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EX-OFFICIO MEMBERS W. P. G. HARDING, GOVERNOR ALBERT STRAUSS, VICE GoVI!:RNOR ADOLPH C. MILLER CHARLES 5. HAMLIN WILLIAM G. MCADOO SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS FEDERAL RESERVE BOARD COMPTROLLER OF THE CURRENCY J. A. BRODERICK, SECRETARY L. C. ADELSON, ASSISTANT SECRETAI!t-Y W. T. CHAPMAN, ASSISTANT SECRETARY W. M. IMLAY, FISCAl. AGENT WASHINGTON ADDRESS REPLY TO FEDERAL RESERVE BOARD Noverrber 26 1 1918, X·-1288 SUBJECT: Use of GoJ.d Coin for Christ:>ras Presents: De::1r Sir: The ~o:;.rd h~ts been s:.ske:i foro ::m expre~siun of its views as to the propriety of u3in;; gold coin for Christwas presr:mts • .About ::1 year ago the Bo::1r.i issuei ::1 stater:ent givin::;: sone re?.sons Nhy. in its opinion 1 it 'N3.s not lesir2...bL~ to use gold. coin fo~" such pu~~poses. There are still son:e objGctions to the use of· gold coin for g;i.fts 1 for Ne :lro not yet through Nith vvar financing :lnd the problen.s which grow out of the w:lr and reconstruction Nil:l be live ones for rr.any years. There is a worLl-wide rr.overr.ent to discour::tge the use of gold coin as a circulati."lg in the medium u:pon the ground th=,t sold shouU be concentrated banks ::1s reserve and used in the settlenient of balances groN- ing: out of international tr~nsactions. New bills C:ln be obtaine:i readily for us'3 as presents, and LibJrty ;:;onds, War Savings CertificatGs 1 3.nd United St=::tes Thrift C3.rds can be used in the sarr:e 1¥ay to good adv.:tnt:?.ge. We should continue to encourage h::l.bits of thrift ::1nd should frown upon extrav3.gance and the wasteful employment of ::l.nything vmich can be diverted to a useful purpose. Very truly yours, Governor.
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