Full text of Mimeograph Letters and Statements of the Board : Letter From Governor, March 19, to Board of Directors of Federal Reserve Banks, re Desirability of Board Stating Its Views as to Basic Principles Underlying the Organization and Division of Functions of Principal Officers & Departments of Federal Reserve Banks, Number X-818, Volume 7, Page 357

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W. P. G. HARDING, GOYIHea
PAUL II. WARBURG, Ylttl . .fi-R
FRIDERIC A. DELANO
ADOLPH C. MILLER
CHARLES S. HAMLIN

WILLIAM G. McADOO
SICRITARY OF THI TRIASURY
CHAIRMAN

JOHN SKELTON WILLIAMS

FEDERAL RESERVE BOARD

COMPTROLLER OF THI CURRIIICI

H. PARKER WILLIS, SECRITART
SHIRMAN P. ALLEN, Asst. SacaETARY
AND fiSCAL AGENT

WASHINGTON

•

ADDRESS REPLY TO

FEDIIRAJ.. RESERVE BOARD

Ma.roh 19, 1918.
To the Board of Directors

of the Feder.al Reserve Bank of
Gentlell8n:
The Federal Reserve Board h.a.s frequently been asked to
define, with greater

~rticula.rity,

Agent~,

the Board and Feciera.l Jieserve
oU~cer,

the clU.ef executive

the duties of tbe "Chairman of
a.s distinguished from those of

• s-;yled,, ''Governor" of th.e bank.
dis~sse~ into~y

The uatter bas been

in oanferences of

oUicia.ls of the Federal Res.rve Banks a.nd by the Federal Reserve Board
itself.

W.n~le

v~ews, ~t ~y

there is probably no W.sa.pprehension as to the Board's
yet

contri~te

to a. better understanding and. working of

the FederaJ, Reserve Syste.rn fo.r the Board to WJ.dertake to set tortb
with greater precision
the

or~ization

an~ departu:ent~

and

d~vision

of the

request the Boards

~ts vi~

fe~eral

of the basic principles underlying

of functiQr1s of tbe principal otJicers
Reserve Banks

ot the several banks to

a.n~,

mocii~1

i.n doing so, to
their practices or

to cba.nge their by-la.wa 1 wben neoesaa.ry to bring thelll into conformity

with tbete

JTinciples~

Very tJ'14y youre 1

Governor,.
X-818