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W. P. G. HARDING, GOVERNOR PAUL M. WARBU RG. VIC I GOVERNOR FRIDERJC A. DELANO . ADOLPH C. MILLER CHARLES s. HAMLIN EX·OI'FICIO Mt:M8KR8 WILLIAM G. McADOO SICRITARY OF THE TRIAIURY CHAIRMAN JOHN SKELTON WII.LIAMS COMPTROLLER OF 1HI CURRENCY FEDERAL RESERVE BOARD H. PARKER WILLIS, SECRETARY SHERMAN p, ALLEN, ASST. SECRETARY AND FISCAL AGENT ADDRB8S REPLY TO WASHINGTON • I August 15, 1916. X-113Ci Dear Sir: For your information I am inclosing copy of a staterr.ent given to the press today by the Treasury Depart- n:ant_, which relatl3s to an agreenent between the Federal Reserve Board and the Treasury Dapartn:ent, and outlines the future policy of the Board With respect to silver exportations. Very truly yours.., Assistant Secretary. The Governor.., Federal Reserve Bank, Inclosure. :185 FEDERAL RESERVE BOARD X-1130a 186 PRESS STATEMENT BY THE TREASURY DEPARTMENT .AUGUST 15* 1918. Under the authority of the Act of Congress approved April 23, 1918, silver-has been sold by the Secretary of the Treasury at a price which will penQit the Treasury from n~ purchases of a cor- responding amount of silver at the price of $1.00 per fine ounce to recoin the silver purchased into silver dollars without loss. vide for· In order to pro- the various items of expense involved it was found necessary to fix the price for which silver was sold at $1.01}- per fine ounce and it was rr.ade a condi.tion of sale that the purchaser shoUld not pay a higher price for silver in other narkets than in those of the United States. Up to· the present t~e the Federal Reserve Board has freely gr.anted licenses for the export of silver. In order, however* to conserve the use of silver, export licenses for silver will hereafter be granted only for civil or military purposes of importance in connection with the prosecution of the war and only in cases where the exporter certifies that the silver to be exported has been purchased at a price which does not directly or indirectly exceed $1.01}- per ounce one thousand fine, at the point where silver is refined in the case of silver refined in the United States or a.t the point of importation in the case of imported silver. Applications for licenses to export silver should also state from whom the silver was purchased, the point a.t which silver was delivere•'to purchaser, for whose account a.nd by whose order and for wha.t purpose the silver is to be exported.
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