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FEDERAL. RESERVE BANK OF DALLAS F I S C A L A G E N T O F T H E U N IT E D S T A T E S Dallas, Texas, May 19,1942 To All B anking In stitu tio n s, and O thers Concerned, in th e E leventh F ederal R eserve D istrict: The S ecretary of th e T reasu ry has issued th e following am endm ent to General Ruling No. 5 and a press sta te m e n t relative th e re to : “ G EN ER A L RU LIN G NO. 5, AS AM ENDED, UN D ER EX ECU TIV E ORDER NO. 8389 of A pril 10, 1940, as amended, and R egulations issued p u rsu a n t thereto, relatin g to tran sactio n s in foreign exchange, etc., and section 5(b) of the T rading w ith th e E nem y Act, as amended, by th e F irs t W ar Pow ers Act.* General R uling No. 5 is am ended by adding th e following p arag rap h a t th e end th ere o f: ‘U nited S tates and foreign currency im ported or otherw ise b rought into th e U nited S tates on and a fte r M ay 19, 1942, shall be deemed to be “securities or evidences th ereo f” fo r th e p u r poses of th is general ru lin g .’ E. H. FO LEY, JR . A cting S ecretary of th e T reasu ry ” M ay 19, 1942 *Part 132— Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. PR E SS STA TEM EN T “ The T reasu ry D epartm ent today extended its controls over im portation of securities so as to cover th e im portation of currency. P rio r to today’s action, controls over the im portation of currency have been lim ited to im portations from blocked countries and Proclaim ed L ist nationals. U nder th e new ruling, currency upon im portation into th is country will be forw arded im m ediately to a F ederal Reserve bank as Fiscal A gent of th e U nited States. The F ederal Reserve B ank will th e re a fte r hold such currency or deliver it to a dom estic bank to be held until such tim e as th e T reasu ry D epartm ent has authorized its release. “ I t was pointed out th a t ju s t as in th e case of th e provisions applicable to securities which are subject to sim ilar control, th e provisions of th e am ended general ruling applicable to currency im ported from L atin A m erica will be so adm inistered as to prevent interference w ith legitim ate im portations of currency from th a t area, including th e bringing in by trav elers of reasonable am ounts of currency for traveling expenses. T reasu ry officials suggested th a t th e fa c t th a t an im portation of currency from L atin A m erica was bona fide could be m ore easily established if such currency were se n t into th e U nited S tates by and fo r the account of th e central banks (or th e equivalent or analogous in stitu tio n s) of any of th e A m erican republics under appropriate assurances from such banks or institu tio n s. E. H. FO LEY , JR. A cting S ecretary of th e T reasu ry ” Yours v ery truly, R. R. GILBERT President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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