The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
S-76 BOARD OF GOVERNORS 381 of the FEDERAL RESERVE SYSTEM washington a d d r e s s o f f i c i a l t o t h e March 4, 1958 SUBJECT: Reimbursement of the Federal Reserve Banks for Expenses Incurred in Redeeming Adjusted Service Bonds. Dear Sir: There is inclosed a copy of a letter written to Mr. layne C. Taylor, Assistant Secretary of the Treasury, under date of March 4, 1958, with respect to the reimbursement of the Federal Reserve banks for expenses incurred ty them in redeeming adjusted service bonds. As you know, the letter was presented to the Presidents' Conference by the Committee on Reimbursable Expenses, and approved by the Conference. Very truly yours, Chester Morrill, Secretary. Inclosure TO PRESIDENTS OF ALL FEDERAL RESERVE BANKS c o r r e s p o n d e n c e b o a r d S-76-a 382 March 4, 1938. Honorable Wayne C. Taylor, Assistant Secretary of the Treasury, Washington, D. C. Dear Mr. Taylor: This refers to your letter of January 14, in which you advised that you would be glad to meet with Mr. M. J. Fleming, Chairman of the Presidents' Conference Committee on Reimbursable Expenses, and with Mr. Smead, of the Board's organization, at their mutual convenience for the purpose of discussing the question of reimbursing the Federal Reserve banks after December 31, 1937, for their expenses in redeeming adjusted service bonds. On the morning of Tuesday, March 1, the Presidents' Conference Committee, consisting of Presidents McKinney, Martin and Leach, and Mr. Zurlinden, First Vice President of the Federal Reserve Bank of Cleveland, representing Mr. Fleming, Chairman of the Committee, and Mr. Smead met with Mr. Broughton and Mr. Kilby of your office and reviewed this question. Mr. Kilby pointed out that while it had not seemed practicable to obtain an appropriation from Congress at this time for the purpose of reimbursing the Federal Reserve banks for their expenses in redeeming adjusted service bonds during the remainder of the fiscal year 1938 and for the fiscal year 1939, he believes the Department has sufficient funds to reimburse the Federal Reserve banks for such expenses incurred during the first six months of the calendar year 1938. It was further brought out in the conference that if such expenditures should continue to be relatively large after July 1, 1938, it would be possible to ask Congress in January 1939 for a deficiency appropriation to cover such expenses. While the Presidents' Conference Committee feels that the Federal Reserve banks should be reimbursed for expenses incurred in redeeming adjusted service bonds, particularly so long, as the expenses amount to such substantial sums as they have in the recent past, the members of the Committee expressed a willingness to go along with the program outlined to them by Messrs. Broughton and Kilby with the understanding, of course, that should the expenses during the last half of this year continue at or near the present level they would have the privilege of taking up with the Treasury the advisability of asking for a deficiency appropriation to take care of such expenses. Very truly yours, (Signed) Chester Morrill Chester Mot-rill, Secretary.
@FedFRASER