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£X-OFFICIO MS:MBERS W. P. G. HARDING, GOVERNOR PAUL M. WARBURG, VICE GOVERNOR WlLLIAM G. McADOO FREDERIC A. DELANO ADOLPH C. MILLER CHARLES S. HAMLIN SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS COMPTROLLER OF THE CURRENCY FEDERAL RESERVE BOARD H. PARKER WILLIS, SECRETARY SHERMAN P. ALLEN. Asst. SICRITARY AND FISCAL AGENT WASHINGTON ~~~REPLY TO FEDERAL. RESERVE IIOARD Dear Sir: Receipt is ackno,Nledged of your letter of the instant asking whether certain paper would be eligible for rediscount by a Federal reserve bank. The i3oard fublishes in the Federal Reserve Bul• letin irlf omal rulings a.n\1 opinions of Counsel relating to the el:.gibHity o:r d:Ufex·ent classes of pa.Per. These rulings al~s ueually rr.ade u_;;;on questions subrr,itted by the Federal reserve bankt3~ While the general policy of the Board has been to rrake such rulings only in those cases which are sub~itted by the banks it has not heretofore adhered strictly to thh:t rule but has from ti:rr.e to tirr.e answered specif~,c inq_ui:r::..es subirJ.tted by others with· the view of giving all interested parties full inforuation as to the operations of the Federal Reserve i~ct. ~'hila it still iesires to keep the public fully inforued as to the operations of the .Act it finds it necessary to aihere rr;ore strictly to its established policy and not to n:a.ke rulings on any concrete or hypothetical cases except through Federal reserve banks. The reGUlations of the Board and its published rulings and opinions furnish a sufficient ~ide for ~ll oriinary transactions and the constantly increasing lenands nade upon the Tioard are such as to rrake it iapracticable to give consi~eration to exceptional casas other than those which actually arise in the administration of various Federal reserve banks. Respectfully~ Governor.
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