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CIRCULAR NO. 246

F E D E R A L RESERVE B A N K
OF NEW YORK
G O V E R N M E N T LOAN O R G A N I Z A T I O N

January 16, 1920

UNITED STATES WAR SAVINGS AND TREASURY SAVINGS CERTIFICATES
of the
SERIES OF 1920

To ALL BANKS, TRUST COMPANIES AND SAVINGS BANKS
IN THE SECOND FEDERAL RESERVE DISTRICT,
DEAR SIRS:

c/U

For the convenience of banking institutions in promoting the sale of the new 1920
Series of War Savings and Treasury Savings Certificates, we are enclosing herewith the
necessary forms to be used in qualifying as agents together with copies of the Treasury's circulars
issued under date of December 10, 1919, governing the distribution, sale and exchange of War
Savings obligations of the Government. These circulars are briefly described as follows:
War Savings Certificates and Treasury Savings Certificates, Series of 1920
An issue of War Savings Certificates, Series of 1920, payments for or on account of which
are evidenced by United States War Savings Certificate Stamps, Series of 1920, Avhich are to be
affixed thereto, and an issue of Treasury Savings Certificates, Series of 1920, in registered form,
in denominations of $100 and $1,000, are provided for in Treasury Department Circular No. 170.
Agencies for the Distribution and Sale of War Savings Certificates and
Treasury Savings Certificates, Series of 1920
War Savings Certificates and Treasury Savings Certificates, Series of 1920, may be purchased during 1920 from incorporated banks and trust companies which are duly qualified as
agents. The Federal Reserve Bank of New York may designate incorporated banks and trust
companies as cash agents or collateral agents for the sale of such securities during 1920.
Regulations governing agencies for the distribution and sale during 1920 of War Savings
Certificates, Series of 1920, War Savings Certificate Stamps, Series of 1920, and Treasury Savings
Certificates, Series of 1920, issued under Treasury Department Circular No. 170, and United
States Thrift Cards and Thrift Stamps issued at any time on and after December 3, 1917, are
contained in Treasury Department Circular No. 172.
Cash Agents

*\

To become a cash agent an incorporated bank or trust company should apply for appointment on Form L & C 337.



m.

lyt,

itW

-

Collateral Agents
To qualify as a collateral agent an incorporated bank or trust company should file a duly
executed pledge agreement on Form L & C 356, but in advance of the filing of such agreement a
bank or trust company duly qualified as a collateral agent for the sale of the 1919 Series of War
Savings securities, will be permitted until February 1, 1920, to act as a collateral agent under the
provisions of paragraph 6 of said Circular No. 172. The securities eligible as collateral, referred
to in paragraph 13 of that circular, are as follows:
(a) Bonds, notes, and certificates of indebtedness of the United
States Government, of any issue, including interim certificates or receipts
for payment therefor; all at par.
(b) Bonds issued under the United States farm loan act, bonds of
the War Finance Corporation, bonds of Porto Rico and the District of
Columbia, and bonds and certificates of indebtedness of the Philippine
Islands; all at par.
(c) The 3}/2 per cent bonds of the Territory of Hawaii at 90 per
cent of market value; and other bonds of said Territory at market value.
Surrender of War Savings Certificates and Stamps, Series of 1919, Treasury Savings
Certificates, Series of 1919, and Thrift Stamps, held by Agents and Sales Stations
The provisions for the surrender of 1919 War Savings obligations are contained in Treasury
Department Circular No. 173, which was distributed to incorporated banks and trust companies with our Circular No. 245 under date of January 3, 1920, together with Form G B-127
for reporting.
Treasury Savings Certificates, Series of 1918
(Not applicable to, but only for the information of banking institutions)
An issue of Treasury Savings Certificates, Series of 1918, in the denomination of $100
offered not for cash, but in exchange for United States War Savings Certificates of the Series
of 1918, is provided for in Treasury Department Circular No. 171. Form L & C 335 should be
used when making request for exchange and should be addressed to a Postmaster, the Federal
Reserve Bank, or the Secretary of the Treasury.
Further Regulations Governing Treasury Savings Certificates, Series of 1919
(Not applicable to, but only for the information of banking institutions)
Treasury Savings Certificates, Series of 1919, will not be issued during 1920 for cash or in
any other manner than in exchange for War Savings Certificates, Series of 1919, as provided in
Treasury Department Circular No. 169. In making request for exchange Form L & C 336 should
be utilized, and addressed to a Postmaster, the Federal Reserve Bank, or the Secretary of the
Treasury.
The Federal Reserve Bank of New York, as Fiscal Agent of the United States,
earnestly urges the banking institutions of this district to take the necessary steps to
qualify as agents at once.




Yours very truly,
J. H. CASE,

Deputy Governor.

2. «/ 6 * (Vot^Ct^vt-t^ef

REPRINT OF TREASURY DEPARTMENT STATEMENT WITH RESPECT TO WAR
SAVINGS ACTIVITIES DURING 1920
Treasury Department,
Washington,
December 22, 1919.
The Treasury is distributing today circulars announcing the issue of the 1920 War Savings
securities, which will be on sale by the first of the year at post offices and other agencies, consisting principally of incorporated banks and trust companies. In view, especially, of the gratifying
increase in recent months in the sale of the 1919 securities, following the post-war reaction, it is
anticipated that during the coming year the 1920 securities will be purchased in large volume and
that the Government's movement for thrift, saving and investment in Government securities will
continue to show good results. From the beginning of the movement in December, 1917, up to
December 15, 1919, the Treasury has received from the sale of the War Savings securities a cash
total of SI, 128,480,731.
The 1920 securities consist of the twenty-five cent Thrift Stamp which bears no interest
and is used to evidence payments on account of War Savings Stamps and Certificates, the $5 War
Savings Stamp, and the registered Treasury Savings Certificates in denominations of $100 and
$1,000 maturity value. The issue price of the War Savings Stamp is $4.12 in January and increases one cent a month to $4.23 in December. The issue price of the $100 certificates is $82.40
in January and increases at the rate of twenty cents a month to $84.00 in December. The $1,000
certificate will be sold for $824 in January and the price increases at the rate of $2 a month to $846
in December.
The 1920 securities will be substantially the same in terms and conditions as those of the
1919 issue, but some alterations have been made in the forms. The 1920 War Savings Stamp, for
example, will be carmine in color, will bear the head of George Washington, and the size will approximate thejarger stamp used in 1918. A change has also been made in the terms of the 1920
Treasury Savings Certificates as compared with the 1919 issue, in that the 1920 certificates are
redeemable at the Treasury, beginning with the second calendar month after the month of purchase, without the ten days demand required by the terms of the 1919 Treasury Savings Certificates. Post offices are not required, however, to make payment of War Savings Certificates until
ten days after receiving written demand for payment.
As in 1919, War Savings Certificates of the 1920 series bearing their full complement of
twenty War Savings Stamps may be exchanged for registered Treasury Savings Certificates, series
of 1920, of the $100 denomination, and owners of War Savings Certificates who desire the protection of registration are urged to exchange their War Savings Certificates for a Treasury Savings Certificate, rather than to seek registration of the War Savings Certificate at a post office.
In addition to its other advantages, the Treasury Savings Certificate gives the benefit of central
registration at the Treasury and the provision for payment by the Treasury itself. The latter
provision will be of advantage and facilitate payment in case of change of residence, since a
registered W7ar Savings Certificate can be redeemed only at the post office at which it was registered.
Two other circulars are being distributed which offer, beginning January 2, 1920, a 1918
issue of Treasury Savings Certificates in the $100 denomination, and continue after December
31, 1919, the issue of 1919 Treasury Savings Certificates in denominations of $100 and $1,000,
in both cases not for cash sale but only in exchange for 1918 and 1919 War Savings Certificates
respectively. It is anticipated that many holders of the 1918 and 1919 War Savings Certificates
will find it advantageous to change their holdings into these Treasury Savings Certificates, whose
terms and conditions are substantially the same as those of the 1920 issue, except for their earlier
maturity dates.



•^.tflo-

CO^Xc*

Holders of one or more War Savings Certificates of the 1918 or 1919 issue which bear
War Savings Stamps having a total maturity value of $100 or some multiple of a hundred dollars—
i. e., $200, $300, $400, etc.—may exchange the certificates for the same maturity value of Treasury
Savings Certificates of the corresponding issue. When two or more War Savings Certificates are
offered for exchange, each one need not bear its full complement of twenty War Savings Stamps,
provided the total value of the stamps aggregate $100 or some multiple of it. In the matter of
ownership, the regulations provide in effect that the Treasury Savings Certificates taken in
exchange may be made out in favor of new and different owners, if the owners of the War Savings
Certificates so request. The exchange may be made at first and second-class post offices or other
post offices specially designated by the Postmaster-General, at Federal Reserve Banks, and at
the Division of Loans and Currency of the Treasury, but not at banks and trust companies
generally.
In addition to the advantages mentioned above in the case of exchange of 1920 War Savings
Certificates for Treasury Savings Certificates, these circulars offer other inducements in the
opportunity for consolidating holdings, and also for changing ownership in the manner provided
in the circulars.




>4<FURTHER REGULATIONS GOVERNING TREASURY SAVINGS CERTIFICATES, SERIES OF 1919.

1919.
D e p a r t m e n t Circular Xo. 169.

TREASURY DEPARTMENT,

OFFICE OF THE SECRETARY,
Loans a n d Currency.

Washington, December 10, 191,9.
1. The issue and sale of Treasury Savings Certificates, Series of 1919, for cash, pursuant
to the provisions of Treasury Department Circular No. 143, dated July 1, 1919, will cease at
the close of business on December 31, 1919, but the issue of such certificates after December
31, 1919, in exchange for United States War-Savings Certificates, Series of 1919, with WarSavings Certificate Stamps, Series of 1919, affixed (hereinafter called War-Savings Certificates,
Series of 1919), is hereby continued until further notice at post offices, Federal Reserve Banks, and
and the Treasury Department, Washington, upon the terms and conditions hereinafter prescribed. Treasury Savings Certificates issued pursuant to said Treasury Department Circular
No. 143, dated July 1, 1919, shall be known as Treasury Savings Certificates, Series of 1919.
The aggregate maturity value of United States War-Savings Certificates of the Scries of 1919
outstanding will not be increased by reason of the issue of Treasury Savings Certificates,
Series of 1919, pursuant to this circular.
2. All the provisions of Treasury Department Circulars No. 143, dated July 1,1919, offering Treasury Savings Certificates, Series of 1919, as hereby modified with respect to the issue,
distribution and sale of the certificates after December 31, 1919, and No. 149, dated July 31,
1919, as hereby amended and supplemented, as to the rights of holders of Treasury Savings
Certificates, Series of 1919, shall apply to and govern Treasury Savings Certificates, Series of
1919, issued in exchange for War-Savings Certificates, Series of 1919, in pursuance of the provisions hereof. Treasury Savings Certificates, Series of 1919, issued pursuant to this circular,
will be the same in form and terms as the Treasury Savings Certificates, Series of 1919, outstanding, except that certificates issued pursuant to this circular will provide that they may bo
issued only in exchange for War-Savings Certificates, Series of 1919, of the same maturity value,
and not for cash.
3. Treasury Savings Certificates, Series of 1919, in the denomination of $100 (maturity
value) may be obtained after December 31, 1919, in exchango for unregistered War-Savings
Certificates, Series of 1919, only at post offices of the first and second class, and such other
post offices as the Postmaster General may from time to time designate for that purpose, at Federal
Reserve Banks, and at the Office of the Secretary of the Treasury, Division of Loans and Currency, Washington. Treasury Savings Certificates, Series of 1919, may be obtained in exchange
for registered War-Savings Certificates, Series of 1919, only in the denomination of $100 (maturity value) and then only at the post office of registration, provided that such post office is
authorized to issue Treasury Savings Certificates, Series of 1919. Treasury Savings Certificates,
Series of 1919, in the denomination of $1,000 (maturity value) may be obtained, after December
31, 1919, in exchange for unregistered War-Savings Certificates, Series of 1919, only at Federal
Reserve Banks and at the Office of the Secretary of the Treasury, Division of Loans and Currency, Washington. Treasury Savings Certificates, Series of 1919, may not be obtained after
December 31, 1919, at incorporated banks and trust companies.
I S S U E O N S U R R E N D E R O F W A R - S A V I N G S C E R T I F I C A T E S , S E R I E S O F 1919.

