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11C FEDERAL RESERVE BOARD WASHINGTON X-6680 August 18, 1930. ADDRESS OFFICIAL CORRESPONDENCE TO THE FEDERAL RESERVE BOARD Dear S i r : I am advised t h a t the Treasury Department has mailed to you a copy of the proposed r e v i s i o n of Treasury Department C i r c u l a r No. 176 f o r c r i t i c i s m and comment, and I wish to b r i n g to your a t t e n t i o n the d e s i r a b i l i t y of submitting your comments to the Treasury Department as promptly as p o s s i b l e . The check c o l l e c t i o n c i r c u l a r s of the Federal r e s e r v e banks, the uniform p r o v i s i o n s of which are now i n process of r e v i s i o n to accord with the changes i n Regulation J e f f e c t i v e September 1, c o n t a i n c e r t a i n p r o v i s i o n s which depend upon p r o v i s i o n s of Treasury Department Circular No. 176. The r e v i s i o n of the check c o l l e c t i o n c i r c u l a r s of the Federal r e s e r v e banks t h e r e f o r e mast wait u n t i l c i r c u l a r No. 176 has been d e f i n i t e l y and f i n a l l y adopted. I understand from the Treasury Department t h a t c i r c u l a r No. 176 can be adopted and promulgated as of September 1 i f the comments from the Federal r e s e r v e banks a r e r e c e i v e d promptly. You are requested, t h e r e f o r e , to submit such c r i t i c i s m and comment a s you or your counsel may have regarding the r e v i s i o n of c i r c u l a r Mo. 176 to the Treasury Department a t your e a r l i e s t convenience. R e p r e s e n t a t i v e s of the Treasury Department discussed the proposed r e v i s i o n of Treasury Department C i r c u l a r NO. 176 with the Conference of Counsel of a l l Federal r e s e r v e banks h e l d i n Washington, D. C. on June 9 and 10, 1930, a t which conference several members of the Standing Committee on C o l l e c t i o n s were p r e s e n t . No s u b s t a n t i a l d i f f e r e n c e of opinion developed between the Treasury Department and the Federal r e s e r v e bank counsel or members of the Standing Committee on C o l l e c t i o n s with r e f e r e n c e to the p r o v i s i o n s of the proposed r e v i s i o n of the c i r c u l a r , except as to Sections 35 and 37 (now Sections 33 and 3 4 ) . As to t h e s e s e c t i o n s i t was found impossible to reach an agreement and a f t e r some d i s c u s s i o n i t was decided t h a t the Federal reserve banks would merely r e s e r v e the r i g h t to address l e t t e r s to the S e c r e t a r y of the Treasury s t a t i n g t h e i r p o s i t i o n with r e l a t i o n t h e r e t o i f they should so d e s i r e . http://fraser.stlouisfed.org/ TO GOVERNORS Federal Reserve Bank of St. Louis Yours very t r u l y , R. A. Young, Governor. OF' ALL F. R. .BANKS.
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