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TREASURY DEPARTMENT WASHINGTON Assistant Secretary. July .25, 1917, My dear Governor Harding: - Referring to the note, addressed to you and signed by Mr. Curtis, Secretary of the Federal Reserve Bank of New York,, dated July 24, in which it io stated that a con ference of all the governors of Federal Reserve Banks had been called to nset in Washington August 15th and succeed ing days, I beg to state that this undertaking is quite un known to me; nor does it seem to me desirable that initia-. tive of this sort should be taken save through you, in case the Treasury Department should desire such a conference. It may, indeed; be desirable before the actual campaign of the npxt Liberty Loan shall take place, that certain officials of the Federal Reserve Banks should be asked, through your Board, to assemble in Washington, The initiative in that matter, however, it appears to me, should re3t either with you or the Treasury Department. Only in this way can there be any assurance that the subject matters desired by the Secretary of the Treasury to be discussed will be prepared for discussion on a given date. A conference of governors of Federal Reserve Banks held in Washington would have so distinctly the air of an official conference called by the Secretary of the Treasury that it seems to me quite necessary that his authority should be had before such conference should occur. Sincerely, OSCAR T. CROSBY Assistant Secretary. Hon. W. P„ G„ Harding, Governor, Federal Reserve Board.
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