4. One or more War-Savings Certificates, Series of 1919, issued pursuant to Treasury
Department Circular No. 128, dated December 18, 1918, which have not been registered and
which have an aggregate maturity value of $100 or some multiple thereof, no more, no less, will
be received after December 31, 1919, in exchange for Treasury Savings Certificates, Series of
151508"—19




2
1919, of the same aggregate maturity value, upon presentation and surrender for that purpose
to any post office authorized to issue Treasury Savings Certificates, Series of 1919, to any Federal
Reserve Bank, or to the Office of the Secretary of the Treasury, Division of Loans and Currency,
Washington; provided, however, that Treasury Savings Certificates, Series of 1919, in the
denomination of $1,000 (maturity value) may be obtained after December 31, 1919, only at
Federal Reserve Banks and at the Office of the Secretary of the Treasury, Division of Loans and
Currency, Washington. One or moro War-Savings Certificates, Series of 1919, which have been
registered and which have an aggregate maturity value of $100 or some multiple thereof, no
moro, no less, will in like manner be received after December 31, 1919, in exchange for Treasury
Savings Certificates, Series of 1919, of the same aggregate maturity value, when presented and
surrendered for that purpose by the registered owner to the post office of registration, provided
that such post office is authorized to issuo Treasury Savings Certificates, Series of 1919. In
case two or moro War-Savings Certificates, Series of 1919, are presented for exchange in accordance with this circular, the certificates so presented may be some registered and some unregistered, but in that event must be presented at the post office where the registered certificates
arc registered. If two or more War-Savings Certificates, Series of 1919, are presented for
exchange in accordance with this circular, each such certificate presented need not bear the full
complement of 20 War-Savings Certificate Stamps, Series of 1919, provided that the aggregate
maturity valuo of the certificates presented is $100, or some multiple thereof, no more, no less.
5. War-Savings Certificates, Series of 1919, presented and surrendered in exchange for
Treasury Savings Certificates, Series of 1919, after December 31, 1919, must in each case be
accompanied by a Request for Exchange on Form L. & C. 336, attached hereto (copies of which
may be obtained from Federal Reserve Banks, issuing agent post offices, or the Treasury Department, Division of Loans and Currency, Washington). Requests for Exchange must bear
the autograph signatures of the owners whose names are inscribed on the War-Savings Certificates so surrendered for exchange. The Treasury Savings Certificates, Series of 1919, issued
on exchange, will be inscribed in the same name as the War-Savings Certificates, Series
of 1919, surrendered for exchange, unless another name and address shall be indicated in
writing on the Request for Exchange, in which event the Treasury Savings Certificates will be
inscribed in the name and address so indicated.
6. No previous demand for payment of War-Savings Certificates of the Series of 1919
surrendered in exchange for Treasury Savings Certificates, Series of 1919, in accordance with
paragraphs 4 and 5 hereof, will be required, and the exchange will be made in each case without
payment to or by the United States. The receipt form on the War-Savings Certificates, Series
of 1919, so surrendered in exchange for Treasury Savings Certificates, Series of 1919, must,
however, be duly executed by the owner of the War-Savings Certificates so surrendered, and
appropriate notation shall be made by the issuing agent on the War-Savings Certificates so
surrendered of their receipt in exchange for Treasury Savings Certificates, Series of 1919.
7. War-Savings Certificates of any other series (of whatever issue or denomination), Treasury
Savings Certificates, detached War-Savings Certificate Stamps, War-Savings Certificates of
the Series of 1919 having an aggregate maturity value not $100 or some multiple thereof, Thrift
Cards with Thrift Stamps affixed, and Thrift Stamps will not be received in exchange or payment
for Treasury Savings Certificates, Series of 1919.
S. Treasury Savings Certificates, Series of 1919, will not be issued after December 31, 1919,
for cash or in any other manner than in exchange for War-Savings Certificates, Series of 1919,
as provided herein.
TRANSMISSION OF ORIGINAL REGISTRATION S T U B S .

9. The original registration stubs detached from Treasury Savings Certificates, Series of
1919. issued by any Federal Reserve Bank pursuant to this circular, shall be attached in each
case to the Request for Exchange submitted in connection with the issue of the Treasury Savings




6

Certificate, and forwarded monthly to the Secretary of the Treasury, Division of Loans and
Currency, Washington, with such Request for Exchange, so as to reach the Treasury Department
not later than the month succeeding the month in which the Treasury Savings Certificate was
issued. The War Savings Certificates received in exchange shall be canceled by the Federal
Reserve Bank by punching a quarter-inch hole through each stamp affixed thereto, and transmitted to the Secretary of the Treasury, Division of Loans and Currency, Washington, at the
end of each month.
10. Original registration stubs detached from Treasury Savings Certificates, Series of 1919,
issued by post offices pursuant to this circular, shall be attached in each case to the Request
for Exchange submitted in connection with the issue of the Treasury Savings Certificate, and
forwarded with such Bequest for Exchange and the reports of issue of such certificates, to the
Third Assistant Postmaster General, Division of Stamps, who will forward them to the Secretary
of the Treasury, Division of Loans and Currency, Washington, so as to reach the Treasury
Department not later than the month succeeding the month in which the Treasury Savings
Certificate was issued. The War-Savings Certificates received in exchange shall be canceled
' by postmasters in such manner as the Postmaster General may direct, and transmitted to the
Secretary of the Treasury, Division of Loans and Currency. Washington, at the end of each
month. War-Savings Certificates so received in exchange by postmasters must not be deposited
with depositary banks.
MISCEI.LAN BOUS P R O V I S I O N S .

11. The provisions of Treasury Department Circular No. 149, dated July 31, 1919, further
defining the rights of holders of Treasury Savings Certificates, Series of 1919, and prescribing
rules and regulations under which Treasury Savings Certificates, Series of 1919, will be payable
in case of the death or disability of the owner, are hereby amended and supplemented by
adding to Paragraph V thereof a new sentence reading as follows:
" I n determining whether the $1,000 limitation on the holdings of a single person has been
exceeded, the full maturity value of Treasury Savings Certificates of any one series held for
the benefit of such person in the name of a fiduciary or fiduciaries shall be added to tho full
maturity value of United States War-Savings Certificates, of the same series, of whatever
issue or denomination, held by such person in his own name and the sum must not exceed
$1,000 (maturity value)."
12. The Secretary of the Treasury may at any time withdraw this circular as a whole or
amend from time to time any of the provisions thereof. The Secretary of the Treasury may at
any time withdraw Treasury Savings Certificates, Series of 1919, from issue, refuse to issue or
to permit to be issued any such certificates, and refuse to issue or to permit to be issued any
such certificates to any person, firm, corporation, or association.
13. The Secretary of the Treasury may make from time to time any supplemental or
amendatory regulations which shall not modify or impair the terms and conditions of Treasury
Savings Certificates, Series of 1919, issued in pursuance of said act of September 24, 1917, as
amended and supplemented.
14. Further details may be announced by the Secretary of the Treasury from time to time,
information as to which will be promptly furnished to postmasters and Federal Reserve Banks.




CARTER GLASS,
Secretary of the Treasury.

4
TREASURY DEPARTMENT
LOANS AND CURRENCY

Form L. & C. 330

T R E A S U R Y S A V I N G S C E R T I F I C A T E S , S E R I E S O F 1919.
REQUEST FOR

EXCHANGE.

IMPORTANT.—If unregistered War-Savings Certificates, Series of 1919. are presented for exchange, this request may be presented to any post
office of the first or second class, or other post office authorized by the Postmaster General to issue Treasury Savings Certificates, Series of 1919,
to any Federal Reserve Bank, or to the Secretary of the Treasury. Division of Loans and Currency. Washington, D. C ; provided, however, that
Treasury Savings Certificates, Series of 1919, in the denomination of 51,000 (maturity value) may be obtained after December 31, 1919, only at Federal Kcscrvo Banks and at tho Treasury Department, Washington. If registered War-Savings Certificates, Scries of 1919, are presented for exchange, this request may be presented only to the post office of registration, and then only if such post office is authorized to issue Treasury
Savings Certificates, Series of 1919.
To The POSTMASTER,

Dated

, 192

or
The FEDERAL RESERVE B A N K OF
Fiscal Agent of the United States.
or
The SECRETARY OF THE TREASURY,

Division of Loans and Currency,
Washington, D. C.
Tlio undersigned herewith present and surrender $

aggregate matiuity value, OH
.
,\
I unregistered J
(See Note l.)
'
United .States War-Savings Certificates, Series of 1919, bearing the name of and duly receipted by the undersigned (see
Note 2), and request that Treasury Savings Certificates of the Series of 1919 to the same maturity value, be issued in
exchange therefor, all in accordance with the provisions of Treasury Department Circular No. 169, dated December 10,
1919. The following name and address shall be inscribed on the Treasury Savings Certificates to be issued hereon
(see Note 3):
(First name in full. Indicate whether Mrs. or Miss, in cases of women.)
(Middle name or intials.)
(Or complete legal name of corpora)ion, partnership, or other person.)

(Last name.)

Address
(i;i\r full addressJ

(Ntmiber.)

iStrevt.)

(City.)
.
(State.)
Autograph signatures of person or persons whose name? are inscribed on War-Savings Certificates, Series of 1919,
presented for exchange:

(To be filled in by issuing agent.)
. . . . , 192....
The serial numbers of the Treasury Savings Certificates, Series of 1919, issued pursuant to above request are as
follows:

(Signature of Issuing Agent.)
VOTE 1.—Treasury Savings Certificates, Series of 1919, may bo issued after December 31,1919, only in exchange for ons or more War-Savings Certificates, Series of 1919, which have an aggregate maturitv value of $100 or some multiple thereof, no morc,no Icss.and arenot issued on cash sale.
In case two or more War-Savings Certificates, Series of 1919, are presented for exchange, the certificates so presented may be some registered and
some unregistered, but in that event must be presented to the post office where the registered certificates are registered. If two or more War-Savings
Certificates, Series of 1919, arc presented for exchange, each such certificate presented need not bear the full complement of 20 War-Savings Certificate
Stamps, Series of 1919, provided that the aggregate maturity value of the certificates presented is $100 or some multiple thereof, no more, no less.
NOTE 2.—The War-Savings Certificates, Series of 1919, presented in exchange must bo duly receipted by the owner, in the same manner as if
presented for payment. No previous demand for payment of such certificates will be required, however, and the exchange will be made in each
case without payment to or by the United States.
NOTE 3.—Tho Treasury Savings Certificates, Series of 1919, issued on exchange will be inscribed in the same name as tho War-Savings Certificates, Scries of 1919, surrendered for exchange, unless another name and address shall be indicated in writing on this request, in which event the
Treasury Savings Certificates will be inscribed in the name and address so indicated.
NOTE 1.—This request must bo attached to the original registration stubs detached from the Treasury Savings Certificates, Series of 1919, issued
on exchange, and forwarded by postmasters with their monthly reports of issue of such certificates, te tho Third Assistant Postmaster General,
Division of Stamps, and by Federal Reserve Banks to the Secretary of the Treasury, Division of Loans and Currency, Washington.




WASHINGTON : GOVERNMENT PRINTING OFFICE : 191»

M ^

UNITED STATES OF AMERICA
WAR-SAVINGS CERTIFICATES AND TREASURY SAVINGS CERTIFICATES, SERIES OF 1925.
1919.
D e p a r t m e n t Circular No. 170.
Loans and Currency.

TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY. .

Washington, D. C, December 10, 1919.
1. Under authority of an act of Congress approved September 24, 1917, as amended and
supplemented, the Secretary of the Treasury offers for sale to the people of the United States
(a) an issue of United wStatcs War-Savings Certificates, Scries of 1920, hereinafter called WarSavings Certificates, Series of 1920, payments for or on account of which will be evidenced by
United States War-Savings Certificate Stamps, Series of 1920, which are to be affixed thereto,
and (6) an issue of United States War-Savings Certificates, Series of 1920, Treasury Savings
Certificate issue, in registered form, in denominations of $100 and SI,000 (maturity value),
hereinafter railed Treasury Savings Certificates, Series of 1920. The issue of Treasury Savings
Certificates. Series of 1920, is in addition to the issue of War-Savings Certificates, Series of
1920, but both issues of certificates arc included within the Series of 1920 of United States
War-Saving Certificates. It shall not be lawful for any one person at any one time to hold
United States War-Savings Certificates of the Series of 1920 (of whatever issue or denomination) to an aggregate amount exceeding $1,000 (maturity value). The sum of United States
War-Savings Certificates of all issues outstanding shall not at any one time exceed in the aggregate $4,000,000,000 (maturity value).
2. War-Savings Certificates, Series of 1920. War-Savings Certificate Stamps, Series of
1920, and United States Thrift Stamps (described below) may be purchased during the calendar
year 1920, at the prices hereinafter mentioned, at the Treasury Department, Washington, and at
post offices, Federal Reserve Banks, incorporated banks and trust companies which arc duly
qualified as agents for the sale of War-Savings Certificates, Series of 1920, and such other agencies as may be designated by the Secretary of the Treasury.
3. Treasury Savings Certificates, Series of 1920, in the denomination of $100 (maturity
value), may be purchased during the calendar year 1920, at the prices hereinafter mentioned,
at post offices of the first and second class, and such other post offices as the Postmaster General may from time to time designate for that purpose: and Treasury Savings Certificates,
Series of 1920, in denominations of $100 and $1,000 (maturity value), maybe purchased during
the calendar year 1920, at the prices hereinafter mentioned, at the Treasury Department,
Washington, the Federal Reserve Banks, and incorporated banks and trust companies which
are duly qualified as agents for the sale of Treasury Savings Certificates, Series of 1920.
• WAR-SAVINGS CERTIFICATES, SERIES OF 1320.

