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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.

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J


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102