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Y-74-6 W. P. G. HARDING, GOVERNOR PAUL M. WARBURG, VICE GoVERNOil FREDERIC A. DELANO ADOLPH C. MILLER CHARl-ES S. HAMLIN EX~OFP'ICIO MEMBERS WILI.IAM G. McADOO SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS COMPTROLLER Of THE CURRENCY FEDERAL RESERVE BOARD WASHINGTON H. PARKER WILLIS, SECRETARY SHERMAN P. ALLEN, ASST. SECRETARY AND FISCAL AGENT ADDRESS REPL.Y TO FEDERAL RESERVE BOARD February 19, 1918. Dear Sir: The Board bas received a commanioation from the Chief of the Military Intelligence Branch, War Departzmnt, askillg that each Federal Reserve Bank camnun1cate with S)me officer of each member bank alking that some one man be detailed by each bank to keep a close look-out far any suspicious account or transaction which mdght be interpreted as invol"V'illg enemy funds or money usecl for enemy propaganda work. These transactions should be reported direct to the Federal Reserve Board in Washington, which could then communicate with the Mili ta:ry Intelligence Bureau. lt is suggested by the Chief of this Bureau that "in putting this plan into execution, it should be borne in mdnd that the fewer PeOple who are communicated with in this connection the better, in order to establish the cooperation of every bank in tne Federal Reserve System, and the officers ot these bank• who are entrusted with the duty of cooperating shoUld be strongly urged to obse~e the greatest secrecy. even . among the other empl()yet or off16ets ot the bahk". The Board is aware that compliance with this request will involve a good deal ot work and the exercise ef a discriminating judgment, but in view of the evident importance of keeping track of any propaganda work, it feels justified in bringing the matter to your attention and asking your cooperation. Very truly yours, Governor.
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