The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
W, P. Gl. HARDINGI,.IIOYI. .OI
PAUL II. WARBUH, YICI GIO'fi&NOR
WIIJ.IAII .Gl, lleliDOO
PRIDI!RIC A. DnANO
-. -
-li~C.IIlt..t..ER
IICIITARY q.F..THI filiAl ... ~
A
CHAIIIIAII
JOHN SKELTON Wfi.LtAIIS •~ • .
COIIPfROLL. . OP TRI'CURIITICY
H. PARKIR WILLIS. SICIITARY
IHIRIIAN P. ALLEN, AliT. IICRITARY
FEDERAL RESERVE BOARD
AIID FISCAL UINT
WASHINGTON
Ja.nuary 141
..
'Cfl.illl S. HAllUM
ADD-8 RKPL.Y TO
l'trDI:MJ. RDII:NVI: IJOAilD
1~18.
the Boarl desires to EOint ~t-the ~portanoe uf securing
a wicle aDJ. unUom. distribution ill all of tho Federal reserve districts,
of fraa.arr certificates of 1ndebtedfteaa whiCh Will be issued pe~ing
receipt.a fron-. the saext Liberty J3on4 iaave. · the azr.w.nt to be rai,ed
1• YoltJ large, probablJ $300,000,000 ,per week. Heretofore the banks
1D tbo aecoa4 · Federal resene 418trin baYe a.baor'be4 frorr. 55 to 60
pel" coat. of t.heae certificates.. lMt it ia a:a.nUeatly Wlfail" to expect
tbe ~ iB a aingle dietriot to ~rtail neoea.ary credits 1D order
to eaa~e \bam to take more \baa their p.roporti~'• ab&re of certifioate•· he Icard hopes, ther~lore, that Jou.&" 1tarJt will gi•e· thia _rrat:tlme4iate attention, and ww14 reqaeat, tat, 'befon the nest Liber\7·
Boacl i.eaue ia offered to tth,.3'bli.o, JW !Ue•t~ .. ol"gaDj.a&tioDwhich
wUJ.- eMble JW. to e&ri'J on an effective ta~r.paip for the .iiat1"1lalt1on
of tbeae certlfioatea ill JOl&r ctiati'S.n. there is no tin;e to be lost
ia 'Mp..tag a qspaip ·ot thia 80~ for if anioa uoul-4 bo . .la,ecl
for a fevr weeks, it would be too late an4 ao'thillg could be ·doao 'Uiltil
. ~ ~--· It is •v.tteatocl,· theftfo,., that 'fo& aboul:i ~uate .
at oaa. a eampaigD of e4uoa\ioa $R 1w.r aetnot. ¥fith the YJ.ew oi ha•iag
701&r a-.ember laab •4entancl the •ooaaitJ. of OPtaU.~g aoaeaeentW.
Ol'e4lia, ot aol'ttlag •t M4 aoa4iag 10 to J01l e;ol.i 06-Rifioatea aa weU
as · gol.i co"', of eeoul"ing more. 8\ate 'bal:tle u a-•mben, aad ot a'beorbbas
,their ptopor proportion of these 8hart t~ tra&aai'J' certUioatea•
te'
-···
.l apeei&l do;partn.::nt of. JOUr bank dght~bO- organf·e-ci'--t~r
this work unller tho itt.;)d.iate suporvition ot Jotr.e prOJ:.il\ent bsnker in
r~r d~atrict, of tiaion anl iBfluenco, and aft~r. 7~r organisation has
be3D effecte4• representative ~ 1rorr. vanOUII ,arts of your district
&r4,1{.bt lie askocl to Visit rou .titA tbe vievr of ao~ua~tin& thoPelvea with
the ~e,.uil".~n&a\8 of the situa;tt.~n, an4 ot .lovlai~ tho best ~rea.ne of
a.eeti.D&
A defiai:to propol't.ioa of cert1f1aat~a r..i..;;ht bs a.llott\34
to each·
70~ aDka -~ c~ttecss lontSd in • • - grou; of th3 var101.18
·•t.a.to ba'U:40z; &~aociahOAI wAQSO dllt1 ~i wwli be to oorrea;o11d witb aall
*114
o'
_
....
A:-54<:;.
to visit all oanks in the £r4 oup, an~ to ut-ge upon the:rr. the in.~ortance
oC cooperation. It should be pointed. ;;,vt to youJ" u.en.ber e..L.l noxm:a:r:z:,ber.
baDU that by investing in these· Treasu17 c:erUficat.es of in£1ebtefiness,.
ucl ill placing there Wi. th their depositvrs .• they wou/.d best ine•J.re theu.solves against unclue strain in arranging for pa.]r.:en·;;,s ! or &'..lOS cri ,p-cio.ae
to t~e next Libert~· Loan issuu. · ThA ensuing :Jonci can.pai.gn .'.s goinf!, tp
be & most vigorous one, and special attentior. will be paid. to 1;h.e ~cu!ltrv
~istricts..
By arwsing interest in the sale of Treasury r.ertif:\ca".:es .•
you Will not only rtlncle:~.· rr.ost diective service t.o the Goven'ln.'3.\li; :~n
prariding for ita f~.14ancia). nece~sitier<,. hut )'OU will uo "' g.ree.t do.::tl
tu.tat'd prevent3.ng expam~ion o£ Ulmecessar;,- c-redit.e, a·:ul w~lt avoid a.
sV..iiJ. upon your :rr.ember bar..Jrs and:. upon youx· ut.':; hank whiJh, if not
~~lclpa.ted in this way. rr..;.g:bt be· very en:.>a.rrassin(;.•
4
'·
·The Board ho~ee, there!cre, that you will take ~mediate
s~eps to provide an etH.r.l.flnt orga.niaation for the sale of Trea.suty
~.I'U~J.cates in your district, an1 requests that. you inform it 'Qf
.tbe
action
that ycu propose to take ..
. :Governor.
....
I
32
@FedFRASER