4. Description of certificates.—A War-Savings Certificate, Series of 1920, will be an obligation
of the United States when, and only when, one or more United States War-Savings Certificate
Stamps, Series of 1920, shall be affixed thereto. Each of such War-Savings Certificates will have
spaces for 20 War-Savings Certificate Stamps, Series of 1920, and each of such stamps thereto
150833° 19




2
affixed will have a maturity value of $5 on January 1, 1925, which will accordingly give each such
certificate, when bearing its full complement of such stamps, a maturity value of $100 on said date.
No War-Savings Certificate, Series of 1920, will be issued unless at the same time one or more
War-Savings Certificate Stamps, Series of 1920, shall be purchased and affixed thereto, but no
additional charge will be made for the War-Savings Certificate itself. The name of the owner
of each War-Savings Certificate must be written upon such certificate at the time of the issue
thereof. War-Savings Certificates, Series of 1920, will be dated January 2. 1920. and will
bear the facsimile signature of the present Secretary of the Treasury.
5. Tax exemptions.—War-Savings Certificates. Series of 1920, shall be exempt, both as to
principal and interest, from all taxation now or hereafter imposed by the United States, an}*
State, or any of the possessions of the United States, or by any local taxing authority, except
(a) estate or inheritance taxes, and (6) graduated additional income taxes, commonly known
as surtaxes, and excess-profits and war-profits taxes, now or hereafter imposed by the United
States, upon the income or profits of individuals, partnerships, associations, or corporations.
The interest on an amount of bonds and certificates authorized by said act approved September 24, 1917, and amendments thereto, the principal of which does not exceed in the
aggregate $5,000, owned by an}- individual, partnership, association, or corporation, shall be
exempt from the taxes provided for in claus? (b) above.
6. Issue prices. War-Savings Certificate Stamps. Series of 1920. will be issued in 1920 at
the following prices:
January
$4.12 May
$4. Hi September
H -»
<
February
March
April

4.13
4.14
4.15

June
July
August

4.17
1.18
4.19

October
November
December

4.21
4.22
4.2.°.

The average issue price above fixed for the year 1920 with interest at 4 per cent per annum
compounded quarterly for the average period to maturity will amount to ?5 on January 1, 1925.
7. Affixing stamps to certificates.—War-Savings Certificate Stamps of the Series of 1918,
or of the Series of 1919, shall not be affixed to War-Savings Certificates of the Series of 1920,
and War-Savings Certificate Stamps of the Series of 1920 shall not be affi ced to War-Savings
Certificates of the Series of 1918 or of the Series of 1919. War-Savings Certificate Stamps of
one series affixed to War-Savings Certificates of another s?rks will not add to the value thereof.
v Thrift Cards and Thrift Stamps. Ynymcnis on account of War-Savings Certificates,
Series of 1920, may also be evidenced by United States Thrift Stamps, issued at any time on
or after December 3, 1917, having a face value of 25 cents each but bearing no interest. United
States Thrift Stamps, however, must not be affixed to War Savings Certificates but only to
Thrift Cards, which may be obtained without cost. Thrift Stamps as such are not directly
redeemable in cash, but each Thrift Card will have spaces for 10 such Thrift Stamps, and a
Thrift Card, when bearing its full complement of such stamps, may be exchanged at a post
office, or other authorized agency, during the calendar year 1920, for a War-Savings Certificate
Stamp, Series of 1920, provided that upon such exchange the owner of such Thrift Card shall
pay the difference between $4 and the current issue price of War-Savings Certificate Stamps,
Series of 1920, during the month in which such exchange is made, as shown by the table set
forth in paragraph 6 hereof.
The Secretary of the Treasury will make provision for the
exchange of Thrift Stamps after December 31, 1920, into War-Savings Certificate Stamps,
Series of 1920, upon payment of the additional amount then required, or into some other series,
or will otherwise protect the interest of holders of Thrift Stamps.
9. Payment at maturity.—Owners of War-Savings Certificates, Series of 1920, will be entitled to receive on January 1, 1925, at the Treasury Department in Washington, or at a
money-order post office (but only at the post office where registered in the case of a registered




«•>

•J

Certificate), upon surrender of such certificates and upon compliance with all other provisions
thereof, $f> in respect of each War-Savings Certificate Stamp, Series of 1920, then affixed thereto,
but no post office shall be required to make any such payment until 10 days after receiving
written demand therefor.
10. Payment prior to maturity.—The owner of a War-Savings Certificate, Series of 1920, at
bis option, will be entitled to receive, at any time after January 10, 1920, and prior to January
1, 1925, at a money-order post office (but only at the post office where registered in the case
of a registered certificate), upon surrender of his certificate and upon compliance with all other
provisions thereof, in respect of each War-Savings Certificate Stamp, Series of 1920, then
affixed to such certificate, the lesser amount indicated in the following table, but no post office
shall be required to make any such payment until 10 days after receiving written demand therefor, and such certificate must be surrendered for payment within 60 days after such demand,
otherwise the demand will be deemed to be waived and a new demand will be required before
payment.
TABLE S H O W I N G H O W WAR-SAVINGS CERTIFICATE S T A M P S , SERIES OF 1920, INCREASE IN VALUE.

Month.
January
February..
March
April
May
June
July
August
September.
October. . .
November.
December..
January 1, 1925

1920

1921

1922

1923

1924

$4.12
4. IT,
4 14
4.15
4.10
4.17
4.18
4.19
4. 20
4. 2 J
4. 22
4.23

$4.24
4.25
4.2G
4.27
4 28
4.29
4.30
4.31
4.32
4.33
4.34
4.35

$4. 3G
4.37
4.38
4.39
4.40
4.41
4.42
4.43
4.44
4.45
4.40
4.47

$4.48
4.49
4.50
4.51
4.52
4.53
4.54
4.55
4. 56
4.57
4.58
4.59

$4.60
4.61
4.62
4.63
64
66
66
(17
G8
4.69
4.70
4.71
5.00

11. Registration.—War-Savings Certificates, Series of 1920, may be registered without cost
to the owner at any post office of the first, second, or third class, or at certain specially authorized
post offices of the fourth ela^s. subject to such regulations as the Postmaster General may from
time to time prescribe, and payment in respect of any certificate so registered will be made only at
the post office where registered. Unless registered, the United States will not be liable if payment in respect of any certificate or certificates be made to a person not the rightful owner thereof.
The Postmaster General may. by regulation, provide for the transmission of registered certificates by mail to the post office of registration for payment, and the return of proceeds by moneyorder, in cases in which it appears that the owner is unable to secure payment personally, or
by a representative, pursuant to regulations therefor.
12. Exchange for Treasury Savings Certificates.—War-Savings Certificates, Series of 1920,
bearing the full complement of 20 War-Savings Certificate Stamps, Series of 1920, may be exchanged for Treasury Savings Certificates, Series of 1920, inscribed in the same name, under the
rules and regulations hereinafter provided. Treasury Savings Certificates are registered on the
books of the Treasury Department, Washington. Holders of War-Savings Certificates, Series
of 1920, bearing the full complement of 20 War-Savings Certificate Stamps, Series of 1920, are
accordingly urged to exchange such certificates for Treasury Savings Certificates, Series of 1920,
instead of presenting them simply for registration.




4
13. Cutificates not transferable.—War-Savings Certificates, Series of 1920, arc not transferable and will be payable only to the respective owners named thereon, except in the ease of
the death or disability of any such owner. In ease of the deatli or disability of the owner,
such certificates will be payable in accordance with regulations prescribed by the Secretary
of the Treasury.
14. Rights of holders of certificates.—All the provisions of Treasury Department Circular
No. I OS, dated January 21, 1918, further defining rights of holders of War-Savings Certificates,
apply to and govern rights of holders of War-Savings Certificates, Series of 1920, except as
herein expressly modified with respect to War-Savings Certificates, Series of 1920, to wit:
(a) In paragraph I thereof, the maturity date specified shall read •'January 1, 1925."
(6) In paragraph VI thereof, the $1,000 limitation on the holdings of a single person will
refer to a maturity value of $1,000 of certificates of the Series of 1920, of whatever issue or
denomination, without reference to any holdings of certificates of any other series.
(c) In paragraph XI there shall be inserted in the receipt thereby required to he signed
after the words ''War-Savings Certificates" the words "of any one series."
(d) In paragraph XIV the aggregate amount of certificates received and held as therein
provided will refer to the aggregate amount of certificates °f the Series of 1920 without reference to any holdings of certificates of any other series.
TREASURY SAVINGS CERTIFICATES, SERIES OF 1920.

15. Description of certificates.—Treasury Savings Certificates, Series of 1920, will be issued
only in registered form, and shall bear the name of the owner thereof, which shall be inscribed
thereon by the issuing agent at the time of the issue thereof. At the time of issue of each
such certificate the registration stub attached thereto shall be inscribed in the same manner
by the issuing agent, and shall be detached and forwarded in the manner hereinafter directed
for transmission to the Treasury Department at Washington. The registration stnhs will
remain at the Treasury Department at Washington and will constitute the basis for the Department's record of the registered ownership of the certificates. Tn addition to the registration
stub above described, each certificate will be provided with an additional or duplicate stub,
which shall bo executed at the same time and in the same manner as the original registration
stub and retained by issuing post offices in such manner as the Postmaster General shall direct,
and by Federal Reserve Banks and issuing agent banks and trust companies subject to the
order of the Secretary of the Treasury. The certificates will not be transferable, and will be
payable only to the owner named thereon except in case of death or disability of the owner
and in such case will be payable as provided in regulations prescribed by the Secretary of tho
Treasury. The certificates will not be valid unless the owner's name is duly inscribed thereon
by an authorized agent at the time of the issue thereof. Treasury Savings Certificates, Series
of 1920, will be dated January 2, 1920, and will bear the facsimile signature of the present
Secretary of the Treasury.
16. Tax exemption.—Treasury Savings Certificates, Series of 1920, shall be exempt, both
as to principal and interest, from all taxation now or hereafter imposed by the United States,
any State, or any of the possessions of the United States, or by any local taxing authority,
except (a) estate or inheritance taxes, and (b) graduated additional income taxes, commonly
known as surtaxes, and excess-profits and war-profits taxes, now or hereafter imposed by the
United States, upon the income or profits of individuals, partnerships, associations, or corporations. The interest on an amount of bonds and certificates authorized by said act approved
September 24, 1917, and amendments thereto, the principal of which does not exceed in the
aggregate $5,000, owned by any individual, partnership, association, or corporation, shall bo
exempt from the taxe3 provided for in clause (6) above.




5
17. I*$ue prices.- -Treasury Savings Certificates, Series of 1920, will be issued in 1920 at
the following prices:
DENOMINATION OF $100.

January
February
March
April

$82. 40
82.60
82.80
83.00

May
June
July
August

$83.20
83. 40
O
83. G
83. 80

September
October
November
December

$84. 00
84.20
84.40
O
84. G

DENOMINATION OP $1,000.

