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Ex-Officio W. P. G. HARDING. GOVERNOR PAUL M. WARBURG. VICE GOVERNOR FREDERIC A. DELANO FRED1 C. MILLER CHARLES S. HAMLIN members WILLIAM G. McADOO X-396-i SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS COMPTROLLER OF THE CURRENCY FEDERAL RESERVE BOARD H . PARKER WILLIS. SECRETARY SHERMAN P. ALLEN. ASST. SECRETARY AND FISCAL AGENT ADDRESS REPLY TO W A S H IN G T O N FEDERAL RESERVE BOARD September 20, 1917 Dear Sir: In connection with the regulations covering the exportation of coin, bullion, and currency from the United States, the Board desires that you request all national banks, state banks, trust companies, private banking firms, or other fiduciary institutions likely to have earmarked gold for foreign account, to give you a full statement of the gold which is held in custody by them, indicating under what sti pulations it was received, with the assurance that the information furnished will be held in strict confidence. Please inform these institutions that the Board regards the earmarking of gold for foreign individuals, firms, corporations, or governments, as being tantamount to the exportation of gold, and that m the public interest it requests that no more gold be earmarked for foreign account except upon the ap proval of the Board. It must be understood, however, that any re strictions which may be placed upon the exportation or earmarking of gold must in no way affect the payment in gold whenever required, of any obligations payable in gold within the United States, whether due to domestic or foreign holders, excepting enemy holders, the regulations affecting only gold xvhich is to be shipped outside of the United States or to be earmarked for foreign account, as stated above» Gold which was already earmarked before the president's order became effective may be considered by the Board as exempt from its terms, subject, however, to the stipulations under which the gold was taken into custody. ^ Very truly yours, Governor.
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