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w . P. G. H A R & & S G o ve r n o r PAUL M. WARBURG, VICE GOVERNOR KX>OPPICIO M EM BERS FREDERIC A. DELANO ADOLPH C. MILLER CHARLES S. HAMLIN WILLIAM 0. McADOO SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS Co m p t r o lle r o f tme Cu r r e n c y H. PARKER WILLIS. SECRETARY SHERMAN P. ALLEN, ASST. SECRETARY FEDERAL RESERVE B O A R D and F is c a l a g e n t ADDRES8 RE PLY TO W A S H IN G T O N FEDERAL RESERVE BOARD January 25, 1916. Sir: One of the Federal Reserve Agents has called atten tion to, and sent in for inspection, a number of Federal Re serve notes which have been seriously mutilated and marked up with blue pencil, or other disfiguring marks. While there is no law specifically covering this matter, it is generally under stood that the mutilating, disfiguring or counterfeiting of Fed eral Reserve notes, because Federal Reserve notes are obligations of the Government, must be regarded just the same as the mutilating, disfiguring or counterfeiting of other United States Government obligations; "greenbacks" for example, Tho practice of blue penciling notes in counting them or at other times, is very specifically forbidden in the case of Na tional bank notes, and it is perhaps a fair inference that it should not be permitted in the case of Federal Reserve notes, be cause the loss through the mutilation or disfigurment of Federal Reserve notes falls upon Federal Reserve banks and ultimately upon the National banks. It seems proper therefore, to call the attention cf the Federal Reserve Banks to the matter and suggest that they take it up with their member banks. Yours very truly, ' Governor,
@FedFRASER