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FEDERAL RESERVE BOARD WASHINGTON May 26, 1923. X-3722 S u b j e c t : F i s c a l Agency E x p e n s e s , ~ Reimbursable» %• d e a r Governor: I am h a n d i n g you a copy of a l e t t e r from Hon. S, P» G i l b e r t , J r . , Under S e c r e t a r y of tho T r e a s u r y , which is self-explanatory. You w i l l n o t e , hovever, t h a t he i s r e - q u e s t i n g t h a t each of the F e d e r a l Reserve Banks submit a s soon as p o s s i b l e , b u t n o t l a t e r than June 3 0 t h , an e s t i m a t e Of reimb u r s a b l e f i s c a l agency expenses t h a t v i l l be i n c u r r e d d u r i n g the f i s c a l year b e g i n n i n g J u l y 1 , 1923 and ending June 30, 1924. You 'will a l s o n o t e t h a t t h e Treasury proposes t o re imburse F e d e r a l Reserve Banks f o r a c t u a l and n e c e s s a r y expenses i n c u r r e d i n c o n n e c t i o n - n t h the i s s u e of p u b l i c d e b t s e c u r i t i e s f o r t h e f i s c a l year ending June 30, 1924. K i n d l y give t h i s your prompt a t t e n t i o n . Very t r u l y y o u r s , Governor. (Enclosure) TO GOVERNORS OF ALL F . R. BANKS. COPY TREASURY DEPARTMENT WASHINGTON X-3J22a May 25, 1 9 2 ) . My dear Governor: On J u l y 5 , 1922, I advised the Board with r e s p e c t to f i s c a l agency expenses t h a t , a t l e a s t u n t i l the c l o s e of the c a l e n d a r year 1922, the Department would proceed on the b a s i s followed d u r i n g the f i s c a l year ended June JO, 1922, and t h a t upon the submission of claims t h e r e f o r F e d e r a l Reserve Banks would be reimbursed n e c e s s a r y and a c t u a l expenses i n c u r r e d i n connection with new i s s u e s of p u b l i c debt s e c u r i ties. R e c e i p t of my l e t t e r of J u l y 5th was acknowledged by the Governor of t h e F e d e r a l Reserve Board on J u l y 6 , 1922, -vith advice t h a t a copy of my l e t t e r was teing sent each F e d e r a l Reserve Bank* This i s t o advise you t h a t during the f i s c a l year b e g i n n i n g J u l y 1 , 1923 and ending June 30, 1924, the sane b a s i s w i l l be continued and t h e p r i n c i p l e of reimbursing F e d e r a l Reserve Banks f o r a c t u a l n e c e s s a r y expenses i n c u r r e d i n connection with new i s s u e s of p u b l i c debt s e c u r i t i e s w i l l be observed a s h e r e t o f o r e • Your c o u r t e s y w i l l be a p p r e c i a t e d if you w i l l r e q u e s t each F e d e r a l Reserve Bank to submit a s soon a s p o s s i b l e , and not l a t e r than June 3 0 t h , an e s t i m a t e of reimbursable f i s c a l agenfcy expenses t h a t v i l l be i n c u r r e d d u r i n g the f i s c a l year beginning J u l y 1 , 1923 and ending June 30, 192U. This i n f o r m a t i o n i s n e c e s s a r y f o r i n c l u s i o n i n the budget f i g u r e s . The expenses in t h i s connection should show a very important r e d u c t i o n f o r the year in q u e s t i o n . The Department - X-3722a 2 - contemplates no l a r g e r e f u n d i n g or o t h e r e x t r a o r d i n a r y o p e r a t i o n s * So f a r a s can be f o r e s e e n , new i s s u e s w i l l c o n s i s t of p e r i o d i c i s s u of T r e a s u r y c e r t i f i c a t e s , and p o s s i b l y Treasury n o t e s , and cont i n u i n g i s s u e s of Treasury s a v i n g s c e r t i f i c a t e s . Very t r u l y y o u r s , (Signed) S. P . G i l b e r t , J r . Under S e c r e t a r y . Honorable D. B« C r i s s i n g e r , Governor, F e d e r a l Reserve Board.
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