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r .. ~ ......... (__. >~~; ~-1 FEDERAL RESERVE BOARD WASHINGTON . -ยท Jul;r 8, 1921. SUBJECT: Assessment on Account of Redemotion of Incomplete Federal Reserve Notes and Federal Reserve Parik notes. Deer Sir: In accordance with the procedure outlined in the Board's letter of June 10, 1921, (X-314o), to all Federal Reserve Banks, an assessment has been levied upon tr.e Federal Reserve Bariks in tte usual way (:Pro-rated on the basis of capital and surplus) to reimburse the Board for pa.,j'l'Ilen t of $5,33 7. 50 made to the Treasurer of the United States upon delivery to the Board of unsealed and unnumbered Federal Reserve notes and Federal Reserve Pank notes. In agreeing to redeem in an amount no-t to exceed in the eggTegate $20,000 incomplete Federal Reserve notes and Federal Reserve Bank notes wn~ch find their way into the _Treasurer's cash, the Federal Reser11e Banks do so with the understanding that they admit of no liability in connection with the circulation of incomplete notes and that they expect to be reimbursed ultimately by the Government .. In view of the small amount involved, however, and uncertainty as to the time wren the banks may expect reimbursement, the Board believes that the Federal Reserve Banks sr.ould charge the amount of this particular assessment. and any .subse~ent assessments made for this purpose. to Profit an(l Lose .Account _in accordance with the Board's General Instructions.(June 20, 1921) covering the Preparation of Reports of Earnings and Expenses of Fedetal Reserve BaJlks. ' Very trul. Y' youra, G o v e r n o r. To the Governors o~ all Federal Reserve Banks.
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