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3 3 3MEETING 0 F MSMBIRS OF THE
FEDERAL OPEN MARKET COMMITTEE
HELD AT lASHIHxTC^f, AUGUST 29, 1935
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The members of the cosmittee met at 10:30 a. m. in the office of the
Board of Governors of the Federal Reserve System, there being present:
Governors Young, Seay, Flaming, and Schaller, and
Deputy Governor Burgess, secretary*
It was agreed that Governor Young should be temporary chairman.
The secretary distributed the report of operations, which was reviewed#
Attention was called to the fact that the total' shifts between matur
ities made under the authority of the last meeting of the full committee to make
shifts to total $250,000,000 had largely exhausted this authority, and it was
agreed to recommend to all members of the Federal Open Market Committee that
they approve by letter an additional $100,000,000 of shifts pending a further
meeting of the conmittee.
After an informal discussion of Treasury financing problems those
present adjourned to the Treasury Department*
At eleven o ’clock the members of the executive committee met with the
Secretary of the Treasury, the Under Secretary, and Messrs. Bell, Haas, and
Upham.
There ensued an informal discussion of Treasury financing problems.
In the course of the discussion Under Secretary Coolidge raised the
question of the printing of new Federal reserve notes with the present redemption
clause to replace old notes stating they were redeemable in gold at the Treasury*
He indicated that the Treasury had no appropriation to use in replacing old notes
in the hands of the Federal reserve banks with notes of the new form, but that
any Federal reserve bank that wished could obtain the new notes at its own expense.
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After further discussion of Treasury financing problems the members
of the committee met separately at 12:40 p. m., and after discussion agreed that
if the suggested Treasury refunding program is put into effect the Fourths in
the System account should be replaced by notes unless other arrangements should
be agreed upon by telephone.
The meeting was concluded at 12:45 p. m.
W. Randolph Burgess,
Secretary.
