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EX-OFFICIO MEMBERS W. P. 6. HARDING; GOVERNOR PAUL M. WARBURG. VICE GOVERNOR FREDERIC A. DELANO ADOLPH C. MILLER CHARLES S. HAMLIN 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 A N D F IS C A L A G E N T WASHINGTON ADDRESS REPLY TO FEDERAL RESERVE BOARD December 15, 1917 Dear Sir: You have been advised that it is the plan of the Secretary of the Treasury to renew his offerings of certificates of indebtedness matur ing June 25, 1918, bearing interest at the rate of 4 > the purchase $, price being payable between January 2 and January 15. It is expected to leave the offer open for some time so as to en able the Federal reserve banks widely and properly to distribute these certificates. I am addressing this letter to you in order to enlist your particu lar interest in this offering and to point out to you that in order to attain the results contemplated in this instance special efforts must be made to reach the tax payer, large and small, who wishes to anticipate or spread payments due in June. These certificates can not be used in payment of future Liberty Loan instalments and they are not designed ultimately as an investment for banks, and in addressing the banks of your district it might be well to point out to them that v f a l the ilie Treasury contemplates through these issues to raise money and welcomes subscriptions from other/iax payers, the ultimate object of the issue is to relieve the congestion of the toeney market such a3 would ensue if the two billions of tax payments were made by the tax payers in June«•It is of the greatest importance, therefore, that, the largest possible number of tax payers, be reached and enCotiraged to purchase these Certificates maturing June 25. A vigorous effort should be made not only to place these certificates in the first instance as far as possible among tax payers, but to the extent that they and the similar certificates dated November 30, are subscribed in the first instance by banks and other than tax payers, tv continue the work with a view to obtaining a large second ary distribution among tax payers. It mi$it be well worth while tc consider the advisability of creat ing in your district and in your bank a small special organisation that will devote its efforts to this particular work. Respectfully Vice Governor X-578
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