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I... W. P. G. HARDING. GOVERNOR PAUL II. WARBURG. VICE GOVERNOR FREDERIC A. DELANO ADOLPH C. MILLER CHARLES S. HAMLIN £X..0PI'ICIO MKMBCR8 WILLIAM G. McADOO IICRITARY OP THE TREASURY CHAIRIIAN JOHN SKELTON WILLIAMS H. PARKER WILLIS, SECRETARY FEDERAL RESERVE BOARD COIInAOLUR OF TKI CURRlNCY SHERMAN P. ALLEN. ASST. SECRETARY AND FISCAL AGENT WASHING'l'ON ADDRESS RRPLY TO FEDERAL RESERVE BOARD lhroh 30., 1918. X...858 Ge ntl amen: · The Board is advised by the Division of Issue and Redemption that redemptions of Federal reserve notes are 'running in very large amounts and that~ in many ~nstances, notes are sent in which are fit for circulation. The Board understands,. of c~rse~ preference and demand for new bills, but in that there t~s is a strong like the present, when it is necessary to economize· in al1 directions, it seems to ne that the spirit of economy should be rency. It is exten~td also to the use of cur- suggested,· therefore, that Federal reserve banks ask their nember banks to continue to _pay out Federal restnve notes as long as they are rea.nna.bly fit tor use, and to refrain frcm sending notes to Washing- ton for redemption unless they are so worn or soiled. as to be actually unfit for circulation. The capacity .of the Bureau of Engraving and Printing is strained to the utmost, and the Board feels that the banks and the public can render a. ·publi~ service by acting upon this suggestion. Very truly yours, Governor. The Federal. Reserve Bank of
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