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FEDERAL RESERVE BOARD WASHINGTON ' X-3222 October 7, 1921. SUBJECT: Supplementary l i s t of t o p i c s f o r d i s c u s s i o n and c o n s i d e r a t i o n a t J o i n t Conference w i t h Governors and F e d e r a l Reserve Agents, October 25-28, 1921. Dear S i r : I e n c l o s e h e r e w i t h f o r your i n f o r m a t i o n s u p p l e m e n t a r y l i s t of t o p i c s t o be c o n s i d e r e d a t t h e a p p r o a c h i n g c o n f e r e n c e . These t o p i c s a r e s u b m i t t e d a t t h i s time w i t h o u t recommendation and i t i s hoped t h a t each'member of t h e c o n f e r e n c e w i l l g i v e them h i s c a r e f u l c o n s i d e r a t i o n and w i l l come p r e p a r e d t o e x p r e s s h i s own c o n v i c t i o n s on t h e feubjects s p e c i f i e d . The B o a r d ' s v i e w p o i n t w i l l be announced i n t h e opening a d d r e s s on October 2 5 t h . Very t r u l y y o u r s , G o v e r n o r . (Enclosure) GOVERNORS AND /GENTS OF PU, BANKS. • ICS X~3222a SUPPLEMENTARY LIST OF TOPICS FOR DISCUSSION AND CONSIDERATION AT JOINT CONFERENCE WITH GOVERNORS AND FEDERAL RESERVE AGENTS OCTOBER 25-28, 192.1. These t o p i c s a r e t o be considered s e p a r a t e l y by t h e Governors and F e d e r a l Reserve Agents on Wednesday or Thursday. October 26th and 27th, a s they may e l e c t . They w i l l be d i s c u s s e d by t h e F e d e r a l Reserve Board and t h e Federal Reserve Agents a t t h e i r conference on Thursday a f t e r n o o n , October 27th by t h e F e d e r a l Reserve Board and t h e Governors on Friday morning, October 28th and w i l l be d i s c u s s e d f i n a l l y on Friday a f t e r n o o n , October 2Sth,. a t t h e j o i n t conference of t h e F e d e r a l Reserve Board with t h e F e d e r a l Reserve Agents and Governors, ( 1 ) P r a c t i c a b i l i t y of p u t t i n g i n t o c i r c u l a t i o n t h e s i l v e r c e r t i f i c a t e s and l e g a l t e n d e r n o t e s now h e l d by F e d e r a l r e s e r v e banks so a s t o p u t t h e r e s e r v e s e n t i r e l y on a gold b a s i s . (2) D e s i r a b i l i t y of r e s t o r i n g some gold c e r t i f i c a t e s t o c i r c u l a t i o n by having F e d e r a l r e s e r v e banks pay them o u t . (3) Expediency of a u t h o r i z i n g F e d e r a l r e s e r v e banks t o p u r c h a s e i n each c a l e n d a r y e a r t h e maximum amount p e r m i t t e d under S e c t i o n 18 of t h e F e d e r a l Reserve Act ($25,000,000) of United S t a t e s bonds e l i g i b l e a s s e c u r i t y f o r bank note c i r c u l a t i o n .
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