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F E D E R A L RESERVE BANK
O F N E W YORK

[Circular No. 325]
[December 14, 1920J

Cash Department

Exchanges of United States Paper Currency
and United States Coin
To All Banks, Trust Companies and Savings Banks
in the Second Federal Reserve District:
The discontinuance of the United States Subtreasury at New York has been
officially announced by the Secretary of the Treasury in Department

Circular N o .

213 of December 3, 1920, a copy of which, at the request of the Treasury Department, is transmitted to you herewith.
As stated in t h a t circular, this bank is prepared to handle exchanges of United
States paper currency and United

States coin pursuant to rules and

regulations

prescribed by the Secretary of the Treasury and to receive for payment outstanding
gold certificates payable to order, issued by the Assistant Treasurer of the

United

States at New York.




Very truly yours,
J.

H.

CASE,

Acting Governor

DISCONTINUANCE OF THE UNITED STATES SUBTREASURY AT NEW YORK, N. Y.

192

°-

bepartment Circular No. 213.

V)j

, TREASURY DEPARTMENT,
Q F F 1 C E Qp

Division „f public Moneys.

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S E C R E T A R Y #

Washington, December 8, 1920.

To all concerned:
1. The Legislative, Executive, and Judicial Appropriation Act, approved May 29, 1920,
provides in part as follows, with respect to the discontinuance of the Subtreasuries of the
United States:
INDEPENDENT TREASTJEY.

Section 3595 of the Revised Statutes of the United States, as amended, providing for
the appointment of an Assistant Treasurer of the United States at Boston, New York, Philadelphia, Baltimore, New Orleans, St. Louis, San Francisco, Cincinnati, and Chicago, and
all laws or parts of laws so far as they authorize the establishment or maintenance of
offices of such Assistant Treasurers or of Subtreasuries of the United States, are hereby
repealed from and after July 1, 1921; and the Secretary of the Treasury is authorized and
directed to discontinue from and after such date, or at such earlier date or dates as he may
deem advisable, such Subtreasuries and the exercise of all duties and functions by such
Assistant Treasurers or their offices. The office of each Assistant Treasurer specified above
and the services of any officers or other employees assigned to duty at his office shall terminate upon the discontinuance of the functions of that office by the Secretary of the
Treasury.
2. By virtue of the authority vested in the Secretary of the Treasury under the provisions
of, the act above quoted, I hereby discontinue the Subtreasury of the United States at New
York, N. Y., and the exercise of all duties and functions by the Assistant Treasurer of the
United States at said Subtreasury, from and after the close of business on Monday, December
6, 1920. Upon such discontinuance the office of the Assistant Treasurer of the United States
at New York and the services of any and all officers or other employees assigned to duty at his
office shall terminate in accordance with the statute.
3. The Secretary of the Treasury has made provision, pursuant to the authority conferred
by said act approved May 29, 1920, to transfer the duties and functions performed or authorized
to be performed by the Assistant Treasurer at New York, or his office, to the Treasurer of the
United States and the Mints and Assay Offices of the United States, and will utilize the Federal
Reserve Bank of New York, acting as depositary or fiscal agent of the United States, for the
purpose of performing certain of such duties and functions. The Federal Reserve Bank of
New York will be prepared on and after December 7, 1920, to handle exchanges of United
States paper currency and United States coin, pursuant to rules and regulations prescribed by
the Secretary of the Treasury. Upon the discontinuance of the Subtreasury at New York,
outstanding gold certificates payable to order, issued by the Assistant Treasurer of the United
States at New York, will be received for payment by the Federal Reserve Bank of New York
or the Treasurer of the United States at Washington.

D. F. HOUSTON,
Secretary of the

Treasury.

WASHINGTON : GOVERNMENT PRINTING OFFICE : 1920
22335—20




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