January
February
March
April

$824. 00
82G. 00
828.00
S30.00

May
June
July
August

$832. 00
834. 00
83G.00
838.00

September
October
November
December

$840. 00
842.00
844. 00
84G. 00

The average issue prices above fixed for the year 1920, with interest at 4 per cent per annum
compounded quarterly for the average period to maturity, will amount to $100 and $1,000,
respectively, on January 1, 1925.
18. Issue in exchange for unregistered 'War-Savings Certificates, Series of 1920.—A WarSavings Certificate, Series of 1920, which has not been registered and which bears the full
complement of 20 War-Savings Certificate Stamps, Series of 1920, may be received in exchange
for a Treasury Savings Certificate, Series of 1920, in the denomination of $100 (maturity value)
inscribed in the same name as the certificate presented in exchange, upon presentation and
surrender to any post office authorized to issue and sell Treasury Savings Certificates, Series of
1920, or to any other agent for the sale of Treasury Savings Certificates, Series of 1920, and
10 such War-Savings Certificates may in like manner be received in exchange for a Treasury
Savings Certificate, Series of 1920, in the denomination of SI,000 (maturity value) inscribed
in the same name as the certificates presented in exchange, upon presentation and surrender
to any authorized agent for the sale of Treasury Savings Certificates, Series of 1920, in the
denomination of $1,000 (maturity value).
19. Issue in exchange for registered War-Savings Certificates, Series of 1920.—A WarSavings Certificate, Series of 1920, which has been registered and which bears the full complement of 20 War-Savings Certificate Stamps, Series of 1920, may in like manner be received
in exchange for a Treasury Savings Certificate, Series of 1920, in the denomination of $100
(maturity value) inscribed in the same name as such registered certificate, when presented
for that purpose by the registered owner to the post office of registration, provided that such
post office is authorized to issue and sell Treasury Savings Certificates, Series of 1920.
20. Other regulations governing exchanges.—No previous demand for payment of WarSavings Certificates, Series of 1920, surrendered in exchange for Treasury Savings Certificates,
Series of 1920, pursuant to paragraphs 18 and 19 hereof, will be required, and the exchango
will be made in each case without payment to or by the United States. The receipt form on
such War-Savings Certificates, Series of 1920, so received in exchange for Treasury Savings
Certificates, Series of 1920, must be duly executed by the owner thereof, and appropriate notation on the War-Savings Certificates so received in exchange shall be made by the issuing agent
to the effect that such certificates have been received in exchango for Treasury Savings Certificates, Series of 1920. War-Savings Certificates, Series of 1918, and Series of 1919, Treasury
Savings Certificates of any series, detached War-Savings Certificate Stamps, War-Savings
Certificates bearing less than 20 War-Savings Certificate Stamps, Thrift Cards with Thrift
Stamps affixed, and Thrift Stamps will not be received in exchange or payment for Treasury
Savings Certificates, Series of 1920.
21. Payment at maturity.—Owners of Treasury Savings Certificates, Series of 1920, will be
entitled to receive on January 1, 1925, the respective face amounts as stated thereon. On and




G
after January 1, 1925, payment of the certificates will be made upon presentation and surrender thereof by mail or otherwise at the Office of the Secretary of the Treasury, Division of
Loans and Currency, Washington, and upon compliance with all other provisions thereof,
provided the form of demand for payment appearing on the back thereof shall be properly
Bigned by the owner in the presence of, and duly certified by, a United States Postmaster, an
executive officer of an incorporated bank or trust company, or any other person duly designated
by the Secretary of the Treasury for the purpose. In case of the death or disability of the
owner a special form of demand for payment prescribed by the Secretary ot the Treasury must
be duly executed.
22. Payment prior to matnrlty.—-The owner of a Treasury Savings Certificate, Series of 1920,
at his option, will be entitled to receive, prior to January 1, 1925, the lesser amount indicated in
the following tables (and in the table appearing on the back of the certificate) with respect to
certificates of the denomination concerned. Payment prior to January 1, 1925, of the amount
payable in respect of any such certificate will be made upon presentation, surrender, and
demand, made as aforesaid at the Office of the Secretary of the Treasury, Division of Loans
and Currency, Washington, and upon compliance with all other provisions thereof, but in no
event prior to the second calendar month following the calendar month in which the certificate
is issued to the owner.
TABLES S H O W I N G HOW TRKAStRY SAVINGS CERTIFICATES, SERIES OF 1920, INCREASE IN VALUE.
DENOMINATION OF $100.

Monti..

1920
$82. 10
82. 00
82. 80
83. 00
8a 20
83.40

January...
February..
March
April
May
June
July
August
September.
October
November.

1 !(2!
$84.80
85. 00
85. 20
85. ! >
<
85. (10

Sli. 00

83. 80
84.00
84.20
84.40
84. GO

December..

86. 80
86.00
SO. 20
86. 40
86. 00
86. SO
87.00

1922

$87. 20

87. 10
ST. 00
S7. 80
88.
SS.
ss.
88.

00
20
40
60

88. SO
89.00
89. 20
89. 40

192::
|89. 00
89. 80
90. 00
90. 20
90. 40
90. 00
90. 80
91.00
91.20
91. 10
91.60
91.80

; Jan. 1. H<25.

1924

$92.00
92. 20
92. 40
92.60
92. 80
93.00
93.20
93.40
93. 00
93.80
94.00
94.20
100.00

DENOMINATION OF $1,000.

Month.

1920

January
February
March..*
April
May
Juno
July
August
September
October
November
December

$824.00
820.00
828.00
' 830.00
• 832.00
' 834.00
830.00
838.00
840.00
842.00
844.00
846.00

Jan. I. 1925

L."




1921

$848. 00
850.00

N.-.2. 0 0
851. 00
. 856. 00
858.00
860.00
862.00
864.00
866.00
868.00
870.00

192
J872. 00
874.00
870.00
878. 00
880.00
882.00
884.00
886.00
888.00
890.00
892.00
894.00

1923

1924

$890. 00
898.00
900.00
902. 00
904. 00
906.00
908.00
910.00
912. 00
914.00
916.00
918.00

$920. 00
922.00
924.00
926.00
928.00
930.00
932.00
934.00
936.00
938.00
940.00
942.00
1,000.00

7
23. Transmission of registration stub* by post offices.—The original registration stubs
detached from Treasury Savings Certificates, Series of 1920, sold by post offices, shall be attached
to the accounts of sales of such certificates rendered to the Third Assistant Postmaster General,
Division of Stamps, and forwarded by the Third Assistant Postmaster General to the Secretary
of the Treasury, Division of Loans and Currency, Washington, so as to reach the Treasury
Department not later than the month succeeding the month in which the certificate is sold.
24. Transmittion of registration stubs by other issuing agents.—The original registration stubs detached from Treasuiy Savings Certificates, Series of 1920, sold by issuing
agent banks and trust companies, shall be forwarded to the Federal Reserve Bank from
which such certificates were obtained, with the monthly accounts of such agents as required
by Treasury Department Circular No. 172, dated December 10, 1919. The Federal Reserve
Bank receiving such stubs will see that a registration stub is at hand for each such certificate
reported sold and will forward such stubs, together with the original registration stubs detached
from all Treasury Savings Certificates, Series of 1920, issued and sold by it, to the Secretary of
the Treasury, Division of Loans and Currency, Washington, monthly, so as to reach the Treasury Department not later than the month succeeding the month in which the certificate is sold.
The original registration stubs detached from Treasury Savings Certificates, Series of 1920,
sold by the Treasurer of the United States shall be forwarded to the Office of the Secretary
of the Treasury, Division of Loans and Currency, at the end of each month so as to reach such
office not later than the month succeeding the month in which the certificate is sold.
25. Rights of holders of certificates.—The provisions of Treasury Department Circular No.
108, dated January 21, 1918, further defining rights of holders of War-Savings Certificates, do
not apply to or govern the rights of holders of Treasury Savings Certificates, Series of 1920.
The provisions of Treasury Department Circular No. 149. dated July 31, 1919, further defining
the rights of holders of Treasury Savings Certificates, Series of 1919, as amended and supplemented by Treasury Department Circular No. 169, dated December 10, 1919, will apply
to and govern the rights of holders of Treasury Savings Certificates, Series of 1920, except
as hereby further modified solely with respect to Treasury Savings Certificates, Series of 1920,
to wit:
(a) In paragraph I of Treasury Department Circular No. 1 19.. the maturity date specified
shall read "January 1. 1925/'
OTHEK DETAILS.

2G. United States War-Savings Certificates, Series of 1920, of whatever issue or denomination, including Treasury Savings Certificates, will not be receivable as security for deposits
of public moneys and will not bear the circulation privilege.
27. The Secretary of the Treasury may at any time withdraw this circular as a whole, or
make from time to time any supplemental or amendatory regulations which shall not modify
or impair the terms and conditions of United States War-Savings Certificates of the Series of
1920, of whatever issue or denomination, issued in pursuance of said act of September 24, 1917,
as amended and supplemented. The Secretary of the Treasury may also at any time withdraw
Treasury Savings Certificates, Series of 1920, War-Savings Certificates, Series of 1920, WarSavings Certificate Stamps, Series of 1920, or United States Thrift Stamps, or any of them, from
sale, refuse to issue or to permit to be issued any War-Savings Certificates, Series of 1920, or Thrift
Cards, refuse to sell or to permit to be sold any such certificates or stamps, and refuse to s?ll or
to permit to be sold any such certificates or stamps to any person, firm, corporation, or association.
28. Further details may be announced by the Secretary of the Treasury from time to
time, information as to which will be promptly furnished to Federal Reserve Banks, postmasters,
and to other agents.
CARTER GLASS,
Secretary of the Treasury.
W A S H I N G T O N : GOVERNMENT P R I N T I N G O F F I C E : 1J19




TREASURY SAVINGS CERTIFICATES, SERIES OF 1918.

»«•

I>e|»arliiiciit Circular No. 171.

i.oan, and currency.

><+V>

TREASURY D E P A R T M E N T ,
OFFICE OF T H E SECRETARY.

Washington, December 10, 1919.

To UoMeis of War-Savings Certificates, Series of 1918, and Others Concerned:
•1. Under authority of an act of Congress approved September 24, 1917, as amended and
supplemented, the Secretary of the Treasury offers, beginning January 2, 1920, upon the terms
and conditions hereinafter prescribed, an issue of United States War-Savings Certificates, Series
of 1918, Treasury Savings Certificate issue, in the denomination of $100 (maturity value), hereinafter called Treasury Savings Certificates, Series of 1918, in exchange for United States WarSavings Certificates of the Series of 1918, issued pursuant to Treasury Department Circular No.
94, dated November 15, 1917, hereinafter called War-Savings Certificates, Series of 1918. Treasury Savings Certificates, Series of 1918, are not offered for cash sale, and may be issued only in
exchange for War-Savings Certificates, Series of 1918, of the same aggregate maturity value.
This issue of Treasury Savings Certificates, Series of 1918, is in addition to the issue of WarSavings Certificates, Series of 1918, offered pursuant to said Treasury Department Circular No.
94, dated November 15, 1917, but both issues of certificates are included within the Series of
1918 of United States War-Savings Certificates. The aggregate maturity value of United
States War-Savings Certificates of the Series of 1918 outstanding will not be increased by reason
of the issue of Treasury Savings Certificates, Series of 1918, pursuant to this circular. I t shall
not be lawful for any one person at any one time to hold United States War-Savings Certificates
of the Series of 1918 (of whatever issue or denomination) to an aggregate amount exceeding
$1,000 (maturity value). The sum of United States War-Savings Certificates of all issues
outstanding shall not at any one time exceed in the aggregate $4,000,000,000 (maturity value).
2. Treasury Savings Certificates, Series of 1918, may be obtained in exchange for unregistered War-Savings Certificates, Series of 1918, at post offices of the first and second class,
and such other post offices as the Postmaster General may from time to time designate for that
purpose, at Federal Reserve Banks, and at the Office of the Secretary of the Treasury, Division
of Loans and Currency, Washington. Treasury Savings Certificates, Series of 1918, may be
obtained in exchange for registered War-Savings Certificates, Series of 1918, only at the post
office of registration, and then only if such post office is authorized to issue Treasury Savings
Certificates, Series of 1918.
DESCRIPTION OF TKE.Vsi KY SAVINGS CERTIFICATES, SERIES OF 1918.

3. Treasury Savings Certificates, Series of 1918, will be issued only in registered form, in
the denomination of $100 (maturity value), and shall bear the name of the owner thereof, which
shall be inscribed thereon by the issuing agent at the time of the issue thereof. At the time of issue
of each such certificate the original registration stub attached thereto shall be inscribed in tho
same manner by the issuing agent, and shall be detached and forwarded in the maimer hereinafter
directed for transmission to the Treasury Department at Washington. The registration stubs
will remain at the Treasury Department at Washington and will constitute the basis for the
Department's record of the registered ownership of the certificates. In addition to the original
registration stub above described, each certificate will be provided with an additional or duplicate stub, which shall be executed at the same time and in the same manner as the original
registration stub and shall be retained by issuing post offices in such manner as the Postmaster
General shall direct, and by Federal Reserve Banks subject to the order of the Secretary of the
Treasury. The certificates will not be transferable, and will be payable only to the owner
named thereon except in case of death or disability of the owner and in such case will be pajuble
as provided in regulations prescribed by the Secretary of the Treasury. The certificates will
not be valid unless the owner's name is duly inscribed thereon by an authorized agent at the time
of issue thereof. Treasury Savings Certificates, Series of 1918, will be dated January 2, 1920,
and will bear the facsimile signature of the present Secretary of the Treasury.
1606ir-l»




TAX

EXEMPTION.

4. Treasury Savings Certificates, Series of 1918, shall be exempt, both as to principal and
interest, from all taxation now or hereafter imposed by tho United States, any State, or any of
the possessions of the United States, or by any local taxing authority, except (a) estate or
inheritance taxes, and (b) graduated additional income taxes, commonly known as surtaxes,
and excess-profits and war-profits taxes, now or hereafter imposed by the United States, upon
the incomo or profits of individuals, partnerships, associations, or corporations. The interest
on an amount of bonds and certificates authorized by said act approved September 24, 1917,
and amendments thereto, the principal of which does not exceed in the aggregate $5,000, owned
by any individual, partnership, association, or corporation, shall be exempt from the taxes
provided for in clause (b) above.
TAYMENT

AT

MATURITY.

