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614 At a regular meeting of the Tederal Reserve , Board held in the office of the Governor on dedneSday, :ay 1Z, at eleven a. m., RaLSENT: . Hrding, presiding, darburg, Lr.Hamlin, Mr. Miller,. :„Tr. Delano, secretary.. The minute :of the meeting of the Board • held on June 12 were:r ad'4.nd, on motion, approved. 'letter from Secretary Curtis of the 7ederal .3eserve 3ank of New York relating to the acceptance of drafts based on merchandise, tnd the acceptanceof those intended to create dollar exchange., was read and, on motion, referred to the Committee on Law. 4.1 letter from Governor ?ancher of Cleveland with reference to the rediscounting of non 'member banks' notes accompanied ,by an affidavit VILA the proceeds are to be used for the pUr3hase of Liberty Bonds, was read and noted. 3overnor Hardinm explained to the Board the facts with reference to a telegram, dated June 9, sent by him during his absence to 7:x. darburg in response to imiairy as to his position and that of the Secret: .LT of theTresury reardi' • rint ott of the of non rxr.ALer 'the the 'reasary 7cither he nor theecretarv ti a of serdin‘, the tcleira,l, cJiy understood whLt the issue C •Jas, but h_d tho.z t th t vhen the endreent of a ' ,1accu ,I.pon the note o: her non !:Anbcr the hse of -n a 3d_vit or sorle other certi icntc of the kind to indicnt ta_t the Iroeeeus der( to be al•-21i(d to the purchase of ;overnnient bonds, therefore, s'enerally in accord ith the attitAde on the sabject, as develo2ed dzrin O: the onrd 'Us absence. lener-1 in:orrnal 2icc ssion ens el with reference to rAethods of issijn andfin,!..t.icinL7, bonds for the support of the Treasury, and the policy properly to be follo-,yed by 7ederal serve. Tanks with reference to the -rAatt letter from ':;•'cderal 1 3 rye . ent 7''errin with ref- v: ,ence to the use of .:;old in ary 12,yrolls was renu, Zecreta y of the To of the ,irranents ::;orr sponde stamp t• d vas directed to answer, informin .nnde to cease this pr him tice. .1,.th reference to the imp: ition of on bank checks, .prcviously referred to 7r. lin, was discussed :_;.nd re -red to 7r. 7ardin nd the -1th the 616 understanding that the Governor would inform the proper committees of Congress that in the opinion of the Board if a stamp thx is to be applied at all, it should be made applicable to all Checks-, irrespectiv-e of, their face' value. letter from Governor.7:old with reference to the work of'the•-Society,of Ejuity in :opposition to the sale of Governnent Bonds, and a newspaper ,clipping re, latingto the same ubect, were presented to the Board. •It was agreled that the Governor.- bril6 the. matter o the attention of the Secretary'of the r7reao, 'letter from. the atthew .Lddy Company of Cin- - was presented cinnati with reference tO:trade acceptances, . to the Board and, on motion- referred to the Vice Governor, who directed .that it be duly acknowledged. fter discussion it was-ag eed'.,that the. Secretary of the Board' make a. careful inuiry into the general sition as to trade acceptance, ascertaining the attitude o fristurers and of banks at the present time, and as soon as possible making a. report of the findings to the Board. A letter.from d ye in yith ii the underst,....ndi.n...,;3,..that he it inform Is .te-View of, the .2oard.tht ..1,t1%,.1-.te„.1.7s. for .the it. would be better to r,nt :t . ; a new nd to defer the idea of constractini after the war is oyer. . Governor. Hardin's .,-,tated, the facts witIlreference to of the 7ederal He- •. the vasancy-e.xisting :in 7ranch at New Orleans, serve nall,k of .i.tlanta and o';' tatjn th t '4ns had beLr selected -s a member of the dir, of .;:,t1.,;,nt',„, arid presentIns on , - er%tioL of the /tianta ..74anlc the recommely":. tb•.. be desinated as :21ass 0 director. of the nd that h. J.',;(? n-71ed as chairman of t'c board jired of directors of the branch, both to fill out the terms of their rredecoors. ordins Decer^,ber 3 Cesretrlry of the .7.oard to notify the Pr,"J.a.rbu- accordinGly. stated that darinz the absence of 3017- , ,hoan . error 7ardins lhairMan 77orris of the 7-r!: presented an in iuiry as to 1917, the ord, had. hether Cle Board weAld be to M:J.ke the coupons _of bonds issued by ,?arm Loan Banks at ?cderal Reserve Banks. The natter was dis- sed, the opinion being expressed that the Feder.,.41 Reserve Banks could hardly'accept this additional duty without comIlensation. but that if the law could be amended to remit the funds of 7arr. Loan Banks to be deposited with 7ederal Reserve Banks, the coupons could - then be paid oUt of such funds. .tr ro action was tLken, but the ter was referred to the ectiveS orAT.I.ittee with perver to act. On motion 7," 12.30 p.m. the Board adjourned to nleet on ?riday, J'a.nc at eleven a.m. „xeretury.
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