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1026 W . P . 6 . H A R D I N G , GOVERNOR EX OFFICIO MEMBERS E D M U N D P L A T T . V I C E GOVERNOR ADOLPH C. MILLER DAVID F. HOUSTON SECRETARY O F T H E T R E A S U R Y CHAIRMAN J O H N SKELTON WILLIAMS C O M P T R O L L E R O F THE C U R R E N C Y ADDRESS REPLY TO FEDERAL RESERVE BOARD C H A R L E S S . HAMLIN H E N R Y A. MOEHLENPAH FEDERAL RESERVE BOARD W . T . C H A P M A N , SECRETARY R . G . E M E R S O N , A S S I S T A N T SECRETARY W . M . I M L A Y , F I S C A L AGENT WASHINGTON November 8,1920. X-2053 jbject: Extension of Provisions of Sub-sectionyfm) of Section 11 of the Federal R e s e r v e J ^ t . Dear S i r : With terfcramce to the p P e n s i o n s of sub-section (m) of Section 11 d! thwifederal R^Frve Act, permitting Federal Reserve Bank6 to fedis&qunt Wr a member bank, the paper of any one individual, firm or cltidroration in an amount equal to twenty per cent of the member capital and surplus, provided a t l e a s t ten per cent ofjftnch leaks are secured by bonds or notes of the United States^fssued s i n c \ A p r i l 24, 1$1? or oy c e r t i f i cates of indebtedallis of the UnitebLstates, i t w i l l be noted from a r e a d i n g j a F t h e sub-section thaWthe provisions thereof w i l l not be oj^Frative a f t e r December y o u r i n f o r m a t i o n I would s t a t e t h e Federal Reservejf&ard w i l l , at the short session of Coqnreas to convene in Detifcber next, recommend the passage of l e g i s l a t i o n extending t h e j l r o v i s i o n s of t h i s sub-section f o r one year, trate i s , u n t i l Dqjlimber 31 > 1921. You w i l l be advised in due c o u r s ^ y a c t i o n iken by Congress on the Board's proposed recommendatioB Very truly yours, Governor. To Chairmen and Governors of a l l F.R. Banks.
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