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1 1 EX-OFPICIO MEMBERS W . P . G . H A R D I N G , GOVERNOR A L B E R T S T R A U S S . VICE GOVERNOR ADOLPH C. MILLER CHARLES S. HAMLIN CARTER GLASS SECRETARY OF THE TREASURY CHAIRMAN J O H N SKELTON WILLIAMS COMPTROLLER OF THE CURRENCY FEDERAL RESERVE BOARD WASHINGTON J . A. B R O D E R 1 C K . SECRETARY L . C . A D E L S O N . ASSISTANT SECRETARY W . T . C H A P M A N . ASSISTANT SECRETARY W . M. IMLAY, FISCAL AGENT ADDRESS REPLY TO FEDERAL January 3, 1919. X-1346 SUBJECT: CAMPAIGN FOR THE ESTABLISHMENT OF NEW PAR POINTS. Dear S i r : The value of the Federal t , z . rva Banks' c o l l e c t i o n system i s d i r e c t l y r e l a t e d to the number of p o i n t s upon which c o l l e c t i o n s can be trade at par, and the importance of s e c u r i n g s u b s t a n t i a l a d d i t i o n s to the par l i s t i s not open to q u e s t i o n . R e f e r r i n g t o c i r c u l a r l e t t e r of December 26, 1918, (X-1333) the Board i s of the opinion from r e p o r t s received t h a t t h e present i s the most opportune t i n e f o r c a r r y i n g on a campaign by a l l t h e Federal Reserve Banks f o r the purpose o. auv "g nonmember banks to the present par l i s t s of the Federal Reserve Banks. The Board t h e r e f o r e urges t h a t a l l Federal Reserve Banks begin the campaign on January 1 5 t h . The work may be c a r r i e d on by correspondence a t f i r s t and may then be followed up by personal v i s i t s whenever necessary and p r a c t i c a b l e . I t i s suggested t h a t t h i s campaign be conducted w i t h out p u b l i c i t y , f o r nothing ghoul" be u~~o to arouse organized o p p o s i t i o n . I t seems necessary t h a t t h i s campaign should begin a t the time above mentioned in order t h a t i t may be completed before the campaign f o r t h e next Liberty Loan begins. If t h e campaign f o r a d d i t i o n a l par p o i n t s should be d e f e r r e d u n t i l a f t e r the close of the L i b e r t y Loan campaign, t h e summer vacation period would be reached, which i s obviously an inopportune time. The Board e a r n e s t l y r e q u e s t s , t h e r e f o r e , t h a t t h i s work be undertaken a t t h i s time. Kindly acknowledge r e c e i p t . Very t r u l y yours, Governor. RESERVE BOARD
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