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FEDERAL RESERVE BOARD WASHINGTON X-3456 J u n e 27, 1 9 2 2 SUBJECT; Liability of Federal Reserve Banks on Government "'arrants and. C h e c k s C a s h e d b y T h e m . Dear Sir: T h e U n d e r S e c r e t a r y o f the T r e a s u r y h a s s e n t t h e B o a r d a copy of a l e t t e r h e h a s w r i t t e n the G o v e r n o r of one of the F e d e r a l Reserve Banks on the subject of the l i a b i l i t y of Federal Reserve Banks on Government warrants and checks cashed b y them. For your information I quote the following from the l e t t e r in question: "The T r e a s u r y does not look to the F e d e r a l R e s e r v e B a n k s a s indorsers or g u a r a n t o r s of w a r r a n t s or checks d r a w n on the T r e a s u r e r w h i c h m a y b e cashed b y the Federal Reserve Banks. The duties a n d functions of the F e d e r a l Reserve Banks, as d e p o s i t a r i e s a n d f i s c a l a g e n t s of the U n i t e d S t a t e s , in r e s p e c t to the payment of Government w a r r a n t s and checks are s e t f o r t h in p a r a g r a p h s 3 5 - 3 8 o f T r e a s u r y D e p a r t m e n t Circular N o . 1%6, as amended a n d supplemented M a y 15> 1 9 2 2 , a n d t h e T r e a s u r y h a s n o i n t e n t i o n o f h o l d ing the F e d e r a l R e s e r v e B a n k s to any l i a b i l i t y in this connection b e y o n d the d i s c h a r g e of their duties and responsibilities u n d e r the terms of the circular." Very truly yours, G o v e r n o r . GOVERNORS OF ALL F. R. BANKS COPIES TO CHAIRMEN.
@FedFRASER