William G. McAdoo to Benjamin Strong Jr.
Title
William G. McAdoo to Benjamin Strong Jr.
Creator
McAdoo, W. G. (William Gibbs), 1863-1941
Identifier
WWP18529
Date
1916 May 2
Description
William G. McAdoo writes Benjamin Strong Jr. to inform him the Federal Reserve will be taking over Post Office accounts.
Source
Benjamin Strong Jr. Papers, New York Federal Reserve Bank
Language
English
Text
My dear Mr. Strong:
I have received your letter of May 18th, and I have given some consideration to the question of transferring the various accounts of the Post Office Department to the Federal reserve banks. I am advising the Postmaster General today that the Federal Reserve Bank of New York will be in a position upon reasonable notice to take over the Post Office accounts.The question of permitting the national banks to make their deposits on account of the 5 per cent fund through the Federal reserve banks was taken up some time ago with the Federal Reserve Board, but no answer has been received to the communication of this Department to them.
I will be pleased to comply with your request to be advised well in advance of any additional service which the Federal reserve bank will be required to perform for the Government.
Secretary.
I have received your letter of May 18th, and I have given some consideration to the question of transferring the various accounts of the Post Office Department to the Federal reserve banks. I am advising the Postmaster General today that the Federal Reserve Bank of New York will be in a position upon reasonable notice to take over the Post Office accounts.The question of permitting the national banks to make their deposits on account of the 5 per cent fund through the Federal reserve banks was taken up some time ago with the Federal Reserve Board, but no answer has been received to the communication of this Department to them.
I will be pleased to comply with your request to be advised well in advance of any additional service which the Federal reserve bank will be required to perform for the Government.
Secretary.
Original Format
Letter
To
Strong, Benjamin, 1872-1928
Files
Collection
Citation
McAdoo, W. G. (William Gibbs), 1863-1941, “William G. McAdoo to Benjamin Strong Jr.,” 1916 May 2, WWP18529, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.