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. "'-··. W. P. G. HARDING, GciY_I.IUroR·: PAUL M. WARBURG, VICE GOVERNOR FREDERIC A. DELANO ADOLPH C. MILLER CHARLES S. HAMLIN EX-OFFICIO MEMBERS WILLIAM G. McADOC SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS FEDERAL RESERVE BOARD COMPTROLLER Of THE CURRENCY H. PARKER WILLIS, SECRETARY SHERMAN P. ALLEN, ASST. SECRETARY AND FISCAL AGENT X-920 WASHINGTON ADDRESS REPLY TO FEDERAL RESERVE BOARD May 3, 1918. Dear Sir: Your attention is invited to copy, enclosed herevdth, of a letter received from Assistant Secretary Leffin~vell regarding the retirement of silver certificates and the substitution of Federal Reserve banlc notes in appropriate denominations, in their place. In compliance with his request, the Board has aslced that notes in denominations of one and tv~ dollars be prepared for the Federal Reserve banlcs, the allotment being the same as was made in the case of the notes of the five dollar denomination. (which inclu~e Orders have been placed, therefore, any orders vbich may have heretofore been given) as follows: Ones Boston York Philadelphia Cleveland Richmond Atlanta Chicago Sto Louis Mi:rm.eapolis Kansas City Dallas San Francisco ~12,000,000 64,0009000 16,000,000 16,000,000 10?000,000 8,000,000 30,000,000 10,000,000 Neu- <7-~ooo.-ooo 10,000,000 5,000,000 12,000,000 $200,000,000 I have advised Assistant Secretary Twos $3,000,000 16,000,000 4sOOO,OOO 4,000,000 2.11 500,000 2,000,000 7,5009000 2,5009000 1 9 750s000 2,500,000 1.250,000 3.000,000 $50,000.,000 Leff~lg'\-,ell ths t suggestion: :has been made to the Federal Reserve banks that they use the 3% one year notes Yihich they have on hand, as the basis of security for the Feder;;.l Reserve bank notes first received, and that the banks will be requested to enter their orders for the poses. 2% certificateg as actually required for circulation ~ur- ,, X-920 - 2 Your attention is directed also to a mt-.··orandum of counsel, copy of which is enclosed herewith, from which it appears that while the Federal Reserve banks will pay for the plates from which the notes are printed, just as the natior•l banks do, the cost of paper and printing will be paid by the Comptroller of the Currency out of funds accruing from the tax upon circulation of this charqcter. The Comptroller of the Currency will be requested to maintain an adequate supply of Federal Reserve bank rtotes on hand which will be forwarded to the Federal Reserve banks in the s'lme manner as notes are sent to those institutions. nat~onal banh It appears that it is not neces- sary for Federal Reserve banks to give any instructions as to the prep·· aration of plates or the stock of Federal Reserve bank notes to be kept in Washington. In view of the a.bo·.,e, you will please dior9r;a:<"rl my letter of May lst, X-912. very truly: youn: I GTii·e;~nor. 2 Enclosures.
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