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313 X-1379 FORM We BETTER. are returning herewith your check for $......______ The reason we are compelled to return this check is that the Federal Reserve Bam' is not permitted to handle it because the terms of payment are in conflict with the Federal Reserve banking laws. All the banks we do business with are members of the Federal Reserve System; therefore, we must use this system for the c9llection of our checks or else change our banking connection, and as all of the large banks in this city are rr.embers of this system, we would find it impossible to ;ri8J:e this change. As you, no doubt, kn~~, it is the p~ose of the Federal Reserve System • to make your check and all other checks good at par all over the country, and it is, in our opinion, very much to the interests of the business man of this country that this be done. We have estirr.ated that if all of our collections were rrade in checks such as we are returning to you, it would entail an annual cost on this Co~any of $160.000. oo. Every conservative manufacturAr figures into the cost of his nroduct all items of cost; therefore, the alJove sum would have to be added to the price of our shoes, and, no doubt, this amount would be passed along by the retailer to the consumer. we are sure that you will agre~ with us that the price of merchandise is on a dangerously high level, and you will also agree w1 th us that every economy should be resorted to that would tend to reduce its cost. we, therefore, respectfully request that you favor us with St.Louis, New York or Chicago exchange, or Post Office Mon'ly Order, in the place of this check. We trust that you ·~ill nardon us for the length of this corr~unication, 314 X-1879 -2- but we want to make our position clear. and we feel after reading this, you r.till agree that our position is right. 1 With assurance of our appreciation of your patronage, we are, Very sincerely t 315 X-1879 a As the result of an Act of the Legislature of the State of Mississippi, anproved March 8, 1920, the Federal Reserve Bank in St .. Louls is obliged to decline to handle checks drawn on NON-~l\IIBER Banks in Mississi'Opi. If the bank you are doing business with is not a member of the Federal Res1:lrve System, kindly remit in St.Louis 1 Cl'-icago or New York exchang~, or ~On8y Order, and very much oblige us. All the banks we do business with are rr.embers of the Federal R%erve System, and our collections, therefor·:;, go through the Federal Reserve Bank. We have be,~n notified that checks bearing restrictive endorsements will not be accepted by the Federal Reserve Barik. me, therefore, ask as a favor that you send us St.Louis, New York or Chicago exchange, or money order, or, if you do s ·md us a check on your local bank, that you do not stamu or print any restriction thereon that would prevent its being handled bv th8 Federal Reserve Bank.
@FedFRASER