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12 FEDERAL RESERVE BOARD WASHINGTON 1 1.:arch 9, 1922. /.13,110RAND UT.: FOR GOVERNOR HARDING: The urtlersigned members of the Board respectfully request that you call a meeting of the Board for .//• • a•rn• today. g 7,11 // 1 30- A special rreetino; of tIn Federal Reserve Board was held in the office of the Governer on Thursday, March 9, 1922, at 11:00 a.m. PRES=: Governor 7.-T.ardinc,r Mr..Platt Mr. Hamlin Mr. Miller 1.7r. r!..7itclaell Mr. Cris singer Hoxton, Secretary. The Governor stated that he had called tlp meeting upon the written request of three members of the Board. as required by the By-13.-rs of the 7ederal Reserve Boa.d. Minutes of the meeting of the Board held March 8th mre read and on nntion approved. The Governor reported the reserve nositions of the several Federal Reserve Banks as at close of business ii:arch 7th. Telegram dated March 8th, from t1 Federal Reserve Ap:ent at San Fraicisco, requestin7 the Board to authorize as Assis tant Federal R serve ...1xaminers certain employes of the Los Angeles Branch of the Federal Reserve Bank of San 2rmeisco. Approved. Telegram dated March 8th, from the Fedex-47,1 Reserve Agent at San ?ram isco, advising that he had appointed Mr. G. F. rcrlerkin an Exam- iner for the Federal Reserve Bank of San Fraicisco, and requesting the approval of the Board of a salary of 'It3900 per annum for Fr. Mcrlerkin. Appro ved. 131, -2- Governor Harding submitted a letter from the Secretary of the Treasury, enclosing instructions issued by him to the Treasurer of the United states, with reference to requiring the Federal Reserve Banks as fiscal agents of the Government to place no further limitation upon payment of United States gold certificates for Treasury account, with certain exceptions as to denominations. After discussion of the gold and currency policy of the Federal Reserve Banks, the Governor was, upon motion, requested to prepare two letters addressed to the Federal Reserve Banks, one calling attention to the instrittions j.ven out by the Secretary of the Treasury, .and the other dealing with the question of putting gold certificates into circulation. • Memorandum dat ed March 7th, from the Comptroller of the Currency, recommending approval of the application of the Amecican ITational Bank of Three Forks, Montana, to reduce its capital stock in the strn of Appro ved. Upon motion, a recess was taken at 12:00 o'clock, the Board to reassemble at 3:00 p.m. Pursuant to the terms of adjournment, the Board reassembled at 3:14 p.m. in the office of the Governor. PRES MTT: Governor Harding Mr. Platt Mr. Hamlin Mr. Miller Mr. Mitchell Crissinger Mr. Hoxton, Secretary. PRESENT ALSO: Under Secretary of the Treasury, Mr. Gilbert. 132 -3- The Governor referred to a connunicat ion from Assistant Secretary of the Treasury Wadsworth, cut lining a proposed program for the engraving and printing of 2ederal Reserve notes, and submitted a proposed circular to the Federal Reserve Banks, requesting them to advise the Board as to how far they may be able to g3 in carrying out the suggestions of the Assistant Secretary. Approved. With reference to action taken at the morning session, the Governor submitted drafts of Iwo letters, one addressed to the Governors of all Federal Reserve Banks, calling attention to the instructions of the Treasury Depatment as to the payment and circulation of gold certificates for the Treasury's account, and. the other addressed to all Chairmen, requesting the view of each Federal Reserve Bank as to the advisability of putting Epld certificates into circulation for its own account, taking into consideration its own reserve position, present and prDspective. Upon motion, the two letters above referred to were approved. At this point Mr. Gilbert withdrew from the meeting. The Governor submitted draft of letter addressed to the Secretary of the Treasury, with re fererc e to certain complaints received by the Secretary o f the Treasury from Mr. Gresham of New Albany, Indiana, in conmction with the failure of the First Nationa l Bank of Corydon, Indiana. Appro ved. 123 -4- At this point, Mr. Rudolph Hecht, Chairman of the Building Ccimmittee of the New Orreans Branch of the ,Federal Reserve Bank of Atlanta, entered the meeting, upon invitation of the Board. Mr. Hecht stated that he,desired, in behalf of the Federal Reserve Bank of Atlanta, to urge the necessity of letting contracts and proceeding with the erection of the proposed new building for the New Orleans Branch. fiN The Governor reported that he had been advised by the Chairman of the Committee on Banking and Currency of the House of Representatives, to the effect that there is no probability that the proposed amendment to the Federal Reserve Act, limiting building operations, will be reported out of the House Committee during the present session of Congress. In view of this report by the Governor, and in view of the exigency of the New Orleans case, it was voted that the Board interpose no objection to the Federal Reserve Bank of Atlanta proceeding with the letting of contracts for a building to cost approxirrately :4'800,000, exclusive of vault doors. At 4:30 p.m. the meeting adjourned. Secretary.
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