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t< • FEDERAL RESERVE BOARD WASHINGTON X-3789 July 25' 1923. SUBJECT: Official Advice of Removal of Old Restrictions Aga.ins t Silver Payments. Dea.r Sir: For your information there is enclosed a. copy of a. letter from the Under Secretary of the Trea.sury, da.ted July 20, 1923, with reference to the removal of old restrictions a.ga.inst silver payrr:ents. By order of the Federal Reserve Board. Very truly yours, Wm. W. Roxton, Secretary. (Enclosure) TO GOVERNORS OF F. R. BANKS ...,.. ( COPY ) X-3789a THE U1"DERSECRET.AlW OF TTIE TRE.:\SUD.Y W.'\SHilJGTON July 20, 1923. l;v dea.r Governor: In going over the TreB.su.ry 1 s recordG a.bout silver I have noticed that the letter of J.snuc•. ry 7, 1921, from the Secre~a.r;r o.f the Treasury to the J.i'eder:1.l :S..es3rve Bo8ri, suggesting the discontinuance of the arrangement of Decerr)oer b, 1919, for supplying sta.nda.rd silver dollars tl;.rough the Division of' Foreign Exchange of the FeCl.eral Reserv3 Board, includ'ld at the end a. reserva.tion .;,~ee:2in3 in force t'he restriction a.ga.inst t:1e pa.;y1ner.t of s tar~da.rd s i l Yer dollars a.ga.5.nst other forms of mone~r reasonn:bly clear from than silver C8rtific8.tes. sub;.:;eq_t~ent I think it ::.s i::structions to the Federal Reserve Banks snd correspondence wHh the J!'edera.l Reserve Bo:J.rd tha.t this restriction no longer remaL1s in force, but I am wri tlng you definitely to tha.t effect in o:::de:;.~ tha.t there may b s no possi ole misundersta.nding a.s to payments of standard. silver dclla.rs. With the completion of purcha.ses under the PittiTJr'ln Act a.nd th8 recoina.ce of silver bullion into standard silver dollars the Treasury's stocks of s i:ve:::- are en- tirely adequate and. there is no longer a.n,y rea.son fer keel_:ing in effect any of the old restrictions a.ga.inst silver pa.yments • Very truly yours, (signed) S.P. GIIJBEB.T, Jr. Under Secreta.r;:,·. Ron. D. R. Crissinger, Governor, Fed::Jral R::;sc:rve :So3::d, Washington, D. c.
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