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FEDERAL. RESERVE BANK OF DALLAS
F IS C A L A G E N T O F T H E U N ITE D S T A T E S

Dallas, Texas, July 2 9 ,1 9 4 7

P A Y M E N T O F A R M E D FORCES L E A V E BO ND S

To AH Qualified Paying Agents in the
Eleventh Federal Reserve D istrict:

The Secretary o f the Treasury has requested that the following statement concerning the
payment o f Arm ed Forces Leave Bonds be transmitted to all qualified paying agents:
“ To the Savings Bond Paying Agent Addressed:
July 2 8 ,1 9 4 7
“ A s you know, the President has signed the legislation which makes Arm ed Forces Leave
Bonds payable on demand beginning September 2, 1947.
“ The Treasury is in the process of completing its circulars and instructions governing such
payments. W ithin the next few days they will be forwarded to the Federal Reserve banks
for printing and distribution to all qualified paying agents o f savings bonds. Accordingly,
you should receive the complete details within a very short time. The procedure and in­
structions conform substantially to those prescribed for the payment o f savings bonds.
“ Qualification as a paying agent o f the bonds will be possible for those institutions simply
by the act o f paying an Arm ed Forces Leave Bond after September 1.
“ Until you receive your instructions from the Federal Reserve bank please do not make any
public statement regarding the matter. You m ay respond to any specific inquiry to the gen­
eral effect that you understand the Treasury will permit the bonds to be cashed in much
the same manner that savings bonds are cashed and that your institution (if such is your
desire) will cooperate.
“ I have asked the Federal Reserve Bank of Dallas to print and forward this message to you
so that you will know the current status o f the matter. I sincerely hope that you will place
your institution at the service o f those owners o f Arm ed Forces Leave Bonds who m ay
desire to cash their bonds.
(Signed) JOHN W . S N Y D E R
Secretary o f the Treasury.”
The circulars and detailed instructions governing the payment o f the bonds are being prepared
by the Treasury Department and will be forwarded to all paying agents as soon as possible.
Yours very truly,
R. R. GILBERT

P
resident

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)


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