5. Owners of Treasury Savings Certificates, Series of 1918, will be entitled to receive on January 1, 1923, one hundred dollars ($100) in respect of each such certificate. On and after January 1,1923, payment of tho certificates will be made upon presentation and surrender thereof
by mail or otherwise at tho Office of tho Secretary of tho Treasury, Division of Loans and Currency, Washington, and upon compliance with all other provisions thereof, provided the form
of demand for payment appearing on the back thereof shall be properly signed by the owner
in the presonce of, and duly certified by, a United States postmaster, an executive officer of
an incorporated bank or trust company, or any other person duly designated by the Secretary
of the Treasury for the purpose. In case of the death or disability of the owner a special form
of demand for payment prescribed by the Secretary of the Treasury must be did}- executed.
PAYMENT

PRIOR

TO

MATURITY.

6. The owner of a Treasury Savings Certificate, Series of 1918, at his option, will be entitled
to receive prior to January 1, 1923, the lesser amount indicated in the following table (and in
the table appearing on the back of the certificate). Payment prior to January 1, 1923, of the
amount payable in respect of any such certificate will bo made upon such presentation, surrender, and demand, made as aforesaid at tho Office of tho Secretary of the Treasury, Division
of Loans and Currency, Washington, and upon compliance with all other provisions thereof,
but in no event prior to the second calendar month following the calendar month in which the
certificate is issued to the owner.
Table Showing How Treasury Sarings Certificates, Series of 1918, Increase in Value.




DENOMINATION OF $100.

Month.

1920

January
February...:......;.

April

May......
June
July
August
September
October
November.
December
Jan. 1, 1923

;

.......

1921

1922

$87.20
87.40
87.60
87.80
88.00
88.20.
88.40
88.00
88.80
89.00
89.20
89.40

$89.60
89.80
90.00
90.20
90.40
90.60
90.80
91.00
9L20
91.40
9L60
91.80

$92.00
92.20
92.40
92.60
92.80

oaoo
9a 20
93.40
93.60

9a so
94.00
94.20
100.00

3
ISSUE OX SURRENDER OF WAR-SAVINGS CERTIFICATES, SERIES OF 19]8.

7. One or more War-Savings Certificates, Series of 1918, issued pursuant to Treasury
Department Circular No. 94, dated November 15, 1917, which have not been registered and
which have an aggregate maturity value of $100 or some multiple thereof, no more, no less, will
be received in exchange for Treasury Savings Certificates, Series of 1918, of the same aggregato
maturity value, upon presentation and surrender for that purpose to any post office authorized
to issue Treasury Savings Certificates, Series of 1918, to any Federal Reserve Bank, or to the
Office of the Secretary of the Treasury, Division of Loans and Currency, Washington. Ono
or more War-Savings Certificates, Series of 1918, which have been registered and which have
an aggregate maturity value of $100 or some multiplo thereof, no more, no less, will in like manner be received in exchange for Treasury Savings Certificates, Series of 1918, of the same aggregate maturity value, when presented and surrendered for that purpose by the registered owner
to the post offico of registration, provided that such post office is authorized to issue Treasury
Savings Certificates, Series of 1918. In case two or more War-Savings Certificates, Series of
1918, are presented for exchange, in accordance with this circular, the certificates so presented
may be some registered and some unregistered, but in that event must be presented at the
post offico whero the registered certificates are registered. If two or more War-Savings Certificates, Series of 1918, are presented for exchange in accordance with this circular, each such
certificate presented need not bear the full complement of 20 War-Savings Certificate Stamps,
provided that the aggregate maturity value of the certificates presented is $100 or some multiple
thereof, no more, no less.
8. War-Savings Certificates, Series of 1918, presented and surrendered in exchange for
Treasury Savings Certificates, Series of 1918, must in each case be accompanied by a Request
for Exchange on Form L. & C. 335, attached hereto (copies of which may be obtained from
Federal Reserve Banks, issuing agent post offices, or the Treasury Department, Division of
Loans and Currency, Washington). Requests for Exchange must bear the autograph signatures of the owners whose names are inscribed on the War-Savings Certificates so surrendered
for exchange. The Treasury Savings Certificates, Series of 1918, issued on exchange will be
inscribed in the same name as the War-Savings Certificates, Series of 1918, surrendered for
exchange, unless another name and address shall be indicated in writing on the Request for
Exchange, in which event the Treasury Savings Certificates will be inscribed in the name and
address so indicated.
9. No previous demand for payment of Wrar-Savings Certificates of the Series of 1918
surrendered in exchange for Treasury Savings Certificates, Series of 1918, in accordance with
paragraphs 7 and 8 hereof, will be required, and the exchange will be made in each case without
payment to or by the United States. The receipt form on the War-Savings Certificates, Series
of 1918, so surrendered in exchange for Treasury Savings Certificates, Series of 1918, must,
however, bo duly executed by the owner of the War-Saving Certificates so surrendered, and
appropriate notation shall be made by the issuing agent on the War-Savings Certificates so surrendered of their receipt in exchange for Treasury Savings Certificates, Series of 1918.
10. War-Savings Certificates of any other series (of whatever issue or denomination).
Treasury Savings Certificates, detached War-Savings Certificate Stamps, War-Savings Certificates of the Series of 1918 having an aggregate maturity value not $100 or some multiple
thereof, Thrift Cards with Thrift Stamps affixed, and Thrift Stamps will not be received in
exchange or payment for Treasury Savings Certificates, Series of 1918.
11. Treasury Savings Certificates, Series of 1918, will not be issued for cash or in any other
manner thap in exchange for War-Savings Certificates, Series of 1918, as provided herein.




4
TRANSMISSION OF ORIGINAL REGISTRATION

STUBS.

12. Thfl original registration stubs detached from Treasury Savings Certificates, Series of
1918, issued by any Federal Reserve Bank, shall be attached in each case to the Request for Exchange submitted in connection with the issue of the Treasury Savings Certificate, and forwarded
monthly to tho Secretary of the Treasury, Division of Loans and Currency, Washington, with
such Request for Exchange, so as to reach the Treasury Department not later than the
month succeeding the month in which the Treasury Savings Certificate was issued. The War
Savings Certificates received in exchange shall be canceled by the Federal Reserve Bank by
punching a quarter-inch hole through each stamp affixed thereto, and transmitted to the Secretary of the Treasury, Division of Loans and Currency, Washington, at the end of each month.
13. The original registrationstubs detached from Treasury Savings Certificates, Series of 1918,
issued by post offices, shall be attached in each case to the Request for Exchange submitted in
connection with the issue of the Treasury Savings Certificate, and forwarded with such Request
for Exchange and tho reports of issue of such certificates, to the Third Assistant Postmaster
General, Division of Stamps, who will forward them to the Secretary of the Treasury, Division
of Loans and Currency, Washington, so as to reach (he Treasury,Department not later than
the month succeeding the month in wrhich the Treasury Savings Certificate was issued. Tho
War-Savings Certificates received in exchange shall be canceled by postmasters in such manner
as tho Postmaster General may direct, and transmitted to the Secretary of the Treasury, Division
of Loans and Currency, Washington, at the end of each month. War-Savings Certificates so
received in exchange by postmasters must not be deposited with depositary banks.
MISCELLANEOUS PROVISIONS.

14. Treasury Savings Certificates, Scries of 1918, will not be receivable as security for
deposits of public moneys and will not bear the circulation privilege.
15. The provisions of Treasury Department Circular No. 108, dated January 21, 191S,
further defining the rights of holders of War-Savin s Certificates, and tho provisions of
Treasury Department Circular No. 143, dated July 1, 1919, offering for sale Treasury Savings
Certificates, Series of 1919, do not apply to or govern the rights of holders of Treasury Savings
Certificates, Series of 1918. All the provisions of Treasury Department Circular No. 149,
dated July 31, 1919, as modified and extended by Treasury Department Circular No. 169,
dated December 10,1919, shall apply to and govern the rights of holders of Treasury Savings
Certificates, Series of 1918, except as hereby further express^ modified solely with respect to
Treasury Savings Certificates, Series of 1918, to wTit:
(a) In paragraph I of Treasury Department Circular Xo. 149, the maturity date specified shall read "January
] , 1923."

16. The provisions of this circular do not apply to or govern War-Savings Certificates,
Series of 1918, issued pursuant to Treasury Department Circular No. 94, dated November 15,
1917, except to the extent that this circular provides for the exchange of such certificates for
Treasury Savings Certificates, Series of 1918.
17. Tho Secretary of the Treasury may at any time withdraw this circular as a whole, or
make from time to time any supplemental or amendatory regulations which shall not modify
or impair tho terms and conditions of Treasury Savings Certificates, Series of 1918, issued in
pursuance of said act approved September 24, 1917, as amended and supplemented. The
Secretary of the Treasury may at any timo withdraw Treasury Savings Certificates, Series of
1918, from issue, refuse to issue or to permit to be issued any such certificates, and refuse to issue
or t<> permit to be issued any such certificates to any person, firm, corporation, or association.
IS. Further details may be announced by the Secretary of the Treasury from time to
time, information as to which will be promptly furnished to postmasters and Federal Reserve
Banks.
CARTER GLASS,
Secretary of the Treasury.




6
TREASURY DEPARTMENT
LOANS AND CURRENCY

Form L. AC 33.5.

T R E A S U R Y S A V I N G S C E R T I F I C A T E S , S E R I E S OF 1»I8.

Request for Exchange.
IMPORTANT.—U unregistered War-Savings (Certificates, Series of 1918, are presented for exchange, this request may be presented to any post
office of the first or second eta i, or other post office authorized by the Postmaster General to issue Treasury Savings Certificate* Series of r9J«.
War-Savings
toanv Federal Reserve Bank, or to the Secretary of the Treasury, Division of Loans and Currency, Washington, D. C. II registered VVai
"
t 'ertiikates, Series of 191ti. are presented for exchange, this request may be presented only to the post office of registration, and then onlylf tssuch post
office is authoriied to issue Treasury Savings Certificates, Series of 1918.
offia
To The POSTMASTER,

Dated

,192.

or
Tho FEDERAL R E S E R V E HANK OF

Fiscal Agent of the United Staffs.
•

or

Tho SECRETARY OF THE TREASURY,

Division of Loans and Currant/,
Washington, D. C.
The undersigned herewith present and surrender $

aggregate maturity value, of \ ° L ' ' ( _l
(See Note I.)
(unregistered)
United States War-Savings Certificates, Series of 1918, bearing the name of and duly receipted by tho undersigned
(see Note 2). and request that Treasury Savings Certificates of tho Scries of 1918 to the same maturity value, be
issued in exchange therefor, all in accordance with tho provisions of Treasury Department Circular No. 171, dated
December 10, 1919
The following name and address shall be inscribed on the Treasury Savings Certificates to be
issued hereon (see Note 3):
< Kirsf name in full. Indicate whether Mrs. or Miss, in cases of women.)
(Middle name or initial.)
(Or complete legal name of corporation, partnership, or other person.)

(Last name.)

Address

."
(.Hive full address.)

(Number.)

(Street.)

"(City") ' '
(State.)
Autograph signature! of ptisoo or persons whose names are inscribed on War-Savings Certificates, Series of 1918,
presented for cx<hang< .

(To be filled in by I s s u i n g Agent.)
,192
The serial numbers of the Treasury Savings Certificates, Series of 1918, issued pursuant to above request are as
follows:

(Signature of Issuing Agent.)
NOTE 1.—Treasury Savings Certificates, Series of 1918, in the denomination of 1100, may lie issued only in exchange for one or more WarSavings Certificates, Series of 1918, which have an aggregate maturity value of $100 or some multiple thereof, no more, no less, and are not issued
on cash sale. If two or more War-Savings Certificates, Scries of 1918, are presented for exchange, each such certificate presented need not bear
the full complement of 20 War-Savings Certificate Stamps, Series of 1918, provided that the. aggrc;;ato maturity value of the certificates presented
is $100 or some multiple thereof, no more, no less. In ease two or more War-Savings Certificates, Series of 1918, are presented for exchange, tho
certificates so presented may be some registered and some unregistered, but in that event must be presented at tho post office where the registered certificates are registered.
NOTE 2. -The War-Savings Certificates, Series of 1918, presented in exchange must be duly receipted by the owner, m the same manner as if
presented for payment. No previous demand for payment of such certificates will lie required, however, and the exchange will be made in each
ease without payment to or by the United States.
NOTE 3.-The Treasury Savings Certificates, Series of 1918, issued on exchange will be inscribed in the same name as the War-Savings Certificates,: Series of 1918. surrendered for exchange, unless another name and address shall be indicated in writing on this request, in which event tho
Treasury Savings Certificates will be inscribed in the name and address so indicated.
NOTE 4. -This request must be attached to the original registration stubs detached from the Treasury Savings Certificates, Series of 1918. issued
on exchange, and forwarded by postmasters with their monthly reports of issue of such certificates, to tho Third Assistant Postmaster General,
vision of Stamps, and by Federal Reserve Banks to the Secretary of the Treasury, Division of Loans and Currency, Washington, D. C.
Div




WAsniscTO.v : COVBHX-MKNT PRIXTIXO OITICE : isia

^ l

AGENCIES FOR THE DISTRIBUTION AND SALE OF WAR-SAVINGS CERTIFICATES AND TREASURY SAVINGS
CERTIFICATES. SERIES OF 1920.

