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FEDERAL RESERVE BOARD WASHINGTON x-3397 M a y 8, 1 9 2 2 . SUBJECT: Currency Policy Dear Sir: The currency distribution and payment policy for the F e d e r a l R e s e r v e Banks set forth i n the e n c l o s e d pamphlet will become effective June 1, 1922. B e f o r e the p l a n b e c o m e s effective all Federal R e s e r v e B a n k s are r e q u e s t e d to give the f o l l o w i n g i n f o r m a t i o n to t h e F e d e r a l R e s e r v e B o a r d : (1) The a m o u n t s o f F e d e r a l R e s e r v e n o t e s in e a c h d e n o m i n a t i o n that each b a n k d e s i r e s to h a v e in its reserve stock of u n i s s u e d n o t e s . ( 2 ) W h a t a m o u n t o f the r e s e r v e s t o c k o f e a c h d e n o m i n a t i o n is to b e h e l d i n W a s h i n g t o n . (3) W h a t a m o u n t ( e s t i m a t e d ) of e a c h d e n o m i n a t i o n o f t h e r e s e r v e s t o c k of n o t e s n o w h e l d i n W a s h i n g t o n w i l l b e r e q u i s i t i o n e d d u r i n g the r e m a i n d e r of the c a l e n d a r year. (4) The a m o u n t s (for h e a d o f f i c e a n d e a c h b r a n c h s e p a r a t e l y ) o f n e w $1 a n d $ 2 n o t e s ( U n i t e d S t a t e s C u r r e n c y ) e s t i m a t e d to b e s u f f i c i e n t f o r o n e m o n t h ' s r e s e r v e s u p p l y . ( 5 ) T h e e s t i m a t e d a m o u n t s o f n e w $1 a n d $ 2 n o t e s ( U n i t e d S t a t e s c u r r e n c y ) w h i c h w i l l b e n e e d e d d u r i n g J u n e , 3.922 to m a i n t a i n t h r o u g h o u t the m o n t h r e s e r v e stocks o f these n o t e s at approximately the fixed figures. It i s r e q u e s t e d t h a t o n M a y y i , 1 9 2 2 , e a c h F e d e r a l R e s e r v e B a n k w i r e the F e d e r a l R e s e r v e B o a r d the a m o u n t of n e w $1 a n d $ 2 n o t e s ( U n i t e d S t a t e s c u r r e n c y ) o n h a n d . Very truly yours, (Enclosure) G o v e r n o r . TO THE GOVERNORS OF ALL FEDERAL RESERVE BANKS.
@FedFRASER