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W. P. G. HARDING, GOVERNOR '-
EX•OFFICIO MBMBI!.RS
~762
WlLLIAM G. McADOO
SECRETARY OF THE TREASURY
,
PAUL N. WARBURG, VICI GoViRMOR
FREDERIC A. DELANO
ADOLPH C. MILLER
CHARLES S. HAMLIN
CHAIRMAN
JOHN SKELTON WILLIAMS
FEDERAL RESERVE BOARD
COMPTROLLER OF THE CURRENCY
H. PARKER WILLIS, SECRETARY
SHERMAN P. ALLEN, ASST. Sli.CRITARY
AND FISCAL AGENT
WASHINGTON
ADDRI:SS REPLY TO
FEDERAL RESERVE IIOARD
February 25, 1918.
CONFIDENTIAL·
Dear Sir:
Inqu:i.ry having been :q1ade recently by several Federa.l Reserve bank
officials as to the issue of gold
has looked into the
mt~.tterp
certifict~.tes
by the Treasury, the Board
and through the courtesy of Treasury
of!ic~ls
has ascertained that the Treasury of the United States has received no
gold
certifict~.tes
last.
from the Bureau of Engraving and Printing since October
The Treasury ha.s pursued consistently the policy agreed upon
sometime ago of returning gold certificates in redemptionsc Oll~Y· wtr.:m
specifically asked for, and by rigidly adhering to the principle of paying
government
t~.ny
warr~nts
and checks in Federal Reserve notes ra.tbero tl1on lu
form of gold, there
h~;~.s
resulted a net gold
g~;~.in
to the Tr8a.sur'!
from November 14, 1917, to February 14, 1918, of $43,565,57'/.38, of whid;
amount the TreG~.sury has turned over to the Federal Reserve ba.nks $28,00(),000.
A short statement showing the exact figures fol}.ows:
Gold balance in genereil fund February 14 ---------- $67,JF.IJ,05:~67
"
"
''
"
"' November 14 -----------J~~l.0FJ1~.f.?.~.;..§':L
Gain ---------------------------------------------- :~.;..,:~8tY,J.'7~-· 23
Add gold paid to FederG~.l Reserve beinks ------------__3~Q~Q~O~~~Q_
" 3'•i"'
'Y:l
$(",'.J~,
oU 1 •"l'i'I"J
, ·.......
Deduct
Gold gain in Feder~;~.l Reserve note gold
Redemption Fund -----------------------------l.8-t.~~:.:.±:.l.~.~~-~:1_
• ----------------------------------------- 'ii'"i-4~.:J, r:.),•~·-'"
o t: > n-r-; ?C
Gold ga:Ln
1 • , ~ ·.)
Very truly yours.
Governor.
The Governor,
Federal Reserve Bank of
@FedFRASER