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: FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TO THE FEDERAL RESERVE BOARD X-7202 July 18, 1932. SUBJECT: Shipments of Canceled Currency Under New Postal Regulations. Dear Sir: An inquiry has been received as to the e f f e c t of the new rates on registered mail upon shipments of canceled currency to Washington. Since the matter a f f e c t s the Treasury Department, advice from that Department has been requested. A copy of the reply signed by Under Secretary Ballantine i s inclosed, and your attention i s directed to the statement in the l e t t e r that such currency "no longer possesses money value". In the circumstances i t would seem unnecessary to declare a value upon such shipments which would make them subject to the surcharges prescribed by the new regulations. Very truly yours, Chester Morrill, Secretary. Inclosure. TO ALL F. R. AGENTS. 39 COPY X-7203-a TREASURY DEPARTMENT WASHINGTON July 13 1932 Dear Mr. McClelland: Referring to your communication of the 7th to the Commissioner of the Public Debt, with which you enclosed a copy of a wire from the Federal Reserve Bank of Dallas, I think i t w i l l be appropriate for you to advise that bank, and any other banks, that paper currency which has been redeemed, canceled, and cut in halves no longer possesses money value. Of course, the canceled halves are important as vouchers, but under the procedure in e f f e c t - the second halves not being forwarded u n t i l receipt of the f i r s t halves i s acknowledged by the Treasury - there i s almost no chance of l o s s . Very truly yours, (S) A. A. BALLAST1MB Under Secretary of the Treasury E. M. McClelland, Esq., Assistant Secretary, Federal Reserve Board.
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