Department S L r No. 172.
Loans anTburreney.

TREASURY

DEPARTMENT,

OFFICE OF T H E SECRETARY,

Washington, December 10, 1919.
1. The following rules and regulations will govern agencies for the distribution and sale
during the calendar year 1920 of War-Savings Certificates, Series of 1920, War-Savings Certificate Stamps, Series of 1920, and Treasury Savings Certificates, Series of 1920, issued pursuant
to Treasury Department Circular Xo. 170, dated December 10, 1919, and United States Thrift
Cards and Thrift Stamps issued at any time on or after December 3, 1917. United States
War-Savings Certificates, payments for or on account of which are evidenced by War-Savings
Certificate Stamps, are called in this circular War-Savings Certificates, and United States WarSavings Certificates, Treasury Savings Certificate issue, in denominations of $100 and $1,000
(maturity value), are called in this circular Treasury Savings Certificates.
2. Beginning January 1,1920, the only authorized agencies for the issue or sale of Treasury
Savings Certificates, War-Savings Certificates or Stamps, or Thrift Cards or Tln-ift Stamps
(in addition to post offices, Federal Reserve Banks, duly designated bonded officers of the
United States, and the Treasury Department, Washington), shall be (a) cash agents and (6)
collateral agents, acting in accordance with the provisions of this circular. None of the provisions of Treasury Department Circulars No. 94, dated November 15, 1917; No. 95, dated
November 30, 1917; No. 96, dated January 2, 1918; No. 101, dated February 19, 1918; No.
128, dated December 18, 1918; No. 130, dated December 23, 1918, and No. 143, dated July 1,
1919, shall apply to or govern the distribution and sale of Treasury Savings Certificates, Series
of 1920, War-Savings Certificates or Stamps, Series of 1920, or Thrift Cards or Thrift Stamps
during the calendar year 1920. Agents or sales stations for the sale of Treasury Savings Certificates, War-Savings Certificates, War-Savings Certificate Stamps, or Thrift Stamps pursuant
to said circulars who do not become cash or collateral agents pursuant hereto, will not be
authorized to issue or sell Treasury Savings Certificates, War-Savings Certificates or Stamps,
or Thrift Stamps after December 31, 1919. Treasury Savings Certificates and War-Savings
Certificates and Stamps of the Scries of 1920, and Thrift Cards and Thrift Stamps will be
distributed hereunder to duly qualified cash agents and collateral agents for the sale thereof
only by Federal Reserve Banks, and will not be distributed to such agents, or to any other
persons for the sale thereof, b}r post offices or by other cash or collateral agents.
3. Copies of all forms specified in this circular are attached hereto, and copies thereof, or
of substantially similar forms, may be obtained, upon application, from the Federal Reserve
Banks. Copies of this circular and of all Treasuiy Department circulars referred to herein
may be obtained, upon application, from the Secretary of the Treasury, Division of Loans and
Currency, Washington, or from any Federal Reserve Bank.
CLASSIFICATION

AND A P P O I N T M E N T O F A G E N T S .

4. General provisions.—Incorporated banks and trust companies may be designated by the
Federal Reserve Bank of the district in which they are located, acting under the direction of the
Secretary of the Treasmy, as cash agents or collateral agents hereunder for the sale of Treasury
Savings Certificates and War-Savings Certificate Stamps, Series of 1920, and Thrift Stamps, and
the issue of War-Savings Certificates, Series of 1920, and Thrift Cards during the calendar year
152738°-19




1

2
1920. Upon application through the Federal Reserve Banks, other persons may be designated
hereunder by the Secretary of the Treasury in special cases as cash agents or collateral agents
for the sale of War-Savings Certificate Stamps, Series of 1920, and Thrift Stamps, and the issue
of War-Savings Certificates, Series of 1920, and Thrift Cards, during the calendar year 1920,
but not for the issue or sale of Treasury Savings Certificates. Incorporated banks and trust
companies and other persons undertaking to act as agents for the sale of such certificates or
stamps during the calendar year 1920, will, by the receipt or sale of Treasury Savings Certificates,
Series of 1920, or War-Savings Certificates or Stamps, Series of 1920, or by the receipt or sale
of Thrift Stamps after December 31, 1919, be conclusively presumed to have assented to, and
will be bound by, all the terms and provisions of this circular, as from time to time amended
and supplemented, and any collateral security pledged or to be pledged by such persons will
be conclusively deemed to be pledged as collateral security hereunder.
5. Cash agents.—Any incorporated bank or trust company may make application to the
Federal Reserve Bank of the district in which it is located for appointment as a cash agent
hereunder, on Form L. & C. 337. Upon its approval of such application, the Federal Reserve
Bank will issue a certificate of appointment in triplicate on Form L. & C. 354, the original to be
issued to the agent, the duplicate forwarded to the Secretary of the Treasury, Division of Loans
and Currency, and the triplicate retained by the Federal Reserve Bank. Each application
hereunder for appointment as cash agent shall set forth the aggregate maturity value of Treasury
Savings Certificates and War-Savings Certificate Stamps which the agent desires to hold at any
one time for sale as such agent, not in any case to exceed $50,000 without special authority
from the Secretary of the Treasury. The Federal Reserve Bank may refuse to approve any
such application, or may in its discretion approve the application for any lesser maturity value
than that applied for, and the certificate of appointment of every such agent on Form L. &
C. 354 shall show the aggregate maturity value of Treasury Savings Certificates and WarSavings Certificate Stamps which the agent shall be allowed to hold at any one time. In
fixing such aggregate maturity value the Federal Reserve Bank shall be guided by the expected
sales of such certificates and stamps by the agent within a reasonable period of time after the
application.
6. Collateral agents.—The filing with the Federal Reserve Bank of the district of a duly
executed pledge agreement on Form L. & C. 356, shall be deemed to constitute an application
for appointment as a collateral agent hereunder. Upon its approval of such application, the
Federal Reserve Bank will issue a certificate of appointment in triplicate on Form L. & C. 357,
the original to be issued to the agent, the duplicate forwarded to the Secretary of the Treasury,
Division of Loans and Currency, Washington, and the triplicate retained by the Federal Reserve
Bank. Incorporated banks and trust companies duly qualified as collateral agents of the second
class for the sale of War-Savings Certificates or Treasury Savings Certificates, Series of 1919,
pursuant to Treasury Department Circulars No. 95, dated November 30, 1917, No. 130, dated
December 23, 1918, and No. 143, dated July 1, 1919, who desire to act as collateral agents for
the sale of War-Savings Certificates or Treasury Savings Certificates, Series of 1920, will be required to file with the Federal Reserve Bank of the district in like manner a duly executed
pledge agreement on Form L. & C. 356, but in advance of the filing of such pledge agreement
will be permitted, until February 1, 1920, to act as collateral agents hereunder, upon notification
in writing to the Federal Reserve Bank, and they will, by such notification, or by the receipt
or sale of Treasury Savings Certificates, Series of 1920, or War-Savings Certificates or Stamps,
Series of 1920, or of Thrift Stamps after December 31, 1919, be conclusively presumed to have
assented to all the terms and provisions of this circular and to the retention of the collateral
security pledged or to be pledged as collateral security hereunder.




3
CASH AGENTS.

7. Supply of certificates and stamps to cash agents.—Duly qualified cash agents hereunder may
obtain from the Federal Reserve Bank of the district Treasury Savings Certificates and WarSavings Certificate Stamps up to the aggregate maturity value fixed by the Federal Reserve Bank
(not in excess of $50,000, maturity value, at any one time outstanding, without special authority
from the Secretary of the Treasury), together with an adequate supply of War-Savings Certificates, Thrift Stamps, and Thrift Cards, upon the deposit of the current issue price thereof
for the month in which such certificates and stamps are obtained, for each Treasury Savings
Certificate and War-Savings Certificate Stamp, and 25 cents for each Thrift Stamp, so obtained.
Additional supplies of such certificates and stamps may be obtained by cash agents from the
Federal Reserve Bank from time to time in like manner, provided that the aggregate maturity
value of Treasury Savings Certificates and War-Savings Certificate Stamps held by any such
cash agent for sale to the public shall not at any one time exceed the limit fixed as above
described.
8. Monthly reports and requisitions by cash agents.—Every cash agent shall render to the
Federal Reserve Bank from which it obtains such certificates and stamps on or before the tenth
of each month a report, on Form L. & C. 355, or a substantially similar form prescribed by
the Federal Reserve Bank, showing the amount of Treasury Savings Certificates, War-Savings
Certificate Stamps, and Thrift Stamps sold by it during the preceding month and the amount
of such certificates and stamps remaining in its hands unsold at the end of such month. This
report must be accompanied by a schedule in the form prescribed by the Federal Reserve Bank
showing the serial numbers of all Treasury Savings Certificates reported sold and of all such
certificates reported on hand unsold at the close of the month. Requisition for additional supplies of certificates and stamps may be made at the time of the monthly report. Cash agents
which have received, in exchange for War-Savings Certificate Stamps, Series of 1920, in accordance
with the provisions of Treasury Department Circular No. 170, dated December 10, 1919,
Thrift Cards with the full complement of 16 Thrift Stamps affixed, may receive from the Federal
Reserve Bank from which such War-Savings Certificate Stamps were obtained, upon surrender
of such filled Thrift Cards, War-Savings Certificate Stamps at the current issue price thereof
during the month in which such exchange is effected and Thrift Stamps at 25 cents each, or
cash, at the rate of $4 for each filled Thrift Card. A cash agent for the sale of Treasury Savings Certificates, Series of 1920, which receives in exchange for such certificates War-Savings
Certificates, Series of 1920, in accordance with the provisions of Treasury Department Circular
No. 170, dated December 10, 1919, may secure cash reimbursement for such War-Savings
Certificates from the Federal Reserve Bank upon the surrender of the War-Savings Certificates
so received to such Federal Reserve Bank. The Federal Reserve Bank will thereupon pay to
such agent the redemption value of such certificates on the date of their receipt in exchange for
Treasury Savings Certificates, without previous demand for payment.
9. Termination of cash agencies.—The Secretary of the Treasury, or the Federal Reserve
Bank by which any cash agent shall have been appointed hereunder, may terminate the agency
at any time without previous demand or notice, and require the immediate surrender of all
Treasury Savings Certificates, War-Savings Certificate Stamps, and Thrift Stamps, and all
War-Savings Certificates and Thrift Cards held by such cash agent for sale to the public and
not theretofore issued or sold.
10. Voluntary surrender by cash agents.—Any cash agent which shall have fully complied
with the terms of its agency may at any time surrender such agency upon delivering to the
Federal Reserve Bank from which such certificates and stamps were obtained all Treasury




4
Savings Certificates, War-Savings Certificate Stamps, and Thrift Stamps held by it for sale to
the public and remaining unsold, together with all War-Savings Certificates and Thrift
Cards remaining unissued and all duplicate registration stubs from Treasury Savings Certificates issued by it, or may at any time, without surrendering the agency, surrender any portion
of the Treasury Savings Certificates, War-Savings Certificate .Stamps, or Thrift Stamps held
by it for sale to the public and remaining in its hands unsold to the Federal Reserve Bank
from which such certificates and stamps were obtained: Provided, liowerer, That no such certificates or stamps shall be surrendered by any such agent prior to 20 days after the date on which
such certificates or stamps shall have been obtained by such agent.
11. Surrender by eash agents at close of year.—All Treasury Savings Certificates and WarSavings Certificates and Stamps, Series of 1920, remaining unsold in the hands of any cash
agent at the close of business December 31, 1920, must be surrendered on or before January 31,
1921, to the Federal Reserve Bank from which such certificates and stamps were obtained.
12. Reimbursement for certificates and, stamps surrendered.—Upon the surrender of Treasury
Savings Certificates, War-Savings Certificate Stamps, or Thrift Stamps, by any cash agent
hereunder, whether at the termination of the agency, on voluntary surrender, or at the close of
the year, the. Federal Reserve Bank will make reimbursement to such cash agent for the Treasury
Savings Certificates and War-Savings Certificate Stamps so surrendered at a rate equivalent to
the current redemption value thereof during the month in which such surrender is made, not
later than the month m which the certificates and stamps are required to be surrendered, and
for Thrift Stamps at 25 cents each, or in the case of surrender at the close of the year will issue
to sucli cash agent, at its option, in exchange for the certificates and stamps so surrendered
Treasury Savings Certificates and War-Savings Certificate Stamps of any subsequent series then
offered for sale, at the current issue price thereof, and Thrift Stamps at 25 cents each, and cash,
to an aggregate value not exceeding the amount due upon such surrender.
COLLATE!? AI. A G B

TS.

