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W. P. G. HARDING, GOVERNOR PAUL M. WARBURG, VICE GOVERNOR FREDERIC A. DELANO ADOLPH C. MILLER CHARLES S. HAMLIN EX•OFFICIO MEMBERS WILLIAM G. McADOO SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTO.N WILLIAMS H. PARKER WILLIS, SECRETARY SHERMAN P. ALLEN, ASST. SECRETARY AND FISCAL AGENT FEDERAL RESERVE BOARD COMPTROLLER OF' THE CURRENCY WASHINGTON ADDRESS REPLY TO FEDERAL RESERVE BOARD May 7, 1918. X-930 Dear Sir: The discount cannittee of the Federal Reserve Board has reported that, in its opinion, "Fedel"al Reserve banks should insist that acceptances when due should be paid by checks on the local Federal Reserve bank, in order that they may be charged to the account of the acceptor on the day of maturity~ or else that acceptances should be paid by checks through the clearings• If an arrahge~ent on these lines can not be perfected) Federal Reserve banks ought to be required to add one day to the actual number of days the acceptance has to run when bought, so as to make up for the loss of interest incurred in collecting in this manner". This report has been agreed to by the Board) and your bank is requestedJ in buying acceptances, to charge discoAnt fo:. one ditional day, except in casAs where satisfactory made to make actual cash pa~ent at. the l<'ederal arrange~ents 2.r13 FE?so:CV;;l 'tank day of rraturity. Very truly yO".;.rs 1 0-ovo rn nr. ·~· ~d- 'Jn the
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