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FEDERAL RESERVE BOARD WASHINGTON X-7236 ADDRESS OFFICIAL CORRESPONDENCE T O THE FEDERAL RESERVE BOARD SUBJECT: September 1, 1932. Charge f o r P r i n t i n g F e d e r a l R e s e r v e N o t e s During F i s c a l Year 1 9 3 3 . Dear S i r : R e f e r r i n g t o the telegrams which were addressed to a l l F e d e r a l r e s e r v e t a n k s under d a t e of J u l y 3 0 , 1 9 3 2 , and August 9, 1932, you are advised that the charge f o r p r i n t i n g Federal r e s e r v e n o t e s d u r i n g t h e m o n t h o f J u l y was a t t h e r a t e o f $ 9 0 . 5 0 p e r one thousand s h e e t s , a r e d u c t i o n of $ 2 . 0 0 per one thousand sheets from the charge during the f i s c a l year 1932. The B u r e a u of Engraving and P r i n t i n g a d v i s e s t h a t t h i s r e d u c t i o n i s t h e r e s u l t o f s a v i n g s e f f e c t e d i n t h e c o s t of m a t e r i a l s u s e d f o r t h e p r i n t i n g of t h e n o t e s * The B u r e a u a l s o e s t i m a t e s t h a t a much l a r g e r s a v i n g i n t h e c o s t o f p r i n t i n g F e d e r a l r e s e r v e n o t e s w i l l b e made d u r i n g t h e p r e s e n t f i s c a l y e a r b y v i r t u e o f t h e f u r l o u g h w i t h o u t p a y o f emp l o y e e s o f t h e B u r e a u u n d e r t h e p r o v i s i o n s o f t h e Economy A c t . The Comptroller General of t h e United S t a t e s has r u l e d , however, that t h e amounts w i t h h e l d from t h e c o m p e n s a t i o n of e m p l o y e e s engaged i n t h e p r i n t i n g of F e d e r a l r e s e r v e n o t e s and o t h e r s o - c a l l e d r e p a y work b y r e a s o n o f t h e o p e r a t i o n o f t h e Economy A c t m u s t b e i m p o u n d e d , a n d X-7336 — 2 — t h a t t h e f a c t t h a t t h e c o m p e n s a t i o n a c t u a l l y paid, s u c h e m p l o y e e s h a s b e e n r e d u c e d "by t h e o p e r a t i o n o f t h e s t a t u t e d o e s n o t a u t h o r - , i z e a n y r e d u c t i o n i n t h e c h a r g e made a g a i n s t F e d e r a l r e s e r v e "banks f o r t h e p r i n t i n g o f F e d e r a l r e s e r v e n o t e s or t h e c h a r g e f o r o t h e r s o - c a l l e d r e p a y w o r k w h i c h i s t o h e r e i m b u r s e d "by o t h e r a g e n c i e s . However, t h e r e i s under c o n s i d e r a t i o n a p r o p o s e d r e q u e s t to the Comptroller General t o r e c o n s i d e r h i s d e c i s i o n . If the o p i n i o n of t h e Comptroller 1 G e n e r a l s h o u l d "be r e v e r s e d a f u r t h e r r e d u c t i o n w i l l h e made i n t h e c h a r g e a g a i n s t t h e F e d e r a l r e s e r v e t a n k s f o r p r i n t i n g F e d e r a l r e s e r v e n o t e s ; i f n o t , t h e c h a r g e of $ 9 0 . 5 0 p e r one t h o u s a n d s h e e t s w i l l c o n t i n u e d u r i n g t h e f i s c a l year 1933. Very t r u l y y o u r s , Chester Morrill, Secretary, TO GOVEBHOBS OF ALL F . B . B A M S .
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