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507 W. P. G. HARDING, GOVERNOR ALBERT STRAUSS, VIC I GOVERNOR ADOLPH C. Ill LLER CHARLES S. HAll LIN HENRY A. MOEHLENPAH EX OFPICIO MllMBitM ; DAVID F. HOUSTON ... SECRETARY O..THE TRIEASURY C~AIAMA~ ' JOHN SKELTON WILLIAMS FEDERAL RESERVE BOARD . COMPTROLLER OF THE CURRINC:Y W. T. CHAPMAH, SECRETARY R. G. EMERSON,ASSISTANT SECRit:ARY ADDRESS REPLY TO W,JI,IIILAY, FliCAL AaiNT WASHINGTON FEDERAL RESERVE BOARD June 12,1920. X-1951 Subject: . Treasury Policy ~ith Regard To Paying Out $2.50 Gold Pieces. Dea.r Sir:- For the information of the officers of your Bank the following is quoted from a letter addressed by the Secretary of the Treasury to the Treas~er of the United States under date of June 10,1920: , ftFrom this date it will be. the policy of the Treasury not to make any payments of gold quarter eagles • .As you know, gold has not been coined in the denomination of $2.50 for several years past, and the ·total supply in Treasury offices is exceedingly limi·ted. It is, furthermore, the policy of the Treasury not to resume the coinage of $2.50 gold coins in view of the fact· that the demand for them is based on sentiment rather than necessity or utility, and on acco1tnt of the relatively large amount of abrasion involved in their circulatiop and the tendency of gold coins in this denomination to disapnear through circulation. The Treasury's policy will be to refuse to meke payments of $2.50 gold pieces whether designed for export or for internal use. All $2.50 gold pieceG .now held. in Tt·easury officest or which may from tirr~ to tirre be deposited in Treasury offices, will be held as gold reserve and will not be paid out except upon specific instructions from the Secretary of the Treasury. Please proceed in accordance with the policy outlined above and without referring demands for $2.50 gold pieces to my office. Please also transmit, as promp·tly as possibler to each of the Assistant Treasurers of the United States this statement of .the Treasury 1 s policy and instruct them to proceed in accordance therewith." Very truly yours. Governor .. To Chairmen of all F.R· :Banks ..
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