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FEDERAL RESERVE BANK OF NEW YORK r Circular No. 1 6 7 6 1 U June 9, 1936 J Communication from the President of the United States To Member and Nonmember Banks in the Second Federal Reserve District: At the request of the Treasury Department, the Board of Governors of the Federal Reserve System has asked that the following communication from the President of the United States be transmitted to all banks in the Second Federal Reserve District. June 8,1936. EXECUTIVE OFFICE. ALL BANKS : Disbursement of bonds and checks to veterans in payment of Adjusted Service Certificates, as provided by the Adjusted Compensation Payment Act, 1936, will begin on June 15. Payments will involve the issuance of a large number of checks drawn on the Treasurer of the United States. The first group of checks will be for amounts less than $50 drawn on the Treasurer by Federal disbursing officers and mailed direct to veterans at their designated addresses. The second group of checks, to be issued in connection with the redemption of Adjusted Service Bonds of 1945, will be in amounts of $50 or multiples thereof, and will be in the form of Treasurer's checks or checks drawn on the Treasurer by postmasters designated fiscal agents of the United States. In order that the veterans may receive the fullest benefit contemplated by the Congress, and that the funds to be disbursed may begin toflowthrough the channels of trade without unnecessary delay, it is essential that our banks throughout the country extend all possible assistance by cashing these checks at par upon proper identification. I urge all bankers to extend the fullest cooperation to the Government in the encashment of these checks promptly and in full. FRANKLIN D. ROOSEVELT. GEOKGE L. HARRISON, President.