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r. W. * . HAEDINN. (M O M M M U M. WAKBUM, VICE OOVKNNM FREDERIC A. DELANO ADOLPH C. MILLER CHARLES S. HAMUR K * O m a o M B M IM WILLIAM « . MCADOO iie u n n or tw n u im r JOHN SKELTON W1LLUMS C N O T M U n o r INC CttEUNCV FEDERAL RESERVE BOARD WASHINGTON. ADDUCES REPLY TO FKDKRAL RESERVE HOARD July 25, 1917' Mr. J- F- Curtis, Secretary Federal Reserve Bank, New York*. Dear Mr* Curtis* The Board has received and considered your letter of July 2 tyth advising it that a meeting in Washington of the governors of Federal reserve tanta had, been called for August 1 5 th and succeeding days. The meeting not having been called by the Federal Reserve Board, and it not being clear from y°ur letter by whom it had been called, X assumed from your statement that x would be devoted to a discussion of procedure in handling the next liberty Loan campaign, that it must have been called at the instance of the Secretary of .the Treasury*. When your letter however, was brought to his attention he stated that he had not asked for such a conference, and that as a matter of fact, in the present circumstances he did not desire such a meeting*. In order that you may be fully advised,as ~o the viewpoint of the Treasury on this subject, X enclose herewith copy of a letter addressed to the Board by Assistant Secretary of the Treasury Crosby# In view of the foregoing, and there being no matters relating to the Federal Reserve System on which the Board wishes to advise with the governors of the Federal reserve banks at this time, it has concluded that plans for the proposed meeting should be abandoned, or at least held in abeyance pending information as to the need for it0 * * * There is no question as to the powers of Federal reserve banks, as defined by statute, within their respective districts; but in matters which concern inter-bank relations and the operations of the Federal reserve banks as a system, authority is vested by law solely in the Federal Reserve BoardAccord ingly, it must take the position that conferences of governors o Federal reserve banks can with propriety be held only when called by x, in harmony with this view, the Secretary of the Treasury has informed t * Board that whenever it appears desirable that fiscal agency 0 be considered at a conference, he will communicate his wishes through x e Federal Reserve Board. * Should the governor of any Federal reserve bank, or any group of gov ernors, feel at any time that a conference should be held, the suggestion should be made to the Board for its determination- Very truly yours, Governor-
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