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tj E x O F F I C I O M E M B B * « DAVID F. HOUSTON S E C R E T A R Y ^ THE TREASURY CHAIRMAN FEDERAL RESERVE BOARD J O H N SKELTON WILLIAMS COMPTROLLER OF THE CURRENCY A D D R E S S R E P L Y T O FEDERAL RESERVE BOARD WASHINGTON W. P. G. HARDING, GOVERNOR ALBERT STRAUSS, VICE GOVERNOR ADOLPH C. MILLER CHARLES S. HAMLIN HENRY A. MOEHLENPAH W. T. CHAPMAN, SECRETARY R. G. EMERSON, ASSISTANT SECRETARY W. M. IMLAY, FISCAL AGENT October 7> 1920. X.2023 Dear S i r ) For your information, there i s quoted below e x t r a c t from l e t t e r r e c e i v e d by A s s i s t a n t Secretary of t h e Treasury G i l b e r t from Acting Third A s s i s t a n t P o s t master General Barrows, w i t h r e s p e c t t o p o s t a l r e g u l a t i o n s c o v e r i n g shipments of United S t a t e s paper currency under i n s t r u c t i o n s contained i n r e g u l a t i o n s of the Secretary the Treasury i s s u e d August 30, 1$20, p r o v i d i n g f o r Federal Reserve Banks making exchanges, replacements and redemptions of such currency: "Receipt i s acknowledged of your l e t t e r of t h e f i r s t i n s t a n t , which t h e Postmaster General h a s r e f e r r e d t o me, concerning the d i s c o n t i n u a n c e of the s e v e r a l s u b t r e a s u r i e s i n accordance w i t h the Act of May 29, I92O, and the t r a n s f e r of the s u b t r e a s u r y f u n c t i o n s t o the Federal Reserve Banks. "The i n s t r u c t i o n s which i t i s proposed t o i s s u e i n connection w i t h t h e change w i t h r e s p e c t t o the exchanges, replacement and redemption of United S t a t e s paper currency, a copy of which was submitted w i t h your l e t t e r , have been c a r e f u l l y gone over a s requested, and your understanding i s c o r r e c t t h a t shipments of currency may be s e n t through t h e m a i l s between t h e Treasury Department and the v a r i o u s Federal Reserve Banks and t h e i r branches under the procedure now i n o p e r a t i o n between the Treasury Department and the s u b t r e a s u r i e s , t h a t i s , such s h i p ments a s are now sent a s r e g i s t e r e d mai.l by t h e Treasury Department f r e e of postage under p e n a l t y e n v e l o p e s or l a b e l s t o the s e v e r a l s u b t r e a s u r i e s may be sent i n t h e same manner t o the Federal Reserve Banks and t h e i r branches; and t h a t such shipments a s are now b e i n g sent through the m a i l s a s r e g i s t e r e d matter w i t h p o s t a g e prepaid a t t h e f o u r t h - c l a s s or ! - 2 - X-£023 p a r c e l post r a t e s , e i t h e r t o or from t h e Treasury Department, may be handled i n s i m i l a r manner when sent t o or from t h e Treasury Department and t h e Federal Reserve Banks/ the methods of prepaying the postage and r e g i s t r a t i o n f e e s , pouching, e t c . , t o be continued a s under the p r e s e n t arrangements. Shipments of currency by the Federal Reserve Banks on secondary d i s t r i b u t i o n may be sent through the mails a s r e g i s t e r e d matter a t the f o u r t h - c l a s s r a t e s i n the manner i n which the s u b t r e a s u r i e s make such shipments under the arrangements now i n force." Very t r u l y yours, Assistant Secretary. TO THE CHAIRMEN OF ALL FEDERAL RESERVE BANKS. 914
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