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FEDERAL RESERVE BANK OF CHICAGO
79 WEST

MONROE STREET

November 6, 1919.
CONFIDENTIAL

RAISING OF DENOL1INATIONS OF PAPER MONEY

TO ALL BANKS TU DISTRICT NUMBER SEVEN:
For your information, we quote below text of a communication
addressed to the Faderal Reserve Board, Washington, D. C., by the Chief
of the Secret Service Division of the Treasury Department;
"There have been very
developed throughout
Service are exerting
and are almost daily
with .

extensive note-raising operations
the country recently . Agents of this
every effort to suppress the industry,
effecting arrests in connection there-

In this campaign we have ertlisted the co - operation , among
others, of the banks, requesting them.to promptly notify our
agents or some other officer of the law of the receipt of, or
any information relating to , this altered currency . We have
also requested the banks to carefully note the receipt of any
notes, of denomina-tions from $5 up ·, that have been mutilated
by having tbe ends torn or c·ut off , and inform the nearest
agents of this Service as quickly as possible of the receipt
of these mutilated notes, and from whom they were re~eived if
possible .
We base this r equest on the !act that the ~ethod employed by
the note raiser, in some instances, is to remove the ends from
bills of the larger denominations to be used in raising the
bills of smaller denominations. It then becomes necessary to
realize on the mutilated bills by p~esenting them at the banks
or the business houses."
~e earnestly request your co-operation in order that this industry may be suppressed .


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Very truly yours,

JAMES B. McDOUGAL
Governor.