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F ederal R eserve Bank
of

N ew Y ork

T C ircu la r No. 3830 1
March 7. 1952

L

J

UNITED STATES G V R M N C E K
OEN E T HC S
PAYABLE AT M ILA
AN

To a l l

banks

in

Second Federal

the
Reserve D istr ic t:

In our circular le tte r dated M 18, 1950, we advised you that some
ay
checks drawn on the Treasurer o f the United States and mailed to payees in the
Philippine Islands had been fraudulently raised.
W have been informed recently by the Treasury Department that, in
e
order to cooperate with the Philippine Government in it s e ffo rts to keep
United States Government checks out o f the black market in that country and
in an endeavor to prevent the fraudulent alteration o f the amounts o f such
checks, certain dollar checks in both paper and card form in favor o f payees
residing in the Philippines are being drawn on the Treasurer o f the United
States bearing an inscription in red ink reading “ Payable Only at the Manila
Branch o f the National City Bank o f New York,” placed directly under the words
“ Treasurer o f the United States.”

Checks bearing this inscription will be

paid only at the Manila Branch o f the National City Bank o f New York; they
w ill not be paid by the Treasury Department in Washington.
W understand that, under Philippine laws and Foreign Exchange
e
Control regulations, checks in the form described above may be cashed by the
payees fo r peso currency only; except that American citizen s who desire to
remit to the United States the dollar amount o f checks issued in their names
are permitted to do so by arrangement with the Manila Branch o f the National
City Bank o f New York.




ALLAN SPRO L,
U
President.

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