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RX OP'P'JCIO MEMBERS

CARTER GLASS

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I&CiftAitY OP' THI TRIAIURY
CHAIRMAN

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JOHN SKELTON WILLIAMS
--Q)MPTIOLLIR OP THI cttlltllfCY

FEDERA-l.--RESERVE BOARD

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WASHINGTON

J. A. BRODERICK, SECRETARY
W. T. CHAPMAN. AIIISTANT SICRITARY
W.II.IMLAY, FIICALAGINT
ADDRESS REPLY TO

I'IEDII:RAI. RIESIERVIE •oARD

L\.·

DeM Sir:

;to

·
In ita ~tte_.
70a ·CD ·tae ~on ·~"'• ' - cW.te of J\lq 2}. 19~..·. (»-1624),. tJai '»~· n.-tted em
eX,pl'easion of 70vr opirdOJ) ..tt.a t.o ..._..._ o• - ' · • ........,., Gt
tift7 canta pe:r meii~p.NacW&tl:le i~~Wo.84 ·_.,. ~,. bNaU
cleriv1Dg tbe ~on.fit of f.ne '-lear~ ·~..,..tv••

In view of·'tM ~- :·t.JJM \b• .._,..esiou of opiDi.<lG
received ~7 the ]Joori lllil't>--.SmoUaJ¥ m· oppoaltioa •t.O the
imposition of auch •
tbe ....-4 hu 4ecl4e4 \O wit.hdratr the auageet~.

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W, P. G, HARDING, GOVIIHOI
ALBERT STRAUSI, VICI GOVIRNOR
ADOLPH C. MILLER
CHARLES S. HAMLIN

oa..r.-.

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