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727 FEDERAL RESERVE BOARD WASHINGTON November 4, 1924. . ADDRESS OFFICIAL CORRESPONDENCE TO T H E FEDERAL RESERVE BOARD From the 1 viewpoint of edhndmyj the Treasury Department i s desirous of increasing the c i r c u l a t i o n of standard s i l v e r d o l l a r s . The Federal Reserve Boswd ia in syinpattoy with the movement and s o l i c i t s op behalf of the Treasury t)apartment the f u l l cooperation of. each Federal reserve bank. The r e serve banks are requested to c a l l a t t e n t i o n at t h i s time, through t h e i r member banks, to the p o s s i b i l i t y of the use of standard s i l v e r d o l l a r s as Christmas g i f t s , and the d e s i r a b i l i t y of t h e i r Use in the cash payrolls of the large concerns of t h e i r d i s t r i c t s . This action on the part of the reserve banks, together with steps to be taken by the Treasury Department, w i l l ) i t i s believed, r e s u l t in a demand f o r standard s i l v e r d o l l a r s , beginning with a holiday demand, and i t i s f e l t t h a t the demand w i l l be stimulated i f met with new coin, t h a t i s , d o l l a r s of recent mintage and of the new design. The Treasury Department is prepared to begin making deposits with the Federal reserve banks and branches of new standard s i l v e r d o l l a r s toHhe extent of $10,000,000, the cost of insurance and shipping to be borne by the Treasury.:. Upon r e c e i p t of advice from you, the Treasury w i l l arrange t o lay down at your bank (and branches) within the next f i f teen days the t o t a l number of pieces desired. In t h i s connection, i t i s noted that a l l of the Federal reserve banks are not absorbing t r a n s p o r t a t i o n and insurance charges on shipments of standard s i l v e r d o l l a r s made to t h e i r member banks. I t i s suggested that those banks which a r e not doing so give consideration to the a d v i s a b i l i t y of absorbing such charges, f o r the purpose of f u r t h e r i n g the e f f o r t s of the Treasury Department to increase the standard s i l v e r dollar circulation. Very tr uly yours, D. R. Crissinger, G o v e r n o r. - TO GOVERNORS OF ALL F. R. BANKS.
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