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FEDERAL R E SE R V E BANK O F N E W YORK f C ir c u la r N o . 3 7 5 0 I A u g u s t 3 0 . 1951 F IR S T D E FE N SE B O N D D R IV E T o the C h ief E x ecu tive Officers o f Banks in the S econd Federal R eserv e D istrict: The First Defense Bond D rive opens Labor D ay, September 3, and will continue through October 27. A principal purpose o f the Drive is to moderate inflationary pressures in the econom y, by encouraging people to save more and spend less. There is no need to persuade bankers of the importance o f this purpose. A successful Drive will also achieve the desirable ends of encouraging thrift on the part o f every individual, maintaining and increasing the wide ownership o f the public debt, and enabling the Treasury to meet its needs without inflationary financing through the banks. In the last decade, the bankers of Am erica sold billions o f dollars worth of Savings Bonds to the American people. Through these bond sales, banks rendered a great public service and won for themselves m any new customers and friends. T hey also accumulated a vast store o f skill and experience in selling — not only bonds, but thrift. N ow the banking com m unity can once again make a substantial contribution to the national welfare by using its valuable knowledge and opportunities to assure the success o f the First Defense Bond Drive. Some o f the ways in which banks helped to sell bonds in the past include: 1. Identifying themselves as issuing agents in their advertisements and in their banking offices; 2. Urging employees to join the payroll savings plan; 3. Urging customers to use the bond-a-month purchase plan for automatic saving; and 4. Using Savings Bond copy in their advertising. I know that all banks and bankers will want to take the fullest advantage of this new opportunity to serve. A llan Sproul, President. 1 J
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