The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK OF CHICAGO 79 WEST MONROE STREET Bulletin No. 84. October 6, 191'7. TO THE ME!raER BANKS OF DISTRICT NUMBER SEVEN: On August 30th we requested member banks to ship to us gold or gold certiricates in their possession, or which they might accumulate, offering to pay transportation charges on same, the gold coin to be received subject to deduction for abrasion, and offering to return therefor, free of shipping charges, rederal Reserve Notes in suitable denominations; or to place the amount of the shipment to the credit of the remitting bank either in its account with us or in any designated bank in the City of Chicago. . While this has resulted in a substantial increase in ·our gold holdings, there still remains a l~rge amount of gold and gold certificates in th~ vaults of the banks and in circulation which should be mobilized in the vaults of the Federal Reserve Banks as a basis for the extension of credit and the issue of Federal Reserve Notes. In addition to the above, for a period of thirty days, beginning October 8th, we will accept gold coin at its face value in all cases where the loss by abrasion does not exceed an average of 6/10 of 1%, with the understanding that abrasion in excess of this percentage will be charged back to the sending bank. Shipments should be made direct to the Assistant Treasurer of the United States, Chicago, for our credit with advice to us of the amount shipped. Banks having arrangements for the insurance of currency shipments are requested to forward gold certificates by registered mail, insured, with advice to us of the amount of the charges which will be refunded. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Respectfully, JAMES B. McDOUGAL, Governor.
@FedFRASER