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342 X-6286a COPY TREASURY DEPARTMENT WASHINGTON A p r i l 5, 1929. % dear Governor: With r e f e r e n c e to our r e c e n t t a l k , and t o the "bill p r e s e n t e d "by the Bureau of Engraving and P r i n t i n g f a r *>750,000 i n p a r t payment of the cos$ of producing Federal r e s e r v e notes t h i s f i s c a l y e a r , i t may "be pointed out t h a t F e d e r a l r e s e r v e notes are produced on a repay "basis, i t "being t h e u s u a l procedure t o reimburse the Bureau a p p r o p r i a t i o n s a t t h e end of each month t o cover the n o t e s completed and d e l i v e r e d d u r i n g t h a t month. However, i n t h e production of some 22,000,000 s h e e t s of r e d u c e d - s i z e Fede r a l r e s e r v e notes t h i s f i s c a l y e a r , i t has not "been p o s s i b l e t o complete and d e l i v e r t h e new currency on a "basis p r o r a t e d "by months, with t h e r e s u l t t h a t although more t h a n 50 per cent of the production c o s t s f a r t h e year have "been i n c u r r e d , reimbursement i n t h e usual manner has not "been made "because the currency has not reached completion. The account now submitted "by t h e Bureau i s l e s s i n amount than the expenditures a c t u a l l y made and charged t o the Bureau a p p r o p r i a t i o n s on account of t h i s p r o d u c t i o n . The t o t a l production of Federal r e s e r v e notes t h i s f i s c a l y e a r , a l l t o "be d e l i v e r e d "before June 30 next, w i l l approximate 22,000,000 s h e e t s , and the c o s t w i l l exceed $1,800,000. Very t r u l y yours, ( s ) Henry Herick Bond A s s i s t a n t S e c r e t a r y of the Treasury. Hon. B. A. Young, Governor, Federal Reserve Board. 343 X-6286TD STATEMENT OF BUREAU OF ENGRAVING AND PRINTING. For l a t o r performed and m a t e r i a l s purchased f o r F e d e r a l r e s e r v e notes S e r i e s 1928, now i n process of p r i n t i n g , to "be d e l i v e r e d during A p r i l , May and June, 1929. Bost on New York Philadelphia Cleveland Richmond Atlanta Chicago S t . Louis Minneapolis Kansas City Dallas San F r a n c i s c o # 51,600.00 178,500.00 71,100.00 71,100.00 24,800.00 66,500.00 116,000.00 19,800.00 16,300.00 21,000.00 39,100.00 74,200.00 $750,000.00 Credit a p p r o p r i a t i o n s , 1929, as f o l l o w s : Comp. of Emp., Plate Printing, Mtls.& Misc.EXp. B.E. & P . B.E. & P. B.E. & P. $374,700.00 161,800.00 215,500.00 Bureau of Engraving and P r i n t i n g Per C. R. Long Assistant Director. FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TO T H E FEDERAL RESERVE BOARD X-6287 A p r i l 10, 1929. SUBJ3CT: Currency Conference. Dear S i r ; There Is enclosed herewith copy of a l e t t e r from the A s s i s t a n t Secretary of the Treasury, c a l l i n g a conference f o r May 2, 1929, i n accordance with the unders t a n d i n g had w i t h the Governors l a s t week, f o r the c o n s i d e r a t i o n of m a t t e r s connected with the new reduced s i z e currency. I t is requested^that you advise t h i s o f f i c e i n advance by whom your bank w i l l be r e p r e s e n t e d . Very t r u l y yours, E. M. McClelland, Assistant Secretary. Enclosure. TO GOVERNORS OF ALL f . R. BAMS. X-6287-a COPY TREASURY D2PARTM3HT WASHINGTON April 6, 1929. My dear Governor: This w i l l confirm the Department's agreement with the suggestion, made "by the Governors of the Federal Reserve Banks a t t h e i r recent meeting, t h a t a conference on m a t t e r s connected with the issue of the new r e d u c e d - s i z e currency be arranged, to meet a t the Treasury on May 2, 1929, with r e p r e s e n t a t i v e s from each of the Federal Reserve Banks, from the Federal Reserve Board, and from the Treasury. Will you k i n d l y convey t h i s advice t o the s e v e r a l Governors, and arrange f o r your own Board's r e p r e s e n t a t i o n . Very t r u l y yours, (S) Henry Herrick Bond, A s s i s t a n t S e c r e t a r y of the Treasury. Hon. R. A. Young, Governor, Federal Reserve Board.
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