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W. P. G. HARDING, GOVERNOR PAUL M. WARBURG, VICE GOVERNOR FREDERIC A. DELANO ADOLPH C. MILLER CHARLES S. HAMLIN EX-OFFICIO MEMBERS • WILLIAM G. McADOO SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS COMPTROLLER OF THE CURRENCY FEDERAL RESERVE BOARD H. PARKER WILLIS, SECRETARY SHERMAN P. ALLEN. ASST. SECRETARY W A S H IN G T O N ADDRESS REPLY TO FEDERAL RESERVE BOARD ^ ^ j J ^ P g C A L AGENT -Ly '2*+, ..1517. Dear Sir: The report of the Conference Committee on the amendments to the Federal Reserve Act was not presented to Congress this after noon as had teen expected, owing to an unexpected delay. The sit uation is understood to be as follows: 1. The revision of the reserve section follows substantially the House draft, copy of which has already been transmitted to you, 2. The section relating to the issue of Federal reserve notes is./under discussion. (still 3Tlio rvts relating to tbs ;anageasat of the Go-Id Set tlement Fund and to the status of State bank members of the system have been agreed to in practically the form in which they appear in the Senate bill already in your hands4. The Hardwick Amendment is retained but is altered by pro viding that Federal reserve banks shall not be subject to exchange charges on checks, while the regulation and determination of exchange charges elsewhere is placed within the jurisdiction of the Federal Reserve Board. I inclose a copy of a statement issued by the Treasury De partment under this date with reference to the subscription to the new offering of $2 0 0 ,0 0 0 ,0 0 0 of Treasury certificates. The Federal Reserve Board has issued a statement with ref erence to the establishment of a branch of the Federal Reserve Bank of Richmond at Baltimore, as follows: The Federal Reserve Board has had under consideration the approval of a plan submitted by the Federal Reserve Bank of Richmond to establish a branch in Baltimore. It has in formally reached agreement that it will take favorable ac tion upon the proposal, but has deferred formal decision un- X-172 -2 - til such time as it is advised of the action of Congress with reference to the amendments to the Federal Reserve Act now pending before that body, inasmuch as these amend ments have a direct bearing upon the case of other cities, the establishment of branches in which is under consider ation . Very truly yours, Secretary. Inclosures.
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