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FEDERAL RESERVE BANK OF CHICAGO 79 WEST MONROE STREET ;-< April 8, 1918 Bulletin No 167. STAMP TAX ON PROMISSORY ------- NOTES SECURED BY UNITED STATES GO.VERNMENT OBLIGATIONS. TO THE UEMBER BANKS OF DISTRICT NUMBER SEVEN: The "War Finance Corporation•: bill which became a. 'l.aw . on April 5, 1918 , provides that no stamp tax shall be required or imposed upon a promissory note secured by the pledge of bonds or obligations of the United States, issued since April 24, 1917, or secured by the pledge of a promissory note which itself is aeoured by the pledge of S\lch bonds or obligations; PROVIDED that in either case the par value of such bonds or obligations shall equal the amount of such note . Wij are enclosing herewith a supply of note forms and collateral forms of agreement for your use in borrowing from us for fifteen day pe'riods, basis United States Government Liberty Loan Bonds or Certificates of Indebtedness as collateral . As stated above these forms do not require revenue stamps, and will take the place of the purchase and resale agreement blanks sent you on December 8, 1917 . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Respectfully, JAMES B. McDOUGAL, Governor.
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