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290 BOARD Or GOVERNORS DF THE FEDERAL RESERVE SYSTEM S-260 WASHINGTON ADDREaa CP'P'IDIAL DCRREaPCNDENCE TC THE BOARD April 25, 1941 Dear Sir: Recently one of the Federal Reserve Banks advised the Board informally that it expects a crowded condition in its vaults when the new financing program of the Treasury gets fully under way, and asked whether there would be any objection to cancelL~g and shipping to Washington for de~ struction the stock of unissued Federal Reserve Bank notes now held by it. .. • Available information indicates that $265,188,000 of Federal Reserve Bank notes are now held at the Reserve Banks and $450,800,000 in Washington. There appears to be little likelihood that it will be found necessar,r or desirable to pay out existi.Ilg stocks of unissued Federal Reserve Bank notes. Accordingly, if you wish to cancel and ship to Washington for destruction in the usual manner aqy unissued Federal Reserve Bank notes now held by your Baa~, the Board will interpose no objection. It is not contemplated that the stock of Federal Reserve Bank notes in Washington will be destroyed at this time. L. P. Bethea, Assistant Secretary. _.. TO THE PaESIDENTS OF ALL • for FRASER Digitized r~DERAL RESERVE BANKS
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