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Dallas, Texas, April 15,1941

To all Banking Institutions in the
Eleventh Federal Reserve District:

There is quoted for your information a letter from Secretary of the Treasury
Morgenthau addressed to all Banking Institutions, Members of the Federal Home
Loan Bank System, and Other Issuing Agents in the United States:
“The banks of the country, and the members of the Federal Home
Loan Bank System, have very generously volunteered their services
without compensation in connection with our widespread program for
defense financing. I should like you to know th at we appreciate very
much your willingness to serve and I am sending you this personal mes­
sage to express my gratitude.
“To take advantage of the services so generously offered, I have des­
ignated all banking institutions throughout the country, and the mem­
bers of the Federal Home Loan Bank System, and various other instru­
mentalities as agents for the sale of Defense Savings Bonds of Series E,
conditioned on simple requirements for qualifications. Full details are
being furnished you by the Federal Reserve Bank of your District.
“Supplementing the sale of the Savings Bonds, Defense Postal Sav­
ings Stamps will go on sale a t approximately 16,000 Post Offices. Our
program will be aided if each issuing agency will purchase Defense
Postal Savings Stamps from its Post Office and keep them on hand for
resale to its customers and others.
“It is hoped th at these Defense Savings Bonds and Stamps will be
on sale a t Post Offices, Banks, Members of the Federal Home Loan Bank
System, and various other Agencies throughout the country beginning
the first day of May.
“The Bonds and Stamps will give us all a means to take a direct part
in building the defenses of our country—an American way to find the
billions needed for national defense.
“The United States is today, as it has always been, the best invest­
ment in the world. This is an opportunity for each citizen to buy a share
in America.”
Yours very truly,

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (

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