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W. P. G . HARDING. GOVERNOR PAUL m . w a r b u r g . V ic e G o v e r n o r FREDERIC A. DELANO ADOLPH C. MILLER CHARLES S. HAMLIN Ex-O fficio Members WILLIAM G. McADOO SECRETARY OF THE TREASURY C h a ir m a n JOHN SKELTON WILLIAMS Co m p t r o l l e r o f t h e C u r r e n c y FEDERAL RESERVE BOARD H. PARKER WILLIS. SECRETARY SHERMAN P. ALLEN. ASST. SECRETARY and WASHINGTON Fis c a l A g e n t A DDRESS REPLY TO FEDE^LL JgjJjR VE BOARD May 3, 1917. Sir; By direction of the Federal Reserve Board I transmit herewith a certified extract from the minutss of the meeting of the Board held in the offices of the Board on May 2, 1917* Yours very truly, Secretary- Enclosures JL X-!2'4a. 110n motion it was voted that the Federal Reserve Bank of New York, acting as Fiscal Agent for the United States Government, be authorized upon the instructions of the Government to open ac counts in favor of foreign governments as follows: WHEREAS, Section 2 of the Act entitled nAn Act to authorize an issue of bonds to meet expenditures for the national security and defense and to extend credit to foreign governments, and for other purposesy approved April 24, 1917; provides in part that "That for the purpose of more effectually providing for the national security and defense and prosecuting the war by establishing credits in the United States for foreign governments, the Secfetary of the Treasury, with approval of the President, is hereby authorized, on behalf of the United States, to purchase, at par, from such foreign governments then engaged in war with the enemies of the United States^ their obligations hereafter issued, bearing the same rate of interest and containing in their essentials the same terms and conditions as those of the United States issued under authority of this Act; to enter into such arrangements as may be necessary or desirable for establishing such credits and for purchasing such obligations of foreign governments and for the subsequent payment thereof before maturity, etc*" And WHEREAS, Section fifteen of the Act approved December twenty-third, nineteen hundred and thirteen, known as the Federal Reserve Act, provides that the Federal reserve banks "when re quired by the Secretary of the Treasury, shall act as fiscal agents of the United States;n And WHEREAS, the Secfetary of the Treasury has duly ap pointed each and every Federal reserve bank of the United States; a fiscal agent NOW, THEREFORE, BE IT RESOLVED, that the Federal Reserve banks, in order effectively to carry out the provisions of the Act first above referred to are hereby severally directed to receive and hold on deposit as such Fiscal Agents for the credit any of any foreign government, moneys or credits placed at the dis posal of such foreign government by the Secretary of the Trea sury "for the purpose of establishing credits in the United States for foreign governments,H as provided in Section two of the Act of April twenty-fourth, nineteen hundred and seven teen, quoted herein* I certify the above to be a true extract from the minutes of the meeting of the Federal Reserve Board held in the offices of the Board on May 2, 1917* Secretary.
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