13. Collateral security pledged by collateral agents.—Any collateral agent duly appointed or
acting hereunder in accordance with the provisions of paragraph o" hereof may qualify by the
deposit and pledge with the Federal Reserve Bank of the district, as fiscal agent of the United
States (or, by the direction and subject to the order of such Federal Reserve Bank, with a
custodian or custodians designated b}r it and under rules and regulations prescribed by it), as
collateral security for the faithful performance of the obligations assumed by such agent, as
provided herein, securities of the classes described in paragraphs (a), (b), and (c) of Treasury
Department Circular No. 92, of April 17, 1919, as from time to time amended and supplemented, to an amount, taken at the rates therein provided, at least equivalent to the maturity
value of the Treasury Savings Certificates and War Savings Certificate Stamps, plus the faco
value of the Thrift Stamps, to be obtained by such agent. The securities so deposited and
pledged are sometimes referred to herein as "collateral security." The examination and
approval of securities, tho withdrawal of securities, the pledge of additional securities, and the
substitution of securities are committed to the several Federal Reserve Banks, acting under
the direction of the Secretary of the Treasury. All securities pledged must be in negotiable
form, and no security shall be valued at more than par. Each collateral agent, so long as not
in default in respect of any obligation assumed by such agent, as herein provided, shall be
entitled to collect and retain any and all interest upon the collateral security deposited and
pledged by such agent with the Federal Reserve Bank. The Secretary of the Treasury or the
Federal Reserve Bank may at any time or from time to time call upon any collateral agent
for the deposit and pledge of additional collateral security. Each Federal Reserve Bank, as




5
fiscal agent of the United States, shall hold the collateral security deposited and pledged with
such bank by each collateral agent as collateral security for the faithful performance of its
obligations as such agent, in accordance with the provisions of this circular, as from time to
time amended and supplemented.
14. Supply of certificates and stamps to collateral agents.—Any collateral agent, upon depositing and pledging collateral security as herein provided, and upon executing and delivering
to the Federal Reserve Bank a pledge agreement on Form L. & C. 356, approved by such Federal
Reserve Bank, may obtain from time to time from such Federal Reserve Bank, Treasury
Savings Certificates and War-Savings Certificate Stamps, Series of 1920, at maturity value,
and Thrift Stamps at 25 cents each, up to the collateral value, computed as provided above,
of such collateral security, but not in excess thereof. Any collateral agent continued in accordance with the provisions of paragraph 6 hereof may in like manner obtain such certificates and
stamps, computed in the same manner, up to the collateral value of the collateral security
pledged by it, provided such security is eligible hereunder. Any collateral agent may also
obtain an adequate supply of War-Savings Certificates and Thrift Cards. Any collateral agent
may from time to time voluntarily deposit and pledge additional collateral security with the
Federal Reserve Bank, and thereupon obtain additional amounts of Treasury Savings Certificates, War-Savings Certificate Stamps and Thrift Stamps, up to the collateral value of such
additional collateral security, upon like terms and conditions as upon the original deposit and
pledge of collateral security. From time to time, as any collateral agent shall sell Treasury
Savings Certificates, War-Savings Certificate Stamps or Thrift Stamps and shall pay over the
proceeds of any such sales to the Federal Reserve Bank additional amounts of such certificates and stamps in lieu of such certificates and stamps so sold, may be obtained from such
Federal Reserve Bank, upon like terms and conditions, not, however, in excess of the aggregate amount of such certificates and stamps theretofore sold and for which payment shall have
been made and account rendered to such Federal Reserve Bank, unless additional collateral
security shall be similarly deposited and pledged.
15. Accounting hy collateral agents.—Each collateral agent, on or before the tenth day of
each month, must render to the Federal Reserve Bank, with which such agent shall have deposited
and pledged such collateral security, an account on Form L. & C. 358, or a substantially similar
form prescribed by the Federal Reserve Bank, in respect of all Treasury Savings Certificates,
War-Savings Certificate Stamps, and Thrift Stamps obtained by such agent from such Federal
Reserve Bank and sold by such agent during the preceding calendar month, and stating the
respective amounts of such certificates and stamps, if any, remaining unsold in the hands of such
agent at the close of such calendar month. Each monthly account by such agent shall be
accompanied by a schedule on a form to be prescribed by the Federal Reserve Bank, showing
the serial numbers of Treasury Savings Certificates reported sold during the month, and the
serial numbers of such certificates remaining unsold at the end of such month. The Secretary
of the Treasury, or the Federal Reserve Bank to which the agent is required to account, may
require any collateral agent to render any account and to make payment, at any time or times,
in addition to the monthly account and payment, herein required, in respect of the proceeds
of all sales of such certificates and stamps theretofore made and not theretofore accounted for.
16. Remittance of proceeds of sales by collateral agents.—Each collateral agent, before or upon
rendering any such account, must deposit the aggregate amount of the proceeds of all sales of
Treasury Savings Certificates, War-Savings Certificate Stamps, and Thrift Stamps, obtained as
provided above, with such Federal Reserve Bank, as fiscal agent of the United States; but each
collateral agent in accounting for the proceeds of sales of War-Savings Cert ificate Stamps and Thrif t
Stamps, shall be entitled to a credit of $4 in respect of each Thrift Card, bearing its full com152738°—19




2

6
plemcnt of 16 Thrift Stamps, received in exchange for War-Savings Certificate Stamps pursuant
to Treasury Department Circular No. 170, dated December 10, 1919, and transmitted to the
Federal Reserve Bank, as fiscal agent of the United States, with any account rendered by such
agent to such bank as provided above. Each collateral agent in accounting for the proceeds of
sales of Treasury Savings Certificates, Series of 1920, shall also be entitled to receive appropriate
credit for each War-Savings Certificate, Series of 1920, bearing the full complement of 20 WarSavings Certificate Stamps, Series of 1920, received in exchange for Treasury Savings Certificates in accordance with the provisions of Treasury Department Circular No. 170, dated
December 10, 1919, and transmitted to such Federal Reserve Bank with its account.
17. Termination of collateral agencies.—The Secretary of the Treasury, or the Federal Reserve Bank to which the agent is required to account, may at any time terminate any collateral
agency hereunder without previous demand or notice and require any collateral agent to surrender to the Federal Reserve Bank any and all Treasury Savings Certificates, War-Savings
Certificate Stamps, Thrift Stamps, War-Savings Certificates, and Thrift Cards obtained from
such Federal Reserve Bank but not theretofore issued or sold b}' such agent, and the proceeds
of such sale duly accounted for and paid to the Federal Reserve Bank.
18. Voluntary surrender by collateral agents.-—Any collateral agent which shall have fully
complied with all the terms of its agency and pledge agreement may at any time surrender
such agency and withdraw the collateral security deposited and pledged by such agent with
the Federal Reserve Bank, upon delivering to such bank, as fiscal agent of the United States,
all Treasury Savings Certificates, War-Savings Certificate Stamps, and Thrift Stamps (together
with all unissued War-Savings Certificates and Thrift Cards, and all duplicate registration
stubs from Treasury Savings Certificates issued by it) obtained from such Federal Reserve
Bank and not theretofore sold by such agent, and upon duly accounting and making payment,
as herein provided, in respect of all Treasury Savings Certificates, War-Savings Certificate
Stamps, and Thrift Stamps so obtained and sold by such agent. Any collateral agent which
shall have fully complied with the terms of such agency may at any time, without surrendering
the agency, surrender any portion of the Treasury Savings Certificates, War-Savings Certificate
Stamps, or Thrift Stamps not theretofore sold by such agent, to the Federal Reserve Bank to
which it is required to account.
19. Surrender by collateral agents at clos< of year. On or before January 31, 1921, every
collateral agent shall surrender to the Federal Reserve Bank from which they were obtained
all Treasury Savings Certificate, and War-Savings Certificate Stamps, Series of 1920, obtained
from such Federal Reserve Bank and not sold before the close of business December 31, 1920,
and the proceeds of such sale accounted for to the Federal Reserve Bank, together with all
War-Savings Certificates, Series of 1920, remaining unissued at the close of business December
31, 1920.
20. Credit for certificates and stamps surrendered.—Upon the surrender by any collateral
agent hereunder to the Federal Reserve Bank to which it is required to account of Treasury
Savings Certificates, War-Savings Certificate Stamps, or Thrift Stamps, whether at the termination of the agency, on voluntary surrender, or at the close of the year, such collateral agent
shall receive appropriate credit in its account with the Federal Reserve Bank for the certificates
and stamps so surrendered.
MISCELLANEOUS PROVISIONS GOVERNING DISTRIBUTION AND SALE BY AGENTS.

21. Authority and obligations of agents.—Treasury Savings Certificates, War-Savings
Certificate Stamps, and Thrift Stamps obtained by agents acting under this circular shall be
held by them solety as agents for the sale thereof to the public in accordance with the provisions




7
of this circular and the circulars in pursuance of which such certificates and stamps are issued.
Unless and until issued or sold pursuant to the provisions of this circular, the certificates and
stamps obtained b)T agents hereunder shall remain unissued, and subject to withdrawal by the
Federal Reserve Bank on demand. Every agent hereunder undertakes, as a patriotic service
and without compensation, the faitliful performance of the obligations imposed upon agents
by the provisions of this circular. No agent shall have any authority hereunder to sell any
certificates or stamps otherwise than for cash paid simultaneously with the delivery of the certificates or stamps, or in exchange for War-Savings Certificates or Thrift Cards (and cash), as the
case may be, surrendered simultaneously therewith in accordance with tho provisions of this
circular. The United States will not be responsible for the failure of agents to deliver certificates or stamps after payment, and will incur no obligation in connection with the action of
any agent except on the Treasury Savings Certificate, War-Savings Certificate or Stamp, or
Thrift Stamp, as the case may be, after delivery thereof to the purchaser.
22. Sale of certificates and stamps.—No agent hereunder shall sell any Treasury Savings
Certificates or War-Savings Certificate Stamps at a price other than the current issue price
thereof during the month in which sold, nor any Thrift Stamps at a price other than 25 cents
each. No agent hereunder shall sell any Treasury Savings Certificates or War-Savings Certificate Stamps, Series of 1920, after December 31, 1920. Agents must exercise great care in
the issue and sale of Treasury Savings Certificates and War-Savings Certificates and Stamps
of the Series of 1920, and Thrift Stamps during the calendar year 1920, to observe in all respects
the provisions of Treasury Department Circular No. 170, dated December 10, 1919.
23. Limit on holdings of United States War-Savings Certificates by one person.—It is not
lawful for any one person, firm, corporation, or association at any one time to hold United States
War-Savings Certificates of any one series (of whatever issue or denomination) to an aggregate
amount exceeding SI,000 (maturity value). It is lawful, however, to hold United States WarSavings Certificates, Series of 1920, to an aggregate maturity value of $1,000 regardless of any
holdings of certificates of the series of 1918 or 1919. Agents must exercise great care not to
sell Treasury Savings Certificates or War-Savings Certificates or Stamps to any person whose
holdings of any one series would thereby be increased to an aggregate amount exceeding
$1,000 (maturity value).
24. Issue of Treasury Savings Certificates, War-Savings Certificates, and Thrift Cards.—No
War-Savings Certificate shall be issued by any agent unless at the same time one or more WarSavings Certificate Stamps are purchased and affixed thereto, but no extra charge shall be made
for the War-Savings Certificate. War-Savings Certificate Stamps of one series must not be
affixed to War-Savings Certificates of another series. The name of the owner of a Treasury Savings Certificate or a War-Savings Certificate must be inscribed thereon by the issuing agent at
the time of the issue thereof. Great care must bo exercised to inscribe tho name of the owner
legibly on all Treasury Savings Certificates and War-Savings Certificates issued, and no erasures
or alterations should be made thereon in the name of the owner. In no event will agents redeem
Treasury Savings Certificates or War-Savings Certificates or Stamps. Thrift stamps are not
directly redeemable in cash but a Thrift Card bearing its full complement of 16 Thrift Stamps
may be exchanged for a War-Savings Certificate Stamp, Series of 1920, upon the payment of the
difference between $4 and the current issue price of War-Savings Certificate Stamps during the
month in which the exchange is effected. No charge shall be made for Thrift Cards, but neither
Thrift Cards nor War-Savings Certificates shall be distributed as publicity material.
25. Exchanges of War-Savings Certificates for Treasury Savings Certificates.—Unregistered
War-Savings Certificates, Series of 1920, bearing the full complement of 20 War-Savings Certificate Stamps, Series of 1920, may be received by agents in exchange for Treasury Savings




8
•

Certificates, Series of 1920, inscribed in the same name, in accordance with the provisions of
Treasury Department Circular No. 170, dated December 10, 1919. Registered War-Savings
Certificates, Scries of 1920, are exchangeable for Treasury Savings Certificates only at the post
of lice where registered and may not be received by other agencies in exchange for Treasury
Savings Certificates. War-Savings Certificates, Series of 1918, and Series of 1919, detached
War-Savings Certificate Stamps, War-Savings Certificates bearing less than 20 War-Savings
Certificate Stamps, Treasury Savings Certificates, Thrift Cards with Thrift Stamps affixed,
and Thrift Stamps will not be received in exchange or payment for Treasury Savings Certifi- -at os, Series of 1920. Agents must exercise great care to see that the receipt form on WarSavings Certificates, Series of 1920, received in exchango for Treasury Savings Certificates, is
duly executed and that the Treasury Savings Certificates issued on such exchange are inscribed
in tho same name as the War-Savings Certificates in exchange for which such Treasury Savings
Certificates are issued.
26. Registration stubs from Treasury Savings Certificates.—Every agent for the sale of
Treasury Savings Certificates hereunder will attach to its monthly account or report, as the case
may be, to the Federal Reserve Bank from which such certificates wore obtained, the original
registration stubs detached from all Treasury Savings Certificates sold by it within the month.
The Federal Reserve Bank receiving such stubs will see that a registration stub is at hand for
each such certificate reported sold, and will forward all registration stubs to the Secretary of the
Treasury, Division of Loans and Currency, Washington, so as to reach the Treasury Department
not later than the month succeeding the month in which the certificate is sold.
OTHER DETAILS.

