Full text of Federal Reserve Bank of New York Circulars : 37. Designation of the Federal Reserve Bank of New York as a Depositary and Fiscal Agent of the United States

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

CIRCULAR N O . 37.

FEDERAL RESERVE BANK OF N E W YORK
6 2 CEDAR STREET

N E W Y O R K , December 29th, 1915.
To T H E CASHIER,
SIR:

Under date of November 24, 1915, the Secretary of the Treasur> r of the United States
designated the Federal Reserve Bank of New York a depositary and fiscal agent of the
United States under Section 15 of the Federal Reserve Act to become effective on and after
January 1, 1916, and until revoked.
Member banks of this district located outside of t h e City of New York are notified
that on and after January 1, 1916, they may include in their remittances to the Federal
Reserve Bank of New York for immediate credit at par, but subject to final payment by the
Treasurer of the United States, all government warrants and checks drawn on the Treasurer
of the United States.

Member banks situated in New York City for the present and until

further notified by us are requested to collect such items through the Assistant Treasurer of
the United States in New York in accordance with t h e present practice.

When the facilities

of the Federal Reserve Bank for handling government deposits have been further developed,
member banks in New York City will be notified that government warrants and checks may
be sent to this bank through the Clearing House subject to final payment by the Treasurer
of the United States.
T h e Government has for many years exercised the right of returning at any time
warrants and checks, which, for any cause have not been considered good ; and we have
been advised that this practice will be continued.
In view of this situation the Federal Reserve Bank of New York, as a condition of
receiving government warrants and checks on the Treasurer of the United States from
member banks for credit, reserves t h e right to charge back and return to the depositor at
any time and unconditionally any such item deposited with the Federal Reserve Bank
of New York.
Your attention is especially invited to the above condition.




Respectfully,
BENJ. S T R O N G , J R . ,
Governor.