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351 b0PPIC:IOMBM8&~ W. P. G. HARDING, GoVIRNOI ALURT ITRAUIS, VJCI GIOV.INOI ADOLPH C. MILLER CHARLES I. HAMLIN liENRY A.IIOEHLENPAH o• DAVID F. HOUSTON SICUTAIYTHI TRLUUIY '''1i:l1Aft\NAII FEDERAL RESI;RVE BOARD JOHH SKELTON WILLIAMS COMPTROLUR OP THI CURIINCY W. T. CHAPMAN, SICIITAIY R. G. EIIERSON. AIIIITANT SRCRITARY ADDRII88 RI!PL.Y TO W,II,IIILAY,FIICAL A81~T WASHINGTON FEDERAL RESERVE BOARD April 14, 1920. X-1898 SUBJECT: Federal Rese1-ve Par Clearing System. Dear Sir: There is enolvsed lett~r f~r your information copy ~f a written to a Member of Congress on the subject of the Federal Reserve par clearing system. The Rules Committee of the House will, on Thursday, give a hearing to di~satisfied b~ers Federal Reserve System investigated. and others who want the The bone of contenti~n is the par clearing system and othu- charges which have been made are mere cafuouflage to render the exchange fight less conspi-cuous. Very truly yours, Goveruor. l!::nclosure. Letter to all Chairmen and Governors.
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