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MISCL.

14.

2 CM- 1 01 2 5

FEDERAL RESERVE BANK
O F D A LL A S

Jan# 1 3 th , 1915*

HUM
BER *8I

TO THE M BER BANK ADDRESSED:
EM
W have been pursuing the p o l i c y o f a llo w in g our
e
member banks to send us f o r c r e d i t , not on ly the item s
drawn by member banks on member banks in the s i x re se rv e
c i t i e s o f our d i s t r i c t - and checks drawn on oth er F ederal
R eserve Banks, a s w e ll as exchange on th e c e n t r a l re s e r v e
c i t i e s , but a l l forms of money, in c lu d in g s i l v e r , sm all
c u r r e n c y , and n a tio n a l bank b i l l s * The r e s u lt has been
th at we have accum ulated a c o n s id e r a b le amount o f money, con­
g e s t in g our lim it e d v a u lt s p a ce p w h ile our members have been
u sin g th e b a la n ces thus c r e a te d by drawing d r a ft s ag ain st them
in making e a s te rn exchange#
W had hoped th at i t would not be n ecessa ry to
e
r e s t r i c t the c h a ra cte r o f the money which we co u ld accep t
u n t i l a f t e r the whole problem o f c o l l e c t i o n s and dom estic
exchange co u ld be s e t t l e d in some way or eth er* tu t we f i n d
th a t we are unable t o handle an accum ulation, o f sm all b i l l s
and s i l v e r , and t h e r e f o r e , must r u le ag a in st it* *
U n t il fu r th e r n o t i c e , t h e r e fo r e , we w i l l not re­
c e iv e f o r c r e d it n a t io h a l bank b i l l s , s i l v e r c o i n , nor one
and two d o lla r s i l v e r c e r t i f i c a t e s *
I t i s f a r b e t t e r th at
th e member banks should bear the burden o f c o n v e r tin g these
form s o f money in t o a v a ila b le exchange than f o r t h is bank to
undertake t o assume it *
R e s p e c t f u lly ,

OSCAR

WELLS,

Governor

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