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F O R M MJSCL. I 4.

(5-t 8-20M- I 476

F E D E R A L R E S ER VE B A N K
OF D A L L A S
Circular No® 38
Series of 1918®

July 239 1918®

TO MEMBER BANKS OP THE
ELEVENTH FEDERAL RESERVE DISTRICTS
For your information I quote below letter received from
Honorable W* P. G* Harding, Governor of the Federal Reserve Boards
wThe Board regrets to inform you that the supply of
One and Two Dollar bills is likely to be inadequate until
after August 15th® The statement is made at the office
of the Dnited States Treasurer that redemptions must first
be provided for, and that after exchanging new bills for
unfit notes which are sent in, the balance available for
new orders is not sufficient to meet the daily demands.
Progress is being made at the Bureau of Engraving and
Printing in the preparation of plates for the new Feder­
al Reserve bank notes in the One and Two Dollar denomina­
tions, and the Board is informed that the printing of these
notes will begin about August 1st, and after August 15th
sufficient amounts will be available to satisfy reasonable
demands .
"It is suggested that you inform your member banks
of the situation, and that you caution them to conserve
during the next four weeks their supply of small bills
as far as possible 9 "
It is requested that you give the above your careful at­
tention and comply with the suggestion contained in the last par­
agraph as far as is practicable®
Very truly yours,

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

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