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r EX-OFFICIO MEMBERS COMPTROLLER OF THE CURRENCY ADOLPH C.MILLER FEDERAL RESERVE BOARD H . P A R K E R W I L L I S , SECRETARY S H E R M A N P . A L L E N . ASST. SECRETARY ADDRESS REPLY TO WASHINGTON FEDERAL RESERVE BOARD At t h e b e g i n n i n g of my s e r v i c e on t h e F e d e r a l Reserve Board I had a r a t h e r s t r o n g f e e l i n g , which p e r h a p s amounted t o a p r e j u d i c e , t h a t F e d e r a l Reserve n o t e s should not be counted as r e s e r v e by N a t i o n a l banks. During t h e twenty-two months of my s e r v i c e I have given t h e m a t t e r c a r e f u l thought and study and w h i l e my mind i s perhaps not f u l l y made up, and c e r t a i n l y s t i l l open t o c o n v i c t i o n , I have r a t h e r come t o t h e conclusion t h a t my f i r s t view was a mistake and t h a t t h e r e i s a t l e a s t a good d e a l t o be s a i d on t h e o t h e r s i d e , I have attempted t o s t a t e t h e case f u l l y and f a i r l y i n t h e a t t a c h e d memorandum and I should be v e r y glad t o have you read i t a t your convenience and give me t h e b e n e f i t of your s u g g e s t i o n s and c r i t i c i s m s . Please under- s t a n d t h a t t h i s memorandum e x p r e s s e s only my p e r s o n a l views and e x p r e s s i o n s . 7 3 C H A R L E S S . H A M L I N , GOVERNOR F R E D E R I C A . D E L A N O , VICE GOVERNOR PAUL M.WARBURG W. P. G. HARDING W I L L I A M G . MCADOO SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS v
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