmation of my wire of today. You are, of course, familiar with the plan under whict. Federal Reserve exchange drafts are issued. Although in form they are drawn upon a ~artidular Federal Reserve bank, they contain the statement that they arEt, im.'llediately available for credit at any Federal Reserve bank. Occasionally one of these drafts is issued and lost before it is presented to tt.e Federa:). Reserve bank upon which it is drawn. I would like to have the opinion of the counsel for the other banks as to '\Thether or not the Federal Reserve bank ''lhich is the drawee is under any liability to the holder of such a draft; or whether or not, as in the case of ordinary drafts, the holder has no right of action against tho drawee. You ~ill readily see that if the Federal Reserve bank is liable to the holder of such a draft before it is presented then the Federal Reserve bank may not ~ith safety accept and act upon notices to stop payment upon such drafts which are said to be lost. February 9th will suit me very well for the conference, and I look forward '."i th pleasure to seeing you on that day. Very truly yours, (S) M. G. ':'J'allacc, Counsel. Wyatt Federal Reserve Board Washington, D. C. January 26, 1928 Your wire January twenty-sixth cussion at conference Suggest U.e follo•.ifing tonic for dis- liability of Federnl Reserve banks on Federal Reserve Exchange draft before such draft is presented and accepted Wallace
@FedFRASER