27. The Secretary of the Treasury may at any time withdraw this circular as a whole,
or amend from time to time any of the provisions hereof, terminate any agency created or
existing hereunder, revoke any or all appointments of agents, withdraw Treasury Savings
Certificates, War-Savings Certificate Stamps, or Thrift Stamps from sale, refuse to issue or to
permit to be issued any such certificates or stamps, and refuse to sell or to permit to be sold
any such certificates or stamps to any person, firm, or corporation.
28. The Secretary of the Treasury may make from time to time any supplemental or
amendatory regulations which shall not modify or impair the terms and conditions of Treasury
Savings Certificates, War-Savings Certificates, War-Savings Certificate Stamps, or Thrift
Stamps issued in pursuance of the act approved September 24, 1917, as amended and supplemented, and may amend or supplement this circular from time to time by Treasury Department Circular mailed to the Federal Reserve Banks and generally to banks and trust companies
incorporated under the laws of the United States or of any State.
29. Further details may be announced by tho Secretary of the Treasury from time to time,
information as to which will be promptly furnished to Federal Reserve Banks and to agents.




CARTER GLASS,
Secretary of the Treasury.

y
TREASURY DEPARTMENT,
LOANS AND CURRENCY.
Form L. & C. 337.

,192
To the FEDERAL RESERVE BANK OF

;
As FISCAL AGENT OF TTIE UNITED STATES:

The undersigned hereby applies for appointment as a cash agent for the sale of Treasury Savings Certificates, Series
of 1920, War-Savings Certificate Stamps, Series of 1920, and Thrift Stamps, and the issue of War-Savings Certificates,
Seriea-of 1920, and Thrift Cards, in accordance with the provisions of Treasury Department Circulars Nos. 170 and 172,
dated December 10,1919, ind agrees, upon appointment as such agent, faithfully to perform the duties imposed upon
cash agents by the provisions of said circulars, as from time to time amended and supplemented. The maximum maturity value of Treasury Savings Certificates, Series of 1920, and War-Savings Certificate Stamps, Series of 1920, which
the undersigned desires to hold at any one time for sale as such agent, is $
(Signature in full)
By
(Authorized signature required.)

(Address; number, and street)
(City or town)
(County)
(State)
TREASURY DEPARTMENT,
LOANS AND CURRENCY.
Form L. & C. 354.

Name

,
Street and number
,
County
,
State
Your application on Form L. & C. 337, dated
, has been approved, and you are
hereby appointed a cash agent for the sale of Treasury Savings Certificates, Series of 1920, War-Savings Certificate
Stamps, Series of 1920, and Thrift Stamps, and the issue of War-Savings Certificates, Series of 1920, and Thrift Cards,
subject to the provisions of Treasury Department Circulars Nos. 170 and 172, dated December 10,1919, as from time to
time amended and supplemented. The maximum maturity value of Treasury Savings Certificates, Series of 1920, and
War-Savings Certificate Stamps, Series of 1920, which you may hold at any one time for sale as such agent is $
FEDERAL RESERVE BANK OF

,

Fiscal Agent of the United States;
By
Governor.
Dated,
, 192....
(Original to be issued to agent, duplicate to be forwarded to Secretary of the Treasury, Division of Loans and
Currency, Washington, and triplicate to be retained by Federal Reserve Bank.)




10
TREASURY DEPARTMENT,
L O A N S A N D CUKBENCT.

Form I* & C. 355.

CASH AGENT'S REPORT.
MONTHLY REPORT OP SALES AND HOLDINGS OF TREASURY SAVINGS CERTIFICATES, WAR-SAVINGS CERTIFICATE STAMPS.
AND THRIFT STAMPS.

Dated
, 192...
The undersigned cash agent for the sale of Treasury Savings Certificates and War-Savings Certificates, Series of
1920, hereby renders to the Federal Reserve Bank of
as fiscal agent of the United States, the
following report of all transactions in Treasury Savings Certificates, War-Savings Certificate Stamps, and Thrift Stamps
obtained by it from said Federal Reserve Bank, for the month ending
, 192..:
Treasury Savings Certificates
(maturity value).

War-Savings
Certificate
Stamps
(maturity
value).

Balance on hand close of preceding month

$

Thrift
Stamps.

Denomination,
»100.

$

$

Denomination,
$1,000.

$

Total

1
i
(Name of agent.)
By
(Official signature required.)
City
State
NOTE.—This report must be accompanied by schedule showing the serial numbers of all Treasury Savings
Certificates reported sold and all such certificates reported on hand at close of month.

TREASURY DEPARTMENT,
LOANS AND CURRENCY.

Form L. & C 356.

PLEDGE AGREEMENT.
To

THE FEDERAL R E S E R V E BANK OF

,

As fiscal agent of the United States:
The undersigned desires to become a collateral agent for the issue and sale of Treasury Savings Certificates, Series
of 1920, War-Savings Certificates and Stamps, Series of 1920, and Thrift Stamps, in accordance with the provisions of
Treasury Department Circulars No. 170 and No. 172, dated December 10, 1919, as from time to time amended and
supplemented, and to obtain, from time to time, for sale to the public, as provided in said circulars, Treasury Savings
Certificates, Serie3 of 1920, War-Savings Certificate Stamps, Series of 1920, and Thrift Stamps, in the aggregate amount
of $
(such Treasury Savings Certificates and War-Savings Certificate Stamps to be taken for this purpose
at the maturity value thereof, and such Thrift Stamps at 25 cents each), and, as and when such certificates and stamps
shall be sold and accounted and paid for, to obtain in lieu thereof, from time to time thereafter, additional Treasury
Savings Certificates and War-Savings Certificate Stamps of the Series of 1920 (at maturity value), and Thrift Stamps
(at 25 cents each), u p to but not exceeding at any one time the total amount stated above.




11
The undersigned hereby agrees that none of such certificates and stamps obtained by the undersigned shall be sold
or disposed of otherwise than as provided in said circulars, and further agrees faithfully to perform all other obligations
to bo performed by collateral agents as therein and herein provided.
The undersigned agrees, in accordance with the provisions of Treasury Department Circular No. 172, dated
December 10, 1919, before or upon the delivery to the undersigned of Treasury Savings Certificates, War-Savings
Certificate Stamps and Thrift Stamps, in the aggregate amount stated above, to deliver to such Federal Reserve
Bank (or to a custodian designated by it), and to pledge with such Federal Reserve Bank, in negotiable form, and,
in the case of coupon bonds, with all unmatured coupons attached, the following-described bonds and other securities,
of the classes described in subdivisions (a), (b) and (c) of Treasury Department Circular No. 92, of April 17, 1919,
authorized to be deposited as collateral security under the terms of said Treasury Department Circular No. 172:
Description of security.

Collateral value.

$

Total collateral value
to be held by such Federal Reserve Bank, as Fiscal Agent of the United States, as collateral security for the faithful
performance of the obligations of the undersigned, now or hereafter from time to time arising, as a collateral agent for
the issue and sale of Treasury Savings Certificates, War-Savings Certificates, War-Savings Certificate Stamps and
Thrift Stamps, in accordance with the provisions of said Treasury Department Circulars No. 170 and No.172, and of any
supplemental or amendatory regulations made from time to time as therein provided; the undersigned, however, so
long as not in default hereunder, to be entitled to collect from time to time and to retain any and all interest upon
the above described collateral security.
In case of any default in the performance of any of the obligations of the undersigned as collateral agent for the sale of
Treasury Savings Certificates, War-Savings Certificate Stamps and Thrift Stamps, and the issue of War-Savings Certificates and Thrift Cards hereunder or under said Treasury Department Circulars Nos. 170 and 172, dated December 10,
1919, said Federal Reserve Bank shall have full power to collect said collateral security or any part thereof then matured, or to sell, assign, and transfer said collateral security or any part thereof without notice, at public or private sale,
free from any equity of redemption and without appraisement or valuation, and after deducting all legal and other
costs, attorney's fees, and expenses for collection, Bale, and delivery, to apply the proceeds of such sale or collection, in
whole or in part, to the satisfaction of any damages, demands, or deficiency arising by reason of such default, as said
Federal Reserve Bank may deem best. The undersigned hereby for
self, heirs, administrators, executors, successors, and assigns, ratifies and confirms whatever said Federal Reserve Bank may do by virtue of these presents.
Upon delivery to the undersigned of any Treasury Savings Certificates, Series of 1920, War-Savings Certificate
Stamps, Series of 1920, or Thrift Stamps, desired to be obtained hereunder, this Pledge Agreement shall come into
full force and effect, and the undersigned shall become a collateral agent as aforesaid.
In udtness whereof, the undersigned has caused this agreement to be executed under seal by the officer below
named, thereunto duly authorized by action of its governing board.
Dated
, 192....
(Signature in full)
(CORPORATE SEAL.)




By

(Authorized signature required.)
(Address, number and street)
(City or town)
(County)
,
(State)

12
TREASURY DEPARTMENT,
LOANS AND CURRENCY.
Form L. & C. 357.

Name

,
,
,
,

Street and Number
City or Town
County
State

Your pledge agreement on Form L. & C. 356 has been approved and you are hereby appointed a collateral agent
for the sale of Treasury Savings Certificates and War-Savings Certificate Stamps, Series of 1920, and Thrift Stamps,
and the issue of War-Savings Certificates, Series of 1920, and Thrift Cards subject to the provisions of Treasury
Department Circulars Nos. 170 and 172, dated December 10,1919, as from time to time amended and supplemented.
FEDERAL RESERVE BANK or

,.„.,.

Fiscal Agent of the United States,
By
Dated

, 192....

Governor.

(Original to be issued to agent, duplicate to be forwarded to the Secretary of the Treasury, Division of Loans and
Currency, and triplicate to be retained by Federal Reserve Bank.)




13
TREASURY DEPARTMENT,
Loans and Currency.
Form L. & C. 358.

SERIAL N O

Dai"-.

.,192.

MONTHLY ACCOUNT OF SALES OF TREASURY SAVINGS CERTIFICATES AND WAR-SAVINGS CERTIFICATE STAMPS, SERIES OF 1920, AND T H R I F T STAMPS, BY COLLATERAL AGENT.
To FEIJEIIAI. RKSF.KVE BANK O F .
AS FISCAL AGENT OF THE UNITED STATES.

The undersigned hereby renders the following account of transactions in Treasury Savings Certificates and WarSavings Certificate Stamps, Series of 1920. and Thrift Stamps from
, 192.., to
192.., both inclusive:
Slock account.
Number of pieces.
Treasury savings certificates.

•

Denomination,
$100.

Denomination,
$1,000.

War savings
certificate
stamps.

Thrift stamps.

Issue price.

Total issue value.

On hand at close of preceding month

Total

Gross amount due in respect of sales.
Number of pieces.

{

$100 denomination.

Treasury Saving* Certificates

$1,000 denomination.

War-Savings Stamps.
Thrift Stamps
Total




$0.25

14
The undersigned herewith remits for credit to its account the following:
Currency
Bank drafts or checks drawn upon the Federal Reserve Bank, or upon any member bank,
payable to the order of'' Federal Reserve Bank of
as Fiscal Agent of the United States," as follows:

Thrift Cards with full complement of Thrift Stamps affixed, received in exchange for
War-Savings Stamps, at $4
Filled War-Savings Cer- Date of exchange. Number of pieces. Exchange rate.
tificates,
Series of
1920, received in exchange for Treasury
Savings Certificates,
Series of 1920.

Total exchange
value.

Total.

Remarks.

Signed.
(Name of collateral agent.)

By
(Official signature required.)

(Address, number, and street)
(City or town)
(County).

(State)...
NOTE 1.—A similar account must be rendered en or before the 10th day of each month.
NOTE 2.—No medium of payment other than above provided will be accepted by any Federal Reserve Bank,
except at its own risk, and no agent shall be entitled to credit, in respect of any payment to be made by check or draft
except when such check or draft shall have been collected by the Federal Reserve Bank, a3 fiscal agent of the United
States.




WASHINGTON : COVEBNMENT PRINTING OFFICE : l » l l

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