The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
September 24, 1919. Dear Mr. Perrin:~ I have your l e t t e r of the 16th instant, and note your view that it might bewell[to]fix higher rates for loans upon Government obligations than for those growing out of commercial transactions. I t will not be necessary to amend the Federal Reserve Act to provide for such higher rates, as i t is entirely within the power of the banks to initiate them and of the Federal Reserve Board to approve them. We have decided that i t would not be advisable to make any change in rates u n t i l after Christmas, and the whole matter will come up for discussion at the conference of Federal Reserve Agents which, as I wired you yesterday, has been called for Wednesday, October 22nd. Very truly yours, Governor. Mr. John Perrin, Chairman, Federal Reserve Bank, San Francisco, Calif.
@FedFRASER