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FEDERAL RESERVE BOARD WASHINGTON December 22, 1921. X-3279 SUBJECTt Shipments by Federal Reserve Banks of Fit and Unfit Federal Reserve Notes Dear Sir: At the recent Governors* Conference i t was voted that each Federal Reserve Bank should absorb the cost of shipments of f i t as well as unfit Federal Reserve notes of other Federal Reserve Banks, except the cost of insurance. The Board approves and suggests that banks begin as of January 1, 1$22 to absorb the costs of such shipments. The Conference also voted to submit to the Board for i t s approval the matter of the Federal Reserve Banks settling shipments of uother,f Federal Reserve notes through the Federal Reserve Board in a manner similar to the present daily settlement of collected funds through the gold settlement fund* The Governor of the Federal Reserve Bank of Chicago was authorized by the Conference to work., out and submit to the Board for i t s approval a plan by which such settlement could be. effected. The plan submitted by Governor McDougal appears to be satisfactory and in the course of the next few days all Federal Reserve Banks will be advised as to the details thereof and advice will be given also of the date upon which the Board w i l l be ready to begin handling the settlements* Very truly yours, Governor, To the Governors of a l l Federal Reserve Banks*
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